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Cryptopia Co-Founder Claims The Hack Was An Inside Job

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Cryptopia co-founder and ex-former developer VCDragon revealed evidence that shows that the exchange hack was an inside job with an intention to destroy the exchange. More about this information we read in the latest cryptocurrency news today.

Just two days ago, @notsofast a twitter user, claimed to be the former developer at Cryptopia and tweeted a link to an article which he claims that there is ‘’the complete story of the fraudulent hostile takeover of Cryptopia by Internal from its founders Adam and Rob.’’

According to VCdragon, he and the Cryptopia co-founder Adam began creating Cryptopia as a hobby project back in 2014 and as the project went on, Adam resigned from his developer position at Intranel. He explained that Intranel didn’t want to give up Adam and offered him to rent an office in the company. The interest of the company continued to grow as the crypto exchange business took off. At the beginning of 2017, Adam and vcdragon believed that they could benefit from this business if Intranel provides support. As VCdragon explained:

‘’Intranel made us an offer that for 20% of the company they would handle all of the business management and development things like helping with hiring and managing staff, paying tax, lobbying for regulator guidance and all the ‘boring’ business stuff.’’

The company offered to contract about 4 people to the developers at a discounted rate and also to provide assistance with finding decent employees for Cryptopia. Since then, the story took a turn for the worse since Intranel hired staff only for themselves and contracted the new employees to Cryptopia and they were given unwarranted managerial latitude so when the exchange was very reliant on the staff, Intranel demanded more than 5% equity in the exchange.

The cryptopia co-founder resigned from the position and VCdragon claims that he was not even paid during the 1 month holiday. He stated:

‘’They bled money everywhere they could, we paid for tax on their staff’s flu shots? We paid taxes on Christmas fits to their staff and our company bought the gifts. Everything they were unable to take for themselves they pissed into the wind on needless expenses and luxuries to the company could not afford….that ultimately buried us. ‘’

In the coming altcoin news was reported that Intranel also attempted to sell the Cryptopia company and was also nearly bankrupt.

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Blockchain News

Coinbase Allows Its Customers To Access Dapps On Desktop Browsers

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Coinbase allows now for a new feature via the decentralized web feature for its customers to access dapps from any browser using the new system called Walletlink. Let’s find out more about it in the altcoin news today. The popular San Francisco-based crypto exchange has announced officially today in a blog post that the open-sourced Walletlink acts as a secure bridge between the Coinbase ecosystem and the traditional web so this will be easier for the users of the platform. The feature will enable the Coinbase wallet users to access and administer their funds separately from their crypto holdings on Coinbase.com from a dapp desktop interface for the first time according to the Coinbase walled product lead Sid Coelho-Prabhu. Coinbase has a long supported use of the decentralized platforms with the help of the mobile app which is a feature that the company says managed to generate more than thousands of users. Now, the company has a plan to expand the access beyond the mobile app to desktop browsers such as Google Chrome, Brave and Opera. Though a user’s private keys are still stored securely on their mobile devices. Coinbase stated that this way they will save the users from having to install ‘’clunky browser extensions, copying and pasting private keys across devices and seeing fragmented wallet balances.’’ Instead, once a user scans a QR code that propagates an encrypted link between the wallet app and the browser, the system will also provide a security feature that will ping the users on their mobile devices after they make a transaction. Coinbase allows for the users to now get a hold of the most popular dapps in the market. The first four dapps supported by WalletLink offer decentralized financial services for crypto holdings. Even Coelho-Prabhu stated that the company approached the most popular dapp on the market with new features including Compound which is a protocol to earn interest but also an ETH lending service, IDEX, decentralized exchange and a protocol for margin trading. Coinbase plans to expand access to other dapp categories and in fact, Coelho stated that the company’s wallet worked with programmers to make the development process as simple as possible. In addition, as we can read in the latest cryptocurrency news, Coinbase wallet software enables access to the ERC-20 token platform and token airdrops as well as collecting non-fungible tokens and P2P crypto transactions.
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Kraken Pro Trader Believes Crypto Trading Is The New Wall Street

