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Bitcoin’s Ability To Bypass Banks Is A Major Issue According To Traders

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Bitcoin’s ability to bypass banks is a major issue for the financial institutions since crazy sums of money were laundered over the years with the help of the number one cryptocurrency. In the latest cryptocurrency news below we read more on the nature of bitcoin and how can this issue be resolved.

The recent reports show that money laundering scandals are on the rise since $2 trillion was laundered only via banks each year which is ten times more than the entire market cap of bitcoin. The United States President Donald Trump, showed no signs of resolving the trade war with China nor with all other countries around the world but according to the First Lady Melania Trump, China, and Europe are the ones that pour the money into their systems in order to compete with the United States. According to this statement, the United States can only compete by doing the exact same thing but this could devaluate the dollar. Alex Kruger, the popular crypto trader noted that some of these actions will increase the interest rates and could cause the stock market to soar:

“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”

Bitcoin has been on an incredible journey over the past recent months which has also correlated with the failing dollar during the on-going trade war between China and the United States. Gold also reached a six-year high and now traders don’t really see it as a reliable asset because it could be easily manipulated by the government and the government leaders. As noted in the altcoin news previously, a public blockchain-based banking system would unveil hundreds of shady transactions that are still going on, unfortunately. However, the world is dominated by banking scandals, money manipulation, and trade wars so bitcoin’s ability to bypass banks is another issue that the companies and traders should be aware of. Despite the nature of bitcoin, many still prefer it to fiat.

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Bitcoin Scams

Bitcoin Reaches The Second Inning As Bakkt Launch Nears

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Bitcoin Reaches
Bitcoin reaches the second Inning as the launch of the crypto exchange bakkt is nearing since it is considered as the major driver for institutional crypto adoption and the bull market. In the coming altcoin news today, we take a closer look at the cryptocurrency and what the Bakkt launch will bring us. Bakkt was supposed to be launched already but as we can see, it is still pending. This increases the chances that the 2019 bitcoin bull run has just started since the bitcoin exchange company is boosting the Wall Street companies with the promise of uncorrelated returns to the stock market. The launch has taken longer than expected but the work is ongoing. The User acceptance  testing (UAT) is scheduled to begin soon according to the exchange and a Fundstrat research report:
 “Bakkt’s launch is expected late in the current quarter.”  “Bakkt could be a huge catalyst for institutional participation in the crypto market.”
Bakkt hosted a summit this week at the NYSE and the company behind it-ICE stated that the things are looking quite bullish for the bitcoin cryptocurrency in the latter part of the year. According to the Fundstrat note, there is a robust turnout at the conference of more than 100 investors. The Commodity Futures Trading Commission which is the most important agency in the launch of Bakkt’s bitcoin futures contracts also had representation. Fundstrat’s reports show that the CFTC  is seeing massive growth in demand and interest for Bitcoin futures from the Public. The bitcoin futures contracts by the CME and CBOE are still considered as the mark of the beginning of the crypto bull market. This is why bitcoin reaches the second inning since soon it will be clear whether the history will repeat itself again. As the latest cryptocurrency news report, Ari Paul, the CIO of BlockTowerCapital participates in the Bakkt event and he is helping with the new addition of users into space. The report also shows that Paul believes that retail adoption will be massive once the app and UI make crypto on-ramps safe and easy to use as PayPal.  
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Bitcoin Scams

Australian Couple Loses $900,000 In A Crypto Scam

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Australian Couple Mike Taylor and his wife Karen in their mid-seventies lost more than $900,000 after investing in an elaborate cryptocurrency scam according to the reports we have in our latest cryptocurrency news below. The Australian Couple told the 7News local station that the losses included their lifetime savings:
 “That was the whole of our superannuation – that’s now gone.”
They didn’t explain how the scheme actually worked but Taylor commented that it was during a crypto trading scam website that promised high returns. He added that they decided to invest because the site ‘’looked legitimate.’’ The couple decided during a trip around the country to invest in the scam. They stated that the money basically disappeared and left the couple and many other Australians in the bankruptcy. Taylor told 7News that he had to go back to work and sell his old 1965 Pontiac in order to make the ends meet. This is not an isolated case according to the reports. On the contrary to what people think, crypto scams have increased massively since 2017 according to the reports issued by the Australian Competition and Consumer Commission since 2018 that the losses generated by the crypto scams reached about $6.11 million which shows a massive 190 percent increase over 2017. With the new addition of the $990,000 already gone, 2019 sets a new trend for crypto scams and the Australian Securities and Investments Commission is aware of this happening. There is a 32 percent increase in fraud since 2018 with more than 2,400 reported cases. The Australian watchdog announced the new corporate action plan for 2018 that the crypto sectors and ICOs are the number one priority. If the new policies become a success the country will be able to reduce the crypto scam phenomenon. One strategy that showed to be successful among the scammers is to usurp the identity of celebrities to deceive users. The most popular case was the one of High Jackman which guaranteed returns of more than 10,000 percent. The cryptocurrencies have characteristics that could complicate the protection of users in times of fraud mainly because the transactions are irreversible which makes it impossible for any entity to return funds to a scam victim. Also, the network is decentralized and removes the control from the bank but also there is a high level of anonymity which makes it difficult to know who owns a particular wallet as noted in the altcoin news reports.
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Bitcoin Scams

