Crypto Arbitrage Today: XLM, DOGE, EOS, TRX, ETC, DASH

TheMerkle_Korea Bitcoin Arbitrage

Cryptocurrency arbitrage is often considered to be a viable way of scoring profits during volatile market trends. All top markets are currently going through a medium-sized dip, which means prices between exchanges will be very different.  The following six options let users score some easy profits throughout today.

Ethereum Classic (Koineks / Binance / YoBit)

Buying Etheruem Classic on any exchange that is not YoBit will effectively result in some decent profits today. Its value on YoBIt is roughly 1.5% higher compared to the likes of Gate.io, Binance, KuCoin, and Poloniex. Koineks also has a lower price, although the arbitrage gap is slightly smaller.

XLM (Kraken / CEX / Binance)

It does not happen all that often prices for altcoins are higher on Binance compared to some other exchanges. As of today, buying XLM on Kraken, CEX, VeBitcoin, or Koineks, and selling them on either Binance or KuCoin can result in a profit of roughly 0.75%. Not the most lucrative option, but still one worth exploring due to its overall liquidity.

TRON (Bitfinex / Binance / YoBit)

The TRON arbitrage opportunity today is very similar to Ethereum Classic above, as it revolves around selling on YoBit for easy profits. Prices for TRX across OKEx, Gate, Koineks, Bitfinex, Binance, and HitBTC are all lower compared to YoBit. Exploring these options will result in gains of up to 1%. A small profit, but still better than nothing.

DASH (Kraken / Koinim / YoBit)

There are many different opportunities when it comes to arbitrage trading DASH today. Buying the altcoin on Koinim and selling it on YoBit, Gate, or Sistemkoin can result in profits of up to 2%. Buying on CEX, Kraken, HitBTC, or Gate and selling on YoBit offers gains of up to 1.5%. Plenty of trading options for quick and easy profits.

DOGE (Livecoin / HitBTC / Poloniex)

Most cryptocurrency users have a soft spot for Dogecoin, albeit often for very different reasons. In the case of arbitrage trading, DOGE can be a viable tool. Buying on Gate, HitBTC, or Poloniex and selling on Livecoin can yield a profit of up to 2.1%. Buying on the same exchanges and selling on YoBit can yield profits of up to 3.3%.

EOS (YoBit / Bitifnex / Binance)

EOS Is not a currency often associated with arbitrage trading, even though it has no liquidity issues across different platforms whatsoever. Today, there are many different opportunities where this altcoin is concerned. Buying low on HitBTC, Poloniex, Gate, Paribu, Bitfinex, Binance, or KuCoin and selling on YoBit will net easy profits. Traders can make up to 1.5% from exploring these various options.

Information is provided by Arbing Tool


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

The post Crypto Arbitrage Today: XLM, DOGE, EOS, TRX, ETC, DASH appeared first on NullTX.

Bakkt Launch Next Month May Not End Bear Market

Bear market bakkt

Intercontinental Exchange’s “regulated ecosystem” for Bakkt should launch December 12, but “lingering concerns” remain, industry figures warn this week.


‘Lingering Concerns’ Over Long-Term Plans

In a series of tweets, securities lawyer and regular social media commentator Jake Chervinsky summarized the gaps in public knowledge about Bakkt, which is still awaiting regulatory permission to begin operations.

“In the minds of many, Bakkt’s launch has become a full-fledged narrative for when & how the bear market will end,” he wrote. “[…] Hype aside, some people have lingering concerns about Bakkt.”

If all goes to plan, December 12th will see the company launch one-day physical Bitcoin futures.

As Bitcoinist has previously reported, this will allow institutional investors to take physical ownership of cryptocurrency, setting the offering aside from many current futures available on the market, including pioneers CME Group and Cboe.

Buzzword Rehypothecation

While Bakkt executives have used that narrative to quash fears about the platform having a detrimental effect on Bitcoin 00 long term, critics maintain they have not been thorough enough in their explanation.

Highlighting the lack of a complete picture, Chervinsky quotes ex-Morgan Stanley senior executive Caitlin Long, who in October relayed her concerns on social media. These specifically revolve around rehypothecation, the practice of financial institutions using deposited client collateral to their own ends.

“[A] big open question (is) will (Bakkt) lend coins in its warehouse?” she explained.

Rehypothecation could happen at any of 3 levels (futures contract, clearinghouse, warehouse) – Bakkt has only answered regarding futures contract. [The] warehouse is where it would normally happen (and) that question not answered[…]

Bakkt officials subsequently reiterated their “transparent” approach to their offering in what was seemingly a fresh bid to calm industry doubts.

Further “mysteries” remain on the horizon regarding the platform.

After the futures, Chervinsky notes, the next phase of the platform’s expansion could be a different offering altogether, yet the major partners involved for him suggest “some type of consumer-grade payment system. […] Maybe the kind you’d use at Starbucks to buy coffee with bitcoin,” he added. “We’ll have to wait and see.”

What do you think about Bakkt’s unanswered questions? Let us know in the comments below!


Images and media courtesy of Shutterstock, Twitter (@jchervinsky)

The post Bakkt Launch Next Month May Not End Bear Market appeared first on Bitcoinist.com.

Bitcoin Analysis: BTC Faces Bearish Reversal as Dollar Strengthens

The bitcoin-to-dollar exchange rate has dipped close to 1 percent on Thursday, now trading at 6470-fiat. The outcome of the US midterm elections with Democrats sweeping a sharp win in the House had certainly shaken the US dollar yesterday. The greenback nevertheless sustained its overall bullish momentum ahead of the Federal Reserve policy meeting today.

The post Bitcoin Analysis: BTC Faces Bearish Reversal as Dollar Strengthens appeared first on CCN

Dogecoin Price Spike to $0.0058 Remains a Likely Scenario Despite Current Dip

dogepal dogecoin

Even though things were looking relatively smooth for Dogecoin, its imminent uptrend has not materialized by any means. Similar to most other altcoins, DOGE is bleeding value in both USD and BTC. This trend should reverse course soon, as the altcoin is massively oversold according to some analysts.

Dogecoin Price Still Looks Promising

Even though it may not necessarily look like it, Dogecoin is still far better off than most people assume. The current net loss may not be too impressive to look at, but this altcoin has been one of the more resilient offerings in all of cryptocurrency. As such, it is not unlikely Dogecoin will be the first to signal a major price boost after this correction is over.

In the past 24 hours, the value of Dogecoin has dropped by 6% in USD value and 5.5% against Bitcoin. That latter part is somewhat worrisome, especially because Bitcoin’s USD value is going down a slippery slope. For the time being, this trend may not necessarily reverse course, although there are some indicators which tell a different story.

Looking at social media activity pertaining to Dogecoin, there is still a strong focus on the value transacted over the network. This altcoin surpassed $1bn, ensuring it stays in second place behind Bitcoin itself. That is quite a telling sign, although these statistics are often overlooked by cryptocurrency enthusiasts for some reason.

For a more technical view on things, it seems Dogecoin has hit the “low” speculators have been looking for. If this support level holds – which it seems to be doing – there is a big change the value will spike to $0.0058 in the coming weeks. That would be a significant increase, although a drop to $0.0022 is not out of the question either.

