CipherBlade Report: How the Company Intervened in the Warith Al Maawali and Coinomi Saga

CipherBlade Report: How the Company Intervened in the Warith Al Maawali and Coinomi Saga

Admittedly, getting your tokens stolen can make you mad and vindictive, particularly when you blame a security institution that should protect your investments. This is what happened between Coinomi and a user.

In fact, the user’s actions were so brutal that Coinomi felt they were being ripped off and extorted by the user who claimed that Coinomi’s actions –or the lack thereof- caused him to lose $70,000 in cryptocurrencies.

As a result, the company had to publish an independent report that was written by CipherBlade –an industry leading crypto forensic outfit that’s known for their objective investigations of allegations and coverage of industry issues.

CipherBlade is the company crypto firms turn to when they have a smear campaign problem to deal with and have to clear their names of all false allegations. This has become important in the face of growing cyber smear campaigns launched by individuals and opposition companies.

The outfit is known for saving many crypto firms from bankruptcy, thanks to its investigative prowess. For instance, ShapeShift contracted the firm to counter the allegations by the Wall Street Journal that were laundering money through their platform.

This was right after the WSJ published a damning report on these issues, resulting in a huge reputation damage.

They were the same outfit that BitBuy hired when they wanted to establish their reputation as a safe and secure platform to trade on. Bottom line, this is the company that people listen to because they are credible and trustworthy.

In the case of Coinomi vs Warith Al Maawali, the former had to turn to CipherBlade in a bid to clear itself of the latter’s allegations that were not being responsible for lost funds that were kept in their wallet.

While CipherBlade has done a good job of acquitting Coinomi of all wrongdoings, the reality is that stains are hard to wash off in the crypto sector. Once you have a major publicity problem, particularly by someone who is really bent on damaging your reputation, it can be very hard to recover.

In CipherBlade’s How (Not) To React When Your Cryptocurrency Is Stolen report, they attempted to clear Coinomi of all wrongdoing. Unfortunately, this only goes so far because the report itself was sponsored by Coinomi. This, therefore, makes the report look like it’s not actually an independent one.

Even so, Al Maawali the accuser isn’t relenting. He feels that he’s been robbed of his funds and is willing to go to every length to hold Coinomi responsible for his missing $70,000 crypto tokens.

In fact, he’s gone as far as launching a thorough smear campaign on social media and even put up a Google ad condemning Coinomi. This ad is positioned right above Coinomi’s. The ads and campaigns are specifically meant to show how the company’s actions resulted in his loss of $70k in crypto assets early in the year.

Unfortunately, both parties are pointing accusing fingers at each other, without any attempt at a quick resolution. Warith has consistently published newsletters specifically targeted at Coinomi, while Coinomi has addressed his accusations in multiple editions of their publications.

According to Al Maawali, there are many red flags that point to Coinomi being a shady organization. For instance, the crypto wallet provider doesn’t have transparent organization. The company’s director is currently linked with multiple shell corporations, a situation Warith claims indicates a lack of transparency.

But, Coinomi itself has come out to counter the claims that their seeming lack of transparency is meant to actually protect the team behind the operation. The idea is to ensure that no one knows who they are, so they don’t become vulnerable to cyber and real life attacks.

Al Maawali’s claims are largely based on a security flaw that he feels the company has. His loss of funds occurred when he entered a seed phrase into the Coinomi desktop wallet to recover his wallet. Upon entry, the wallet sent a text with that seed phrase to the Google API with the intent of spellchecking it. According to him, that act resulted in the loss of his funds.

What Did The CipherBlade Report Say?

According to the report, this wasn’t the case. While the report does ask some salient questions, it was more focused on Warith’s actions and mistakes. The report basically blamed the victim for his mistakes and holds him responsible for the loss of his funds.

Their conclusion was that the funds were most likely lost because of a malware infection on his computing device. However, it also made room for the fact that a mixing service might be responsible and that the theft of the funds were premeditated.

Even so, the company has gone on to admit that some of its security processes are flawed and that it’s fixing those issues immediately.

