Planned Sell-Off Causes XRP Prices To Crash By 40% On Beaxy Exchange

The crypto market is prone to manipulation. If you don’t believe it, you can just check the many examples that can be easily found. The latest one was a coordinated sell-off of Ripple’s XRP tokens on the Beaxy Exchange.

This new crypto exchange platform was just launched, but it had to suspend its activities for being targeted by manipulators. According to the reports, soon after the launch, the exchange suffering a massive XRP dump with a lot of people selling the asset at the same time.

In order to deal with this obvious market manipulation situation, Beaxy had no choice but to shut down the platform for a few days. It has been a rough start for the exchange, which was launched back in June. So far, technical issues, manipulation and the lack of infrastructure are getting in the way of the company.

Action was taken very quickly, as the abnormal volumes were pretty easy to spot. The prices tanked pretty fast and now all token wallets are frozen, so the manipulators are unable to pull their funds away from the exchange, which prevented more issues from happening.

Fortunately, the exchange will be able to identify the manipulators soon. The company had a Know Your Customer (KYC) system ready since its launch, so the people who caused the crash can be found. However, the exchange did not determine whether it will take action against the scammers or not.

Ripple, the responsible for XRP tokens, has not commented on the situation at the moment.

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Author: Bitcoin Exchange Guide News Team

Patientory (PTOY), The Crypto Worth Less Than A Cent, Can Be Very Profitable In The Future

Many cryptos are all about a promise. Patientory is one of them. The crypto, which was created for a health app, is worth only a cent per PTOY token, but some of its executives believe that the project may be worth millions in the day.

Chrissa McFarlane, the CEO of the company, was recently interviewed by the crypto media outlet Coindesk. According to her, at the moment people are using the token only for small experiments, but she defended that the project may be worth millions in the future.

One of the main goals is to have data from healthcare providers in order to create a big network that will provide all range of health services for users.

At the moment, the project lacks clients, but it has a growing community with several contributors. The project is basically gearing up for a profitable future, its CEO affirms. According to her, the standards for interoperability of the company are getting better and, with time and testing, the network will finally be prepared to empower patients and to finally be profitable.

So far, Patientory was only able to get $12.4 million USD. Most of the money came from the Initial Coin Offering, which was held two years ago, but some came from venture capital later on. Most of the money has been used in the development of the platform and in related events aimed to bring awareness to the project.

Unfortunately, the future of this project is far from certain. While the management is sure that the product is innovative and will bring millions in profit, the truth is that most startups end up dying after a few years.

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Author: Daniel W

CipherTrace: Crypto Scammers Have Netted $4.26 Billion, $3.1 Billion From Exit Scams Alone

Crypto scams are profitable. There is a lot of hype around cryptos and many incautious investors around, so it is not uncommon that crypto crime attracts so many people. CipherTrace’s latest reports have shown that crypto scammers were able to swindle $4.26 billion USD this year.

While less money was stolen in the second quarter than in the first one, the numbers are still very worrisome. Exchanges lost $356 million in the first quarter and $125 million in the second one.

Exit scams, however, are the biggest winner when it comes to taking a lot of money. These scams alone were able to steal $3.1 billion USD from investors, more than half of all the money stolen.

What is actually considered an exit scam, however, is debatable. Quadriga CX, the exchange whose CEO took its money to the grave, is considered in contributing $195 million to the exit scam list, for instance.

The major winner, however, is certainly Plus Token. The scam was able to steal $2.9 million USD from investors using a pyramid scheme. Alone, this scam was responsible for two-thirds of the stolen funds.

CipherTrace’s research also indicated that Bitcoin is still the token most used by criminals, despite the popularity of Monero. In most scams involving ransomware and the dark web are mostly related to BTC. This correlates with the high dominance that BTC has in the market right now, of over 70%. Monero is still widely used in cryptojacking activities, though.

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Author: Lillian Peter

Media Blockchain Pilot Welcomes McDonald’s, Virgin Media, and Nestle for Advertising Purposes

  • Jicwebs has a blockchain trial that is presently active, involving many major companies.
  • The goal of the pilot is to improve digital advertising.

Blockchain technology is being adapted to many different use cases, leading to the blockchain trial by the Joint Industry Committee for Web Standards.

