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Lionel Laurent – Bloomberg (subscription)
Bitcoin and other cryptocurrencies make up just a tiny slice of the global economy. But that doesn’t mean regulators can ignore the wave of scams, fraud and market manipulation designed to snare gullible punters. With U.S. law enforcers now probing trading practices such as “spoofing” — illegal and aggressive order cancellations designed to move markets — this looks very much like the beginning of a sustained crypto cleanup.
Camila Russo – Bloomberg (subscription)
Major cryptocurrency proponents seemed unfazed by news the Department of Justice has started a criminal probe into potential trading manipulation. Billionaire investor Mike Novogratz said he’s not surprised by the allegations and welcomes the investigation, a sentiment echoed by Cameron Winklevoss, president of crypto exchange Gemini. Wall Street’s biggest Bitcoin bull praised the move as the start of needed regulatory oversight.
FAO: We concur…
The Next Web
DNT: The story brings us “the most unorthodox undertakings you might have seen on the blockchain”.
Gertrude Chavez-Dreyfuss – Reuters
Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group.
Matthew Leising, Lily Katz & Yalixa Rivera – Bloomberg (subscription)
Bitfinex has been a particular mystery in the crypto world. It was dumped early last year by Wells Fargo & Co. and since then it’s been a secret how the exchange could transfer fiat money, still the lifeblood of global finance, without a bank. According to three people with knowledge of the matter, Noble Bank International, based in San Juan, Puerto Rico, took over banking duties for Bitfinex last year.
FAO: “According to three people”? Is that enough? Sorry but is Bitfinex even audited? (better check this February Medium piece) If you know the answer please share it via our Facebook, Linkedin & Telegram groups
Joon Ian Wong – Quartz
In recent days the nightmare scenario for any cryptocurrency is playing out for Bitcoin Gold, as an attacker has taken control of its blockchain and proceeded to defraud cryptocurrency exchanges.
FAO: We need rules and regs to avoid stunts like this and like the ones listed below…
Aaron Hankin – Market Watch
DNT: The story provides a chart on the biggest hacks in crypto history – a phenomenon that continues to threat the cryptoverse.
Marc Hochstein & Ada Hui
In a civil lawsuit, Matthew Liston, 26, has taken four Augur associates to court, alleging that they committed fraud, breach of contract, and trade theft in connection with conflicts that arose out of Liston’s termination from the company and his stake in Augur’s token distribution, leaving him empty-handed.
DNT: According to the story, in 2015 Augur, a prediction market system that runs on the ethereum blockchain, held one of the first ICOs, long before the funding mechanism gained mainstream momentum and raised over $5 million for the project.
Simon Golstein – Finance Magnates
Martin D. Weiss and Juan M. Villaverde, writing in Weiss Cryptocurrency Ratings, argue that legislative changes being made by the current US government demonstrate that the eventual usurping of the banking system by cryptocurrency is an inevitability.
Bhushan Akolkar – Coinspeaker
Founder of Ethereum – Vitalik Buterin has been recently approached by Google with a proposition to join the company and help the tech giant in their mysterious blockchain project
Vitalik Buterin created an opinion poll trying to decide whether take an offer and join Google’s team or stay at Ethereum. The majority backs the second alternative.
FAO: Was this a popularity test?
Jemima Kelly & Alexandra Scaggs – FT Alphaville (subscription)
The human toll of cryptocurrency scams are all too easily overshadowed by the industry’s excesses. But a line was crossed this month, when a self-described “publicity stunt” apparently led to a man’s death.
Via CCN – Crypto Exchange Kraken Hires Bush Administration Prosecutor Mary Beth Buchanan as General Counsel
DNT: Mary Beth Buchanan was the first woman and youngest-ever person appointed US Attorney for the Western District of Pennsylvania, as the story informs.
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Veronika Rinecker – Cointelegraph
Commerzbank and Thyssenkrupp have completed a €500,000 pilot transaction of a forex forward on a blockchain. The EUR/PLN forward deal with a one month tenor was initiated by Thyssenkrupp on the Commerzbank’s FX Live Trader platform The transaction was then confirmed directly through Corda, a DLT of the R3 blockchain consortium.
Iris Deng – SCMP
For unscrupulous businesses attempting to take advantage of tax loopholes in China, the sellers of fake receipts on the mainland usually know the way.
The energy provider innogy and the startup Conjoule are focusing on digitization and are jointly launching the “Community Network” future project in Mulheim an der Ruhr. Conjoule’s community network platform, designed specifically for this purpose, allows owners of private photovoltaic systems and neighborhood consumers to share renewable energy.
FAO: Here’s a project announcement crossing our desk…we thought it was worth sharing.
Amogelang Mbatha, Ntando Thukwana & Odwa Mjo – Bloomberg (subscription)
South Africa’s central bank chooses to call digital currencies such as Bitcoin “cyber-tokens” because they don’t meet the requirements to be classified as money. “We don’t use the term ‘cryptocurrency’ because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value,” Reserve Bank Deputy Governor Francois Groepe said.
FAO: Ok, so it’s not money in South Africa. What is a “cyber-token” then, legally speaking?
India is considering applying a tax to cryptocurrency trading in a move which could mark a step towards its legitimacy in the country.
FAO: Aha! Why ban it (if RBI’s recent action could even be considered a ban) when they can collect taxes?
The Reserve Bank of Zimbabwe is facing a lawsuit from Golix – a cryptocurrency exchange in the African country, following the RBZ’s recent order to all registered financial institutions to stop all forms of cryptocurrency trading. The central bank also instructed cryptocurrency exchanges to shut down their operations.
DNT: Golix is the largest cryptocurrency exchange in Zimbabwe.
Rachel McIntosh – Finance Magnates
The New York City Economic Development Corporation announced the launch of the Blockchain Resource Center and a competition for blockchain-based apps to improve the public sector. NYCEDC CEO James Patchett said that there is “no city in the world that’s better positioned to lead the way in blockchain” than NYC.
Molly Jane Zuckerman – Cointelegraph
Barcelona Tech City will create a specialized space for blockchain technology development, local news outlet La Vanguardia reports (Ed. note – link in Spanish).
Global consulting firm EY is now a corporate member of Singapore’s blockchain industry association Access. EY wants to support the local blockchain community as they develop solutions and services for multiple sectors.
18-19 June 2018, New Delhi, India – our Publisher and Editor-in-chief, Florin Adrian Oprea (FAO), is invited to speak at the 6th Annual Meeting of The Growth Net, 18-19 June 2018, at the Taj Diplomatic Enclave, New Delhi, India. Join him for a constructive debate about the impact of blockchain technology beyond the use of cryptocurrencies. Being a reader of our daily publications you now have the opportunity of buying discounted tickets – more HERE (do note that a significant discount is applied!).
25-29 June 2018, Frankfurt, Germany – Blockchain Daily News, is a Media Partner of Crypto Startup School, a summer school jointly organized by The Frankfurt School Blockchain Center and the German Tech Entrepreneurship Center. The event will take place from 25th – 29th of June 2018 on the campus of the Frankfurt School of Finance and Management.
Tickets can be purchased HERE and because you are a reader of our daily publications, you can use this voucher code NEWS-BCA-CSS2018 for a 10% discount.
Mike Orcutt – Technology Review
Blockchains, it’s often said, will open the door to a new global financial system that works like the internet, except instead of moving around little packets of information, it moves money. But there’s a big problem with all that: at the moment, blockchains don’t talk to each other.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News