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Author: Bitcoin Exchange Guide News Team

Reserve and Chainlink Partner to Strengthen the Future of Decentralized Stablecoins

Reserve and Chainlink Partner to Strengthen the Future of Decentralized Stablecoins
  • Chainlink has been considered to be an industry leader when it comes to providing reliable data feeds that can be used for smart contracts.
  • Reserve will be utilizing Chainlink to help make the protocol that they rely on be more secure for users and also be able to accelerate the development timeline.

A Secure and Reliable Network is Needed for Success

Having a robust and dependable Oracle network is very important for any stablecoin design. These are smart contracts that have been incorporated with the stablecoin protocols, which become only as effective as the price data, that is used to regulate their behavior. Therefore, it is crucial for a company to get this step of implementation right as it aids in the success of the coin.

A reserve protocol requires to have reliable price data to ensure it can maintain the 1:1 peg against the US dollar, this is achieved by monitoring the reserve stablecoin constantly against the dollar. But this is not all as it will require adequate management of the portfolio of the current collateral tokens that have been used to back the Reserve Token.

“Natural” Industry Partners

The Co-founder and the CEO of the Reserve, Nevin Freeman, notes that he sees both the Reserve and Chainlink as being natural partners in the industry. As they are both able to build critical pieces that are needed for the decentralized infrastructure, making both part of the great movement.

Thus, without proper on chain price feed being offered, most dApps will not be able to work without them. He goes on to state the following.

“We’re very excited about stablecoins and their potential to make crypto a medium of exchange. Projects like Reserve are taking seriously the task of making crypto practical for daily transactions in the parts of the world that need it most.”

Since the launch of Chainlink, the Reserve team has been following very carefully, and from this, they considered the company to be the best option in using them as a reliable oracle solution.

Chainlink Considered A Community Leader

Chainlink has been established as a decentralized oracle network, that allows the smart contracts to access the off chain data feeds securely, traditional bank payments together with the web APIs.

A platform that is being selected as the top blockchain technologies by the leading firms within the community; the likes of Gartner.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Lorraine M

Big Banks Band Together To Launch Blockchain Trading Solution with Its Own ‘Bitcoin’-esque Token

Big Banks Band Together To Launch Blockchain Trading Solution with Its Own 'Bitcoin'-esque Token

While the banking industry has been one of the most hostile industries when it comes to blockchain technology and Bitcoin in the early stages – that hasn’t stopped them from taking over some sizeable corner of the market for their own.

An increasingly substantial number of financial companies, being headed up by the multinational UBS Group AG have been setting their sights firmly on the application of blockchain technology in the aid of creating a streamlined, low-cost and high efficiency cross-border trading solution, powered by its own blockchain and its own ‘Bitcoin’ token.

Among the financial institutions involved in this ambitious project includes – Barclays, Nasdaq, Credit Suisse Group, Banco Santander, ING, and Lloyds Banking Group. Each of these have since registered themselves as part of a collaborative entity, with more to potentially join.

Each of these organizations will be involved in the development of a unique token, known as a ‘utility settlement coin’ or a USC, according to an international news source.

More than just placing a tenuous interest in this cross border payments solution, these financial behemoths have since officially poured more than 60 million dollars into this international organization – known more broadly as Finality International.

It doesn’t come as too much of a surprise, considering that this token has been in steady development for more than 4 years, and will serve as a joint payment device as well as a “messenger that carries all the information required to complete a trade,” according to the report.

This new kind of permissioned blockchain solution will attempt to significantly reduce the kind of risks associated with cross border payment solutions, while also increasing the speed in which they are completed. According to the UBS head of investment strategy – Hyder Jaffrey discussed the kind of benefits that this solution would provide –

“You remove settlement risk, the counterparty risk, the market risk,” Jaffrey continues. “All of those risks add up to costs and inefficiencies in the marketplace.”

Along with the more than 14 international financial companies previously mentioned, some of the newer partners to this cross-border solution include major national banks such as Bank of New York Mellon Corp., Canadian Imperial Bank of Commerce , State Street Bank & Trust Co., Commerzbank AG, KBC Group NV, Mitsubishi UFG Financial Group Inc., and Sumitomo Mitsui Banking Corp.