There have already been multiple major companies to be added to this trial, and it looks like the Jicwebs has added a few more. According to an article by The Block, which referenced The Drum, the trial will now include McDonald’s, Nestlé, and Virgin Media.

The three companies will be involved with the pilot to show exactly the ways that they can use the fintech as a way to improve their digital advertising side with more transparency and trust. The pilot is planned to go through the rest of this year, though the first phase will primarily look at how blockchain technology can impact advertising. Going forward, the trial will also touch on the way to “optimize the supply chain and gain operational efficiencies for all involved” with the tech.

Kat Howcroft, the senior media and budget manager for McDonald’s, explained that the use of blockchain

“offers us the opportunity to see a truly transparent picture of our investment across the digital supply chain. We are also eager to understand the potential impact that this may have on our ROI and efficiency.”

Along with Nestlé, McDonald’s and Virgin Media, their respective media agencies will be involved as well, which include Zenith, OMD UK, and Manning Gottlieb OMD. Other participants will be announced as the trial continues and further supply chain mapping is completed, which will end up including publishers and tech vendors. Right now, the Fiducia blockchain platform in London is supporting the trial.

Nestle has already ventured into the blockchain industry, and it has been using the tech to provide information about the condition and origins of their food since 2017. Head of media communications, Steven Pollack, commented that the brand was “excited” to be involved with the pilot. He added,

“Blockchain is a new technology being tested in many diverse industries. It’s great to be one of the first brands to gain insight into its potential in programmatic.”

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Author: Krystle M

Florida Police Discover Bitcoin Money Laundering Gig While Being Locked Up via Commissary Accounts


Financial crimes exist in many forms and one of the most common is money laundering, which is practiced all over the world. There are the disadvantages that come with the prevalence of cryptocurrency with one being the fact that they are often used for the perpetuation of crime and this includes money laundering purposes as cryptos are generally harder to trace than fiat currency or wire transfers and this makes them an easy target for criminals.

Law enforcement around the globe is becoming more aware of the scourge that is money laundering through the use of cryptocurrency and as such, they are able to prosecute these crimes and detect them when they are taking place.

The latest of these prosecutions was in Florida when authorities discovered an operation taking place through a prison in which inmates made use of Bitcoin to launder thousands of dollars by taking advantage of their commissary accounts.

Bitcoin Crime from Behind Bars

The crime in question was discovered through an investigation by the Pasco County Sheriff’s deputies who discovered that inmates in the county jail were having money put into their commissary accounts which were gotten through stolen credit cards.

“These identities that were compromised by an unknown mean [sic], were purchased via the dark web through Bitcoin,” said Detective Anthony Cardillo.

“The inmates were then asking for their commissary accounts to be released to the outside […] and the funds were being released to an unknown individual,” he added.

After the investigation was conducted, they arrested Kamu Kaloma, a 37-year-old from New Port Richey and he’s now facing fraud charges for his crimes. Besides Kaloma, there are also warrants for 7 inmates who were involved in the scam but have now been exposed.

Though the arrests are taking place now, the authorities were first informed of their activities in 2016 and it was reported that the inmates successfully carried away scam about 43 times before they were caught.

“Out of those 43 transactions, all deposits made onto commissary accounts, it was just over $8,009 in theft,” said Cardillo.

While in this case the criminals have been apprehended and will face prosecution, it does go to show that many traditional crimes are being revamped with a crypto angle and they are also beginning to incorporate the dark Web into the activities.

The dark Web and cryptocurrency have a complicated relationship as the dark Web has existed for a long time and is often used for the purpose of committing crimes across the internet without detection and the use of cryptocurrencies such as bitcoin add another layer of anonymity to the activities of the criminals.

The good news love is that law enforcement is cracking down on the dark web itself and shutting down various marketplaces that illegal items such as the stolen credit card information that was used by the criminals, in this case, are being sold and also they are becoming aware of the role that cryptocurrencies are playing in this crime and the such, they can prosecute and intercept when they are taking place.

As inconvenient as it is, it does help to shed more light on this aspect on the industry and better prepare those that are within it to deal with such issues.

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Author: Tokoni Uti

Bitcoin’s Price Tends to Swing on Weekends: Here are Some of the Reasons Why

Bitcoin’s Price Tends to Swing on Weekends: Here are Some of the Reasons Why

While Saturday nights are eagerly awaited by many as a much-needed break from the workweek, but it is apparently emerging as the most crucial time for Bitcoin traders to buy and sell the most popular cryptocurrency.

