$6B Worth of New Gold Reserve Found in Turkey; “Bitcoin Fixes This with Absolute Scarcity”

$6B Worth of New Gold Reserve Found in Turkey; “Bitcoin Fixes This with Absolute Scarcity”

Meanwhile, Bitcoin still has a fixed cap of 21 million — pristine scarcity.

About 3.5 million ounces of gold that was detected in the mining field of Turkish Agricultural Credit Cooperatives’ subsidiary Gübretaş in Bilecik is estimated to be worth around $6 billion.

“We are talking about a value of about $ 6 billion when we try to put it in value at today’s prices,” said the Chairperson, Fahrettin Poyraz on Tuesday about the reserve in the Söğüt gold mine. About 1.92 million ounces of the reserved are also ready for extraction, he said.

“It is estimated that 1.6 million ounces could be converted into reserves at a rate of 83%,” said Poyraz adding, “We aim to extract the first gold in two years and turn it into value for the Turkish economy.”

And this is what the crypto community has long been talking about all along. While the digital gold, Bitcoin, has a limited 21 million BTC supply, gold reserves continue to be found, expanding its supply.

“Nobody knows the global Gold supply, Bitcoin fixes this with ABSOLUTE SCARCITY,” said BTC proponent Max Keiser.

This isn’t even the first time, back in October, a huge amount of gold reserves, $127 billion was also discovered in Russia.

As Mike Belshe, the CEO of California-based cryptocurrency firm BitGo said in his interview with Bloomberg last week, “The main thing that’s unique about Bitcoin is it’s got a level of scarcity that we really don’t have in any other market.”

When it comes to precious metals, there are also “some endeavors to mine precious metals from asteroids they fly by which could happen at some point. Mathematically bitcoin is pristine in its scarcity,” said Belshe.

Compared to bullion’s 22.33% return in 2020, BTC is up 223% YTD while trading near its all-time high of $24,300 that was set just over this past weekend.

According to Belshe, the world’s largest cryptocurrency has a “property that literally no other asset class has.” Not to mention, Bitcoin is “immune” to the “unprecedented levels” of money printing that central banks are doing around the world.

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Author: AnTy

Kucoin’s Hackers Identified With ‘Substantial Proof’ in $280M Theft, Law Enforcement Involved

Kucoin announced through its CEO Johnny Lyu that they have found the hackers who compromised close to $280 million of the exchange’s funds in last week’s hack.

Lyu tweeted this update over the weekend as crypto markets struggled in the red zone following the Kucoin hack, BitMEX indictments, and the news of President Trump contracting COVID 19.

The hack update noted that authorities and law enforcement, in particular, are now involved in the matter,

This update comes as a reprieve to Kucoin stakeholders, although the Singapore based exchange had assured the crypto community that funds were SAFU. While its funds in cold storage remained untouched, the hackers had managed to siphon around $280 million from hot wallets and are in the process of dumping the hack proceeds for value realization.

However, this seems not to be going so well for the group, which has only sold $13 million worth of the stolen funds. These were sold through decentralized exchanges, including Uniswap, Kyber Network, Tokenlon, and DEX.AG. As for the rest, Lyu now says that an additional $64 million has been frozen in collaboration with other CeFi providers, bringing the total to $204 million.

Besides the updates, Lyu also signaled that Kucoin is gradually returning to full functionality and supported deposits and withdrawals of 31 tokens as of October 3. In an earlier follow-up Livestream on September 30, the Kucoin CEO had acknowledged the hack as part of growing bigger,

“As a crypto team just turned three years old, although we never slack off on security-related issues, we couldn’t dodge the cruelest coming-of-age ceremony that every predecessor used to embrace.”

While this hack may have hit hard, one thing that emerged is the collaborative effort by crypto projects to curtail the movement of ‘compromised’ funds. Some projects like Velo Labs have gone to re-deploying their smart contracts to freeze the funds. Nonetheless, this has also sparked controversy on the whole aspect of decentralized ecosystems.

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Author: Edwin Munyui

Financial Firms & Law Enforcement Find Cryptocurrencies More Risky Than Opportunistic: Survey

Financial firms, government, and the private sector all see cryptocurrencies as risky, found a survey by the Royal United Services Institute think-tank and the Association of Anti-Money Laundering Specialists on Tuesday.

About 60% of respondents said cryptocurrencies were a risk rather than an opportunity with illicit usage the main concern.

The survey that maps out mainstream global views towards cryptos suggests an uphill struggle for the industry to achieve wider acceptance. Countries across the world are still grappling with how to regulate cryptocurrencies with the EU planning to introduce new rules by 2024.

The survey was based on over 550 responses from law enforcement, financial watchdogs, financial institutions, and legal and insurance firms along with the cryptocurrency industry.