Hacked Bitpoint Exchange Finds $2.3 Million In Stolen Crypto

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Hacked Bitpoint
The Japanese cryptocurrency exchange Bitpoint, which was all over the latest cryptocurrency news last week, has managed to discover part of the stolen funds. The hacked Bitpoint exchange discovered more than 250 million yen ($2.3 million USD) in cryptocurrency which is only  a small part of the $32 million that they lost due to hacker attacks. The local English language daily The Mainichi first reported about this on July 14. According to the publication, Bitpoint found the stolen cryptocurrency on overseas exchanges which were using a trading system provided by Bitpoint Japan. The hacked Bitpoint exchange told the source that the recent discovery brings the total sum of lost founds down from 3.5 billion yen ($32 million) to 3.02 billion yen ($28 million) as the latest altcoin news show. For those of you who did not follow the news, the hacked Bitpoint exchange was initially compromised on July 12. More than 2.5 billion yen ($23 million) of the stolen funds in the hack belonged to customers, while 1 billion yen ($9.2 million) belonged to the exchange. As many best cryptocurrency news sites showed, the hackers stole Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and Ripple (XRP) from the hot wallets of the exchange. The hacked Bitpoint exchange then suspended all of the services following the hack, while the parent firm of the exchange, Remixpoint Inc., managed to shed 19% following the theft. Remixpoint went untraded in Tokyo after the attack due to a reported glut of sell orders. The recent incident that involved Bitpoint follows a record-breaking hack of the Japanese exchange Coincheck. The truth is, the hacked Bitpoint exchange is not even close to the sum that Coincheck lost - when more than $534 million worth of NEM tokens were directly stolen from the exchange's low-security hot wallet. What hurts people the most is the fact that Bitpoint was one of the several exchanges that received a business improvement order from Japan's finance watchdog - the Financial Services Agency (FSA) - in June of last year. One of the FSA's main concerns was the exchanges' compliance with Anti-Money Laundering as well as Know Your Customer requirements. The agency also expressed their concerns about customer funds not being kept sufficiently separate from those of the exchanges.
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Bitcoin Scams

Angry Crypto Investors From Africa Burn Down Scammer’s House

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Angry Crypto
Angry crypto investors from South Africa went after the person behind the Bitcoin Wallet Ponzi scheme as we previously reported here in our latest cryptocurrency news. Many of the investors put their money into the Bitcoin Wallet scam hoping to double their money so they decided to burn down the house of the operator of the cryptocurrency scheme, Sphelele Sgumza Mbatha. According to the Times, the angry crypto investors set Sgumza’s house on fire and other properties as well that belonged to Mbatha who reportedly was the operator of the scam which was based in Kwa-Zulu Natal’s town of Ladysmith. Among the many items that got destroyed in the fire, including a very luxury vehicle that belonged to Sgumza. Before setting the house on fire, his house also got looted with furniture and electronic items getting stolen and driven away in a light truck. It was not clear whether the looting had something to do with the angry crypto investors or just opportunists. The people that invested in the scam have previously gone after Sgumza to no avail. The hunt started on Tuesday night when the investors tried to get into the Bitcoin Wallet’s premises in a bid to try and get their money back after the news emerged that the investment scheme had collapsed. In the process, the staff of the company was assaulted by the angry investors before they were taken away to the local police station. The fake reports noted that Sgumza has been arrested which led to a massive group of people to go to the police station. Just a few weeks ago, Sgumza earned the nickname ‘’Lord of Ladysmith’’ because of his luxurious lifestyle. On the streets, he became very popular as the Bitcoin Wallet’s popularity grew. The trigger for the bad turn came over the weekend after the reports stated that the Ponzi scheme has closed the shop after running out of money to pay the investors. Bitcoin wallet, of course, denied the reports saying that they are only moving operations online in order to cater to the massive demand. As noted in the altcoin news, Sgumza disclosed that the Bitcoin Wallet website has been hacked. He also later claimed that he was not the CEO of the company but only an employee.
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