Binance Jersey’s Twitter and Website Was Hacked by Security Researcher; Will Collect Bug Bounty

Binance is not having a good time with hackers lately. The company, which was allegedly hacked and lost some Know Your Customer (KYC) data recently, has just seen its Binance Jersey Twitter account be hacked as well.

An anonymous user known only as @LightningNetwo9 hacked the account claims to be a security researcher. According to him, his motives were not evil, he just wanted to expose how easy it was to take over the account and show that criminals could easily do the same in this situation.

According to him, it would be fairly easy for a skilled hacker to have made a successful attack and to use the profile for phishing scams.

Right now, Binance Jersey has regained control of the profile and deleted the tweets created by the hacker. You can see the deleted links below, originally saved by Coindesk.

It looks like it was mainly someone trying to get a job because he says that he needs work and passes a profile that people should use in case they want to contact him. He also asked the CEO of Binance, Changpeng Zhao, to message him.

Binance Jersey, as you may one, is one of the branches of the crypto exchange, together with Binance Malta, Singapore and Uganda.

The case can highlight how easy it is to take advantage of social media accounts that are not very protected. In these days, you really have to protect your social media accounts very well if you work for a high-profile company such as Binance.

Binance later came back to comment to say they have awarded the white hat hacker with a bug bounty

“We were able to restore the domain name within a few minutes and the Twitter handle a couple of hours later. We will issue a security bug bounty to the white hat hacker, as well as investigate the incident further with our service provider. […] All funds on Binance.JE are safe. No data was compromised.”

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Author: Hank Klinger

Nvidia Shows Good Results By Focusing on Gaming Chips, Not Crypto Miners

Nvidia is set to be focused on gaming in the future. Despite two profitable years in which the company made a lot of money selling its GPUs to crypto miners, the truth is that the company doesn’t seem eager to be reliant on this earning source anymore.

In the Second Quarter Fiscal 2020 report (which is focused on Q2 2019), Nvidia earned less revenue than in the previous year, but was still above the expectations of some analysts. Also, the stocks of the company went up by 6% during this time.

The earnings of the quarter were $1.24 USD per share. Analysts were expecting $1.15 USD, so they were pleasantly surprised. The estimations of revenue were wrong, as Nvidia had a revenue of $2.58 billion USD against $2.4 billion projected by the analysts.

This year’s earnings, were, far less than the $3.12 billion that the company was able to get last year. This was mostly due to how many people stopped to buy GPUs to mine tokens.

With so much money coming from gamers and not a lot from miners, the main objective of the company is pretty obvious: forget the miners, focus on the gamers instead.

The CEO of the company, Jensen Huang, affirmed that real-time ray tracing, a technology used in games, was one of the main innovations of the decade. With great expectations on the gaming side and a stiff competition on the crypto one, there is not really a choice.

Nvidia is, however, starting to invest in AI technology, too, so we’ll probably see some interesting news related to this, too.

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Author: Bitcoin Exchange Guide News Team

Poloniex Will Delist Over 20 Individual Trading Pairs Due to Low Volume and Demand

The crypto exchange Poloniex, which is owned by Circle and based in San Francisco, is about to remove the total of 23 trading pairs from its list of assets. The reason for the change is that the crypto exchange has deemed that these trading pairs have a very low volume, so it is not worth to keep them around.

Curiously, none of the trading pairs is paired against Bitcoin. They are all traded against Monero (XMR), Ethereum (ETH), Tether (USDT) and only one with USD Coin (USDC). You can check the complete list of assets here.

Not The First Time Assets Are Delisted

This is not the first time that the Circle-owned exchange decides to delist assets. The last time this happened, on May 29, several assets have been completely removed from the platform, not only trading pairs. The assets were Bytecoin (BCN), GameCredits (GAME), Lisk (LSK), Augur (REP), Ardor (ARDR), Decred (DCR), Gas (GAS), Omni Layer (OMNI) and Nxt (NXT).

You may have heard of these assets. The main reason for delisting was not really low volume but regulatory uncertainty. The company is U. S.-based and most of the assets were created via Initial Coin Offerings (ICOs), which are not fully legal in the country. This meant that even somewhat famous tokens such as Augur ended up being kicked from the platform.

In related news, Coinbase Pro has also started to limit some assets this month. XTZ/BTC and XTZ/USD are set to enter transfer-only mode soon, even in the supported regions of these assets. At the moment, however, no orders can be placed on the order books of the platform.

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Author: Gabriel Machado

CoinMine Secures $2.5 Million In Funding to Foster Crypto Mining Product Line

The crypto mining company CoinMine, which is focused on manufacturing crypto hardware and software, has recently announced that it was able to get $2.5 million USD its latest seed investment round. The seed round was led by M13 Ventures, Gumi Crypto, Shervin Pishevar

A representative of the company affirmed that the investment round was so successful because Coinmine One is growing 50% every month since April.

