Tag Archives: Bitcoin News

#Blockchain Union Bank of the Philippines Launching Cryptocurrency ATM

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Union Bank of the Philippines Launching Cryptocurrency ATM

One of the largest banks in the Philippines is reportedly launching a two-way cryptocurrency ATM that is in compliance with Bangko Sentral ng Pilipinas’ specifications. In the Philippines, the central bank regulates cryptocurrencies “when used for delivery of financial services, particularly, for payments and remittances.”

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Unionbank’s ATM

The Philippine Star reported on Wednesday that the Union Bank of the Philippines (Unionbank) machine will be the country’s first crypto ATM that complies with the rules set by the central bank, Bangko Sentral ng Pilipinas (BSP). The project is part of the Philippine government’s regulatory sandbox. The bank says it has been collaborating with the BSP to provide Filipinos with innovative solutions.

Union Bank of the Philippines Launching Cryptocurrency ATM

Unionbank said in a statement, “In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa,” the publication conveyed. No specific coins were mentioned in the announcement.

A picture of the bank’s upcoming crypto ATM was posted on social media on Jan. 17 by Twitter user Mike Abundo.Union Bank of the Philippines Launching Cryptocurrency ATM

Crypto Regulation in the Philippines

Bangko Sentral ng Pilipinas explained, “Following the warning advisory issued by the BSP in March 2014, a formal regulatory approach was adopted through the issuance of Circular No. 944 dated 6 February 2017.” This circular establishes “guidelines for virtual currency (VC) exchanges” offering “services or engaging in activities that provide facility for the conversion or exchange of fiat currency to VC or vice versa” in the country, the BSP wrote.

Noting that it “does not intend to endorse” any cryptocurrencies including bitcoin, the BSP clarified that it aims to regulate them “when used for delivery of financial services, particularly, for payments and remittances.”

Union Bank of the Philippines Launching Cryptocurrency ATM

According to the circular, crypto exchanges must obtain a certificate of registration to operate as a remittance and transfer company. In addition, “Large value pay-outs of more than P500,000 [~$183,000] or its foreign currency equivalent, in any single transaction with customers or counterparties, shall only be made via check payment or direct credit to deposit accounts.”

Furthermore, they must “maintain an internal control system commensurate to the nature, size and complexity of their respective businesses” and adhere to the minimum control standard issued by the BSP, the circular describes.

As of November last year, the central bank has issued provisional licenses to seven crypto exchanges and is evaluating over 40 applications currently, according to a document on its website.

What do you think of Unionbank launching a crypto ATM? Let us know in the comments section below.

Images courtesy of Shutterstock, Twitter, Mike Abundo, and Unionbank.

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#Blockchain The Daily: Cointelligence’s Exchange Rating System, Bithumb Launches OTC Desk

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The Daily: Cointelligence Offers Exchange Rating System, Bithumb Launches OTC Desk

In the first edition of The Daily this weekend, we cover the details around the launch of a new cryptocurrency exchange rating system by Cointelligence. Also, South Korean exchange Bithumb has announced it’s establishing an OTC trading desk in Hong Kong, and the popular messenger service Telegram has postponed the launch of its TON network until March.

Also read: Huobi Adds USD Trading Pairs, Airswap Launches Fiat-to-Crypto Exchange

Cointelligence Launches Crypto Exchange Rating System

A company specializing in data research and analysis for the crypto economy has recently announced it’s launching a cryptocurrency exchange rating system. Cointelligence, which develops tools for investors, already offers rating services for initial coin offerings (ICOs) and security token offerings (STOs).

The Daily: Cointelligence's Exchange Rating System, Bithumb Launches OTC Desk

The new feature will help members of the crypto community find the most reliable digital asset trading platform, the creators promised in a press release. A team of experts from the crypto industry is tasked to produce impartial and accurate reviews of the examined exchanges. They will remain anonymous to prevent the possibility of corruption and harassment.

According to Cointelligence, users will be able to check if an exchange is safe and reliable. The company says that only actual and factual improvement of a crypto trading platform can change its rating. Commenting on the launch of the new system, Cointelligence CEO On Yavin stated:

We looked around the industry and we didn’t see anyone really doing this. Given the number of hacks and exit scams the exchange industry has seen, we felt this was an important tool to protect the community.

