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Blockchain News

BitGrail Loses $170 Million (17 Million Nano) In One Day



If you have heard of BitGrail, you probably know that it (was) the fifth most popular exchange for trading Nano (XRB) according to Coinmarketcap. However, the volume of XRB has now been amended to zero, which means that the exchange lost around $170 million worth of Nano coins.

The Nano Core team was obviously informed about this by the owner of the exchange himself. In a blog update, the company said that the fault is due to BitGrail’s software. However, in private correspondence the owner inquired as to the possibility of modifying the ledger to cover the losses.

The blog posts, however, unclearly states the legitimacy of the hack. It states:

“We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.”

BitGrail’s team also pointed out to the criminal investigations going underway.

“Our team promptly contacted law enforcement and we are fully cooperating with law enforcement on this matter….We are preparing all information we have on the matter such as blockchain entries, screenshots, and chat logs”

According to some unofficial sources, the exchange had been insolvent months earlier. So, the nature of the entire case does not look natural according to many people – and even Reddit users who have been making comments  about the entire situation. Some of them even lost thousands of dollars in the ‘hack’ but are unsure how everything happened.


Users are reporting issues and expecting a further investigation about this case.

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Altcoin News

New Startup Launched By Monero (XMR) Developer Promotes A ‘FREE Blockchain University’

In the latest altcoin news, Monero (XMR) is in the focus - not because of any price movement of the altcoin, but because of a developer at the company who is now launching a new startup. The startup is based in South Africa and is named Tari Labs. However, what's most popular about it right now is the fact that it unveiled a free online university that will help developers learn more about blockchain. Tari was launched earlier this year by the blockchain expert and Monero promoter Riccardo Spagni, alongside a few American investors. With this, Tari aims to readdress the endpoint experience of digital assets such as the in-game items, digital collectibles, concert tickets, loyalty points and other scarce commodities in the digital space. The American investors said that digital assets right now are a "great use case" for blockchain, and according to them, there is "an opportunity for a frictionless experience" where users can store and transfer them in line with the rules presented by other sellers.

“Tari Labs University aims to become a go-to destination for easily-accessible learning material for blockchain, digital currency and digital assets, from beginner to advanced level. The more blockchain experts we can develop, the better it is for the ecosystem as a whole," according to the Senior Contributor at the project, Cayle Sharrock.

With the launch of this free blockchain university, the startup's main hope is that it will be able to take part in the next generation of well-versed blockchain and open source developers who will be able to spread the Tari protocol to new generations.  
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Blockchain News

IBM Strikes A Deal With Multinational Grocery Chain Carrefour, Integrating Its Blockchain Data System

As you probably know from reading our DC Forecasts crypto news site, IBM is one of the leading companies when it comes to blockchain innovation. This has been proven in a number of occasions when the company filed for a patent and received unique rights to specific innovations in the realm of the blockchain. The former PC manufacturer has so far built multiple blockchain technologies and is active in spaces like artificial intelligence with its unique Watson technology. However, it seems like IBM is focusing on the food safety and supply chain transparency lately. As of recently, IBM was able to partner up with the French company Carrefour, which is known for being one of the largest multinational grocery chains with over 12,000 locations throughout the world. Carrefour managed to integrate IBM's Food Trust, the blockchain-based data system that is now integrated into the company's supply chain. With this, Carrefour is positioned as a pioneer in jumping on board with IBM. The Food Trust system has gone live since Monday, and anyone in the food industry can subscribe to the modular software system which outlines three primary uses. The first module is called "Trace" while the others are a product for enhanced certification speed. For ones that don't know, IBM offers traditional businesses a solid access to blockchain technology, incorporated through a Software-as-a-Service model where food retailers are top among its targets. Previously, IBM worked to develop a solution for Walmart's grocery department in an attempt to improve its own safety. The solution is described in the video below.
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Blockchain News

JPMorgan Exec: ‘Watch Out Wall Street, Blockchain Is Coming’

In the latest blockchain news, the former JPMorgan head of commodities Blythe Masters stirred up the waters while speaking at the London Metal Exchange annual dinner - pointing out to blockchain and its increasing abilities in the commodity markets. As the blockchain innovator said, blockchain introduces heightened confidentiality, reduces paper waste and improves the overall provenance and productivity. Masters became a managing director at JPMorgan at the age of 28, to later become the head of global commodities. She is widely credited for creating a credit derivative vehicle which is known as the credit default swap, popular because of the mixed effects in the wake of the global economic crash that happened in 2008. Many described her creation as the financial weapon of mass destruction. Still, there is no denial in the fact that Masters is an expert when it comes to finance and commodities. With her new role as the CEO of Digital Asset Holdings, which is a company specializing in blockchain solutions for financial services, there are only a few better-qualified people to speak on the application and the blockchain adoption in the commodities industry. As Masters noted during her London speech:

“Supply chains are notoriously complex and inefficient. This is especially true in the metals and mining industry where many operational and commercial practices remain inefficient and antiquated, leading to critical data omissions, security vulnerabilities, expenses, corruption, and unethical provenance.”

Right now, blockchain is seen as a revolutionary technology that could improve the tracking of goods in all industries - from food to clothing.

Blockchain facilitates the exchange of critical trade documents, bills of lading, letters of credit between connected users securely and confidentially. Clearly the indications for metals mining, shipping, storage, and logistics industries are nontrivial," Masters concluded.

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Altcoin News

Litecoin Gets A Price Boost After Gemini’s Announcement

In today’s digital currency news, Litecoin gets a slight price boost after Gemini’s announcement that customers can now deposit Litecoin into their Gemini accounts. The announcement was made on Friday, October 12. Gemini’s VP of engineering noted that traders can now make transactions using Litecoin. This was yet again a strategic step for the major exchange in order to make the platform the best trading and exchange platform in the world. As an original fork of Bitcoin, Litecoin is widely traded and its goal is to proliferate the use of cryptocurrencies in daily transactions. The goal is to make this cryptocurrency similar to traditional banking methods but with one major difference and that is a cheaper transaction. Being listed on the Gemini marketplace, litecoin will be close to Wall Street giants that will also increase how this coin is interacting with fiat economy. Also, there’s a slight liquidity spike as well. As for the price, following the listing on Gemini, the coin increased in price by about 2 percent and it’s now trading at $53.53. This is great news for Litecoin since Gemini’s user base is constantly growing and many institutional investors and retail ones are looking into it. They appreciate this major exchange because it is highly regulated. Gemini’s VP Eric Winer said:
 “Though we have a steady increase into our user base and have plans to take on more cryptocurrenciess, we still continue to grow with a “security-first” approach. We have worked closely with the appropriate regulatory bodies to gain approval for litecoin trading and custody service and we are excited to provide our customers with a safe, secure, and compliant method to buy, sell, and store these digital assets.”
Gemini also plans to offer support for Bitcoin Cash as well in the near future.
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