The company is always looking for the best ways of reinvesting in its miners and using the money to create a more successful business instead of pocketing it. At the moment, the company affirmed that its products are 30% more efficient with the latest upgrades.

Now, the money will be mainly used in order to hire more engineers to work with the company. They will help Coinmine One to create more interesting products and to expand its services to hobbyist-level miners, too, another segment of the market that CoinMine wants to reach.

CoinMine’s CEO Farbood Nivi affirmed that it is important to call more people to the market. Because of this, the idea is to lead these amateurs into the mining business and let them get interested and see how profitable it can be. This way, they will have more clients in the future.

At the moment, the products sold by the company can be used to mine several cryptos such as Bitcoin, Monero (XMR), Ethereum (ETH) and Zcash (ZEC).

M13 Ventures, one of the investors, affirmed that the company is focused on finding the best investments and that the product offered by CoinMine is innovative because it helps the consumers to participate in a new and exciting market.

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Author: Hank Klinger

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

Has Litecoin (LTC) Been Recognized by the IMF as a Legitimate Payment Token?

  • The IMF report which refers to Litecoin as being a payment token dates back to October 2018.
  • As many of our regular readers are probably already aware of, the Litecoin ecosystem recently underwent a ‘halving’, as a result of which, block rewards associated with the currency have now dropped to 12.5 LTC.

As per a tweet released by the co-founder of the Litecoin Foundation — Xinxi Wang — a few days back, a spokesperson for the International Monetary Fund (IMF) recently referred to Litecoin as a payment token.

However, this news has not been received with the fervour that one might have expected, since many from within the global crypto community still have their doubts regarding this announcement.

The problem stems from the fact that the report which Xinxi is using to back his claims is from late last year. However, looking at the document, one has to admit that it clearly refers to LTC as being a digital method of payment.

Many skeptics have pointed out that there was no reason for Xinxi to wait for nearly 10 months before making this announcement.

Similarly, a lot of people believe that LTCs name was used in the report simply as an example and not as a standalone case. While Litecoin has been mentioned in above stated IMF report, none of the officials working for the organization have ever come forth and recognized the digital currency as such.

With that being said, the IMF seems to have an open mind towards crypto and is willing to make such a recognition in the future.

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Author: Shiraz J

BTC Miners Make 4 Times More Daily than BCH and BSV Miners do Annually

Top 6 Most-Friendly Cryptocurrency Mining Countries In The World

Montreal-based technology company, Shakepay recently took to its social media platform in which a comparison in miners’ earnings was revealed.

In particular this involves those mining Bitcoin [BTC], Bitcoin Cash [BCH] and Bitcoin SV [BSV], but in the form of transaction fees.

The bar graph dubbed, “Bitcoin Tx Fees vs BCH/BSV Tx Fees,” shows that Bitcoin transactions amounted to $550K on July 31, 2019 compared to the combined amount of a little under $150K generated by Bitcoin Cash and Bitcoin SV in a full year.

That said, of the three crypto assets, it’s BSV miners that make the least in earnings. News outlet, Bitcoinist also reported on this matter, mentioning that on average, Bitcoin miners make roughly $200 in transaction fees per day. They’ve also referenced a Twitter user, AwyeeBitcoin @DeaterBob, who shared that,

“Bcash has collected $156 in fees over the last 24 HRS. LMFAO ROFL. Bcash is an unsustainable affinity scam.”

Bitcoin transaction fees supposedly remain one of the lowest, especially when compared to existing remittance services. According to the claims made, a Bitcoin whale moved nearly $468 million in transactions with as little as a $400 fee charged.

This not only shows yet another reason why traditional services need to either distanced from or improved, but also the fact that BCH and BSV are nowhere near the giant!

[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: Nirmala Velupillai

Blockchain Insurance Startup B3i Launches Its First R3 Corda-Based Product, Cat XoL

Blockchain Insurance Startup B3i Launches Its First R3 Corda-Based Product, Cat XoL

An insurance consortium called B3i has recently created its first blockchain product, which is based on the R3 Corda blockchain.

According to the press release, the new product will be called Property Catastrophe Excess of Loss Reinsurance. The product was being awaited for a long time as the company first announced that it was developing on top of Corda around a year ago.

Nicknamed as Cat XoL (because the official name is just too big), the product was created in order to increase the speed and diminish the costs of the transactions in the market. This way, the dealers, brokers and insurers would be able to make business in a more secure and efficient way.

According to the company, the new product is “the first of its kind” because it integrates the nodes of several actors and creates a structure that is more stable than the ones which are being used so far.

The team also affirms that the product makes the investors able to overcome some of the most time-consuming tasks and cut useless work. Also, the decentralization and immutability of the blockchain are used to create a network in which information can be shared in real-time in a secure and efficient way, which will drastically reduce any kind of operational risk.