Cryptocurrency exchanges will be rated on several main criteria. These include accessibility and usability or the ease of setting up an account; depositing and withdrawing funds and performing trades; and financial benefit which covers applicable fees, market volume, and number of supported cryptocurrencies. The crypto experts will also examine the teams of the platforms and evaluate the associated security risks.

Bithumb Global Announces OTC Desk

Major South Korean crypto exchange Bithumb has launched a new over-the-counter (OTC) trading platform for institutional clients. In an announcement issued by Bithumb Global, the company said the “block deal, matchmaking service” will be offered under the Ortus brand owned by its Hong Kong-based subsidiary.

The Daily: Cointelligence's Exchange Rating System, Bithumb Launches OTC Desk

Institutions that want to take advantage of the OTC desk will have to undergo a strict onboarding process. The applicants will be required to provide sufficient KYC and AML documentation. Upon approval, clients will gain access to a number of services offered by Ortus such as monitored fund transfers from an insured, custodian wallet and a U.S.-based bank account as well as competitive pricing from some of the largest OTC desks and liquidity providers.

“Institutions trading digital assets need to open accounts at exchanges and OTC desks around the world. However, there is no real solution for an aggregated liquidity provider or a trusted interdealer where Institutions can trade these assets,” remarked Bithumb’s director Rahul Khanna. “To fill this market gap, Ortus will operate to allow institutions to buy and sell digital assets through a network of global liquidity providers and benefit from a competitive and best price execution service.”

Telegram Delays the Launch of TON Testnet to March

Popular messaging service Telegram has released new details on finalizing its Telegram Open Network (TON). According to its latest investor update, quoted by The Block, the overall progress has been estimated at 90 percent. The document shows, however, that the company has also delayed its testnet launch from January to March 2019.

The Daily: Cointelligence's Exchange Rating System, Bithumb Launches OTC Desk

According to the publication, Telegram is now working to list the network’s native token, called gram, on cryptocurrency exchanges based in Asia such as Binance, Huobi and Okex. The company, founded by prominent Russian entrepreneur Pavel Durov, is reportedly negotiating partnerships with various online services in preparation for the launch of the messenger’s app store.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

Images courtesy of Shutterstock.

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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#Blockchain US Lawyers: Crypto Regulations Are ‘Tough Waters to Navigate’

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"Patchwork" of US Cryptocurrency Regulations are "Tough Waters to Navigate"

In a recent interview, Matt Kohen and Justin Wales, two senior counsels working for Carlton Fields’ virtual currency and distributed ledger technology group, highlighted the challenges that legal practitioners and regulators face in interpreting United States regulations pertaining to cryptocurrency.

Also Read: Quadrigacx Saga: Founder’s Widow Owns $5.6m Properties, Hospital Confirms Cotten’s Death

Cryptocurrency Lawyers Emphasize Challenges of Current US Regulatory Apparatus

Kohen and Wales are currently working on a more than three-year case pertaining to a Florida-based Localbitcoins trader, Michell Espinoza, who is facing felony charges for running an illegal money service business and money laundering violations.

US Lawyers: Crypto Regulations Are 'Tough Waters to Navigate'

All charges were initially dropped against him when Judge Teresa Mary Pooler of the Eleventh Judicial Circuit of Florida ruled that Espinoza could not be charged with illegal money transmission offenses because bitcoin was not considered legal tender in 2016. Pooler’s ruling was recently overturned, however, highlighting the challenges associated with juridical apparatus pertaining to cryptocurrencies in the United States.

Regulators Need to Take ‘Holistic View’ of Legislative Classifications

Describing the current regulatory apparatus as a “patchwork,” Kohen emphasized the contradictions that regularly emerge between state and federal legislation. Kohen asserted that virtual currencies appear to comprise “something different to every agency,” adding that the “IRS can look at it as property like a gold bar. SEC gets to say we have a different view. Then you have state regulators who think a digital asset is a commodity or currency. It is tough waters to navigate.”

US Lawyers: Crypto Regulations Are 'Tough Waters to Navigate'

Wales added: “One of the potential issues is we have securities regulators viewing through a lifetime of experience looking at securities. CFTC is doing the same thing. State and money transmission officers doing the same thing. Tax regulators who do not know what to think of it, look at is as property because it does not look like money. Regulators need to spend more time with a holistic view of what these are.”

