Blockchain News

Bitfinex Crypto Exchange Needs A Few Weeks And The Funds Will Be Unfrozen

Published

5 months ago

April 27, 2019

Stefan

Bitfinex crypto exchange is trying to prove the crypto community that the platform is solvent and operational despite the rumors. Two shareholders of the platform claim to be unconcerned by the New York Attorney General’s office allegations that we previously covered in the latest cryptocurrency news of losing $850 million of clients’ funds.

Zhao Dong, one of the Bitfinex crypto exchange shareholders who tried to reassure the community that everything is okay, explained two days ago that he is still ‘’supportive’’ of both Tether who is the issuer of the controversial stablecoin and Bitfinex and their overlapping management.

The chief financial officer at Bitfinex crypto exchange Giancarlo Devasini assured Zhao that this is only a temporary issue. Devasini also stated that the exchange only ‘’needs a few weeks and the funds will be unfrozen.’’ Zhao made clear:

“The funds were in several banks in Poland, the U.S. and Portugal, so I’m not sure but that’s what I heard.’’

The New York Attorney General’s office as previously mentioned in the coming altcoin news, says that the missing funds belong to corporate accounts at the bitfinex crypto exchange but also the exchange itself. Zhao on the other hand, says that the funds belong only to customers by noting:

“What the information I have right now is there are no losses, but the funds belong to clients. If the U.S. government seized the funds, they should know, the funds don’t belong to Bitfinex or Tether, it’s the clients’ money.”

Zhao made comments only a day after the court order by the New York Attorney General which asked the bitfinex crypto exchange to turn over all documentation about the matter as well as explanations on how the platform managed to borrow funds from Tether.

According to the investigative findings, the trading platform could not access the $850 million which are in the Panama-based Crypto Capital and therefore borrowed $700 million from Tether’s reserves to cover up. The news spiked a massive confusion on the market which then spiked a sell-off on the broader crypto market. Zhao argued:

“Tell me, which bank is 100 percent reserved? Not even Tether is … fully reserved, [but] it’s much, much better than other banks,” he said. “Most banks only have 2-3 percent of reserves, for Tether even the $800 million [that] is lost, even that is [not all of their funds], they have 70 percent reserved.”

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

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Stefan

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Blockchain News

Huge Mining Confidence Indicates A Strong Boost For Bitcoin

Published

41 mins ago

September 19, 2019

Stefan

Huge mining confidence shows that the bitcoin miners are not giving up and this could be a strong indicator for a boost in the price of bitcoin as per the coming altcoin news below. The last difficulty hike from September 13 made it 10.38% which is less likely for miners to discover a block. In the meantime, the mining pools have been compensated with even power. It is expected soon that another double-digit growth in difficulty will take place during the Bitcoin mining re-evaluation next week if the huge mining confidence keeps up the pace. The data shows that mining has grown exponentially. According to the analyst Hodlonaut, the race for more mining rigs is a sign of confidence. The miners are producing 1,800 new BTC each day which is a number that will be slashed in half in 2020. The halving of the reward could arrive earlier as the block times go down to less than 10 minutes. The growth in mining has led to an increase of 100 quintillion hashing operations which is a unique growth for any industry. Since the mining started with a computer CPUs and moved to multiple generations of specialized machines, it is hard to imagine what the future of Bitcoin mining will look like. Bitcoin is also the network with the highest daily transaction fees but Ethereum took over earlier this week due to the network overload and massive fee increase. The competition between the miners shows that there is a diverse selection of pools which discover the blocks of late. BTC.com still has a leading position but Poolin which a newly arrived pool, gained speed in the past months. The increase in mining shows to the launch of the estimated half a million mining rigs and Bitmain has pledged transparency on the Antminer shipments but it is still very difficult to estimate the number of new mining facilities. The reports show that Bitmain is building a significant fleet of miners in addition to supplying other pools as well. The miners point their machines to the Bitcoin Cash network where the mining has grown massively by 30 percent since the beginning of September to 2.68 EH/s which is about 40 times lower than that of Bitcoin. The hashrate for the other competitor Bitcoin SV remains unchanged. As per the latest cryptocurrency news, the bitcoin price dropped below $10,000 but mining is still viable.

