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Cryptocurrency News
from TheNextWeb / HardFork

INCLUDING Goldman Sachs might launch its own ‘cryptocurrency’ – just like JP Morgan ... The company is doing 'extensive research' on cryptocurrencies

Burgess COMMENTARY

Peter Burgess
News Events ▾ Business ▾ AMAs Spaces About Team Advertise Jobs Contact LATEST HARD FORK PLUGGED FUNDAMENTALS WORK 2030 Listen to TNW Conference talks as podcasts on Spotify → Powered by eToro Blockchain, cryptocurrencies, and insider stories by TNW. MONEY TECH Goldman Sachs might launch its own ‘cryptocurrency’ – just like JP Morgan The company is doing 'extensive research' on cryptocurrencies Goldman sachs, derivatives, bitcoin, blockchain, cryptocurrency Neer Varshney STORY BY Neer Varshney 52 SHARES American banking giant Goldman Sachs might be following in the footsteps of its competitor JP Morgan. The bank is considering launching its own cryptocurrency. In an interview with French financial newspaper Les Echos today, Goldman Sachs CEO David Solomon said that they are doing extensive research on the concept of “tokenization.” Solomon expressed his belief in the potential of blockchain-based digital currency in enabling frictionless cross-border payments. Similar to JP Morgan, Goldman Sachs believes such a currency will need to be backed by actual fiat currencies. According to Solomon, cryptocurrency regulations are likely to see a change in near future. I think regulators around the world are watching what’s going on. They wonder how it will work and are very attentive to payment flows. There will be a change in regulation, that’s for sure. Asked if Goldman Sachs is in talks with Facebook for a potential partnership for its Libra cryptocurrency, Solomon declined to comment. On the race among tech companies and mainstream financial organizations to get hold of the cryptocurrency market, Solomon said the following: Many people are looking in this direction. But it is too early to say which platform will prevail. Whether [Facebook] is this platform or one of the other fifty that people are watching that will make the most progress, I can not tell you. He further said that any of these projects will take a lot of time to realize. “Sheryl Sandberg [COO of Facebook] herself said they are still very, very far from the launch,” he added. As for why banks are so keen on joining the cryptocurrency race, Solomon is clear: “Banks must remain innovative, otherwise they will disappear.” [H/T CoinDesk] Published June 28, 2019 — 13:09 UTC Most popular exit scam, bitcoin, cryptocurrency, blockchain CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users LEARN TO TRADE BITCOIN INSIGHTS JUSTICE OF THE PEACE BITCOIN CANNABIS (DRUG) SILK ROAD (MARKETPLACE) Silk Road weed dealer fights Vancouver police over $2.6M in seized Bitcoin 226 BTC was seized way back in 2013 2, cannabis, bitcoin, blocckhain, china, crypocurrency, hemp, farm, sale, stocks, investment David Canellis STORY BY David Canellis 86 SHARES Vancouver police have been accused of misleading a justice of the peace in a plot to seize $2.6 million (CAD$3.5 million) in Bitcoin .02% owned by a dark web marijuana trafficker, CBC reports. Authorities believe the Bitcoin, found on hard drives seized in 2013, to be the proceeds of illegal activity — specifically the selling of large amounts of cannabis via seminal dark web marketplace Silk Road. On the other hand, the trafficker (D.A.L.) says investigators applied to keep the hard drives despite receiving separate orders to return them – allegations reportedly deemed “extremely serious” in a ruling this week. In 2013, police were called to D.A.L.’s residence, where they found 14.5 kilograms of marijuana, scales, and vacuum sealers. D.A.L. was accused of selling weed for Bitcoin on Silk Road under the name MarijuanaisMyMuse. D.A.L. plead guilty to possession for the purpose of trafficking in March 2015, and subsequently served nine months in prison. It wasn’t until March 2017 that a court order was signed to have Vancouver police return D.A.L.’s property. Once it had been delivered, D.A.L. and his brother soon discovered their hard drives were still missing. Two months later, authorities applied to keep the computer equipment, claiming it to be related to an investigation (or a trial). Police then reportedly told D.A.L. they had seized the hard drives for forensic analysis, which were soon found to be storing 226.44 BTC ($2.6 million). A British Columbia Supreme Court ruled the issue of the Bitcoin seizure must be heard before it can process the police’s civil