MattisCrypto confirms Dogecoin appears to be well in the oversold territory at this stage. If that is indeed the case, there is a very good chance Dogecoin will rebound in the coming hours. As such, this rise to $0.0058 is not as difficult or unlikely as some may think. Making it come true is something else entirely, though.

As is usually the case when cryptocurrency markets face some resistance, it remains pertinent to look at the bigger picture. In the case of Dogecoin, things look incredibly promising despite this most recent setback. While that is not necessarily something that will happen overnight, there is a very real chance the best has yet to come for Dogecoin in 2018.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

The post Dogecoin Price Spike to $0.0058 Remains a Likely Scenario Despite Current Dip appeared first on NullTX.

Crypto Markets See Visible Drop Off as Major Coins Are in The Red

13 of the 20 top cryptocurrencies are in the red, with Bitcoin Cash and Ripple losing up to 4 percent over the day.

Wednesday, Nov. 8: most cryptocurrencies have seen a drop-off today, with the most visible losses seen by Bitcoin Cash (BCH) and Ripple (XRP), as data from Coin360 shows. As of press time, the markets are seeing mixed signals, mostly staying in the red.

Market visualization from Coin360

While in the beginning of the week Bitcoin (BTC) was mostly in the green, up almost to 2 percent on the day Monday, Nov. 5, today the major coin is hovering around zero, mostly staying in the red and trading around $6,450 as of press time.

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

Ethereum (ETH) is also about 2 percent down on the day, being traded slightly over $213 as of press time. The coin is seeing some stability after it has regained its second spot, bypassing Ripple (XRP) by market capitalization.

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP), in its turn, is currently trading at $0.50, dropping as much as 5.6 percent over the day as of press time. As per its weekly charts, the currency has seen its peak on Tuesday, Nov. 6, when the coin temporarily overtook Ethereum as the second largest altcoin.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

Total market capitalization of all cryptocurrencies is around $215 billion at the press-time, falling from $219 billion over the last 24 hours. According to daily trading volume, it has also dropped in comparison to yesterday, Nov. 7, hovering around $13.5 billion as of press time.

Weekly total market capitalization chart. Source: CoinMarketCap

18 of the 20 major cryptocurrencies are in the red, with Bitcoin Cash (BCH), Ripple (XRP) and NEM (XEM) seeing the biggest drops in last 24 hours according to CoinMarketCap. BCH has lost a distinctive 4.8 percent after almost a week-long growth following its upcoming hard fork, which is backed by major crypto exchange Binance. As of press time, the coin was traded at around $589.

Dash (DASH) is the only crypto to see a slight growth among top 20 coins, up to 1 percent on the day and trading at around $167 as of press time.

Meanwhile, today, Nov. 8, two countries in Asia have called for clearer crypto regulation. The Deputy Prime Minister of Thailand, Wissanu Krea-ngam, urged to lawmakers to amend the existing legal framework for crypto — set in May 2018 — to meet the development of the technology, warning about possible dangers for consumers. In the meantime, South Korea’s lawyers have lobbied the local government to speed up its work and expedite a legal framework for cryptocurrencies as well.

Yesterday, Nov. 7, crypto Twitter saw an extensive discussion in response to William Shatner’s positive tweet about Ethereum (ETH) co-founder Vitalik Buterin.

The Canadian actor, most known for his role of captain James T. Kirk in Star Trek, posted a thumbs-up emoji tagging Buterin on Twitter, sharing the post to his 2.5 million followers.  Shatner was then drawn into a debate over the ETH network’s decentralization, showing familiarity with ERC standards in his rebuttal to “crypto troll[s].”

Bitmain’s New 7nm Chip Miners Are Available for Purchase Today

Bitmain;s new miner

Chinese mining giant Bitmain’s 7nm Bitcoin miners go on sale today, November 8, 2018.

Announced in September of 2018, the miners allegedly offer considerably faster hash rates (though Bitmain didn’t disclose any specifications) and come in two separate Antminer models: the S15 and T15.

The company first provided the news on Twitter, writing, “We are officially announcing the release of our new 7nm miners which possess industry-leading hash rates designed to mine with the SHA256 algorithm. Two models will be offered, the Antminer S15 and T15. Available for purchase on 11/8.”

Bitmain’s new ASIC chips will operate via 7nm Finfet, which Bitmain refers to as “one of the world’s most advanced semiconductor manufacturing technologies.” The chips utilize more than a billion transistors each.

In addition, 7nm technology enables the chips to consume less power and mine at much faster paces. In a keynote lecture two months ago, Bitmain CEO and co-founder Jihan Wu said that the chips would “achieve a ratio of energy consumption to the mining capacity that is as low as 42J/T.”

Mining companies everywhere are now seeking to compete with Bitmain and strengthen their spots in the industry. Just 24 hours before Bitmain made its September announcement, the Bitfury Group unveiled its own 14nm ASIC chip called the Bitfury Clarke, which is also customized for SHA256 Bitcoin mining and built to compete with Bitmain’s upcoming model. Bitfury stated that the chip could execute a hash rate of up to 120 gigahashes per second, and a power efficiency rate of roughly 55 millijoules per gigahash.

Another competitor working to up the ante is U.S.-based semiconductor manufacturer AMD. In October, the venture reported that crypto-mining sales were “negligible” in quarter three of 2018, yet the company is now partnering with several major technology companies to produce eight new cryptocurrency mining rigs that are being marketed as “blockchain compute solutions.” Among these companies are Sapphire, ASRock, ASUS, MSI, TUL and Biostar.

In August 2018, mining manufacturing company Pangolin announced it would be releasing a 16nm miner designed to compete with the likes of 7nm. Known as the Whatsminer M10, the miner was alleged to possess speeds of up to 33 trillion hashes per second. While not as up-to-date as 7nm technology, the company is still putting its money on 16nm and claims that SHA256 mining rigs with 7nm technology will sell out very fast and can thus be very difficult to acquire as many companies are struggling to keep up with growing demands. Some mining developers, such as GlobalFoundries, have already stopped producing 7nm chips as a result.

Innosilicon’s forthcoming Terminator3 ASIC miner will sport either an 8nm or 10nm chip, though an Innosilicon representative who spoke to Bitcoin Magazine wouldn’t disclose the exact chip size.

Bitmain also said two weeks ago that it would be offering a firmware update for (overt) AsicBoost to all its Antminer machines, which will increase overall mining efficiency.

This article originally appeared on Bitcoin Magazine.

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Author: Nick Marinoff

REPORT: INITIATIVE Q: Wild Assumptions, Marketing Hocus Pocus, And Using Hi-Jacked Cryptocurrency Lingo As A Sales Pitch

Several months ago, Saar Wilf, the co-founder, and chairman of five technology start-ups1 launched the marketing campaign for Initiative Q, a new payment network that would use a private currency—the Q token.2

The Initiative Q website makes substantial claims about its planned payment network and private currency. Initiative Q’s website states that it will offer:

  • Lower transaction costs through a streamlined, digital process and better fraud protection;
  • Advanced security measures, including fingerprint, voice and face recognition; multi-factor authentication; and advanced artificial intelligence models;
  • 1-click payments;
  • Enhanced customer protection through internal regulations and buyer feedback to prevent sellers from misrepresenting their products and pricing;
  • Easy online reversibility and efficient dispute resolution;
  • Optimal credit allocation by using richer information and more advanced models to correctly assign credit to lenders;
  • Parental control through sub-accounts that allow parents to control children’s expenses;
  • Assistance with the billions of people who currently don’t have access to financial services.3

The soundness of the claims, however, cannot be assessed, as the payment network will only be put into place if the marketing campaign is successful.

