Bitfinex disagrees with the allegations in the ‘Meritless and Mercenary’ reports where it says that the company will be prosecuted by an unknown party along with Tether. As per the blockchain latest news today, the Hong Kong-based exchange has been involved in many controversies and got wind of a damning report and is looking to avoid any negative press ahead of its publishing.
According to the blog post issued on Saturday, we can clearly see that Bitfinex disagrees with the report:
“Bitfinex is aware of an unpublished and non-peer reviewed paper falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market. Bitfinex vigorously disputes the findings and conclusions claimed by that source, which rely on flawed assumptions, incomplete and cherry-picked data, and faulty methodology.”
Bitifnex has not disclosed the source of the claim but a number of studies show that the newly minted-tethers tend to boost the Bitcoin price up. The cryptocurrency exchange is still involved in many legal battles with the New York Attorney General and has only a week to produce documents proving its innocence. The company noted:
“We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an opportunistic lawsuit… In advance of any filing, we want to make clear our position that any claims based on these insinuations are meritless, reckless and a shameless attempt at a money grab.”
The Tether token which claims to be the mirror to the US dollar has got many of the users wondering its peg to the USD considering how significantly the dollar has declined over the years. The company that issues the USDT tokens, Tether limited, is a separate entity from the Bitfinex exchange but the speculation runs rife that both of the companies are colluding. Since 2017, Tether’s market cap has increased dramatically to $4.1 billion which makes it the fourth cryptocurrency by market cap. Bitfinex rounded the statements by re-affirming that all of the USDT tokens are fully backed as we can read in the crypto news today:
“All Tether tokens are fully backed by reserves and are issued and traded on Bitfinex pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets.”
TRON And Stellar Are Part Of A New Blockchain Education Alliance
“Universities need established experts in the space to help develop curriculum and projects — and Stellar, TRON, Hedera, ICON, Ontology, Wanchain, Harmony One, Nervos, Orbs, LTO Network, Emurgo, NEM, and ETC Labs are well positioned to share valuable knowledge. We have an opportunity to have a positive impact on how blockchain technology is introduced to students, which will result in more blockchain developers, more innovative research, and higher quality companies.”Tron and Stellar are now in the focus of the news for their potential of bringing more funding to students' activities and expand their educational opportunities in the field.The blockchain education initiative is seen as a major success already, supporting research and entrepreneurship in students. Before this, MouseBelt has launched a similar initiative in August at UC Davis, UC Los Angeles and UC Santa Barbara in order to support blockchain-focused education, too.
“We aim to help these universities become a driving force for innovation in the blockchain space, as well as provide students and researchers with the opportunity for both theoretical and industry experience,” Meredith said at the time.
29-Year Old Man Faces 34 Years In Prison For Illegal Crypto Mining
‘’Beginning in late 2017, which followed the surge in popularity of cryptocurrencies, Ho used victims’ personal and stolen credit card information, along with phony email addresses, which he created, designed to spoof the authentic email account of identity-theft victims, to open accounts and to obtain access to cloud computing services.’’During the illegal crypto mining operation, he managed to steal up to $5 million in unpaid cloud computing bills and the department of justice issued a press release saying that for a brief period, Ho’s operation was one of the largest consumers of data usage by volume. The press release states that the wire fraud is punishable by up to 20 years in prison and the access device fraud is punishable by 10. The aggravated identity theft is punishable by mandatory two years in prison. According to the indictment, Ho made a few payments for goods and services on the victim’s stolen credit cards.At least 16 payments were made with varying amounts and they even reached about $240,000 on the only credit card. Some of the money went towards payments on Google Cloud Services and crypto mining expenses. In 2017, the press release shows that he made payments amounting up to $135,861 to a victim’s credit card toward the balance owed on the Amazon Web services account. What we can further learn from the statements in the altcoin news today is that with the illegal crypto mining operations, Ho sold and exchanged the goods on various sites even at localbitcoins.com in order to obtain fiat currency.
Voatz Blockchain Voting App Was Unsuccessfully Hacked: FBI
‘’In last year’s election, we detected activity that may have been an attempt to penetrate West Virginia’s mobile voting process. No penetration occurred and the security protocols to protect our election process worked as designed. The IP addresses from which the attempts were made have been turned over to the FBI for investigation. The investigation will determine if crimes were committed.’’144 voters from West Virginia used the blockchain-based smartphone Voatz app to cast their votes. Although it seems like a small number, in tight races it could be enough to balance the score in favor of one of the candidates. For example, in West Virginia, four seats in the House of Delegates were won by less than 150 votes. This is not the first time that the Voatz app was used in elections. Both Utah and Denver used it for their municipal and primary elections. However, the researchers say that the concerns emerge over various issues. One of the issues is the lack of willingness from the company to cooperate with the investigators.While the app requires multifactor authentication and claims to use a paper trail as a backup, it seems like the voters are unable to verify the printout. There is also the fact that electronic voting is a massive target for hackers. Voatz may be more secure than voting via email but the company’s lack of transparency over its processes is very concerning as well. The democratic candidate for the 2020 presidential race Andrew Yang called blockchain voting ‘’essential’’ as we previously read in the crypto news. However, this hack attack makes it even less likely that this technology will be used in any way in elections.
Bank Of America Apparently Hired A Dedicated Ripple Specialist
“The incumbent will be responsible for driving product strategy and growth, overseeing daily product management routines, and overseeing the development of new initiatives that result in an innovative and highly-competitive product offering.”The Ripple news which are now in the focus and this move in general suggests that BoA is joining the increasing number of banks that are eyeing Ripple's technology in some form. The bank also filed a patent earlier this year, which is in many ways related to the technology.Despite the size of Bank of America, as a bank it has been always hostile to cryptocurrency. What we know so far is that BoA blocked account holders from completing transactions in previous years.The perspective seemed to get overhauled in 2019. As we reported earlier this year, Bank of America submitted a patent for a cryptocurrency wallet in August - and joined the R3 Marco Polo blockchain trade platform in September this year. The treasury product manager candidate, as the crypto news show, must have experience in the payments sector - and as we can see cryptocurrency knowledge is not a specific requirement.Back in June, Google Patents also published a patent application from Bank of America which highlights Ripple's distributed ledger technology. The title of this application is still under review by the US Patent and Trademark Office.
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