According to Bloomberg, weekend spikes from the start of May account for approximately 40% of Bitcoin’s price addition in this year. As a matter of fact, a study of Bitcoin’s historical price data reveals that some of the biggest price changes occurred over the weekend. For instance, the highest Bitcoin price in history of $19,666 peaked on a Saturday in December 2017.

Cryptocurrency trading continues non-stop on a 24/7 basis across the various exchanges spread all over the planet. While many see this as an advantage with the potential benefits of making profits at the convenience of the active traders, it also comes with the challenges of constantly monitoring prices and making timely trades to book profits and cut losses during the odd-hours.

It is essentially turning out to be a case of frequent sleepless nights and busy weekends for the active crypto traders.

Mark Newton, a former Morgan Stanley technical strategist and the president and founder of Newton Advisors, which provides cryptocurrency technical analysis to hedge funds and other firms, confirms the observation:

“We’re seeing above-average volatility on weekends with it moving dramatically up or down.”

To be Ahead of the Pack

Just like in the traditional stock market where majority of the bigger companies delay the announcement of important business decisions and activities, for instance, Merger Monday, is well known as companies make acquisition announcements on Mondays.

Similarly, the trend is also becoming popular with crypto firms as they chose Mondays to make significant announcements. In this regard, majority of crypto traders are trying to be ahead of the news deluge by transacting over the weekend.

The president of crypto hedge fund ProChain Capital, David Tawil explains:

“It’s a little bit of anticipatory or front-running the news cycle by trading up on the weekend. I don’t think it’s wrong to bet that Monday morning would have a positive development in an ever developing crypto industry.”

The Groupthink Concept

Another reason is that various crypto investors could spend their weekends deliberating on different news items with their friends or colleagues investors, prompting them to trade their digital assets.

Chief executive officer of Bitwise Asset Management Hunter Horsley explains:

“Weekends are a time when people have more free time to read the week’s news, to chat with friends, to pitch friends on exciting things they heard about during the week.”

This could be true since as Bitcoin’s price was exploding in 2017, Thanksgiving events across the US were dominated by Bitcoin talks.

Similarly, large blockchain and crypto events have also led to an upward Bitcoin push due to the excitement they bring to crypto enthusiasts. For instance, the price of Bitcoin increased tremendously during New York’s blockchain week in May.

The Fear of Missing Out (FOMO)

There crypto enthusiasts who witness Bitcoin’s price gain tremendously during the week and out of anxiety of missing out on future gains, they jump into the fray. Opportunistic investors want to cash in on weekends after a successful week in the crypto market.

What do you think makes Bitcoin’s price to spike over the weekends? Let us know in the comments section.

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Author: Joseph Kibe

Teenagers Apprehended in Bitcoin Drug Ring Over the Dark Web in Dublin, Ireland


While there are many advantages and benefits that cryptocurrency has brought the world there are a number of downsides and one of these is the use of cryptocurrency for the purposes of committing crime.

This has been an issue as law enforcement around the world has reported more incidents of scams, crypto being used for illegal activity and so on and while there is more knowledge about crypto and thus, more chances of such crimes being persecuted, the menace continues.

One of the most recent crypto crimes that have been uncovered is a drug smuggling ring whose kingpin had been taking advantage of teenagers as young as 14 to store large amounts of narcotics that had been purchased over the dark Web.

According to reports, the kingpin ran an enterprise that distributed various drugs in the West Dublin area which included cocaine, MDMA and ketamine.

Recently a 17-year-old boy was arrested over with over $682,000 work of ecstasy that was seized at Lucan postal center and he is believed to be a holder for a drug dealer that was paid off for the purpose. The teenager was later released without charge.

However, he is far from the only one involved in this operation as local authorities said that there are dozens of young people in various areas within Ireland that are holding drugs on behalf of these crime syndicate in a bid to reduce legal risk and take some of the repercussions of them.

Crypto, the Dark Web, and Drugs

This highlights yet another issue that is ongoing in the industry which is the cryptocurrencies are being used heavily for criminal purposes over the dark web. The dark web is a section of the internet that is not accessible via traditional browsers and needs specialized software to access.