Initiative Q’s Marketing Campaign Has Drawn Comparison to Pyramid Schemes

Initiative Q is conducting an aggressive “member recruitment campaign” on social media. Initiative Q gives tokens persons who join, and more tokens are given to those who invite their friends to join.4

Initiative Q, however, is not a pyramid scheme.5 There is no cost to join Initiative Q, so it does not collect money from new members and distribute it to earlier members.

To quell any concerns, Initiative Q includes a section on its “Frequently Asked Questions” page that is titled “Is this a pyramid or MLM (multi-level marketing) scheme?”.6

Differences Between Initiative Q and Cryptocurrencies

A ‘Q’ token is a private currency and not a cryptocurrency. The tokens will be carefully managed through a monetary body that will assure that the money supply matches current economic activity, so the value of the tokens will remain stable and not fluctuate wildly.7

In addition, Initiative Q will maintain a central ledger and not rely on blockchain technology. Q tokens will also not need the vast amount of energy that is needed to create many of the existing cryptocurrencies.8

Initiative Q Will Not Distribute 20% of the Tokens

The website states that the two trillion Qs distributed as follows:

  • 80% are assigned to buyers, sellers, agents, contributors and to incentivize growth-supporting activities within the Q network;
  • 10% are assigned to the Initiative Q payment company for the purpose of funding development;
  • 10% are assigned to the Q monetary committee monetary reserves, which will be gradually converted to other currencies and financial assets to allow any Q member to easily convert to other currencies if needed. In addition, monetary committee members will be compensated according to industry standards.9

The company will use 10% of the tokens for the undefined purpose of “funding development,” and a portion of another 10% of the tokens will be used to compensate monetary committee members “according to industry standards”.10

Members Unlikely to End Their Relationship With Their Credit Card Companies

Initiative Q states that it is realistic to expect its network to “overtake credit cards”.11 This is based on the assumption that members will be willing to end their existing relationship with credit card companies because they have been compensated with future currency for joining Initiative Q.

As a result, a new payment network will be established that will be widely adopted by buyers and sellers.

It is uncertain if members who signed up in a marketing campaign that promises to give away “future currency,” will later forgo their relationship with long-established credit card companies.

Excessive Valuation of the Tokens

Initiative Q did not release a white paper. Its website contains a large quantity of information on the project, but, at times, it reads like copy written for a marketing campaign with excessively optimistic claims.

The valuation of the tokens falls in this category. The $2 trillion valuation for the Q tokens is based on several assumptions. The world’s annual economic activity is $10 trillion, and cryptocurrencies reached a peak value of $1 trillion. Therefore, the total future value of Qs could reach a few trillion dollars.12

The website does not explain how Initiative Q would react to the measures that existing payments service companies would take to maintain their commanding market share.

Fees for Services Provided by Initiative Q

There will be fees charged for the services provided by Initiative Q. The website states that “agents (will) compete with each other to manage member accounts (buyers or sellers), and receive a small fee for transactions they process.

These may not be the only fees changes to members, as the website does not explicitly state that no future fees will be imposed on members. This is troubling, as a member with Q tokens of sizable value, will likely pay the additional fees imposed by the company to access those tokens.

The information provided in this report is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney, financial advisor, or other professional to determine what may be best for your individual needs.


This report was prepared by Trifin Roule.

For nearly two decades, Mr. Roule provided for the U.S. government legal analysis of anti-money laundering, counterproliferation financing and counterterrorist financing laws and regulations dozens of jurisdictions, and international standards, as detailed through intergovernmental bodies (e.g. Financial Action Task Force (FATF)), and financial institutions (e.g. banks’ financial intelligence units and compliance offices).

In addition, Mr. Roule has provided in-depth analysis of digital asset accounting, auditing, customer due diligence, exchange, licensing, mining, initial coin offering (ICO), private key storage, and record-keeping practices and regulations.

Mr. Roule is a former Assistant Editor at the Journal of Money Laundering Control, a peer-reviewed journal that provides detailed analysis and insight on the latest issues in the law, regulation and control of money laundering and related matters. Mr. Roule has published dozens of articles on anti-money laundering, and counterterrorist financing laws and regulations.

Trifin Roule is the Publisher of our new division, Abacus Legal, and his and his team’s reports will be free to read for the next 45 days. After that time they will be dubbed premium content and require a subscription.


  1. “Saar Wilf: Executive Profile & Biography,” Bloomberg, https://www.bloomberg.com/research/stocks/private/person.asp?personId=787446&privcapId=319521716&previous (accessed 8 November 2018).
  2. The economic and monetary models were developed with Economist Lawrence White, a professor of monetary theory and policy at George Mason University, and a senior scholar of the Cato Institute Center for Monetary and Financial Alternatives. “About,” Initiative Q, https://initiativeq.com/ (accessed 8 November 2018); and “Lawrence H. White,” Faculty and Staff, Department of Economics, Georg Mason University, https://economics.gmu.edu/people/lwhite11 (accessed 8 November 2018).
  3. “Frequently Asked Questions: What advantages does the Q payment network offer?,” Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).
  4. “Frequently Asked Questions: Joining Initiative Q,” Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).
  5. Frank Chung, “What is Initiative Q? Payment network insists it’s not a ‘pyramid scheme’,” news.com.au, 30 October 2018, https://www.news.com.au/finance/money/investing/what-is-initiative-q-payment-network-insists-its-not-a-pyramid-scheme/news-story/193102b9fbb5c35d6365f7f34226908f
  6. “Frequently Asked Questions: Is this a pyramid or MLM scheme?,” Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).
  7. “Frequently Asked Questions: How is this different from Bitcoin and cryptocurrency? ” Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).
    https://initiativeq.com/
  8. “Frequently Asked Questions: How is this different from Bitcoin and cryptocurrency? ” Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).
    https://initiativeq.com/
  9. “Frequently Asked Questions: How many Qs are there? Who holds them? Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).
  10. “Frequently Asked Questions: How many Qs are there? Who holds them? Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).
  11. “Frequently Asked Questions: What is your estimate of the Q value based on?” Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).
  12. “Frequently Asked Questions: What is your estimate of the Q value based on?” Initiative Q, https://initiativeq.com/ (accessed 8 November 2018).

The post REPORT: INITIATIVE Q: Wild Assumptions, Marketing Hocus Pocus, And Using Hi-Jacked Cryptocurrency Lingo As A Sales Pitch appeared first on Abacus Journal – Cryptocurrency News.

In EtherDelta Case, SEC Hints Most Ethereum Based Tokens are Securities

The U.S. Securities and Exchange Commission (SEC) has officially charged Zachary Coburn, the founder of cryptocurrency exchange EtherDelta, for operating an unregistered securities exchange. The regulatory agency’s move to charge Coburn comes amidst a greater trend of increasing regulation over the cryptocurrency industry.

