Popular XRP Exchange Exit Scammed 250k Users In 2019, Now Bitsane.com Gets Auctioned At GoDaddy

The domain name Bitsane.com has been auctioned on GoDaddy. It previously belonged to the Ireland-based cryptocurrency exchange that made a scam exit with hundreds of thousands of users’ assets with it.

After nearly 7 months of pulling the exit scam, the domain went on auction with 15 bidders making 80 bids with the latest one at over $1,500.

The estimated value was kept at $4,722 by GoDaddy which is an estimate of the true value of each domain on the basis of millions of historical domain name sales. However, this is not the ultimate price as the seller may ask for a price above or below this estimated value.

In May 2019, account holders were unable to withdraw BTC, XRP, and other cryptos from Bitsane when the company’s support team said the withdrawals were “temporarily disabled due to technical reasons,” only to go offline in late June. Bitsane’s Twitter and Facebook accounts were then deleted.

Over 100 of the users in the Telegram and Facebook group claimed to have lost up to $5,000. One user lost $150,000 worth of XRP and BTC stored in the exchange. As of May 30, the Bitsane website showed 246,000 registered with a daily trading volume of $7 million.

During the height of the bull run in late 2017, Bitsane attracted retail investors by allowing them to buy and sell the third-largest cryptocurrency XRP. At that time, CNBC published a story on Jan. 2, 2018 with the headline, “How to buy XRP, one of the hottest bitcoin competitors,” explaining how to buy BTC, ETH on prominent crypto exchange Coinbase then transfer it to Bissane to exchange it for XRP.

Right before the exit scam, someone withdrew XRP tokens from Bitsane whose flows were tracked to Binance, Bitstamp, and Coinbase. After that, Bitsane only came into the light only now when it’s domain name has been auctioned for sale.

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Author: AnTy

Disney Stops Justin Sun’s Attempt to Trademark “TRON” citing Brand Confusion

  • Disney stops Tron CEO’s attempt to trademark “TRON”
  • Tron using the name “in bad faith to trade off the goodwill of Disney and its famous brands.”
  • Justin Sun says these are nothing but false claims & FUD

Media giant Disney has blocked blockchain platform, Tron, from obtaining three trademarks, claiming they would damage its brand.

Last month, the US Patent and Trademark Office rejected Tron’s applications including for the brand name TRON.

Tron Foundation, however, reportedly hasn’t filed for a response.

“Tron gave up its half-hearted attempt to register trademarks in the US after Disney filed a strong Opposition alleging dilution & brand confusion,” Jake Chervinsky, general counsel for Compound stated on Twitter.

In response, Tron founder and CEO Justin Sun took to Twitter to claim the TRON being invalidated by Disney to be “FUD” and false. He says many of their field trademark applications aren’t challenged or affected by Disney.

Sun further said that they will continue to “actively prosecute” in the US adding they have already received trademark registrations in other countries.

“Those challenged by Disney belong to supplemental classes and were filed for defensive purposes. They do not affect Tron’s core trademarks,” added Sun.

Tron Foundation’s China partner Raybo technology first filed to trademark “TRON,” “TRONNETWOK,” and “TRONIX” in February last year. However, when Disney pushed back in August and Raybo failed to respond, the United States Patent and Trademark Office (USPTO) rejected all three applications by default.

In its Notice of Opposition filed by Disney in early August, the company argued that the proposed trademark would infringe on its sci-fi film series of the same name.

They pointed out that Tron has been using the name in all capital letters in a font/stylization that is “highly similar in appearance to the unique and distinctive” font and stylization of Disney’s TRON.

This the corporation says is used by Tron “in bad faith to trade off the goodwill of Opposer and its famous brands.”

Because Tron Foundation doesn’t issue any response to Disney’s notice in the following nine months, the patent office rejected their trademark applications by default.

“Tron clearly didn’t take the trademark registration process seriously,” Chervinsky told Decrypt.

“They never hired U.S. counsel to represent them, even though the USPTO explicitly ordered them to do so. They also didn’t respond to the USPTO’s notice of default, meaning they gave up on their trademark attempt completely.”