The dark web offers a great deal of anonymity and has created a breeding ground for the sale of drugs, human trafficking, and other criminal activities. While the advent of cryptocurrency meant that payments were easier for legitimate users, it also created a new avenue by which criminals could make their payments without getting caught as in a case like this where the drugs were reportedly purchased with cryptocurrency.

However, there is an ongoing crackdown on the dark web as international police disrupted two of their most prolific drug markets in a series of raids around the globe and seized roughly $600,000 in cash as well as cryptocurrencies such as monero and bitcoin.

This goes to show that cryptocurrency has found a great deal of use on the dark web for this purpose as it was reported that the use of bitcoin over the dark web doubled in 2018 compared to 2017 and shows no signs of stopping him with all the raids taking place.

There is a debate about whether this will affect the overall reputation of cryptocurrencies or whether it is an inevitable side effect that cannot be removed from the overall equation.

For now, the drug ring in Dublin is being investigated by local authorities as well as narcotics squads who are being joined by Ireland’s national Bureau of criminal investigation, the Garda national drugs, and the organized crime Bureau.

Should these criminals be apprehended, it could shed more light on just how far-reaching their activities on the dark web are and what role cryptocurrency played in the activities.

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Author: Tokoni Uti

Money Continues To Change With The Latest Tech and Financial Trends

  • Money could eventually be enhanced in the future by applying technology
  • Libra addresses many of the challenges that money is currently facing

At the moment everyone is talking about Libra and what Facebook has to offer to the crypto market and the financial world. However, Nik Milanovic, a fintech and financial inclusion enthusiast, considers that it is time to start thinking which is the role that money plays in the current world.

Will Money Eventually Evolve?

In a recent article released by TechCrunch, Mr. Milanovic explains how different industries have been evolving over time thanks to the evolution of technology. This is the case to communications with the email, bookstores with Amazon or taxis with Uber. However, he claims that money itself has remained unchanged over time.

He believes that money didn’t change because currencies are controlled and issued by states and it needs to be controlled by them. At the same time, money is also too critical to have a similar level of disruption as other industries and assets.

With the new Libra project released by Facebook, it is possible for people to understand what money should be and how it should work, even if Libra does not succeed and it is affected by regulations around the world.

One of the first things that Milanovic says is that money should be free to use. Financial institutions and other parties have to pay to have access to their money and ATMs charge high fees for withdrawals. Meanwhile, checks are also expensive to print and banks have large commissions for users that store their funds in security boxes or accounts. He keeps by saying that PayPal has high fees, foreign remittances incur fees and check-cashing also involves fees that users have to pay.

There are applications such as Venmo, Square Cash and WeChat Pay that want to let people transfer money and use it at no cost. Apple Pay and Google Pay are also making it easier by using the phone an instrument for in-person purchases and with no cos at all.

According to Aaron Klein at Brookings, slow payments can affect poor people. The time that it takes for a transfer to settle or for payroll to be deposited can mean the difference between paying a bill and incurring an overdraft fee. Thus, it can mean that these people would not have enough funds for weekend grocery shopping.

Moreover, electronic money can take just a few minutes and hours to be transferred, but the funds appear in a bank account in several days. The author explains that this is because the rails on which money is moved in the United States – and other countries- are more than 40 years old. There are some employers that allow workers to have their funds in real time to allow people to use their money as soon as they earn it.

He also claims that money must be integrated with improved digital identity systems that would allow for innovation to grow. The reality is that UI is currently not efficient in many cases because it requests users to provide a lot of information through different methods.

Through new mechanisms and innovation, it is possible for people to use biometric identifiers such as fingerprints or Face ID, which authorizes the use of money. There are other solutions that promise to provide a sell-owned ID profile.

Money should also be secure and stable in order for it to be used. Indeed, in countries with security problems, those individuals using digital payment systems would not be assaulted on the street or they would not be targeted by stealers. Meanwhile, individuals carrying cash are going to be severely affected by thieves.

There are different countries that are affected by high inflation rates. Venezuela, Zimbabwe, Argentina and Somalia are just some of them. This has affected people in these countries and now their citizens do not trust their currencies.