In a press release today, the SEC announced that the charges against Coburn are the result of EtherDelta’s ERC20 token offerings, many of which were issued through initial coin offerings (ICOs) and qualify as securities.

“EtherDelta is an online platform for secondary market trading of ERC20 tokens, a type of blockchain-based token commonly issued in initial coin offerings (ICOs). The order found that Coburn caused EtherDelta to operate as an unregistered national securities exchange,” the release explained.

The press release further notes that this is the regulatory agency’s first enforcement action against a platform operating as an unregistered national securities exchange.

EtherDelta is a popular Decentralized Exchange (DEX) that utilizes Ethereum-based smart contracts to execute buy and sell orders. According to the commission, the exchange had violated multiple securities laws due to its offering of specific assets that were defined as securities in the SEC’s 2017 DAO report.

Stephanie Avakian, the co-director of the SEC’s Enforcement Division, spoke about the charges against the EtherDelta founder, saying:

“EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption.”

Steven Peikin, also a co-director of the SEC’s Enforcement Division, further noted that the charges against EtherDelta come as the agency is increasingly trying to protect investors in the distributed ledger technology (DLT) and cryptocurrency industry.

“We are witnessing a time of significant innovation in the securities markets with the use and application of distributed ledger technology. But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws,” he said.

Since being charged, Coburn has consented to the order and has agreed to pay $300,000 in disgorgement, as well as a $75,000 penalty and $13,000 in prejudgment interest. It is important to note that Coburn has not admitted to, or denied, any of the SEC’s findings.

SEC Moving Quickly to Regulate the Cryptocurrency Industry

The SEC’s charges against the EtherDelta platform come less than a week after they released their annual report that detailed how they would be moving to regulate the cryptocurrency industry.

In the report, they specifically noted that they would be focusing their efforts on regulating ICO tokens that are being offered to investors as unregistered securities, and have recently shut down multiple platforms, including TokenLot, that are offering these products to investors without receiving the proper licensing.

As for their methods of reducing industry fraud, the commission explained that they would focus on increasing the public’s awareness of the dangers of nascent industries, and that they would be prosecuting violators to the fullest extent of the law.

The charges against Coburn likely signal that more cases against unlicensed cryptocurrency exchanges, especially those offering tokens resulting from ICOs, are to come in the near future as the SEC moves to regulate the cryptocurrency industry.

Featured image from Shutterstock.

The post In EtherDelta Case, SEC Hints Most Ethereum Based Tokens are Securities appeared first on NewsBTC.

SEC Charges EtherDelta Founder with Operating an Unregistered Exchange

The U.S. Securities and Exchange Commission (SEC) has officially charged Zachary Coburn, the founder of cryptocurrency exchange EtherDelta, for operating an unregistered securities exchange. The regulatory agency’s move to charge Coburn comes amidst a greater trend of increasing regulation over the cryptocurrency industry.

In a press release today, the SEC announced that the charges against Coburn are the result of EtherDelta’s ERC20 token offerings, many of which were issued through initial coin offerings (ICOs) and qualify as securities.

“EtherDelta is an online platform for secondary market trading of ERC20 tokens, a type of blockchain-based token commonly issued in initial coin offerings (ICOs). The order found that Coburn caused EtherDelta to operate as an unregistered national securities exchange,” the release explained.

The press release further notes that this is the regulatory agency’s first enforcement action against a platform operating as an unregistered national securities exchange.

EtherDelta is a popular Decentralized Exchange (DEX) that utilizes Ethereum-based smart contracts to execute buy and sell orders. According to the commission, the exchange had violated multiple securities laws due to its offering of specific assets that were defined as securities in the SEC’s 2017 DAO report.

Stephanie Avakian, the co-director of the SEC’s Enforcement Division, spoke about the charges against the EtherDelta founder, saying:

“EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption.”

Steven Peikin, also a co-director of the SEC’s Enforcement Division, further noted that the charges against EtherDelta come as the agency is increasingly trying to protect investors in the distributed ledger technology (DLT) and cryptocurrency industry.

“We are witnessing a time of significant innovation in the securities markets with the use and application of distributed ledger technology. But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws,” he said.

Since being charged, Coburn has consented to the order and has agreed to pay $300,000 in disgorgement, as well as a $75,000 penalty and $13,000 in prejudgment interest. It is important to note that Coburn has not admitted to, or denied, any of the SEC’s findings.

SEC Moving Quickly to Regulate the Cryptocurrency Industry

The SEC’s charges against the EtherDelta platform come less than a week after they released their annual report that detailed how they would be moving to regulate the cryptocurrency industry.

In the report, they specifically noted that they would be focusing their efforts on regulating ICO tokens that are being offered to investors as unregistered securities, and have recently shut down multiple platforms, including TokenLot, that are offering these products to investors without receiving the proper licensing.

As for their methods of reducing industry fraud, the commission explained that they would focus on increasing the public’s awareness of the dangers of nascent industries, and that they would be prosecuting violators to the fullest extent of the law.

The charges against Coburn likely signal that more cases against unlicensed cryptocurrency exchanges, especially those offering tokens resulting from ICOs, are to come in the near future as the SEC moves to regulate the cryptocurrency industry.

Featured image from Shutterstock.

The post SEC Charges EtherDelta Founder with Operating an Unregistered Exchange appeared first on NewsBTC.

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Author: Cole Petersen

EtherDelta Founder Pays SEC $385,000 in Damages for Running an Unlicensed Securities Exchange

TheMerkle SEC UBIA Securities

It would appear more trouble may be brewing for the cryptocurrency industry. Although there is still no official industry regulation in the United States, dark clouds are gathering over EtherDelta. Zachary Coburn, the founder of the platform, is charged by the SEC for running an unregistered securities exchange.

ERC20 Tokens Are Always Risky

No one should be really surprised to learn the SEC doesn’t look favorable upon platforms trading ERC20 tokens. While the institution has deemed Ethereum to not be a security, after all, the same doesn’t automatically apply for tokens issued on top of this blockchain. In fact, the opposite may come true for some specific offerings.

Over the past few months, the SEC has actively cracked down on ICOs which would potentially violate securities laws. Unsurprisingly, most of those cases involve ERC20 tokens. Most of those tokens are effectively trading on EtherDelta, primarily because users can create their own trading pairs as they see fit without too much intervention from the site owner.

For Zachary Coburn, who effectively founded the platform, things are not cut-and-dry by any means. In the eyes of SEC officials, he has engaged in operating an unregistered securities exchange. That is quite a big problem for Coburn and the EtherDelta platform itself. The service is an actual exchange for trading ERC20 tokens, which does not impose any limitations based on the nature of the token in question.

Although one could argue EtherDelta is nothing more than a smart contract with a convenient user interface, the SEC sees things differently. More specifically, the code of the contract in question is designed by Coburn, and he takes responsibility for the actions performed by his code as such. Moreover, the code executes paired orders, which makes him indirectly responsible for every single trade taking place through this contract.

The SEC explains their scrutiny as follows:

“Almost all of the orders placed through EtherDelta’s platform were traded after the Commission issued its 2017 DAO Report, which concluded that certain digital assets, such as DAO tokens, were securities and that platforms that offered trading of these digital asset securities would be subject to the SEC’s requirement that exchanges register or operate pursuant to an exemption.”