International Regulators ‘Struggling’ To Find Solution to Legislative Challenges

With regard to alternative regulatory frameworks developed by international regulators, Wales stated: “Every regulatory agency in every country is struggling to come up with a solution.”

Wales also observed that certain countries are viewing cryptocurrency as “an opportunity” and are implementing “relaxed guidelines,” in contrast with the often contradictory stance taken by U.S. agencies and lawmakers at state and federal level.

Which country do you think has implemented the best regulatory regime for cryptocurrencies? What changes would you like to see made to the current apparatus in the United States? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post US Lawyers: Crypto Regulations Are ‘Tough Waters to Navigate’ appeared first on Bitcoin News.

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#Blockchain Gainers and Losers: BTT Falls From Daily Gainers, Grin Sits Among Weekly Losers

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Gainers & Losers: BTT Falls From Daily Gainers, Grin Sits Among Weekly Losers

The bullish surge across the cryptocurrency markets has ranked several high profile projects among the top gainers and losers – a distinction predominantly reserved for crypto assets with meager market caps. As of this writing, litecoin (LTC) is the 17th-top gaining cryptocurrency of the last 24 hours after gaining 26%, while the heavily hyped bittorrent token (BTT) sits among the top losers of the last 24 hours despite ranking as a top gaining market of the last seven days.

Also Read: Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour

LTC Ranks Fourth by Market Cap Following 26% Rally in 24 Hours

Litecoin is the top market by both market cap and 24-hour volume to currently rank among the top gainers and losers. LTC rallied by 26% in the last 24 hours, pushing litecoin up two positions to rank as the fourth largest cryptocurrency by capitalization with $2.56 billion, and boosting LTC’s dominance from 1.80% to 2.10%.

Gainers and Losers: BTT Falls From Daily Gainers, Grin Sits Among Weekly Losers

As of this writing, $1.65 billion worth of litecoin has changed hands in the last 24 hours, with LTC currently trading for nearly $42.50.

Bittorrent Token Among Top Weekly Gainers and Daily Losers

The heavily hyped bittorrent token is currently making an unusual appearance in the top gainers and losers list, ranking among the weakest performing markets of the 24 hours while simultaneously appearing as a top 10 gainer on the weekly chart.

BTT currently boasts the largest seven-day volume of the top gaining markets of the week with a weekly price gain of approximately 83.50%.

Gainers and Losers: BTT Falls From Daily Gainers, Grin Sits Among Weekly Losers

Despite the strong weekly performance, the surge across the cryptocurrency markets has seen BTT fall from the top daily gainers to comprise the 19th-weakest performing crypto asset of the last 24 hours, with BTT currently trading for 7.84% less than it was 24 hours ago.

Gainers and Losers: BTT Falls From Daily Gainers, Grin Sits Among Weekly Losers

BTT currently has the largest daily volume of the top losers, with $150.70 million worth of BTT changing hands in the last 24 hours. As of this writing, BTT is trading for 24 satoshis.

Grin Ranks Among Top Weekly Losers

The highly anticipated Mimblewimble-based privacy coin Grin currently ranks as the eighth-weakest performing market of the preceding week, having shed 37% of its fiat value over the last seven days.

Gainers and Losers: BTT Falls From Daily Gainers, Grin Sits Among Weekly Losers

Grin currently has the strongest 24-hour volume of the week’s poorest performing cryptocurrency markets, with nearly $4.39 million worth of Grin being traded in the last day. Grin is currently trading for approximately $4.05.

What market are you most surprised to see ranked among today’s gainers and losers? Share your thoughts in the comments section below!

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images courtesy of Shutterstock, Coinmarketcap

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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#Blockchain Proposal to Increase Bitcoin’s 21 Million Supply Sparks Debate

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Proposal to Increase Bitcoin’s 21 Million Supply Sparks Debate

21 is a number that holds deep symbology to bitcoiners. In addition to denoting the total number of bitcoins, in millions, that will ever be issued, it’s inspired scores of cryptocurrency business names, websites, and merchandise designs. Despite its assumed inviolability, some members of the community are opposed to Bitcoin’s rigidly set 21 million supply. If they have their way, that arbitrary cap will be lifted. For many devout bitcoiners, this suggestion is sacrilegious.

Also read: Quadrigacx Saga: Founder’s Widow Owns $5.6m Properties, Hospital Confirms Cotten’s Death

Bitcoin’s Fixed Supply – Arbitrary or Mandatory?