Nearly 90% of respondents from financial firms said they were worried about digital currencies being used to launder money, while more than 80% are concerned about their usage to circumvent the financial system.

“All respondents accept that cryptocurrencies are vulnerable to criminals,” the survey’s authors said.

While the mainstream views about crypto are still marred by the potential criminal usage of crypto, according to blockchain analysis from Chainalysis, it is as low as 1% of all transactions. Not to forget the fact that major banks, including JP Morgan just recently, in one of its many over the years, have been involved in the illicit usage of trillion dollars and precious metal manipulation.

Only a fifth of respondents said they viewed cryptocurrencies as an opportunity, with one of the potential benefits cited was the extended access to financial services, the research found.

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Author: AnTy

Ravencoin Blockchain Exploited to Mint More RVN, Total Supply Bumps Up 1.5%

A vulnerability was found in Ravencoin blockchain that was used to mint more than 5000 RVN per block, said Tron Black, lead developer of Ravencoin, a cryptocurrency and asset issuance platform, in an official post.

Since the vulnerability was brought to the Ravencoin’s attention by CryptoScope, the team has been working on a fix.

Less than 24 hours back, the emergency update was made, and blockchain users were recommended to stop the movement of RVN and any other activities.

The bug exploited did not allow the stealing of RVN that a user owns and controls as such “all asset balances are safe,” assured the announcement.

But minting created additional RVN. The extra RVN is about 1.5% of the final 21 billion, 44 extra days’ worth of mining, but the exact number isn’t known yet.

These new RVN were sold into the market shortly after the minting and now mixed with other RVN.

The team has decided not to burn them because it “causes irreparable harm to innocent victims.” And now, the burden will be shared by all the RVN holders in the form of inflation.

Another option is to shift the halving 44 days sooner, which would offset the minted RVN and put the total issuance back to 21 billion.

Exchanges are notified to determine whether they want to pause their deposits, withdrawals, or trading, and mining pools are asked to immediately upgrade to the latest binaries available. Everyone else is also advised to be on the newest Ravencoin version.

“It’s a massive negative to the integrity of the chain,” said Bitcoin advocate Bruce Fenton, CEO of Chainstone Labs and a board member at The Bitcoin Foundation.

The attack brings in questions about the security of the Ravencoin blockchain and is “darkest day for sure,” but “the community & devs & have confidence they will build it better than ever before,” said Fenton.

Bitcoin had a similar error in 2018, but it was caught and fixed before it could be exploited, he said.

Meanwhile, the price of the 65th largest cryptocurrency RVN is at $0.0184 with 0.28% gains. The digital asset has been on a decline since mid-June and is recording losses of over 19% YTD.

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Author: AnTy

US Congressman Davidson Refers to Bitcoin As ‘Sound Money Required to Defend Freedom’

Bitcoin has found yet another supporter in the government in the form of Rep. Warren Davidson, (R) Ohio’s 8th Congressional District.

The sitting US Congressman took to Twitter on June 22nd to Tweet, “#SoundMoney is required to #DefendFreedom” with an image containing Bitcoin.

“Thank you, congressman, for your advocacy!” commented Meltem Demirors, Chief Strategy Officer of CoinShares, a crypto investment firm.

Davidson’s bitcoin support isn’t new: he is a familiar figure in the crypto world for authoring the Token Taxonomy Act.

Last year, he not only said that Facebook should drop its Libra plans and adopt Bitcoin but also used the term “shitcoin” during the congressional hearing related to facebook’s so-called cryptocurrency.

Earlier this month, Davidson appeared on the “Unchained” podcast with Laura Shin, where he talked about how, due to issues in international payments, he was introduced to DigiCash and then came to know about the “pretty elegant solution” bitcoin.

Although he doesn’t own any BTC himself, he views Bitcoin “kind of like digital gold versus a true currency. I think it’s a great store of value.”

But unlike Davidson, President Trump is not a Bitcoin supporter as we got to know when he explicitly tweeted about a year back that he isn’t a “fan of Bitcoin and other Cryptocurrencies.”

At that time, he said they are not money; instead, cryptos are based on speculation and are highly volatile, which are used to facilitate unlawful behavior.

Then we came to know last week that Trump was wary of the world’s leading digital currency as early as in May 2018. It was revealed in the book “The Room Where It Happened” by former national security advisor John Bolton that Trump told Treasury Secretary Steven Mnuchin to “go after Bitcoin” in a meeting about China.

Crypto also featured in White House’s budget proposal for the fiscal year 2021. Where moving the secret Service from the Department of Homeland Security to the Treasury Department was proposed, which would “create new efficiencies” in preparing the US to face “the threats of tomorrow,” such as the use of cryptos to finance terrorism.