For the time being, it seems Coburn will not face any jail time or anything like that. Instead, he settled the dispute by paying over $385,000 in fees, penalties, and so forth. It does not appear EtherDelta will be shut down or modified in any way either, which is something to be happy about as an ERC20 user.

The post EtherDelta Founder Pays SEC $385,000 in Damages for Running an Unlicensed Securities Exchange appeared first on NullTX.

Nine Leading Shipping Operators Launch Global Business Network Based on Blockchain

The new shipping blockchain alliance includes nine of the world’s leading companies within the industry of shipping logistics and operations.

Nine major terminal operators and shipping companies have signed a Memorandum of Understanding (MoU) to launch an open digital platform based on distributed ledger technology (DLT), The Maritime Executive, a major industry source for maritime and marine news, reported Nov. 6.

The MoU, aimed at forming a consortium to develop a shipping industry blockchain alliance dubbed the Global Shipping Business Network (GSBN), has been signed by the world’s leading shipping operators during the China International Import Expo in Shanghai on Nov. 6.

The article notes that the software solution for the global shipping business network will be provided by CargoSmart, a Hong Kong-based company specializing in shipping and logistics.

CargoSmart initiated the launch of the blockchain shipping alliance, and the first application of the newly established global shipping business network is scheduled for December 2018. The article notes:

“The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.”

This new blockchain alliance involves such shipping giants as PSA International, a Singapore-based company and one of the world's largest port operators, and Shanghai International Port Group, leading operator of ports in China. Other participants include leading French shipping group CMA CGM S.A and Yang Ming Marine Transport Corporation, an ocean shipping company based in Taiwan.

At the end of the summer, Danish transport and logistics giant Maersk in partnership with IBM had also launched global blockchain-enabled platform involving 94 organizations for shipping and logistics solutions, Cointelegraph reported Aug. 9.

Nine Leading Shipping Operators Launch Global Business Network Based on Blockchain

The new shipping blockchain alliance includes nine of the world’s leading companies within the industry of shipping logistics and operations.

Nine major terminal operators and shipping companies have signed a Memorandum of Understanding (MoU) to launch an open digital platform based on distributed ledger technology (DLT), The Maritime Executive, a major industry source for maritime and marine news, reported Nov. 6.

The MoU, aimed at forming a consortium to develop a shipping industry blockchain alliance dubbed the Global Shipping Business Network (GSBN), has been signed by the world’s leading shipping operators during the China International Import Expo in Shanghai on Nov. 6.

The article notes that the software solution for the global shipping business network will be provided by CargoSmart, a Hong Kong-based company specializing in shipping and logistics.

CargoSmart initiated the launch of the blockchain shipping alliance, and the first application of the newly established global shipping business network is scheduled for December 2018. The article notes:

“The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.”

This new blockchain alliance involves such shipping giants as PSA International, a Singapore-based company and one of the world’s largest port operators, and Shanghai International Port Group, leading operator of ports in China. Other participants include leading French shipping group CMA CGM S.A and Yang Ming Marine Transport Corporation, an ocean shipping company based in Taiwan.

At the end of the summer, Danish transport and logistics giant Maersk in partnership with IBM had also launched global blockchain-enabled platform involving 94 organizations for shipping and logistics solutions, Cointelegraph reported Aug. 9.

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Author: Max Yakubowski

EtherDelta Founder Charged with Operating ‘Unregistered Securities Exchange’

SEC EtherDelta

The Securities and Exchange Commission (SEC) pressed formal charges against Zachary Coburn, the founder of cryptocurrency trading platform EtherDelta, for not registering his company as a national securities exchange.  


Required to Register

According to an official press release, the SEC has taken action against the founder of digital token trading platform EtherDelta, Zachary Coburn.

According to the Commission’s order, EtherDelta constitutes an online platform for secondary market trading of ERC20 tokens — most of which are usually issued through an initial coin offering (ICO). Furthermore, the SEC has found that almost all of the orders which have been placed through the platform have taken place after its 2017 DAO Report. According to it, certain digital assets, DAO tokens included, are considered securities and, hence, their trading is subject to the Commission’s requirement that exchange register or qualify for an exemption.

According to Stephanie Avakian, Co-Director of SEC’s enforcement arm, EtherDelta did neither of those, stating:

EtherDelta had both the user interface and underlying functionality of an online national securities exchange and was required to register with the SEC or qualify for an exemption.

Fines and Penalties Already Paid

The release also says that Zachary Coburn has already paid $300,000 in disgorgement, $13,000 in prejudgment interest, as well as a $75,000 penalty.

However, he hasn’t admitted to anything and the investigation is continuing. Still, the SEC recognizes his cooperation, stating that it may have prevented an even greater penalty.

According to Steven Peikin, Co-Director of the SEC’s Enforcement Division, existing legislation needs to be followed carefully in order to protect investors in times of “significant innovation.” Noted Peikin:

We are witnessing a time of significant innovation in the securities markets with the use and application of distributed ledger technology. But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws.

Do you think the SEC has merit to press charges against EtherDelta? Don’t hesitate to let us know in the comments below! 


Images courtesy of Shutterstock.

The post EtherDelta Founder Charged with Operating ‘Unregistered Securities Exchange’ appeared first on Bitcoinist.com.

Etherdelta Founder Fined $400K for Operating Unregistered Securities Exchange

SEC Fines Etherdelta Founder $400K for Operating Unregistered Securities Exchange

The U.S. Securities and Exchange Commission has published details of a cease and desist order it has taken against Zachary Coburn, the operator of Etherdelta. The decentralized ER20 token exchange was the leading Ethereum DEX during its peak, executing more than 3.6 million orders. According to the SEC, many of those orders were for unregistered security tokens.

Also read: Huobi Opens Office in Russia, Plans Startup Accelerator and Mining Hotels

Zachary Coburn Settles With SEC

Etherdelta Founder Fined $400K for Operating Unregistered Securities Exchange
Zachary Coburn

Zachary Coburn is almost $400,000 out of pocket after settling with the SEC for having operated Etherdelta as an unlicensed exchange where security tokens were traded. In total, Coburn has been ordered to pay $300,000 in disgorgement with an additional $88,000 in penalties on top. While the news, published in an SEC document today, has come as a surprise, it has been evident for some time that DEXs operating within the U.S. are going to have to change their business model. IDEX, which has replaced Etherdelta and its Forkdelta spin-off as the most popular platform of its kind, announced earlier this week that it would introduce KYC. It’s also barred residents of New York and a handful of other states from accessing the site.

In a 12-page ruling, the SEC lays bare the facts of the case, citing its report into the collapse of the DAO in which “the Commission advised that a platform that offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, must register with the Commission as a national securities exchange or be exempt from registration.” The document also explains how Coburn operated Etherdelta from July 2016 until November 2017, when he sold it to “foreign buyers.” The report chastises:

Coburn founded Etherdelta, wrote and deployed the Etherdelta smart contract to the Ethereum blockchain, and exercised complete and sole control over Etherdelta’s operations, including over the operations constituting the violations described above. Coburn should have known that his actions would contribute to Etherdelta’s violations.

