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Blockchain News

$145 Million Missing From QuadrigaCX After Sudden Death Of Founder



The crypto exchange QuadrigaCX reported $145 million in crypto assets missing after the sudden death of its founder Gerry Cotten according to the daily blockchain news media outlet from Canada-The Globe.

According to the records of The Globe, the firm has been unable to trace the missing assets since the founder of the exchange passed on December 9 which led the exchange into a liquidity crisis. QuadrigaCX filed for creditor protection since it only has $286,000 in cash and owes $198,435,000 to its users.

The exchange has most of its assets in offline storage-cold wallets which are secured with digital securities keys to protect them from theft and hacking. The company also struggles to find the corresponding keys of the wallets after Cotten’s passing.

Ernst & Young auditing firm was selected as the independent third party in the proceedings and according to their reports:

‘’QuadrigaCX was unable to access the cold wallets and/or discovered that the cold wallets contained minimal cryptocurrency units.’’

Cotten used to work mostly from home from his own computer which is encrypted. His wife also claimed that she doesn’t know the password or recovery key and that she hasn’t been able to find them in written form. A cybersecurity expert was also hired to hack Cotten’s computer but it was unsuccessful.

Other exchange operators believe that it’s extremely strange for a single executive to control all of the asset’s funds such as Michael Gokturk the CEO of Einstein Exchange who thinks that having all the control of the assets is the same as walking with millions of dollars in cash on you all of the time.

Users who were unable to withdraw their funds even asked for a proof of the death certificate of Cotten or an obituary.

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Blockchain News

Dissident Revolutionary Group Use Crypto To Overthrow Kim Jong-Un In North Korea

The dissident revolutionary group named itself Cheollima Civil Defense that is currently working on taking down Kim Jong-un and its government in North Korea by selling visas to the new country on Sunday and that supporters can pay with Ethereum so we are about to read more in our latest crypto news. The price will be set at one ether for 1,000 visas issued by the blockchain. Their official site doesn’t further explain what the cost for a single visa will get once 1,000 visas will be issued. The South China Morning Post published an article that has incorrectly stated that 1TH would be enough to buy 1000 visas. The group aims to raise about $27 million and the information on the website says that the visas can be traded and sold. Each customer can purchase as many visas as they want but if you would like to open a business or do any other commercial activity in the country after it will be freed, you will have to apply for an advanced visa. The visas are named G-Visa and the ‘’G’’ stands for Genesis. There have already been seven visas issued but officially you cannot buy them until Sunday. The group is known to have been taking many actions against the North Korean government. They are known for defacing the North Korean embassy in Malaysia. The group is also believed to have invaded the NK embassy in Spain by using fake weapons and cell phones. The group is also responsible for rescuing the son of Kim Jong-nam who is the half-brother to Kim Jong-un who later got assassinated by North Korean agents in Kuala Lumpur. Because the group was frightened for the life of Kim Jong-nam’s son, they took him away from Macau for which he later thanked them over a video online. Ether supporters and BTC enthusiasts can always contribute by buying one ETH token per visa. The nature of the visa will make them extremely valuable in the attempt of overthrowing Kim’s regime. The group seems to be supporting libertarian ideals and is willing to risk their lives and want to bring an end to Kim’s dictatorship.
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Blockchain News

Crypto Benchmark Indices Launched On Bloomberg, Reuters And Nasdaq By CoinMarketCap

Two crypto benchmark indices on Bloomberg Terminal, Borse Stuttgart, Nasdaq, and Thomson Reuters will be launched soon by CoinmarketCap according to the blockchain news coming to our website from the CMC blog post published today. According to the blog post, the indices will be administered by the German Index provider Solactive. The indices will cover up to 200 cryptocurrencies by market cap in which Bitcoin will be included but only in the first one. The latter benchmark will be named CMC Crypto 200 ex BTC Index and the one that includes Bitcoin will be named CMC Crypto 200 Index. Both of the indexes will be watched closely and on the last day of each quarter of the year, the firm states that the indexes will be rebalanced. The CMC200EX was initially created in order to ‘’track the performance of the market without the influence of Bitcoin’’ because the number one cryptocurrency is responsible for nearly 50 percent of the total market cap of all cryptocurrencies. Solactive, the German index provider company that will be administering the indices, is the same company standing behind the CBOE Bitcoin Futures index that was launched in 2017 in December. Solactive administers more than 3000 custom indices. Fabian Collin, who is the head of sales at Solactive, was quoted saying in the announcement that the access to the data of CoinMarketCap makes it possible for the company to develop custom indices for customers. He also stated that the ‘’conversations have already started’’ regarding the indices administration. At the start of February this year, Nasdaq launched two indices that were created by the crypto asset market data firm Brave New Coin. Previously in 2018 in November, the popular investment company VanEck and its subsidiary MV Index Solutions launched their own Bitcoin index that was based on three over-the-counter (OTC) desks. As previously reported by DC Forecasts, CBOE announced that there will be no new additions of the new Bitcoin futures contract in March because of the assessing of the approach by respecting the company’s plans on how to continue the offering on digital asset derivatives for trading.
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Bitcoin News

Binance Enables Australian Users To Buy BTC At 1,300 Newsstands

Binance Lite Australia is the new platform of Binance launched in Australia that allows users to buy bitcoin at more than 13,000 physical locations around the country. In our latest crypto news, we find out more about this great news. The introduction of Binance Lite comes after the company TravelByBit invested in Binance in order to get closer to the users and to utilize cryptocurrencies at the airports around the country. The CEO of Binance Wei Zhou explained that this decision is extremely important for the company since it will bring new users to the platform and to the entire crypto ecosystem in a place where the government is supporting the blockchain sector. Zhou explained:
‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’
The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
 “Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
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Blockchain News

Ron Karpovich: Crypto Innovators Will Have To Use A Bank To Move Funds

The Global Head of e-Commerce Solutions at JPMorgan Chase, Ron Karpovich, stated while talking for an interview that we are reading more about in our crypto news, that currently there is little competition of the market because of the growing partnerships between crypto disruptors and financial establishment regarding the payment space. When he was asked about how the banking giant aims to compete with the disrupting cryptocurrency sector and emerging tech actors that use blockchain and cryptocurrencies so they will be able to provide the same services, Karpovich stated:
 “Ultimately behind the scenes, they [crypto innovators] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space. [...] When it comes to margins and capabilities — payments is never something that grows in margin, nobody wants to pay for a payment. That’s one of the hardest parts of this process: you have limited resources in the capability to sell, so you need highly efficient and large players.”
Karpovich also stated that the blockchain technology could revolutionize the entire payments industry so that consumers won’t even notice the transformation as the technology will develop quickly into a cost-effective and efficient service. When talking about the JPM Coin, JPMorgan Chase’s blockchain-powered cryptocurrency, Karpovich didn’t agree with the suggestion that this move by the banking giant is a huge u-turn in their stance on the crypto industry given that the CEO Jamie Dimon is a popular Bitcoin antagonist because of what he said:
 “I think there’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous versus using the technology to enhance your payments infrastructure. We look at the technology as being a means to doing things faster and cheaper: every CEO would like to make things faster and cheaper. So from that standpoint I think it represents a buy into the concept of using blockchain.”
He does believe that the decision to issue a cryptocurrency aligns with the initiatives at the bank and thinks that the bank could potentially become a huge player in the blockchain space because of their private blockchain platform Quorum and its Interbank Information Network. The crypto community has mixed feelings about the JPM Coin. Some believe that this is a great moment for the crypto industry while others believe that it will close down the network structure and it will fragment the financial sector.
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