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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

The SEC Launches Phony ICO Site to Promote Scam Awareness
In a bid to raise awareness of potential investment scams in the cryptocurrency space, the U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy have launched a fake website posing as a luxury travel firm kicking off the pre-sale portion of their initial coin offering (ICO).

Cryptocurrency Mining Malware Crashes Your PC When Discovered
Please beware: a new form of cryptominer, dubbed WinstarNssMiner, crashes your system the moment anti-virus software attempts to remove the malware. ZDNet warns “The cryptominer launches the svchost.exe process — used to manage system services — and injects malicious code into the file. One injected process begins mining cryptocurrency while the other runs in the background to avoid detection and scan for antivirus protection.”

Steve Wozniak: Bitcoin And Blockchain Will Achieve Full Potential In a Decade
Tech leaders everywhere are beginning to sing the praises of blockchain. Apple’s co-founder Steve Wozniak was the latest, saying blockchain was “a great idea” and that it “is the next major IT revolution that is about to happen” according to Cointelegraph auf Deutsch. Woz was giving the opening speech at WeAreDevelopers World Congress 2018 in Vienna, Austria.

China Ranks Ethereum as the World’s Best Blockchain Network
The Chinese government ranked Ethereum as the world’s best blockchain network. CCN reports “On May 17, China’s Ministry of Industry and Information Technology released its public blockchain ratings, ranking various blockchain projects like Ethereum in the global cryptocurrency sector based on three criteria: technology, application, and innovation.” Bitcoin came in at number 13.

Entirely Crypto-Focused LedgerX Announces the First Regulated Bitcoin Savings Account
“Bitcoin bulls now have a new opportunity to put their money where their sentiment is. On Tuesday, CFTC regulated derivatives exchange, LedgerX, launched a Bitcoin savings account, the latest in a slew of traditional banking products made available for the digital currency” as reported by CryptoSlate.

New Coinbase Prime Geared Towards Wall Street Investors
This week Coinbase announced Coinbase Prime, a set of tools and services for institutions, tailored for high-end investing in cryptocurrency.

Image courtesy of Carty Sewill, http://cartyisme.com/

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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

“See No Bank, Hear No Bank, Speak No Bank”: German Bank Allows Users To Transfer Loans Anywhere In The World Using Bitcoin
According to Reuters, German Radoslav Albrecht founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin. ZeroHedge reports, “Albrecht’s Bitbond uses Bitcoin and other cryptocurrencies to completely bypass the Swift international transfer system which has a monopoly and ultimate veto power on who is in – and isn’t – in the global petrodollar club, to lend money across the globe rapidly and at low cost.”

Winklevoss-Owned Gemini Exchange Becomes First Licensed Exchange to Offer ZCash
Anthony Severino of BlockExplorer reports that Gemini, the New York-based cryptocurrency exchange owned by Tyler and Cameron Winklevoss, will become the “world’s first licensed ZCash exchange”.

Australia To Ban Cash For All Purchases Over $10,000
Australia’s Liberal Party government announced it will be illegal to purchase anything over $10,000 with cash starting July of 2019. The Australian government goes on to say it’s “encouraging the transition to a digital society” and cracking down on tax evasion.

LG CNS Launches its own Blockchain Platform, Monachain
Monachain provides digital authentication, community token, and supply chain management. ZDNet reports, “The service is aimed at enterprise clients and can be applied in finance, public, telco and manufacturing industries, the company said. The platform offers digital authentication, community token, and supply chain management.”

Image courtesy of Carty Sewill, http://cartyisme.com/

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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

New Head Of South Korean Financial Regulator Considers Relaxing Cryptocurrency Regulations

The Korea Times is reporting new Financial Supervisory Service Governor Yoon Suk-heun said the country will consider relaxing cryptocurrency regulations. An official from one of South Korea’s four major cryptocurrency exchange operators, Upbit, said, “We don’t oppose regulations. But you can’t entirely kill the markets by simply imposing regulations. What the new FSS chief should think about is how the regulators should provide remedies to help crypto trading and blockchain technology get better.”

Monero Cryptojacker Using NSA exploit EternalBlue

BlockExplorer’s Armin Davis reports that following the use of the NSA developed EternalBlue exploit in the now infamous ransomware WannaCry, a new malware known as WannaMine has surfaced.