A Hefty Fine But No Further Action Taken

Etherdelta Founder Fined $400K for Operating Unregistered Securities ExchangeDespite the severity of the fine Coburn was forced to pay, the founder could have fared worse. The SEC appears to have gone relatively easy on him due to his cooperation and willingness to pay any penalties levied. “The Commission considered remedial acts promptly undertaken by Respondent and cooperation afforded the Commission staff,” acknowledges the report. “Coburn’s efforts facilitated the staff’s investigation involving an emerging technology.”

While Etherdelta was a small exchange in the cryptocurrency landscape even at its peak, the ramifications of the SEC’s actions are sure to resonate far and wide. Exchanges, both centralized and decentralized, will be carefully examining their KYC and token listing policies in light of today’s report to ensure they aren’t next in the line of fire.

What are your thoughts on the SEC’s ruling? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Etherdelta Founder Fined $400K for Operating Unregistered Securities Exchange appeared first on Bitcoin News.

Etherdelta Founder Fined $400K for Operating Unregistered Securities Exchange

SEC Fines Etherdelta Founder $400K for Operating Unregistered Securities Exchange

The U.S. Securities and Exchange Commission has published details of a cease and desist order it has taken against Zachary Coburn, the operator of Etherdelta. The decentralized ER20 token exchange was the leading Ethereum DEX during its peak, executing more than 3.6 million orders. According to the SEC, many of those orders were for unregistered security tokens.

Also read: Huobi Opens Office in Russia, Plans Startup Accelerator and Mining Hotels

Zachary Coburn Settles With SEC

Etherdelta Founder Fined $400K for Operating Unregistered Securities Exchange
Zachary Coburn

Zachary Coburn is almost $400,000 out of pocket after settling with the SEC for having operated Etherdelta as an unlicensed exchange where security tokens were traded. In total, Coburn has been ordered to pay $300,000 in disgorgement with an additional $88,000 in penalties on top. While the news, published in an SEC document today, has come as a surprise, it has been evident for some time that DEXs operating within the U.S. are going to have to change their business model. IDEX, which has replaced Etherdelta and its Forkdelta spin-off as the most popular platform of its kind, announced earlier this week that it would introduce KYC. It’s also barred residents of New York and a handful of other states from accessing the site.

In a 12-page ruling, the SEC lays bare the facts of the case, citing its report into the collapse of the DAO in which “the Commission advised that a platform that offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, must register with the Commission as a national securities exchange or be exempt from registration.” The document also explains how Coburn operated Etherdelta from July 2016 until November 2017, when he sold it to “foreign buyers.” The report chastises:

Coburn founded Etherdelta, wrote and deployed the Etherdelta smart contract to the Ethereum blockchain, and exercised complete and sole control over Etherdelta’s operations, including over the operations constituting the violations described above. Coburn should have known that his actions would contribute to Etherdelta’s violations.

A Hefty Fine But No Further Action Taken

Etherdelta Founder Fined $400K for Operating Unregistered Securities ExchangeDespite the severity of the fine Coburn was forced to pay, the founder could have fared worse. The SEC appears to have gone relatively easy on him due to his cooperation and willingness to pay any penalties levied. “The Commission considered remedial acts promptly undertaken by Respondent and cooperation afforded the Commission staff,” acknowledges the report. “Coburn’s efforts facilitated the staff’s investigation involving an emerging technology.”

While Etherdelta was a small exchange in the cryptocurrency landscape even at its peak, the ramifications of the SEC’s actions are sure to resonate far and wide. Exchanges, both centralized and decentralized, will be carefully examining their KYC and token listing policies in light of today’s report to ensure they aren’t next in the line of fire.

What are your thoughts on the SEC’s ruling? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Etherdelta Founder Fined $400K for Operating Unregistered Securities Exchange appeared first on Bitcoin News.

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Author: Kai Sedgwick

ZCash Price Enters an Accumulation Phase between $125 and $130

zcash development

Most of the top cryptocurrency markets remain in the red, for the time being. That is primarily because Bitcoin is slowly bleeding value In such events, altcoins are often dragged down with this negative momentum. One notable exception in the top 20 is ZCash, as it remains in the green without much effort.

ZCash Price Shows Lots of Positive Potential

It is evident all of the top alternative currencies follow Bitcoin’s price curve first and foremost. While that is not necessarily a bad thing, it is also rather problematic when it comes to altcoins in general. This symbiotic relationship with Bitcoin hinders their chances of breaking out on their own power. Things are seemingly a bit different when it comes to ZCash, one of the privacy-oriented cryptocurrencies.

In the past 24 hours, ZCash is the only notable currency to go in the green again. Every other currency has lost value, either in a marginal fashion or through medium-sized deficits. In the case of Zcash, however, things are very different, as it is still up by 1.6% in USD value and gained nearly 3% over Bitcoin itself. That is quite promising when looking at the bigger picture.

Looking at social media, it seems GCG Market Research is paying a lot of attention to Zcash for the time being. They even go as far as claiming how ZEC will outperform potentially all other cryptocurrencies in the remainder of Q4. A very ambitious statement, as it will not happen unless there is some truth to the Coinbase listing rumors. So far, those are still false.

There are those who tend to publicly debate the stagnating developments affecting other cryptocurrencies. Andreas H is one of those individuals, by the look of things. In fact, he sees this as a situation which will benefit the interest in Zcash. While there may be some truth tot hat idea,  comparing both currencies in any way makes literally no sense whatsoever.

As is usually the case when cryptocurrency market prices make no real sense, arbitrage opportunities pop up out of nowhere. Arbing Tool confirms buying and selling ZEC across different exchanges can yield some very quick profits for virtually no work involved. Taking advantage of these market options is easier said than done, though.

Based on the current market conditions, it seems unlikely ZCash can remain at this level for a long time. After all, no cryptocurrency ever escapes the vacuuming black hole that is Bitcoin. For the time being, it seems a value above $125 should be possible for a while longer, but retaking $130 may be a bit too difficult.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

The post ZCash Price Enters an Accumulation Phase between $125 and $130 appeared first on NullTX.

India’s First Smart Police Robot “Robocop” Arrives in Hyderabad

TheMerkle Kengoro Sweating Robot

The future of police robots still remains unclear in this day and age. That is not entirely uncommon by any means, as this idea raises a lot of questions and criticism. Hyderabad, a city in India, is introducing its first police robot iteration to the masses.

Hyberabad Sees Merit in Police Robots

It is evident the future of robotics will look very different from what most consumers expect. There are many different benefits to embracing robotics in a meaningful manner. At the same time, it will also lead to a major shift in the job market, which has been widely touted as the “end of human jobs” over the past few years. Robots will not replace humans everywhere by any means, but only make our society more efficient.

One key area to explore comes in the form of police robots. While most people associate this concept with Robocop or even Terminator, the reality is very different compared to those movies. More specifically, it seems the main objective is to make society feel safer, while also removing the danger associated with the job for human police officers. A robot is more suited for taking bullets compared to human flesh, after all.

For Hyberabad, building a police robot has been an ongoing process. The Indian city has been looking for different ways to merge police duties with robots in a convenient and meaningful manner. Dubai police officials introduced the first robot police officer in May of 2017. It is a very simplistic unit which accommodates very basic tasks. For Hyberabad, the goal was to take that idea to a new level.