Caitlin Long, a recognized crypto supporter and the lawyer behind Wyoming’s blockchain regulation, explained:

“Central banks in developing countries are notorious for their lack of discipline in maintaining the value of their fiat currencies, which too often lose purchasing power.”

Libra will be backed by fiat currencies of different countries that could include the Euro, the British pound, the US dollar and the Japanese yen. In the future, however, Libra could gain an intrinsic value and eventually separate itself from the fiat currencies behind. This is something similar to what happened to the US dollar when it left the gold standard in the past.

Furthermore, another important thing that Milanovic explains is that money should be interoperable. He claims that it should be easy to buy something in a country with different currencies by using the same payment protocol. In addition to it, transferring between currencies should also be instantaneous, free and without necessarily visiting a platform or a bank.

Finally, one of the things that money should have is guardrails. Digital money can be traced and programmed, which can create safety guardrails and prevent terrorist financing, money laundering and black-market purchases. In this case, Libra is expected to be controlling everyone using the virtual currency.

Facebook is known for gathering information from its users and use this data to monetize its platform by selling ad places to firms. However, as the author of the article explained, there are many different reasons to be skeptical of these money guardrails since repressive regimes could use them to control citizens.

Thus, money could be improved over time with the implementation of technology. There are many issues to face and to deal with, many challenges to solve, but the trend is clear, and Facebook’s Libra is just one of the first steps into this direction.

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Author: Carl T

Simplex CEO: Crypto Could Help Improve, Not Replace, Banking Efficiencies

Simplex CEO: Crypto Could Help Improve, Not Replace, Banking Efficiencies

The rise of cryptocurrency has forced many both within and outside the crypto industry to reconsider the current financial systems that have existed in the past and whether they can continue to exist within the future.

Even when cryptos gained acceptance and ICOs became all the range, there were calls by those within the industry for regulatory bodies to put proper laws in place. However many of these bodies did not take cryptocurrency as seriously as they should and were not eager to put in the laws required for the industry.

All that is changing as we are seeing a new wave of institutional adoption of cryptocurrency and because large institutions are embracing cryptocurrency, these regulatory bodies find themselves with no choice but to also give the industry attention.

This was greatly evidenced this week when Facebook released a white paper for their much-anticipated Libra cryptocurrency. Within days of the release of the token, world leaders were already making plans to meet with the management of Facebook to discuss what the token would mean for global financial systems with the US Senate already scheduling a hearing with Facebook over the matter.

This has once again reignited discussions of whether cryptocurrency will work alongside the modern financial institutions or replace them altogether.

Now Nimrod Lehavi, the co-founder and CEO of simplex, has spoken to Finance Magnates about his views on the regulatory stance towards cryptocurrency and what the new token will mean for the future of the financial world.

Nimrod’s Take

During the interview, he stated that he has always felt as that current banking systems are much less efficient that they could be on the cryptocurrency could serve as a catalyst for an increase in efficiency.

Historically speaking, he says, major internal progress did not happen until financial forces gave them no choice.

“By definition, up until Bitcoin, there wasn’t anything that was really external to [institutional] financial systems. As a company, you have to be connected to the [institutional] financial systems–if you want to pay salaries, if you want to accept payments.”

“And all of a sudden, something here can really make a difference,” he continued, adding that “I’m not on the Libertarian side, I don’t think that banks, or for that matter, governments are going to go away. But I do think that given the proper shift in balance, we can see something [revolutionary.]”

He also stated that even if the crypto industry only serves to make the banking industry cheaper and more efficient, it would bring a great deal of satisfaction to him.

That is the core goal of his company Simplex which is working to enable access to people who wish to get into the crypto world by running a secure escrow service for larger fiat to crypto transactions as well as a payment platform that allows merchants around the world to accept the various payment methods.

“Credit card fraud is [the cause of the theft of] tens of billions of dollars per year,” Lehavi explained, and “when we started Simplex five years ago…[the purchase of crypto with a credit card] is something that was considered impossible to provide.”

Their business model has been helping people to buy crypto using fiat currency while not having to involve the banks to a great degree.

The reason they’re able to do this because their companies in specifically associated with crypto and so banks will not have a reason to block their withdrawals or deposits through any card they issue and this helps get around the current issue of banks refusing to give services to crypto companies.

Between this and the other institutional investors are putting their money into crypto, the future is bright.

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Author: Tokoni Uti