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Vancouver’s Senior Executive Accused Of Stealing 5 Million Worth Of Cryptocurrency

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A British Colombia based market firm, filed a lawsuit accusing Jason Arnold, the former chief operating officer, of stealing more than US$5.3 million.

The lawsuit was filed by Shair.Com Global Digital Services where they claim that they lost their money right after their company-issued laptop ‘died’. The Supreme Court of British Colombia issued a ruling directing Arnold to turn the computer over regardless of its condition. According to Arnold, he decided to invest in cryptocurrencies in late 2013 and being promoted to a most knowledgeable person in the company, he got a task to explore cryptocurrencies.

In 2014 Arnold told his employer that he set up a Bitcoin wallet and that he backed up the company’s server. Right as the summer started the same year, the company gave Arnold US$14,000 to purchase Bitcoin that today would be worth US$172,000. This decision was brought up after Arnold hired a digital currency consultant.

According to the ruling:

“The investigation was unable to determine the current location or value of digital currencies owned by the plaintiff, but the plaintiff alleges that the [C]$18,500 in Bitcoin purchased by it in June and August 2014, if it remained in Bitcoin, would have a current value of approximately [C]$225,000,”

Regardless of leaving the company, Arnold still remains a shareholder in the company. Most interestingly, Arnold’s employer only figured it out that though Arnold left the company, the laptop given to him had not been returned and there was no digital backup of the bitcoin wallet on the company’s server as promised.

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Blockchain News

Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI

The popular crypto hardware wallet Ledger Nano S by the French company Ledger, has received its first level security certificate (CPSN) from the French national cybersecurity agency (ANSSI) and the company shared its announcement today which we are reading more about in the latest cryptocurrency news. The National Cybersecurity Agency of France (ANSSI) issued reports to the Secretariat-General for National Defense and Security in order to be able to assist the Prime Minister of France in all of the matters related with the national security. All of the products who aim to receive the first level certificate by going under multiple evaluations by the ANSSI lab by testing various attack scenarios that test the product’s security. Evaluations start from ‘’firewall identification, authentication and access, secure communications, and embedded software.’’ Ledger was among the first wallets that claimed its position on the crypto market by making clear how important is to have an independent third party certification that will attest the level of security of its offering and also explains that the CPSN means for Ledger Nano S a new beginning of an overall effort for further certifications of their products. The blog post continues further to explain how Ledger operates in the same time with its own in-house security evaluation ‘’Attack Lab’’ which is named Ledger Donjon that provides a test for the products’ resilience for different threat scenarios. The company also developed a brand new operating system dubbed BOLOS (Blockchain Open Ledger Operating System) in order to provide hardware and software strategies that enhance security. The CPSN certificate covers the core embedded security tools and operations including the random number generator which is created by using special software but in the same time being compliant with the security guidelines that are already established by the Security General Referential of France. As previously reported by DC Forecasts, researches tried to hack the Ledger Nano S and allegedly claimed to have done it successfully by also attacking Ledger’s expensive wallet The Ledger Blue, but the company argued that the vulnerabilities were not critical. At the start of February, Ledger apologized for the issues with the new firmware update for Nano S which led to the massive decrease in the storage capacity of the device.
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Blockchain News

The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March

Cryptopia, the exchange based in New Zealand that recently got hacked, posted an official update on March 17th, expressing its plans to resume trading on the platform and that this will be done by the end of the month. In that case, let’s find out more about their decision in today’s digital currency news. In their post, you can read that the co-founder of the exchange Rob Hex Dawson is strongly dedicated to reopen the exchange and to make trading available for the users. He provided the users of Cryptopia with all of the needed data about the ongoing reboot process as well as many recommendations on how to interact and operate with their accounts. Cryptopia initially re-launched their website on March 5th after the platform provided the public with their balances data since the hack that happened on January 14, 2019, until today. The exchange gave a lengthy explanation that the updated website can be used to reset the passwords and the two-factor authentication credentials. In the announcement, Cryptopia also provided many details on how the entire process will happen for all of those customers who lost their funds after the $16 million hacks by also adding that the exchange is working hard to make sure that the process is compliant with the laws. Hex explained that the users who lost their funds will see a section in their account with the sign ‘’Withdraws on your account for those coins’’ and explained that the transactions IDs for all the withdraw orders won’t exist on the network. For every withdraw order made, the users will see a subsequent deposit of the Cryptopia Loss Marker named TXID- or short for lost coins which will also not be represented on the network. Hex said that the CLM is not a coin but represents the amount of each coin for each user in New Zealand dollars. Per the reports you can also read that the founder of the exchange also said that the users will be able to cancel their orders via the website will the API is disabled. The exchange warned the users strongly, to refrain from depositing funds into the old addresses. After the huge Cryptopia hack, the exchange stated that they will not start trading until they are 100% sure that they can secure the users’ balances.
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Blockchain News

IBM’s Now-Live Blockchain Network Wanted By Six International Banks

Six large, international banks have signed letters of intent to IBM in order to use their now-live blockchain-based payment network in order to issue stablecoins backed by their own national fiat currency. In today’s cryptocurrency news we read more about IBM’s announcement and the banks' goals. The reports published today show that IBM’s cross-border payment network ‘’Blockchain World Wire’’ was launched with the help and collaboration with Stellar back in 2018. BWW went live today and now serves 44 banks, aiming to leverage cryptocurrencies in order to enable international settlements between banks. According to the Cheddar reports as well, six banks confirmed to have issued their intent to issue their own stablecoins backed by national currencies on the World Wire blockchain including the South Korea’s Bank Busan, the Rizal Commercial Banking Corporation of the Philippines and Banco Bradesco in Brazil. The other banks are still undisclosed but it is expected that some of them wish to issue a Euro-backed stablecoin and also an Indonesian rupiah-backed stablecoin. IBM previously partnered with Stronghold which is also Stellar-based and USD-backed asset in order to create the first stablecoin on the Stellar Network. Lund further explained the plans of IBM regarding the blockchain expansion and the blockchain-powered settlement network by saying:
"We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that's really going to change the landscape of cross-border payments."
The reports also show that the Blockchain World Wire provides support for about 50 currencies currently, for payments in about 72 countries around the world. This method makes possible for taking out the intermediary between legacy bank settlement systems with the help of the XLM token because of its immutability and its efficiency as a decent settlement instrument between institutional players. Lund further emphasized in an interview about IBM’s issuance of the settlement asset:
 “Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”
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Blockchain News

Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users

According to the latest cryptocurrency news coming into our website from South Korea, Kakao is integrating a crypto wallet for 44 million local users. Kakao is one of the largest internet companies in South Korea that operates with multiple platforms such as KakaoPay, KakaoTaxi, KakaoStory and KakaoStock and other platforms that have a huge dominance in their markets. Today, the news reports show that the integration of the wallet by Samsung in their Samsung Blockchain Wallet, Kakao will integrate a crypto wallet in the messaging app so all users will be free to use their digital assets every day. The reports show:
“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”
Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:
 “Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’
Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption. If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk. Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.
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