At a “Satoshi’s Roundtable” event last week, decried by some as Bitcoin’s very own version of Bilderberg, the prospect of raising BTC’s 21 million cap was raised. It was Matt Luongo who floated the proposal, in response to a discussion about anticipated adoption of the Lightning Network (LN). With the block reward halving every four years, and onchain transaction volume likely to be low in future should LN take off, there will be little incentive for miners to secure the network. This could lead to it being vulnerable to 51 percent attacks that would undo the trust instilled in the Bitcoin network over many years.

An argument has also been made for increasing the 21 million supply of Bitcoin Cash in future, on similar grounds. Due to the network’s low fees, miners would theoretically have little economic incentive to secure the network once the block reward diminishes.

Luongo’s suggestion of raising BTC’s total supply is intended to incentivize mining in a future of minimal block rewards and minimal onchain volume. While there may be an economic and security case for doing so, it is a matter that resonates strongly – even emotionally – with a sizeable portion of the Bitcoin community. There are also those who are motivated by purely financial reasons. The fact that there will never be more than 21 million bitcoins is what gives the currency its digital scarcity. Raising the fixed cap, even by a fraction, could dilute the value of everyone’s holdings, it is feared, and consign BTC to the status of an EOS-style inflationary cryptocurrency.

Proposal to Increase Bitcoin’s 21 Million Supply Sparks Debate

A Controversial Proposal That’s Sparked Intense Debate

Numerous Bitcoin luminaries have waded into the debate regarding Bitcoin’s supply following the Satoshi’s Roundtable discussion. Nick Szabo insisted that decreased hash power due to lower mining rewards would not have a significant impact on security, but conceded that “it may require recipients of very-high-value transactions to wait more blocks before relying on them.” Cobra Bitcoin took a more combative approach, tweeting “There will only ever be 21 million bitcoins. If you have a problem with that, get the fuck out of our community because you aren’t welcome.” To this, Matt Luongo responded:

This stuff has to work … If the stars align and this becomes an issue do you sacrifice a core tenet of the community or the entire security of the chain?

It is not entirely known why Satoshi chose 21 million as the number of coins to be issued, though it is speculated that this ties in with the halving reward schedule that occurs every four years. Alternatively, it could be because the total number of sats that will ever be created approximately mirrors the maximum capacity of a 64-bit floating point number.

Given that there was no mention of Bitcoin’s proposed supply in Satoshi’s seminal whitepaper, perhaps the number itself was never particularly significant to him. Whatever the case, 21 million has come to be one of Bitcoin’s defining features, and any attempt to meddle with the magic number is liable to be treated as heresy. Future generations of bitcoiners may be more receptive to raising the supply, but in the here and now, that notion seems untenable.

Do you think Bitcoin’s supply should ever be increased? Let us know in the comments section below.

Images courtesy of Shutterstock.

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#Blockchain Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour

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Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour

Cryptocurrency prices have spiked significantly in value during afternoon trading sessions on Feb. 8. The entire market cap of the top digital assets recorded today has added over $15 billion in fiat value in just one hour.

Also Read: Public Transportation Across Argentina Can Now Be Paid With BTC

Cryptocurrency Markets Gain Billions in One Hour

Earlier today, news.Bitcoin.com reported on a slew of leading digital currency markets breaking the descending trendline since December 2017’s all-time high (ATH). Not too long after our markets update, the bearish price trend for most cryptocurrencies has started to show signs of reversing. At the moment the entire digital asset economy is worth roughly $120.5 billion and global trade volumes have spiked to $20 billion+ worth of 24-hour trades.

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour
Top 10 digital assets according to Satoshi Pulse on Feb. 8, 2019, at 1:40 p.m. EST.