As such, their first “smart” policing robot is known as Robocop. That name is aptly chosen, although it will undoubtedly draw parallels to the Hollywood movie franchise. This unit can move, recognize people, take complaints, detect bombs, and answer to queries. The police robot has built-in cameras, GPS, sensors, and so forth.

The exact trial period of this police robot remains unclear at this time. Although it will patrol the streets of Hyberabad, it is a bit unclear what the team hopes to achieve in doing so. Collecting valuable data will be the number one priority, by the look of things, although tests like these can also have adverse effects in the long run. Robotics are, while innovative and fascinating, also subject to security issues like any other form of technology.

Slowly but surely, police robots are becoming more commonplace all over the world. That is only normal, as this concept has a lot of merit when it is deployed correctly. There is a good chance units of this magnitude will become a lot more commonplace around the globe, as similar efforts are taking place in Brazil, Poland, Israel, Russia, and so forth. A very peculiar market trend to keep an eye on.

The post India’s First Smart Police Robot “Robocop” Arrives in Hyderabad appeared first on NullTX.

Blockstream Releases Full Node Access, Wallet, Block Explorer for Liquid

Liquid Full Node Release

Blockstream has released a full node and wallet client for its newly released Liquid, along with a fresh-out-the-box block explorer to monitor transactions and other data on the sidechain.

With a mission to establish “an inter-exchange settlement network,” Liquid was launched last month. The platform is a sidechain built out of Bitcoin’s mainnet that allows its users to swap bitcoin 1:1 for a token on Liquid’s sidechain (L-BTC).

“Liquid is mostly for traders to move assets between exchanges or store in trading wallets ready to quickly deposit to exchanges.  The advantage of Liquid is it is faster to deposit and move assets, and time is very much money for cross-exchange trading,” Blockstream CEO Adam Back told Bitcoin Magazine.

Now, in what Back called “the next step” of Liquid’s development, anyone can participate in the sidechain’s network. Running a Liquid full node will let any user “trustlessly self-validate the chain just like they can with the Bitcoin network,” the official announcement reads. The release also comes with a wallet client for holding Liquid assets like L-BTC.

With the full node, the command line utilities give full-node operators free range to issue assets on Liquid, send and receive assets and broadcast information about the state of the sidechain.

In addition to these baseline features, Liquid also leverages anonymity features that Bitcoin does not support. The sidechain’s confidential transactions give users the option to obscure their transaction amounts, and confidential assets hide transacted assets from everyone on the network except the recipient and sender.

To coincide with the new releases, Blockstream has also launched its own block explorer to accommodate Liquid. This extended functionality lets users search data on the Bitcoin mainnet, testnet and the Liquid sidechain, and it also includes a search function to track peg-ins and peg-outs between the Bitcoin and Liquid networks.  

“Overall we are very pleased with the level of interest in liquid both from the technical developer and power user community and exchanges, and institutional traders, but there is much more to do so it will be a busy time for blockstream over the next period,” Back said to Bitcoin Magazine.

Staying busy, Blockstream’s forthcoming additions to Liquid’s ecosystem include new assets, a GUI wallet release, further exchange integrations and hardware wallet support for Liquid assets on Trezor and Ledger devices. With these additions, Back believes Liquid “will become more accessible.”

This article originally appeared on Bitcoin Magazine.

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Author: Colin Harper

Star Trek Star William Shatner Defends Ethereum From Inaccurate Claims

William Shatner, a renowned Canadian actor, author, producer, director and singer famous for his role in the mega-popular media franchise Star Trek, recently defended Ethereum and its technology. On November 7, Shatner tagged Vitalik Buterin, a co-creator of Ethereum, in a Tweet, publicly portraying his interest in cryptocurrencies and the blockchain. His viewpoints don’t take

The post Star Trek Star William Shatner Defends Ethereum From Inaccurate Claims appeared first on CCN

Researchers Link NotPetya Outbreak and Kiev Power Grid Outage to one Hacking Group

ransomware water utility

Depending on how one looks at the world, coincidence is either a common thing or doesn’t exist at all. In the world of cyberthreats, it would seem the latter is the more common conclusion. New research shows the NotPetya ransomware attack, as well as a disruption of Ukraine’s power grid, are linked together by one common denominator.

The Industroyer Backdoor Threat

Security researchers often wonder if there are any hidden connections between recent disruptive cyber threat events. In early 2017, the NotPetya ransomware outbreak caused a massive problem on a global scale. Numerous institutions and companies were affected by this malware, which attempted to extract Bitcoin from all of its victims.

A year prior, a massive power grid disruption caused issues in Kiev, the capital city of Ukraine. Although that disruption was clearly caused by a hacker, it now seems there is a bigger reason for that particular development. In fact, the Kiev attack and NotPetya are not necessarily two separate incidents, as they are both linked to the infamous Industroyer backdoor.

For those who are not familiar with that name, Industroyer is a piece of code which has tried to attack Ukrainian services for some time now. Although its success in the country was relatively limited, the tool itself serves as a platform both NotPetya and the successful attack on Kiev’s power grid. Any previous concerns regarding NotPetya following in WannaCry’s footsteps were discredited by these findings, as the former is incapable of decrypting a hard disk after a payment is made, Instead, it erases all data regardless.

ESET researchers explain their findings as follows:

“As can be seen from the first line of the configuration, the attackers are grouping their targets based on the security solutions in use. Similar behavior can be found in the Industroyer toolset – specifically some of the Industroyer backdoors were also disguised as an AV-related service (deployed under the name avtask.exe) and used the same grouping.”

With these findings being made public, ESET has seemingly uncovered a connection between major cyberattacks which everyone else overlooked. It ties one single group to these attacks, albeit the origin of this group remains unclear. Nor is it clear if they are still in operation today, albeit it seems safe to assume such a powerful group may not necessarily back down anytime soon either.

All of this puts an entirely new spin on the ransomware distribution industry. Although a lot of efforts are small-scale, there are some bigger plans put in motion. That is a very worrisome outlook for our society, as none never knows what the next attack might lead to. Shutting down a power grid evolved into briefly crippling major companies on a global scale. One can only speculate what comes next, albeit the outlook isn’t exactly promising.

The post Researchers Link NotPetya Outbreak and Kiev Power Grid Outage to one Hacking Group appeared first on NullTX.

Mining Giant Bitmain Hurries to Deploy 90,000 S9 Antminers Ahead of Bitcoin Cash Hard Fork

Ahead of the imminent Bitcoin Cash hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang.

Ahead of the imminent Bitcoin Cash (BCH) hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang, Chinese blockchain news source DeepChain reports Nov. 8.

As reported, the BCH network will hard fork on Nov. 15, and Bitmain is reported to be strategizing its role in the forthcoming computing “power war” by reaching out to local mining farms in the coal-rich region of Xianjing.

Local mining pool operator Yu Hao told DeepChain that the mining titan has been in talks with “almost all” the local mining farms since late October, and persuaded them to host almost 90,000 of its S9 machines:

“[Bitmain’s] AntPool requested that a single mining farm should host over 5,000 machines. But in fact, only a few mining farms can satisfy their demand.”

An unnamed source “familiar with the matter” has claimed that “half of [Bitmain’s] marketing staff have gone to Xinjiang to talk with local mining operators about deploying equipment.”

