Day: August 13, 2018

‘Unhackable’ Wallet Reportedly Breached, Hackers Claim to Meet Bounty Conditions

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A group of researchers claims to have have hacked the Bitfi wallet, the Next Web reported Aug.12. Bitfi’s executive chairman, cybersecurity pioneer John McAfee, has called it “the world’s first unhackable device.” To prove his claim, McAfee challenged security experts to breach the device for a $100,000 bounty starting July 24. Bitfi is a physical device, or hardware wallet, which supports “an unlimited amount of cryptocurrencies,” and revolves around a user-generated secret phrase instead of a conventional 24-word mnemonic seed that has to be written down. Additionally, Bitfi is purported…

Bitcoin’s Price Falls Below $6K to Near 2018 Low

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The price of bitcoin fell below $6,000 on Tuesday, a move that brought the world’s largest cryptocurrency within 2 percent of its 2018 low.  At press time, bitcoin is trading hands at $5,922, printing a 5 percent 24-hour depreciation, according to the CoinDesk Bitcoin Price Index, up slightly from a low of $5,785 set June 24. Bitcoin is not alone in the sinking ship, however, as the broader market continues to suffer. At press time, the total market capitalization of all cryptocurrencies is below $200 billion, its lowest figure yet seen…

Below $200 Billion: Crypto Market Sinks to New 2018 Low

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Falling prices have sent the total market capitalization of all cryptocurrencies back below $200 billion. Data from CoinMarketCap shows the total market cap slid to $189 billion on Tuesday, a move that follows successive days of market declines. The market cap first rose above $200 billion in November 2017, a development spurred at the time by the listing of bitcoin futures products. Leading the downward push is zilliqa, which has seen the value of its ZIL cryptocurrency fall by 35 percent in the past 24 hours. The decline is accompanied…

Hong Kong University Receives $20 Mln Research Grant for Payment Systems, Blockchain

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The Hong Kong University of Science and Technology Business School has received a $20 million research grant to improve the security capabilities of electronic payment systems, China News reported Aug. 12. The Hong Kong University of Science and Technology (HKUST) Business School has reportedly partnered with the University of Hong Kong (HKU), the Chinese University of Hong Kong (CUHK), and the City University of Hong Kong (CityU) to work on the research project. Apart from the enhancement of the electronic payment security system, the parties will also explore blockchain technology…

US Federal Court Denies Motion to Remand Against Ripple

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The U.S. District Court, Northern District of California has ruled to deny a motion to remand against Ripple, its subsidiary XRP II, and Ripple CEO Brad Garlinghouse, according to an official document issued August 10. The original lawsuit was first initiated by XRP investor Ryan Coffey in a San Francisco court on May 3, 2018, claiming that he lost $551.89 while trading XRP tokens. The class action was filed by law firm Taylor-Copeland, alleging that Ripple sold XRP tokens in violation of both the U.S. the Securities Act and the California…

World Bank’s Blockchain-Based Bonds — A Step Toward Adoption?

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In what is being called a world first, the World Bank has ordered the creation of a blockchain-based bond through Australia’s Commonwealth Bank (CBA). It marks a very clear move by some of the world’s most influential financial institutions to start leveraging blockchain technology to improve their offerings. CBA has already developed the blockchain-based system, using a private Ethereum blockchain. The Blockchain Offered New Debt Instrument (bond-i) will be issued by the World Bank in Washington. The project has been spearheaded by the World Bank, which is looking to use…

Stellar Lumens, Litecoin, EOS, IOTA, Tron Technical Analysis

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Despite the stable prices in some altcoins as EOS and Litecoin, most coins under our review are yet to recover. IOTA for example is last week’s top loser shedding more than 50 percent on a weekly basis and is down 12 percent in the last day. Tron (TRX) is also on a down trend. The bad thing though is that with every low, sellers are pushing prices to oblivion. The only bright spot from yesterday is Stellar Lumens (XLM) which is up seven percent and most likely going to stabilize…

Saudi Regulators Warn Against Trading Cryptocurrencies, Citing ‘High Market Risks’

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A governmental committee of the Kingdom of Saudi Arabia has warned the public that trading digital currencies is illegal in the country, according to an August 12 announcement by the Saudi Arabian Monetary Authority (SAMA). The warning was issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Markets. The standing committee was established by supreme decree headed by Capital Market Authority (CMA), and contains such ministries as the Ministry of Media, Ministry of Commerce and Investment, SAMA, and the Ministry of Interior. According…

ETHUSD Drops to Yearly Lows

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The ethereum price  fell over 10 percent against the US Dollar at the start of this week, establishing fresh lows of 2018. The ETH/USD pair has been on a downward trend all this year, much like the other top coins including bitcoin, ripple, and litecoin. At the time of this writing, the pair has experienced a 78 percent drop from its all-time high above 1400-fiat – and still counting. The last 24 hours itself have confirmed the strong selling sentiment with a drastic fall of over 9.5 percent. Ethereum, being…

Spanish Left-Wing Political Coalition Proposes Subcommittee to Study Blockchain, Crypto

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Spanish left-wing political coalition Unidos Podemos has called on the state to explore and implement the benefits of blockchain technology, local news agency Europa Press reported August 12. Podemos, formed from left wing parties Podemos, United Left, Equo and others has suggested that the Spanish government establish a subcommittee responsible for studying the potential of blockchain technology as well cryptocurrency regulation. Alberto Montero, the deputy of the political alliance, has reportedly registered the request in the lower house, along with a project plan. The blockchain-focused body would bring together public…