Bitcoin core (BTC) is currently trading for $3,657 per coin and has a market capitalization of $64 billion at the time of publication. 24-hour statistics show BTC has jumped 7.3% today in value so far, giving it a 4.8% lead in value for the last seven days. This is followed by ripple (XRP) markets, which are up 7.2% as each XRP is swapping for $0.31 a token. Ethereum (ETH) has jumped considerably seeing a 13.5% gain today with each ETH trading for $118 apiece. In a surprising move today, litecoin (LTC) jumped to the fourth largest market cap as the cryptocurrency has gained 28.4%. Each LTC is trading for $42 per coin at the time of writing. Lastly, eos (EOS) has seen a 16% increase over the last 24 hours and each coin is around $2.72.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are up over 10% today and 9.7% over the last seven days. At the moment, one BCH is trading for $128. The overall market valuation for BCH is around $2.27 billion and the cryptocurrency has about $306 million in trade volume. The top five exchanges trading the most BCH today are Lbank, Hitbtc, Fcoin, Huobi, and Coinbase. USDT is the strongest pair today against BCH and currently captures 32% of today’s trade. This is followed by ETH (29%), BTC (21.5%), USD (7.5%), and KRW (4.3%). Bitcoin cash today holds the seventh highest trade volume below XRP and above TRX.

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour
BCH/USD price 7-day on Feb. 8

BCH/USD Technical Indicators

Looking at the BCH/USD 4-hour chart on Poloniex and Kraken shows bitcoin cash bulls have pushed the price past heavy resistance much like most of the top coins. At press time the two Simple Moving Averages (SMA) are still spread, with the 200 SMA above the 100 SMA. This indicates the path toward the least resistance is still the downside. However, the two trendlines seem as though they will crossing hairs in the near future which would further solidify today’s gains if things reversed.

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour
BCH/USD 4-hour on Poloniex on Feb. 8

RSI levels are screaming oversold conditions on the 4-hour BCH/USD chart but this is true for most coins at the moment. After the initial jump in price, there’s been a slight correction but nothing too crazy. Order books show a bunch more resistance for BCH all the way until the $145 range and from there, things look a touch lighter. On the backside, lots of foundational support has formed and if bears attempt to grab the reins again then they will see pit stops between now and $110 again.

Markets Update: Cryptocurrencies Gain Billions in Less Than an Hour
BCH/USD 4-hour on Kraken on Feb. 8

Breaking the Descending Wedge and the Eventuality of a Bitcoin ETF

Many traders are curious about what will happen next after many of the top digital assets broke out of their descending wedges. Many coins tried to overcome resistance in the past and today’s daily spike shows a bullish engulfing candle on BCH, BTC, ETH, and many other charts. Traders and speculators are also talking about bitcoin exchange-traded funds (ETF) today. The commissioner at the U.S. Securities and Exchange Commission (SEC), Robert J. Jackson Jr., explained he believes an ETF will “eventually” happen. Jackson thinks that someone will satisfy the SEC’s regulatory standards. For now, today’s cryptocurrency trading session seem far brighter than the last two weeks and the faithful remain positive a change will come.

Where do you see the price of BCH, BTC, and other coins heading from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Shutterstock, Trading View, Bitstamp, Coinlib.io, and Satoshi Pulse.

Want to create your own secure cold storage paper wallet? Check our tools section.

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#Blockchain Quadrigacx Saga: Founder’s Widow Owns $5.6m Properties, Hospital Confirms Cotten’s Death

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Quadrigacx Saga: Founder's Widow Owns $5.6m Properties, Hospital Confirms Cotten's Death

Troubled Canadian cryptocurrency exchange Quadrigacx may be newly armed with a 30-day stay from creditors, following the Feb. 5 bankruptcy hearing, but its late CEO’s widow, Jennifer Robertson, is on shifting ground as her affidavit is being picked apart by customers, experts and conspiracy theorists.

Also read: Report Claims Quadrigacx Never Held More Than 1,000BTC

Cotten’s Death Births Several Conspiracy Theories

Quadrigacx, until last year the largest Canadian exchange by traded volume, gained notoriety when it filed for bankruptcy protection, claiming that its founder and chief executive officer, Gerald W. Cotten, died in India on Dec. 9 without revealing the keys to cold wallets containing CAD $190 million (~US $145 million). A Nova Scotia Supreme Court judge on Tuesday granted Quadriga’s request for creditor protection from as many as 115,000 customers.

Quadrigacx Saga: Founder's Widow Owns $5.6m Properties, Hospital Confirms Cotten's Death
The late Gerry Cotten

The shifting narrative is now being challenged on multiple fronts, with skeptics claiming that the 30-year old CEO faked his death to evade paying customers. A recent report in The Times of India confirms that Cotten did die on Dec. 9 and his widow was granted a death certificate and police clearance to take his body back to Canada.