Iceland’s 600 Missing Bitcoin Mining Machines Reported To Be in China

Earlier this year 600 Bitcoin mining machines were stolen from Iceland, a case generally chalked up to unsolvable until a few days ago when Icelandic media outlet RUV reported the machines are likely in Tianjin, China. Cointelegraph reports, “In Tianjin, it was precisely a pattern of highly irregular electricity usage that is reported to have attracted the attention of a local grid operator, leading to the authorities’ confiscation of the suspect mining hardware.”

Bitmain to Begin Shipping Equihash ASIC Miners in June

Chinese mining rig manufacturer Bitmain has unveiled the first Equihash ASIC miners, BlockExplorer’s David Murray reports, “making it likely that it will soon be unprofitable to mine Zcash using GPU-powered devices.”

BlockShow Europe 2018 Coming Up May 27-28

BlockExplorer’s Isaac Rocket reports, “After an eventful two months of hosting blockchain meetups across Europe, Blockshow is bringing their journey to a close with the featured conference, BlockShow Europe 2018.” This will be a big event with over 80 blockchain experts presenting, on the most pressing issues of today’s blockchain community.

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News Bytes for May 4, 2018

Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

P2P Cryptocurrency Exchange CoinTouch Shuts Down Over GDPR Concerns

Blockchain’s own David Murray reports peer-to-peer (P2P) cryptocurrency exchange CoinTouch has shut its virtual doors over concerns related to the passage of the European Union’s new General Data Protection Regulation (GDPR), taking effect later this month.

Mastercard Blames Cryptocurrencies for Drop in First-quarter Growth

Mastercard customers can buy in and out of cryptocurrencies, and store them into their crypto wallet. But some banks have prohibited the practice including Bank of America, Chase, Citgroup, and JPMorgan who in February banned using credit cards for cryptocurrency purchases. Mastercard shares dropped by 2% this quarter with their CFO Martina Hund-Mejean stating that “this is due to the recent drop-off in crypto wallet funding,” on their earnings call Wednesday.

Kitty Malware is Targeting Drupal to Mine for Cryptocurrency

ZDNet reports that “The vulnerability allows threat actors to employ various attack vectors to compromise Drupal websites. Scanning, backdoor implementation, and cryptocurrency mining are all possible, as well as a data theft and account hijacking.” And even worse, “the malware is also commanded to infect other web resources with a mining script dubbed me0w.js”, which attacks any future visitors of the website as well.

Basis Introduces a “stable” Cryptocurrency That Aims to Cut Volatility

Backed by billionaire Stanley Druckenmiller and Federal Reserve chair runner-up Kevin Warsh, Basis “aims to keep a stable value around $1 by increasing and shrinking supply”, the company’s founder told CNBC Friday.

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Peer-to-peer (P2P) cryptocurrency exchange CoinTouch has shut its virtual doors over concerns related to the passage of the European Union’s new General Data Protection Regulation (GDPR), which will take effect later this month.

The exchange — which was based out of London and opened in 2014 — did not charge fees, and founder Chris Beach operated it at a loss as a service to the cryptocurrency community.

The platform allowed Facebook and Google users to securely set up P2P cryptocurrency trades with users within their social networks. When a trader placed a bid or offer, it would become visible to the user’s friends and friends-of-friends, which ensured that traders were able to verify the identities of their counterparties. If another trader wanted to fulfill an order, he or she could automatically send a message to the other user through Facebook, where the two parties could arrange the trade.

However, Beach wrote in a statement announcing the shutdown that the recently-passed GDPR — which adopts new standards for individual data privacy and use — introduces regulatory uncertainty that makes it too risky to continue to operate CoinTouch, particularly as a free service.

“I asked trusted contacts in the industry for advice on how to make CoinTouch GDPR compliant. They came back with different answers (through no fault of their own – the law is ambiguously defined),” Beach said. “I concluded that I cannot justify running a free service while taking on a legal risk.”

The developer, who operates a number of non-profit websites, said that he is in the process of shutting them all down before the new rules — which he says actually reinforce the dominance of tech conglomerates like Facebook, Google, and Twitter — take effect.

“So, perversely, this new EU law hurts small website like mine, but helps reinforce the dominance of Facebook, Google, and Twitter, who are able to prepare and defend themselves using established legal teams and cash reserves, and who now face less competition from startups,” he concluded.

Featured Image from Pixabay