Because of this, the expectation of the company is to be able to make lasting changes in the market and to upgrade it for its most efficient version. In order to create its product, B3i has been able to raise $22 million USD so far, according to its official filings.

The Chief Product Officer of B3i, Sylvain De Crom, affirmed that the Cat XoL app is the first blockchain offering of the company and the wider infrastructure that was created by the company until now. With this, he promised that the insurance market would become more seamless over time.

John Carolin, B3i’s CEO, called this a pivotal moment for the company and affirmed that CatXoL is one of its greatest creations.

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Author: Gabriel Machado

Bitfinex Investor To Raise $21 Million For Binance-Fashioned Trading Platform, RenrenBit


A Chinese company called RenrenBit, which is a P2P lending platform and crypto wallet, has recently lined up commitments worth $21 million USD for the sale of its own tokens. The company was founded by Dong Zhao, a famous trader specialized in over the counter (OTC) trades. This company is also known for being a Bitfinex investor.

Now, the platform has decided to sell 21 million of its own RRB tokens on its own platform this week. Each token cost 1 USDT (Tether), which is equivalent to one dollar. They were all sold pretty fast. In around four hours, no token was left unsold by the company.

At the moment, investors still have a period of 48 hours in which they are able to change their minds about the sale, so additional tokens might still be available for sale, but there is no way to tell for sure whether any investor will actually do it.

The sale had two categories. Normal retail users could buy up to 1,000 tokens while accredited and higher net worth investors were able to invest up in buying up to 75,000 RRB tokens.

All similarities with Binance are not any surprise. This is yet another Chinese startup that is focused on the creation of the system popularized by Binance: the Initial Exchange Offerings (IEOs). The BNB tokens created by Binance exploded in value after the exchange started this business, so everybody is looking to copy this successful method of investment.

According to the company, all tokens will be tradable on its app. The white paper, which was released before the sale, states that RRB is set to be an ERC20 token based on the Ethereum blockchain. Its main use will be to pay fewer fees when using the OTC desk created by the company, but it can also be used as collateral for the lending services which will be offered on the platform.

The 21 million tokens that were sold during this quick sale amount to half of all the tokens that will be issued by the company. The other half is set to be controlled by the company and its team. 10% of the tokens will be put out for trading soon.

Obviously, this sale raised some eyebrows. China has prohibited the sale of any tokens on Initial Coin Offerings (ICOs) back in 2017. According to Zhao, however, the company talked for over half a year with the local regulators in order to avoid breaking any rule, so you can expect the company to be fine. However, he did not clarify how the company did it.

RenrenBit Just Had A Series A Funding Round

RenrenBit is definitely doing very well at the moment. The company just got $3 million from a recent Series A funding round. Several companies invested and the ones that led the round were Bitfinex, Dragonfly Capital and the Dfund, which was also owned by the company’s founder Zhao. At the moment, the company is said to be worth $16 million USD.

The company was founded back in 2018 and it currently operates officially as a broker for lenders and borrowers for the Chinese yuan and crypto assets in general.

Zhao, the head of the company, is a pretty famous investor. He is a part of the crypto industry since 2012 and has started several companies before this one. More recently, he shifted to the OTC trading market and has created the DGroup, which runs this company the venture capital DFund.

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Author: Gabriel Machado

FINRA’s Friendly Reminder Towards Firms to Keep Regulators Updated of Crypto Activities

FINRA’s Friendly Reminder Towards Firms to Keep Regulators Updated of Crypto Activities

Back in 2018, FINRA first revealed an initiative in which member firms had to notify of their current and planned activities involving crypto activities (i.e. cryptocurrencies and any other forms of digital assets). In particular, the former requested that said communication should be made as an ongoing effort.

As for the notifying of activities, this supposedly falls under the issuance of Regulatory Notice 18-20, in which firms are supposed to update the Regulatory Coordinator in terms of their involvement in cryptocurrencies, as well as those that are deemed non-securities.

Keeping constant updates was supposed to last until July 31, 2019. However, this has since been extended until July 31, 2020.

Consequences that Arise from Failing to Abide by FINRA

News outlet, Bits Online, also reported on this matter and has since disclosed that member firms that have failed to abide by FINRA have had severe consequences. The example of Arthur Breitman, Co-Founder of Tezos, was provided in which the former issued a fine of USD$20,000 to the latter.

The justification for such a fine stems from Breitman’s failure to disclose details regarding Tezos while working at Morgan Stanley roughly four to five years ago. In addition to the fine, Breitman was not allowed to associate with broker dealers for two years.

Ultimately, it is evident that FINRA is on the watch and businesses should consider the disadvantages that arise from not complying.

[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: Nirmala Velupillai