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Author: AnTy

Chainalysis Report: Crypto Scammers Take It Easy As COVID-19 Pandemic Wreaks Havoc

Blockchain analysis firm, Chainalysis has recently issued a report in which it has been found that since March 2020, COVID-19 managed to slash crypto scammers’ revenue by 33%. That said, the firm believes that this doesn’t reflect the entire story.

Key Findings

  • The total daily value sent to cryptocurrency scams significantly dropped by 61% within a span of two weeks (March 13 to 31,2020)
  • Most scam revenue losses have been associated with investment scams and Ponzi schemes
  • Not as many scams in relation to COVID-19 as one would have assumed

Bearing the aforementioned in mind, it turns out that crypto scammers are trying to find different ways to lure and trick investors. The firm has since noted that there are two primary ways in which cryptos scams are currently taking place: phishing and blackmail scams.


What are Phishing and Blackmail Scams?

Scammers who consider phishing simply use email or text messages to lure in investors in giving their personal information. In doing so, they might steal passwords, account numbers and other crucial information that could get one illegally into others’ accounts. Here’s an example shared by Chainalysis:

A screenshot of a social media post Description automatically generated

Figure 1. An example of a phishing scam obtained from Chainalysis’s blogpost.

Then there’s blackmail scams, which are also done through emails or text messages. In this situation, individuals are threatened by scammers who claim to have personal information on the victims.

When the 20 most active Ponzi schemes and investment scams were considered, the total weekly value received, and the number of transfers made supposedly accounted for 94% of all scams in 2020. But since COVID-19, the amount transferred supposedly fell, specifically from Feb 23 to March 29, 2020. While this is reassuring, it seems like one can anticipate Ponzi schemes to eventually go back up as an increasing trend was witnessed between March 29 and April 5, 2020.

What’s next?

According to Chainalysis, this is just part 1 of their analysis on how COVID-19 has been affecting the crypto market and scammers. In a recent tweet posted on March 30, 2020, the blockchain analysis firm confirmed that they will be issuing a second part to this analysis.

For those interested in part 2, a webinar titled, “Covid-19 and Crypto Crime” will be live on April 15, 2020 at 11 am ET. Some of the topics that will be emphasized on include, “scams taking advantage of the crisis, ransomware attacks against healthcare providers, and how darknet markets react to a pandemic.” Head of Research, Kim Grauer will be leading this webinar, along with others within the firm, all of whom will also cover ways that the crypto industry can better protect themselves and investors.

To secure a spot, one can start by visiting here.

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Author: Nirmala Velupillai

Hackers Insert Monero (XMR) Mining Script in Late Basketball Great Kobe Bryant’s Wallpaper

A hidden cryptocurrency mining malware was found in a wallpaper of late basketball player Kobe Bryant, reported the security intelligence unit of technology giant Microsoft on Jan. 31st.

Microsoft Security Intelligence tweeted that cybercriminals are taking advantage of the tragedy of Bryant’s tragic death “as expected” by running a malicious HTML file in the late basketball player’s wallpaper containing a coin mining script.

In the follow up tweet, it confirmed Microsoft Defender ATP detected the malicious HTML file as Trojan:HTML/Brocoiner.N!lib and its SmartScreen has now blocked the website hosting the coin miner.

The script mentions CoinHive, an in-browser crypto mining service for privacy coin Monero (XMR). Earlier last year, CoinHive shut down all its operations after the downturn of 2018 and over the upgrades made by the Monero network. After it went down, cryptojacking attacks also dropped considerably.

This, however, wasn’t the first time that cybercriminals used the photos of celebrities to spread cryptocurrency mining malware. Last month, a crypto-mining botnet infected computers with an image of Taylor Swift to diffuse the malware. Before that back in 2018, Scarlett Johansson’s picture was also targeted by these cybercriminals.

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Author: AnTy

2nd Largest Bitcoin Mining Pool Produces A Stale Block, Leading To A $3 Double Spend

A research conducted by BitMex indicate that two Bitcoin mining firms found out one transaction block at exactly the same time. BitMEX Research tweeted the discovery stating that the stale block took place exactly at block height 614,732. The two firms in competition were Bitmain’s BTC.com as well as Poolin.

BitMEX also reported that BTC.com emerged the ‘winner’ of the block which resulted to a stale block for Poolin. Poolin was started by Bitmain’s former employees and now Bitmain is seeking legal address for the violation of a non-compete agreement.

Currently, the mining difficulty for Bitcoin is at all time high (ATH) which means that it is difficult for stale blocks to occur, but this is only in theory. But, as Bitcoinist reports, after several months, two mining pool who are in competition are likely to occur on one block header exactly at the same time. The last time such an event took place was in October last year which was between BTC.com and Bitmain’s Antpool.