Blockchain News

New Trojan Virus Launched That Steals Passwords From Crypto Wallets

Published

59 mins ago

September 19, 2019

Stefan

New Trojan virus was launched by cybercriminals over the past few days which are able to steal data from the crypto wallets. ThreatLabZ, a Zscaler team of security experts identified the malware as a RAT- Remote Access Trojan as we are about to find out more in the latest cryptocurrency news. The malware is using backdoor methods to gain unauthorized access to computers and other e-appliances and poses a huge threat. The Malwarebytes Labs cybersecurity company issued a report in 2019 about the State of Malware which underscored that two major malware categories included crypto miners and Trojans. The report predicted at that time that this year will be very interesting because of the new tricks and threats. Zscaler identified a new threat against the protection of privacy data which was written in the .NET programming language and it was later flagged as a new Trojan virus designed to perform a specific task such as stealing personal information. Among other things, InnfiRAT is written to look for cryptocurrency wallet information such as Litecoin and Bitcoin. InnfiRAT can grab the browser cookies to steal the stored usernames and passwords as well as the session data. The malware uses its screenshot functionality to gather information from the open windows while checking other applications running on the targeted system. According to the researches, the RAT transmits the stolen data to its command center and waits for further instructions. The instructions could direct the RAT to download some additional information from the targeted computer. The new Trojan virus poses a huge threat that involves a backdoor method but it is not new. For example, in 2018 the Director of Mac and Mobile at Malwarebytes, Thomas Reed, reported about the MAC cryptocurrency ‘’ticker app’’ because it is able to infect two open-source broad spectrum backdoors. The goal of the malware is not identified. Reed believes however that the malware was designed to steal digital coins from crypto wallets. The cybercriminals spread most of the computer viruses via email attachments. The ThreatLabZ security team reiterates best practices for email attachments as we found out earlier in the altcoin news.

Blockchain News

Bitfury Will Start Selling Bitcoin Mining Equipment To Small Enterprises

Published

1 day ago

September 18, 2019

Stefan

Bitfury will start online selling of its Bitcoin hardware mining equipment for the first time for small and medium-sized enterprises as we are about to read in the latest cryptocurrency news below. According to an article posted in a Russian-speaking newspaper, the company opened the online hardware sales store for small and medium-sized enterprises. The equipment is now available in Bitfury’s online store which includes the Clarke ASIC chips, B9 Tardis Mining Rigs, and the BlockBox AC mobile mining units. Clarke 14NM ASIC costs about $2500 plus the taxes for a minimum of 1000 pieces. The chips are able to perform at up to 120 gigahashes per second an reach an efficiency rate at 55 millijoules per gigahash. The B9 Tardis rigs are fully loaded with Clarke ASICs and are even upgradeable when the new ASIC technology becomes available. The prices vary and could reach up to $3300 plus the taxes for the batch. Those who want to splash out on the BlockBox AC will have to go even deeper as the starting price is more than a half a million dollars without the tax. However, for this much money, you will get a mobile plug-and-play mining solution with up to 7.5 petahashes per second. All you will need is an affordable power source and internet access. The crypto equipment company has previously focused only on sales to larger corporate clients and the prices have been strictly on application only. By opening the sales to small and medium enterprises, Bitfury will expand the market reach. Purchasers will even have the access to support the design and production of their own miners that are based on the ASICs Clarke. As per the coming altcoin news, the analysts believe that this could only lead to an increase in the amount of hashing power on the ground. The hashrate has increased in the recent months to an all-time high which led to some of the speculate that Bitcoin price will follow soon. Aside from the mining machines, Bitfury is involved in many other blockchain infrastructure projects such as implementing lightning network payments on the BTCBIT exchange.

Blockchain News

Alchemy Launches Bitcoin Payment Solution For 1.2 Million Merchants

Published

1 day ago

September 18, 2019

Stefan

Alchemy launches a new bitcoin solution for the retail merchants across Asia which will now be able to receive bitcoin and cryptocurrency payments as per the reports in the coming altcoin news that we have today on our website. In a press release that was issued on Wednesday, the global crypto payments service provider announced the launch of the platform. Named as the Alchemy Hybrid Payment Solution, all merchants around Asia and the Middle Eastern market will easily accept bitcoin and crypto payments. The service features an integration system with the popular fiat wallets in Asia such as WeChat Pay, Alipay, and Linepay. Apart from Bitcoin, Alchemy will have a new payment gateway that supports more than 30 altcoins including ether and litecoin. According to the press release, the crypto payments on the platform will be settled in the local fiat currency and this feature aims to mitigate against the fluctuating value of cryptos. At press time, the Alchemy Hybrid Solution is already going well in Hong Kong and Singapore. Midwest Global Asia is among the first adopters on the service. In addition to being a payment gateway, Alchemy is reportedly trying to find out ways to extend the platform’s capabilities. Talks are still underway to include the interfaces with crypto exchanges and other BTC OTC desks. The new product of Alchemy is the latest attempt at trying to solve the problem of using bitcoin and cryptocurrency in daily retail transactions. The company’s co-founder Patrick Ngan declared:

[This] is a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions.

Even the CEO and founder of Twitter Jack Dorsey recently declared that the cryptocurrency still has a long way to establish itself as the best payment option. the Square chief also believes that bitcoin will eventually become the native cryptocurrency of the internet as we previously read in the latest cryptocurrency news. The platforms such as Alchemy will face some major competition in the markets such as China because they already have a robust electronic payment ecosystem.