Each of these major banking institutions has since announced that they will be making use of the USC token in the foreseeable future.

According to reports, this platform is forecasted to launch worldwide within the next 12 months, which is further substantiated by previous reports which suggested that it would be put completely into action as of 2020.

While this represents one of the more ambitious, globe-trotting projects from financial institutions – there is no inkling whether or not USC provides more utility and represents something resembling a cryptocurrency more than JP Morgan’s token does, however.

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Author: James F

Delphi Digital: Bitcoin Reigns Supreme in 2019, is the King of the Asset Class Hill

When it comes to any and all kinds of assets available to investors across the world, Bitcoin has managed to surpass in performance, any other kind of asset. according to the financial performance of BTC over the course of May, its value rose more than 60 percent – making for the highest monthly return in more than a year.

This increase of 60 percent represents the single greatest performance from the world of assets in the world over 2019 so far.

These statistics come from the speciality analytics firm – Delphi Digital – which went on to give the Bitcoin the honorary title as ‘the king of Asset Class Hill,’ a fitting description for a digital asset class which is constantly maligned by more mainstream individuals within the marketing world. Made even more of an apt description thanks to its consecutive months of solid returns.

Graph and Bitcoin performance relative to other asset classes and stocks courtesy of Delphi Digital. According to the team responsible for this research within Delphi Digital:

“The acceleration in BTC’s performance comes at a time when conventional risk assets, notably global equity markets, continue to see selling pressure […],” the team continues on to explain.

“May’s outperformance has been especially important given the broader weakness across many other asset classes.”

Investment Flight Takes Shape From Riskier Assets While Bitcoin is Unperturbed

The current landscape for mainstream investment markets as well as public equity are undergoing a phase of anxiety amid some continually bad news internationally. It’s because of this that it, the team concludes, is “riddled with concerns.” One of the more prominent examples that we have for this would be the New York Stock Exchange.

The ‘concerns’ and bad news in question is pretty ubiquitous whether you’re paying attention on the radio, TV or newspapers – with earnings expectations for workers remaining relatively stagnant, continuing macroeconomic concerns relating to the ongoing trade disputes between China and the United States as well as a broader discontent over the rate of economic growth has since resulted in investors retreating from more ‘risky’ assets in exchange for what we refer to as ‘safe haven assets’ such as US Treasuries, government bonds and Precious Metals.

Even with this investment ‘flight’ which takes place in a bearish climate, even against ‘safe’ assets like Gold, Japanese Yen, and WTI Crude, Bitcoin still managed to more than trounce these tenfold over May along.

Courtesy of Delphi Digital

Within the body of its research, Delphi Digital went on to explain that, while Bitcoin had managed to take some serious ground compared to its conventional rivals, investors cannot rest on these digital laurels.

“Contrary to its recent history, Bitcoin has remained largely unaffected by the sell-off in risk assets, though expectations for market volatility are trending higher,” its analysts continued. “It is still too early to claim victory yet, but BTC’s uncorrelated nature has so far proved true.”

The analysts of the team have since determined that, even if investors were to allocate small volumes of BTC within their more conventional investment portfolios – such as one made up of 60 percent stock assets and 40 percent fixed income) over the course of three years, served to dramatically boost the kinds of annual returns obtained by the investor.

When we take this into consideration, it makes a great deal of sense, especially when looking at the kind of Bullish charge that Bitcoin underwent over the course of 2017.

“Just a 3-percent allocation (which we acknowledge is still a sizable position for most conservative investors) would have generated a compound annual growth rate of 12 percent over the last 36 months, without raising the portfolio‘s volatility or maximum drawdown by much,” said the firm.

Bitcoin’s price is $8,193.17 BTC/USD exchange rate today. The real-time BTC market cap of $145.34 Billion currently ranks #1 with a chart dominance at 55.91%, daily trading volume of $6.62 Billion and live coin value change of BTC -6.56 in the last 24 hours.

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Author: James F