When a stale block occurs, there are fears that it could be as a result of double spend. However, BitMEX Research was quick to allay such fears stating that they had underatek an analysis of the likelihood of a double spend. The researchers noted that stale block had 39 txs and the winning block 614,733 had 38 txs. In this regard, only 0.00034801 or US$3 had been double spent.

Since the amount of Bitcoin which could have been double spent is very little, it is improbable that a mischievous blockchain ‘reorg’ attempt or attack could have been attempted. The computing potential or hash rate of the Bitcoin network makes it almost impossible to have a 51% attack, albeit theoretically.

Stale or rogue blocks are also possible during hard forks when the main chain divides into two distinct ways. In most cases, disagreement on different protocols can lead to supporters agreeing to move to form a fresh chain. This is how Bitcoin Cash emerged and has also led to another hard fork which has created Bitcoin SV.

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Author: Joseph Kibe

CR7’s Club Juventus Football Club Debuts Its Crypto-Based Token for Its Fans

As the Crypto industry continues to expand, the sporting industry has found its way into the crypto space. Football clubs are launching their blockchain-based fan-based tokens as a way of interacting with their fans all over the world. Socios.com, a token-powered platform fan voting in sports, has partnered with several football clubs to develop club branded token for their fans.

The tokens are then made available to the fans through Socios.com App at different prices. Among clubs venturing into tokenized fanbase in partnership with Socios.com include Paris Saint Germain (PSG), Atlético de Madrid, and Juventus, which recently launched its crypto-powered token $JUV through Socios.com.

Juventus Football Club’s token will allow fans to vote on some of the club’s decisions. This way, Juventus can accumulate a voting power of up to 400 million fans globally. $JUV is available through Socios.com App for €2 currently or $2.2.

Cristiano Ronaldo’s club, Juventus, is planning to use its tokenized fanbase platform to vote on the song to be played at Allianz Stadium every time the team scores a goal. The club wants to replace their current song, Alexandre Dreyfus, and the newly voted song will be played from next year.

“We happy and proud of being the first club to launch a club-branded token through the Socios.com platform. This will be a new way of interactions with our fans globally, “noted Giorgio Ricci, the revenue chief officer of Juventus.

Socios is also planning to launch trading pairs $PSG/CHZ and $JUV/CHZ, among others, during Q1 of 2020, allowing football fans to trade the tokens. $CHZ is Socios’ token, Chiliz, and has already been listed on Binance cryptocurrency exchange for $0.0011 each piece.

Other clubs are also planning on joining the platform to tokenize their fanbase. According to The Block, Socios.com has six similar deals to be executed by the first quarter of 2020. A.S Roma, Galatasaray, and West Ham United are lined up for February 2020, while Atletico de Madrid and PSG will be launching their token towards the end of January 2020.

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Author: Denis Miriti

Are Lawmakers in the US Allowing Pro-Crypto Bills To Be Written by Insiders?

  • Wyoming is the only crypto hub found in the United States.
  • Companies are still subjected to federal laws, when it comes to launching projects in the states.

With less than 600,000 people in Wyoming, the state has one of the lowest populations in the US. However, the many developments in the cryptocurrency industry locally have made it like a haven for these businesses. So far, there have been 13 separate laws that should help with the development of blockchain technology, introducing businesses from throughout the country.

Unfortunately, this victory comes with a little bit of a downside, as the state pushes quickly to secure their place as a mecca for crypto businesses. The founding member of the Wyoming Blockchain Coalition, Robert Jennings, remarked that many cryptocurrency holders with some kind of stake in the market have been bringing forth bills without any resistance from lawmakers that still don’t understand the technology being promoted. Jennings added,

“There is no dissent or questioning of the ramifications of making Wyoming a so-called ‘cryptocurrency haven.’”

Even though it is clear that Wyoming is setting the bar for other states that may be hesitant to get involved with cryptocurrency, the new laws are still not very significant. A Blockchain lawyer at Kobre & Kim, Benjamin Sauter, stated that the permissive laws make it hard for companies to reap the benefits. Furthermore, the firms are required to follow the federal securities laws already in place. With this small progress, the US Securities and Exchange Commission still hasn’t fully gotten on board with cryptocurrency.

Wyoming established itself as the first US state to decide to consider digital assets to be legal property. Caitlin Long, a veteran of Wall Street, is the current leader of the Wyoming Blockchain Coalition, and she recently stated that a new crypto-focused bill made it possible for state residents to secure 401k services involving cryptocurrency from Fidelity.

At this point, Wyoming seems to be a loner amongst states, since it is the only cryptocurrency hub in the U.S. Still, that doesn’t mean that there’s no one in positions of power in their corner. Warren Davidson (R-OH), a US Congressman, suggested tokenizing the US dollar in remarks made in September. Davidson is known for creating the Token Taxonomy Act.

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Author: Krystle M