The article claims Cotten was admitted to Fortis Escorts hospital in Jaipur on Dec. 8 and diagnosed with “septic shock, perforation, peritonitis and intestinal obstruction.” Cotten allegedly died hours later of a cardiac arrest. He was known to suffer from Crohn’s disease.

Without DNA confirmation, though, the report will do to little to douse the skepticism surrounding the saga. Cotten is thought to have methodically gone about his “death,” naming his wife the sole executor of his estate 12 days before passing, and bequeathing properties from a jointly operated company to his in-laws.

A Widow’s Fortune

On a related note, it has been revealed by Canadian broadcaster CBC that Robertson’s company acquired properties in Nova Scotia worth CAD$7.5 million (~US$5.6 million) in the last two and half years. The properties may be a subject of interest as Quadrigacx is currently looking for money to pay creditors under the administration of accountants Ernst and Young.

According to the Nova Scotia’s property registry, Robertson and Cotten bought 16 properties between May 2016 and October 2018, ranging in price from CAD$94,000 for a waterfront lot in Lunenburg County to CAD$2.5 million for nine row houses in Bedford. About a dozen properties are held by the widow’s company, Robertson Nova Property Management Ltd, CBC reported.

Robertson, who also owns two other properties in her own name, including an island in Mahone Bay the couple purchased in September 2017 for CAD $162,000, has used three family names in the last few years.

According to the CBC article, deeds for properties she bought in 2016 show she was once known as Jennifer Forgeron. On Dec. 1, 2016, she changed her name from Jennifer Kathleen Margaret Griffith to her current name, Jennifer Kathleen Margaret Robertson.

Quadrigacx Saga: Founder's Widow Owns $5.6m Properties, Hospital Confirms Cotten's Death
Jennifer Robertson’s properties in Bedford

Quadrigacx Has Less BTC Than It Claims to Own

While discontent and conspiracy theories have been particularly awash on social media, one cryptocurrency researcher has claimed that the exchange had significantly less bitcoin than it claims to have lost, and dismisses the claim that Cotten died with the keys to cold wallets, claiming that blockchain records show outgoing transactions since Cotten’s death.

A theory has also been floated that the company did not actually have the supposed cryptocurrency in its accounts but would use customers’ money for withdrawal requests. Delays experienced by some customers between withdrawal requests and payment were attributed to the possibility that the exchange was waiting on new deposits.

The company had previously claimed liquidity problems as a result of losing access to the wallets. In the affidavit filed against the Feb. 5 bankruptcy hearing, Robertson stated that her husband was the sole director and officer at Quadrigacx and its sister companies at the time of his death.

The failure of the company to remain liquid after the CEO’s death tied into the lone wolf style of business. “To the best of my knowledge, most of the businesses of these companies was being conducted by Gerry whenever and wherever he and his computer were located,” claimed his widow.

Following the death of Cotten, Quadrigacx claimed to have lost 26,488 BTC, 11,278 BCH, 11,149 BSV, and 35,320 BTG. About 199,888 LTC and 429,966 ETH were also allegedly lost.

What do you think about the unfolding saga at Quadrigacx? Do you think Cotten faked his death? Let us know in the comments section below.

Images courtesy of Shutterstock and CBC.

Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com

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#Blockchain Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes

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Crypto Proponent Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes

Prominent cryptocurrency entrepreneur Brock Pierce is attempting to revive the defunct Mt. Gox exchange by submitting a single rehabilitation plan for creditors called Gox Rising. Back in 2014, the former CEO of Mt. Gox, Mark Karpeles, reportedly signed over all of the business’s assets to Pierce and a firm called Sunlot Holdings Limited.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

The Wild Attempt to Revive Mt. Gox

According to Goxrising.com, a plan is in motion to help the creditors of Mt. Gox gain restitution. At The North American Bitcoin Conference (TNABC) in Miami, Brock Pierce revealed the plan to help claimants get their return of bitcoin lost years ago. On Jan. 22, Gox Rising Limited published a press release describing the ‘United We Rise’ rehabilitation proposal which outlines the effort in greater detail. The plan calls for an implementation that should focus on a high degree of certainty so that claims can be “repaid in bitcoin and bitcoin cash.”

“The Gox Rising movement aims to restore the creditors’ losses as well as the world’s faith in the cryptocurrency industry,” stated Brock Pierce during his speech in Miami.

Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes
Gox Rising Limited hopes to revamp Mt. Gox in order to pay creditors back.

Following the announcement, leaked documents stemming from the trial have been revealed over the last two weeks concerning Mt. Gox creditors, the company’s trustee, and Coinlab. According to additional reports, Pierce and the firm Sunlot Holdings Limited allegedly purchased all of the remaining Mt. Gox assets for a single bitcoin. The deal was supposedly agreed upon by Mark Karpeles and Tibanne (Mt. Gox’s parent company) but it is unclear if the agreement is binding. The documents stem from the infamous leaker Goxdox who published Sunlot Holdings’ proposed rehabilitation plan, which is dated March 28, 2014. The proposal submitted at the time is very similar to the ‘United We Rise’ plan and the document says the sponsor company has the “resource for the capacity to make payments to creditors.”

‘A Pro Rata Portion of All the Mt. Gox Cash and Coins’

On Feb. 7, a few cryptocurrency proponents spoke out on Twitter about Pierce’s involvement with the defunct exchange. Blocktech founder Devon James said, “Wow — Really impressed by the plan Brock Pierce has been working on for the past five years, as well as the patience involved.” The same day, Bitcoin Private founder Rhett Creighton also remarked “[Brock Pierce] owns 100% of Mt. Gox and plans to relaunch — Payback creditors, leave Mark Karpeles with nothing.” Following the statement, Pierce responded to Creighton’s tweet and stated:

It should be honored as soon as possible without selling any more coins and you should get your pro rata portion of all the cash and coins.

The original 2014 Sunlot proposal was filed with the Tokyo District Court and subsequently leaked to the press by Goxdox. At the time, a few crypto proponents discussed the “rebirth” of Mt. Gox but the Sunlot proposal eventually fizzled away. Now, after five years of creditors fighting the liquidation phase, the bankruptcy case has transformed into a civil rehabilitation plan. Gox Rising is hoping people who had deposits on Mt. Gox will support the organization’s plan, but there are still many issues at hand.

Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes
Brock Pierce and the Gox Rising Limited logo.

Our sources in Tokyo have told our newsdesk that Gox creditors are absolutely terrified that their claims will still be brushed aside or payouts will be delayed further. Claimants want to be sure no one will make an equity claim with the Mt. Gox estate and delay payouts for even longer. Some creditors believe it would be a public service to all Mt. Gox victims to get Pierce to make a statement publicly saying that the original Sunlot agreement is non-binding and that he will not make any equity claims with it. Most people’s Mt. Gox claims to date have not been actionable, as the statute of limitations has run on just about everyone.

The Gox Rising plan does emphasize: “Equity will make no claim on any of the cash and coins held by the trustee.” Also, if the trustee does not have any intentions to relaunch Mt. Gox then Gox Rising Limited will bid for the former trading platform’s intangible assets which include intellectual property, the Mt. Gox Estate, brand, domain names, and trademarks. “Gox Rising is separately putting forward a vision for this new Mt. Gox Exchange, which will voluntarily create significant additional value for participating crypto creditors towards full recovery of their claims,” the CR Pillars plan written by the Gox Rising team reads.

“The New Mt. Gox Exchange (the “Exchange”) will be launched as an institutional grade, fully licensed and partially decentralized crypto exchange,” the Gox Rising “vision” roadmap explains. The vision statement continues further by stating:

Crypto Creditors will be eligible to receive a 16.5% economic interest from the operations of the Exchange on a pro-rata basis — To participate, Crypto Creditors simply need to maintain an account with the Exchange.

Additionally, the Gox Rising team claims it will attempt the continued pursuit of residual assets including the lost or stolen coins. In the meantime, the trustee and the thousands of claimants still have the Coinlab claim hovering above them like a dark cloud.

What do you think about Brock Pierce’s plan to revive Mt. Gox and pay creditors back with this new plan? Let us know what you think about this subject in the comments section below. 

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from Bitcoin News http://bit.ly/2E0271Z Crypto Investor Brock Pierce Is Attempting to Pull Mt. Gox From the Ashes

#Blockchain The Daily: Huobi Adds USD Trading Pairs, Airswap Launches Fiat-to-Crypto Exchange

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The Daily: Huobi Launches Trading Pairs With USD, Airswap Introduces Fiat-to-Crypto Exchange

In this edition of The Daily, we cover two announcements regarding fiat-to-crypto trading services. The U.S. subsidiary of Huobi has introduced pairs between three cryptocurrencies and the U.S. dollar and peer-to-peer platform Airswap has enabled users to exchange fiat currency for ethereum. There’s also a new development in the Quadrigacx saga – a judge has granted the troubled exchange temporary protection from creditors.   