Chervinksy says though there’s nothing wrong in doing this, the “respectful” way to handle the situation was to withdraw the application and not to ignore the USPTO.

But if Disney wants, it can make the situation difficult for Tron as Chervinsky explains on Twitter, “if Disney’s serious about this, they could take Tron to court in a trademark infringement suit.”

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Author: AnTy

HTC’s New Low-Cost Blockchain Phone Exodus 1s Will Support Bitcoin Network By Running A Full Node

HTC – a Taiwanese electronics company has announced it’s new smartphone with the name Exodus 1s, empowering clients to run a full Bitcoin (BTC) node on a portable phone. Exodus 1s was launched this weekend at the Berlin’s Lightning meeting. HTC plans to clarify that the Exodus project is something beyond a unique case. Its accessibility will be in all the different forms of cryptographic money.

The new Exodus 1s is a lower-cost form of the evolving HTC’s blockchain-powered phone Exodus 1, which as of late has enabled the users to support BTC.

The firms stated that the estimated cost of the device would be $233 in the market. The new gadget will be accessible to purchase coins utilizing Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Binance Coin (BNB) and Bitcoin Cash (BCH). The Lightening payment network will be used to sell the upgraded version of Exodus 1 at the Berlin meeting.

Since it requires more data capacity to store the full bitcoin records, the gadget will enable its users to install a 400+GB SD card to enlarge its memory. As indicated by Blockchain, presently the size of the full record closes on 250 GB. The cell phone requires a wifi connection to run on a full node or a plug into a power source. Likewise, it can be utilized without such connections. Though the company recommends a connection to be used.

The cell phone features a built-in wallet to help clients safely store cryptographic forms of money. And features of the Exodus1 are 4 GB of RAM and 63 GB of capacity and keeps running on Android Oreo 8.1

The firm announced the device will be first available for clients in 27 countries like Europe, Taiwan, Saudi Arabia, and the UAE. It does not plan to be offered on sale in the U.S yet.

Decentralized Chief Officer at HTC – Phil Chen, expressed that Exodus 1s’s launch, the firm has brought down the barrier at an entry-level for any individual to run a node and take an interest globally. Exodus 1s‘ forerunner Exodus 1 was available for orders for presale last year on October 23 in 34 areas, including the U.S., U.K. and Hong Kong.

Not only concerns related to purchasing and selling cryptocurrencies, but cell phone makers are also progressively looking at blockchain innovations as an approach to reassure clients worried about the security of their private data.

The Chief Officer at HTC said – “We care about this portable identity and users owning their identity and data, and we believe that the phone is the best place to do that’’.

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Author: Sritanshu Sinha

Coinbase Introduces USDC Bootstrap Fund To Support DeFi Projects; Investing $2M In Compound & dYdX

Coinbase has introduced a new initiative dubbed USDC Bootstrap Fund and just as the name suggests, the firm intends to boost developers with a fund in terms of USDC tokens.

In a blog post, the crypto exchange said that the new fund will be used to enhance developments of decentralized finance (DeFi) protocols. The new initiative ‘USDC Bootstrap’ will only invest in DeFi based projects using its stablecoin USDC.

DeFi is a relatively fresh concept in the blockchain sphere which can be described as the conventional financial products that you could get from a financial institution like lending or derivatives that have been developed on top of a blockchain. In other words, DeFi protocols consist of smart contracts that are governed by codes and the protocol on which they’re built on.

CoinDesk reports that after several deliberations with DeFi platform developers, the exchange says it realized that liquidity or availability of funds to borrow was one of the urgent needs for DeFi based initiatives. The exchange hopes that through grants, it will boost the development of the DeFi ecosystem.

To kickstart the initiative, Coinbase announced that it was investing 1 million USDC each in Compound as well as dYdX. However, unlike the Coinbase Ventures where investments are made in startups for an equity stake, the Bootstrap fund is designed to add to a protocol’s lending pool where interest will be returned after counterparties borrow from it.