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Kraken Pro trader Nelson Minier who is also the head of OTC at the crypto exchange noted that the crypto markets still attracts former Wall Street traders as we can read in the coming altcoin news below. Nelson was featured on Nasdaq TradeTalks as a guest and explained how the trading dynamic has shifted. For example, the workforce of the Kraken exchange has expanded by more than four times from less than 200 to more than 800 and there is a reason for that:
"Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading...It feels very much like that, there's a lot of energy and enthusiasm about this progress and where it's going."
Another example is the Morgan Stanley alum Marcus Swanepoel who told the Financial Times:
"Over the past two years we have seen evidence building that bitcoin is an uncorrelated asset class so it makes sense to add it to portfolios."
The trend is growing towards more portfolio managers coming in including what Minier says is mavericks and savvy hedge funds entering the crypto space. The digital currency investment company Greyscale investments also saw its assets under management balloon to $2.5 billion and most of which originated from big investors including hotshot hedge funds. The Kraken Pro trader stated:
"I think it's going to be one of those things in a blink that everybody is going to start chasing it.’’
With the upcoming launch of the Bakkt bitcoin futures exchange, more traders could begin to feel the way that Minier does and Kraken has been experiencing an uptick with the institutional demand for crypto but he admitted it was too slow. In the meantime, the rival crypto exchange Coinbase based in San Francisco revealed that hundreds of millions of dollars in institutional capital is coming straight off the sidelines into cryptocurrencies a week as we noted previously in the latest cryptocurrency news. They sure can’t find these types of returns in any other asset class with rock-bottom interest rates and the equities mimicking bond yields. Bitcoin in the meantime has generated high returns of more than 150 percent year to date.
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Low-Quality Exchanges Are Dominating The Crypto Trading Volumes

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Low-quality exchanges are still dominating the crypto industry and trading volumes according to a research made by CryptoCompare which we have today in our latest cryptocurrency news below. Back on Wednesday, CryptoCompare published a report on the activity of crypto exchanges in July and according to the research, the exchanges with lower ratings accounted for about two-thirds of the trading volume last month and this may be because of the lighter know-your customer KYC verification procedures if they are existent at all. The rating is based on the CryptoCompare proprietary exchange benchmark grading which rates platforms based on their jurisdictions, data provision quality, trade surveillance, regulatory compliance and market quality among others. This way, exchanges get a double-A for the best score and F for the worst. In July, D and E rated providers were making up to 64% of the total trading volume combined and these rates with AA and A accounted for combined up to 25%. Thus, more crypto traders choose platforms such as Gateio, Ethfinex, HitBTC, BitMax, IDEX, and CoinEX over major exchanges such as Poloniex and Bitstamp. To clarify CryptoCompare lists more D and E rated exchanges AA and A ones which might also influence the volume distribution figure. The good news is that the trends have been changing over the last three months and high-quality exchanges saw more activity in July than June. The highest-rated exchanges saw an increase of 28.7% in trading volume while the D rated ones saw a decline by 19%. The major surge in trading volume for the month was recorded by C rated exchanges. This category includes platforms like Luno, Kucoin, Bibox, and Coinfloor. The trusted exchanges compared to the low-quality exchanges saw their aggregate their volume expand by 4.4% and on the other side the volume from the untrusted crypto exchanges only increased up to 0.7% though the latter category dominates the market. As noted in the reports in the altcoin news previously, the untrusted crypto exchange LBank had the highest average trade sizes and also the highest increase in trading volume compared to June. The average trade of the exchange was 3.7 Bitcoin while the trading volume in July was $45 billion.
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New Bitcoin Programming Language To Improve Transaction Versatility

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New bitcoin programming language developed by the bitcoin developers Pieter Wuille, Sanket Kanjalkar, and Andrew Poelstra was created in order to improve bitcoin transactions to become more versatile and we take a closer look in the coming altcoin news today. Announced back on August 19th to the bitcoin developer mailing list, Miniscript relies on the simple smart contract language that is already usable in Bitcoin and Script to extend the conditional possibilities around bitcoin payments with a mixture of hash locks, signatures and time lock as Wuille explained:
 ‘’It’s a language for writing (a subset of) Bitcoin Scripts in a structured way, enabling analysis, composition, generic signing and more.’’
Wuille added that Miniscript was ‘’ designed for Bitcoin as it exists today’’ with no consensus changes were necessary to use it and the developers even stated that they even planned to ‘’support future script changes Bitcoin may include’’ as to evolve with the blockchain technology. Wuille later pointed out on Twitter that the new language could eventually be implemented into the Bitcoin Core repository if the Bitcoin community agreed to do it:
 “I’ll work on incorporating parts of this in Bitcoin Core if that’s desired (I believe it could be very useful), but ideally it gets included in many pieces of wallet technology.’’
The developers created a policy compiler for Miniscript and among other things tool will let the users get an idea for when the conditional bitcoin transactions will be spent. Pieter Wuille and Andrew Poelstra that worked on the new bitcoin programming language is now the rockstar developers in the Bitcoin community because they already built the new language but also because the technology they’re still working on something that could shape the future of bitcoin for the next few years. Some of the tech includes other developments such as Schnorr Signatures and Taproot which are an efficient algorithm for cryptographic signatures and the other one will make bitcoin smart contract transactions private by making them look like normal transactions. As noted in the latest cryptocurrency news, Wuille noted that the project wasn’t directly related to Taproot but did provide the participating developers with new insights on how to improve the script language itself:
 “It’s also mostly unrelated to our work on Taproot, as Miniscript works with Bitcoin as it exists today. Of course, working on Miniscript did teach us a bunch of things about script that inform designs for future improvements to Script, and Miniscript can be extended as needed.”
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