Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
CLOSE

Bitcoin Scams

The $3 Billion Bitcoin Startup Circle Launches A Cryptocurrency Pegged To The US Dollar

Published

on

Circle is a bitcoin startup that is backed by the banking giant Goldman Sachs, just reached all the major cryptocurrency news headlines after launching a cryptocurrency ‘’stablecoin’’ that has its value pegged to the US dollar.

The new cryptocurrency – USD Coin, is backed by physical currency. With it, institutions and individuals can tokenize physical currency and use it for overseas trading. Also, any kind of cross-border transaction can be done rapidly by using the new cryptocurrency. USDC is created as an ERC-20 token that operates on the Ethereum network.

The co-founders of Circle made a statement saying:

 “When we founded Circle five years ago, we and many in the crypto community envisioned fiat money and financial contracts executing on top of distributed public network infrastructure, building on open standards that would allow us all to share value as instantly and easily as we can access content in web browsers and exchange messages in email and messaging apps. Just as HTTPS, SMTP, and SIP-enabled free borderless information sharing and communications, crypto assets, and blockchain technology will enable us to exchange value and transact with one another in a similar way: instantly, globally, securely and at low cost.”

The USDC token will be issued by multiple companies. All the future issuers must join CENTRE which is a consortium that works on developing decentralized networks of fiat stablecoins. All of the participants in CENTRE will have to own a license that will allow them to handle e-money in order to prevent money laundering and provide transparent monthly reports.

Many important crypto companies have shown support for USDC such as OKEx exchange and IDEX exchange. Also, wallet services such as Coinbase will provide support for USDC.

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Bitcoin Scams

Hacked Bitpoint Exchange Finds $2.3 Million In Stolen Crypto

Published

on

By

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.
`
Continue Reading

Bitcoin Scams

Angry Crypto Investors From Africa Burn Down Scammer’s House

Published

on

By

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.
`
Continue Reading

Bitcoin Scams

Indian Authorities Arrest Four Crypto Ponzi Scheme Operators

Published

on

By

indian authorities
The Criminal Investigation Department (CID) of India is featured in the altcoin news for arresting four people accused of operating a crypto-related Ponzi scheme. The Indian authorities arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, all of which are the alleged creators of the KBC Coin cryptocurrency as a report by the Times of India shared on July 4. The report cites CID which argues that KBC is a Ponzi scheme. Launched 6 months ago, the price of KBC has not moved since. This is why the Indian authorities believe that it was a potential scam. The KBC coins were reportedly issued at a value of 10 paisas for each piece, with a promise that they would skyrocket in value to 10 rupees in a very short time. As the coming altcoin news then shared, people bought the coins and expected them to rise 100-fold. According to one CID member, an individual named Baljeetsingh Lashkariya first promoted KBC via a pyramid scheme. The Indian authorities are investigating this case. Meanwhile, the promotional materials show that the “first investor in the chain would get an incentive from the last circle of investors. This offer played a major role in bringing more investors to the company.” Lashkariya and another promoter named Mohan Patel have reportedly "gone underground" about the case. As reported by many best cryptocurrency news sites before this, Indian authorities and legislators have proposed a bill that would punish crypto enthusiasts in the country with up to 10 years in jail for violating the country and its anti-crypto laws. Still, no one knows if this bill is going to pass. The enforcement policy that the Indian authorities are carrying out is apparently part of the bill - which is titled “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019,” according to reports from The Block. At the end of May this year, SEC sued a California resident on charges of selling unregistered securities and conducting a Ponzi scheme disguised as a cryptocurrency - and taking away $26 million from users. The case in India is very similar to this case, and the Indian authorities should definitely sanction it completely.
`
Continue Reading

Bitcoin Scams

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

Published

on

By

bitcoin's ability
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.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





ADVERTISEMENT

cryptocurrency review

ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

august

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X