Zhuoxun Yin, dYdX operations head, the most challenging aspect in the development of a new DeFi protocol is attracting borrowing demand. however, the addition of USDC to the lending pools will help to lower the interest rates and embolden clients to borrow more USDC.

Head of Bootstrap Fund Nemil Dalal explained that boosting lending protocols will help in the growth and development of DeFi, which is an area of much interest for Coinbase. In the recent past, Coinbase venture also invested in different DeFi protocols such as Dharma and BlockFi. Dalal explained that Coinbase was interested in enhancing decentralized finance within the banking industry.

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Author: Joseph Kibe

Oracle Software Giant Sues Crypto Startup ‘CryptoOracle’ For Trademark Breach

The practice of adding popular brand names to the name of a startup is a method used to attract clients to a business. The blockchain industry has seen this practice several times over with startups adding popular words such as Bitcoin and Blockchain to their names in a bid to lure customers. Some startups even use parts of popular companies’ names for the same purposes.

CryptoOracle has taken to Court

One blockchain startup, CryptoOracle, has been sued by the software giant, Oracle, for cybersquatting and trademark infringement. The lawsuit claims that CryptoOracle LLC used Oracle’s brand name in a bid to ride on the popularity of the software giant. Cybersquatting is the practice of using an internet domain name in bad faith with the intention of profiting from the goodwill built by another brand or trademark.

CryptoOracle was founded by Louis Kerner in 2017. The blockchain startup is a cryptocurrency advisory firm which serves other blockchain startups and entrepreneurs in the industry. The company sells tickets to events they host at which those interested in blockchain businesses can get the information they need and meet with other players in the crypto space.

Oracle is one of the biggest software firms, and it is famously known for the Java software. They also provide a range of services such as database management and cloud services. Oracle hosts many conferences and educational seminars for different software categories and topics.

Before the lawsuit, a cease and desist order had been issued to Kerner and his brand as Oracle sought to settle the matter out of court. CryptoOracle responded with a filled-in trademark application for their brand name. Oracle said that they could not allow the use of their brand name in the defendant’s business.

A request to force CryptoOracle to change its brand name and withdraw the trademark application has been placed before a federal judge. Oracle’s attorney reportedly said that his client might be entitled to the profits CryptoOracle made during the time they’ve been using the name.

Oracle and Blockchain

Oracle has plans to move into the crypto business through its Oracle Blockchain Platform, and this may be another reason behind the lawsuit. If another company with a similar brand name already exists in the crypto space, it might cause confusion among customers because it is easy to mistake one for the other. Such confusion could cost Oracle some business and the software giant is trying to avoid that.

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Author: Ali Raza

Ethereum Classic (ETC) Dev Affirms That a Change of Name Would Get Other Cryptos “Rekt”

Would Ethereum Classic (ETC) be more popular if it removed Ethereum from its name? A developer seems to think so. Stevan Lohja, one of the devs from the ETC team, has recently affirmed on social media that other altcoins with a higher market value would be “rekt” if ETC decided to change its name.

The name Ethereum Classic was created after the hard fork in which some ETH users decided not to change the protocol after the DAO scandal back in 2016. The association with Ethereum, however, seems to be a problem for the token now.

Because of this, some people have started to affirm that the Ethereum name should be completely removed and that a rebrand is needed. Yaz Khoury, the director of the ETC Cooperate, agrees with that. He affirms that he has “always advocated” for the token to change its name because it needs a proper identity.

The best opportunity to discuss this further would be at the ETC Classic Summit, which is already set to happen in Vancouver, Canada, on October 3 to 4.

Names are important. It was proved that cryptos with three-letter symbols which are easier to remember will tend to fare better and that companies that associate their business with Bitcoin or blockchain tend to get more profits.

Because of this, a rebrand might be the way to go forward. At the moment. ETC is the 21st token by market cap, so the name change might not put into the Top 10 tokens as the developers seem to believe, but it may bring some important freshness to the brand.

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Author: Daniel W