As DeepChain outlines, the power glut in coal-rich regions such as Xinjiang and Inner Mongolia has been advantageous for firms such as Bitmain, as hydropower stations in southwest China have been unable to supply sufficient power to meet their energy-intensive needs.

Beijing-born Bitmain, which is a major holder of Bitcoin Cash, is backing BCH client Bitcoin ABC, which has spearheaded the forthcoming hard fork. ABC’s proposed scalability upgrades have been starkly opposed by an opposing camp, nChain, led by self-proclaimed “Satoshi Nakomoto” Craig S. Wright.

Wright is advocating for a BCH protocol known as Bitcoin-SV (BSV), but so far major mining pools such as BTC.com, AntPool, Btc.top, ViaBTC, Bitcoin.com have all backed Bitcoin ABC, as DeepChain further reports.

CoinGeek, reportedly the largest BCH mining pool, BMG, and SBI have all backed BSV, according to DeepChain, which further reports that some Chinese miners plan to mine BSV as early as Nov. 10 as a “warm-up” to ensure maximum efficiency by the time the fork is initiated.

Notably, largest global crypto trading platform Binance has recently announced its support of the hard fork, a possible reason for the recent major price hike of the asset.

As of press time, Bitcoin Cash is trading at $600.94, up 46.1 percent since Nov.1. As DeepChain notes, Binance has been joined by leading U.S. crypto exchange Coinbase in endorsing the network upgrade.

Bitmain continues to compete with other mining hardware makers to have the technological edge; this week, the firm released two new 7nm (nanometer) Antminers, equipped with next-generation ASIC chips.

Mining Giant Bitmain Hurries to Deploy 90,000 S9 Antminers Ahead of Bitcoin Cash Hard Fork

Ahead of the imminent Bitcoin Cash hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang.

Ahead of the imminent Bitcoin Cash (BCH) hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang, Chinese blockchain news source DeepChain reports Nov. 8.

As reported, the BCH network will hard fork on Nov. 15, and Bitmain is reported to be strategizing its role in the forthcoming computing “power war” by reaching out to local mining farms in the coal-rich region of Xianjing.

Local mining pool operator Yu Hao told DeepChain that the mining titan has been in talks with “almost all” the local mining farms since late October, and persuaded them to host almost 90,000 of its S9 machines:

“[Bitmain’s] AntPool requested that a single mining farm should host over 5,000 machines. But in fact, only a few mining farms can satisfy their demand.”

An unnamed source “familiar with the matter” has claimed that “half of [Bitmain’s] marketing staff have gone to Xinjiang to talk with local mining operators about deploying equipment.”

As DeepChain outlines, the power glut in coal-rich regions such as Xinjiang and Inner Mongolia has been advantageous for firms such as Bitmain, as hydropower stations in southwest China have been unable to supply sufficient power to meet their energy-intensive needs.

Beijing-born Bitmain, which is a major holder of Bitcoin Cash, is backing BCH client Bitcoin ABC, which has spearheaded the forthcoming hard fork. ABC’s proposed scalability upgrades have been starkly opposed by an opposing camp, nChain, led by self-proclaimed “Satoshi Nakomoto” Craig S. Wright.

Wright is advocating for a BCH protocol known as Bitcoin-SV (BSV), but so far major mining pools such as BTC.com, AntPool, Btc.top, ViaBTC, Bitcoin.com have all backed Bitcoin ABC, as DeepChain further reports.

CoinGeek, reportedly the largest BCH mining pool, BMG, and SBI have all backed BSV, according to DeepChain, which further reports that some Chinese miners plan to mine BSV as early as Nov. 10 as a “warm-up” to ensure maximum efficiency by the time the fork is initiated.

Notably, largest global crypto trading platform Binance has recently announced its support of the hard fork, a possible reason for the recent major price hike of the asset.

As of press time, Bitcoin Cash is trading at $600.94, up 46.1 percent since Nov.1. As DeepChain notes, Binance has been joined by leading U.S. crypto exchange Coinbase in endorsing the network upgrade.

Bitmain continues to compete with other mining hardware makers to have the technological edge; this week, the firm released two new 7nm (nanometer) Antminers, equipped with next-generation ASIC chips.

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Author: Marie Huillet

Breaking: SEC Charges EtherDelta Founder with Operating Unregistered Exchange

The US Securities and Exchange Commission (SEC) has charged the founder of decentralized Ethereum exchange (DEX) EtherDelta with operating an unregistered exchange. As a DEX, the crypto trading platform allowed users to trustlessly trade Ethereum-based tokens without registering accounts or entrusting their funds to an exchange-controlled wallet. Trading was managed by a smart contract, though

The post Breaking: SEC Charges EtherDelta Founder with Operating Unregistered Exchange appeared first on CCN

Overstock CEO Predicts Mass Crypto Adoption as Bitcoin Price Rises

Cryptocurrency markets have fallen by more than 70 percent this year. But according to a veteran from the industry, they are standing at the edge of a revolution.

Patrick Byrne, the CEO of Overstock, an Amazon-like marketplace which accepts payments in Bitcoin, said in a recent interview that he is still expecting cryptocurrencies to reach mass adoption. The Bitcoin bull highlighted the failure of the mainstream financial systems and how the people working under these systems have abandoned their hyperinflated currencies for decentralized assets like Bitcoin.

“People turn to it where they collapse, such as in Venezuela or Cyprus or Syria, something like that,” Byrne told YouTuber Naomi Brockwell.”When people start getting into it is when their [own] financial systems collapse. So yes, given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto.”

Bitcoin this year has fallen by almost 60 percent against the US Dollar. The hype around the digital currency in 2017 assisted it hitting an all-time high near $20,000. People went long on Bitcoin’s higher high formations, believing that the asset would ultimately touch half a million by the end of 2018. However, every financial in the same year reported heavy losses. The bearish status was visible even in the altcoin markets, where top coins, including Ripple and Ethereum, plunged even more than Bitcoin.

The Recovery in Q3

Almost every top cryptocurrency by market cap seems to have established a robust bottom level during the Q3 2018 price action. While Ethereum and Ripple have corrected by 35 and 98 percent, respectively, towards the positive territory, Bitcoin’s gains amount to a circa 9 percent since the bottom formation near $6,000. At the same time, the volatility of Bitcoin has dipped to its record minimum ever, leading speculators to believe that the asset is gradually being treated as a store of value.

It could be true, given the growing interests of institutional investors into the Bitcoin space. From the news of the Securities and Exchange Commission’s likelihood of approving a Bitcoin ETF to the willingness of mainstream investors to add cryptocurrencies to their investment portfolios, fundamentals are helping Bitcoin look bullish in long-term. The bottom formation near $6,000 attests to the same, with traders believing that a lot of big investors have entered the bitcoin space near the same level. So, it would be unlikely if the market dips anywhere below $6,000.

However, Byrne didn’t comment on whether Bitcoin could be the champion of an ongoing race to coin supremacy, especially when there are plenty of speedier and technologically advanced cryptocurrencies around. “Whether bitcoin is the one, whether bitcoin has solved its speed problems or it’s another cryptocurrency, only time will tell,” he added.

At the press time, Bitcoin is trading at $6,533, almost 4.6% up from its weekly low at $6,246.

 

Image from Shutterstock

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