Also read: 13% of Shoppers Would Buy Amazon Crypto, Wirex Adds Stablecoin

Huobi Introduces Fiat Trading in the US

The U.S. subsidiary of Singapore-based cryptocurrency exchange Huobi has launched trading pairs with USD, the platform announced on its website. Currently, verified users are able to purchase and sell bitcoin core (BTC), ethereum (ETH), and the dollar-backed stablecoin tether (USDT) with U.S. dollars, the post details.

To take advantage of the new fiat services, traders need to register for an Hbus account on the Huobi Marketplace, pass level one and two verifications via the ‘Account & Security’ tab and accept the terms under ‘Open a USD wallet.’ The option is available via the ‘Balances’ section.

The Daily: Huobi Adds USD Trading Pairs, Airswap Launches Fiat-to-Crypto Exchange

The USD support has been provided through a partnership between Huobi.com and custody and escrow services provider Prime Trust. Users are also required to open a Prime Trust account and link it to their Hbus account. Hbus is the San Francisco-based partner of Huobi Global that runs the U.S. trading platform.

Huobi plans to reward the first 500 customers who open a USD wallet with 20 USDT. However, only traders residing in the U.S. are eligible to receive the rewards.

Airswap and Wyre Offer Support for Fiat Currencies

Thanks to a new partnership with Wyre, peer-to-peer trading network Airswap allows users to exchange fiat currency for cryptocurrency. The platform supports USD, GBP, EUR, and AUD. According to a post on Medium, traders will be able to purchase ETH with these currencies within their noncustodial wallet using the Airswap trading interface.

The Daily: Huobi Adds USD Trading Pairs, Airswap Launches Fiat-to-Crypto Exchange

Wyre is a registered money service business licensed to operate in over 40 U.S. states. The integration between the two platforms allows investors to purchase cryptocurrency via ACH/wire bank transfers, without the need to deposit funds onto a centralized exchange. Commenting on the partnership, Wyre CEO Michael Dunworth stated:

Peer-to-Peer/OTC style trading is always a strong starting point for building meaningful liquidity. Airswap really gets this. Working with them to mitigate counter-party risk, without compromising on meaningful liquidity is so exciting to be part of.

Airswap noted in a statement that by enabling a fiat on-ramp to the network, it will “empower users to always maintain control of their private keys in an environment dedicated to supporting peer-to-peer trade.”

Judge Grants Quadrigacx Reprieve From Lawsuits

Crypto exchange Quadrigacx, which lost access to cryptocurrency worth millions of dollars after its founder’s alleged death, has been granted temporary protection from creditor lawsuits. Judge Michael Wood ordered a 30-day stay that precludes filing of claims against the digital asset trading platform, one of the largest in Canada.

Thousands of investors have been left without their funds after 30-year-old CEO Gerald Cotten reportedly died in December of complications from Crohn’s disease while in India, and some of them have threatened lawsuits. Cotten is believed to be the only person who had the passwords for the cold wallets containing around 190 million Canadian dollars (~$143 million) in cryptocurrencies.

The Daily: Huobi Adds USD Trading Pairs, Airswap Launches Fiat-to-Crypto Exchange

“Despite repeated and diligent searches, I have not been able to find [the passwords] written down anywhere,” his widow Jennifer Robertson said in an affidavit, quoted by RTE. According to a court document, Quadrigacx owes 115,000 users a total equivalent to 250 million Canadian dollars (~$188 million).

Quadrigacx’s lawyer Maurice Chiasson told the court the company needs time to find the money it owes. The exchange is currently considering selling its platforms to cover the debts. A third-party monitor, Ernst & Young, has been appointed to help Quadrigacx manage its finances.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

Images courtesy of Shutterstock.

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The post The Daily: Huobi Adds USD Trading Pairs, Airswap Launches Fiat-to-Crypto Exchange appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2SBkDG3 The Daily: Huobi Adds USD Trading Pairs, Airswap Launches Fiat-to-Crypto Exchange