forfeiture claim. “The police committed fraud by deliberately failing to advise the justice of all the pertinent facts,” D.A.L. claimed. “The police deliberately and fraudulently misled, not only the justice who approved their application, but also counsel.” If it’s found Vancouver police acted improperly, the Bitcoin is reportedly likely to return to its original owner. Published June 28, 2019 — 14:07 UTC LEARN TO TRADE BITCOIN INSIGHTS BITCOIN GERMANY ARREST BERLIN LAW ENFORCEMENT SPAIN NETHERLANDS GERMANS German police raid another Bitcoin-powered dark web marketplace Bitcoin dark web Yessi Bello Perez STORY BY Yessi Bello Perez 60 SHARES German police have busted Chemical Revolution, a dark web marketplace, which allowed consumers to buy narcotics with Bitcoin. According to a press release issued by Germany‘s Federal Criminal Police Office, officers have made 11 arrests in connection with the operation. Additionally, the statement says the site’s servers were seized by German police officials and the French criminal police. The investigation began following the arrest of a 26-year-old from Brandenburg on the Havel, a town west of Berlin, in Spring last year. Law enforcement seized a stash of narcotics, including almost 50 kilograms of amphetamine, 16 kilograms of cannabis, 2 kilograms of MDMA, 900 grams of cocaine, 600 grams of heroin, and a high number of ecstasy tablets and so-called LSD trips. The main suspect is a 26-year-old from Munich, who most recently lived in Mallorca (Spain). The suspect was allegedly responsible for overseeing the sale of narcotics, obtaining the drugs, and managing the funds. He was arrested on May 28t when he traveled to Germany and is still in custody. Several other arrests have been made so far this year. On February 13, a 43-year-old Dutch national was arrested while handing over 14 kilograms worth of various drugs in Hamburg. He was suspected of procuring the drugs for sale in the Netherlands and organizing their transport to Germany. The man remains in custody. On that same day, a 24-year-old German citizen from Hamburg was also arrested. He is accused of organizing the shipment of sold drugs. The sting operation was a joint effort by German, Dutch, Polish, French, and Spanish police. Today’s news comes after several other dark web sites suffered the same fate in recent months. Just a few days ago, an alleged moderator of AlphaBay, a dark web marketplace, was indicted for facilitating sales on the site before law enforcement shut it down as a result of Operation Bayonet. Prior to that, authorities shut down The Wall Street Market and Silkkietie (also known as the Valhalla Marketplace). Published June 28, 2019 — 13:32 UTC LEARN TO TRADE INSIGHTS CRYPTOCURRENCY BITCOIN RIPPLE EXCHANGE (ORGANIZED MARKET) CNBC FEDERAL BUREAU OF INVESTIGATION CNBC-shilled cryptocurrency exchange Bitsane pulls exit scam on 246K users Please don't keep your crypto on an exchange exit scam, bitcoin, cryptocurrency, blockchain David Canellis STORY BY David Canellis 55 SHARES Irish cryptocurrency exchange Bitsane has reportedly pulled an exit scam and disappeared with hundreds of thousands of dollars in cryptocurrency belonging to its users, reports Forbes. Bitsane’s website, which reportedly boasted 246,000 registered users, has been offline since (at least) June 17, when its Facebook and Twitter accounts were noted to be offline. LinkedIn accounts for key employees have also been scrubbed. This did not age well The company itself filed for dissolution on May 16, but curious circumstances – including a separate company (Bitsane Limited) incorporated in the UK in 2017 – have attracted doubt. According to Forbes, affected users have been comparing in a Telegram group. Most report losses of up to $5,000 worth of cryptocurrency. However, however one US-based investor told reporters Bitsane had vanished with $150,000 worth of Bitcoin and Ripple (XRP) they had been storing on the exchange. Sadly, Bitsane got its big break during 2017’s “crypto-mania.” When mainstream media outlet CNBC infamously “educated” readers on how to buy Ripple just as its price approached its all-time-high, it actually advised investors to purchase Bitcoin and Ethereum on Coinbase and exchange it for XRP using Bitsane. Three of the five users Forbes spoke to heard about Bitsane through CNBC‘s article. The exchange was also reportedly featured on Ripple‘s website until recently. Ripple’s ‘How to buy XRP’ page, March Multiple Bitsane users in the US are said to have reported the situation to the FBI. Please, if you’re keeping your cryptocurrency on an exchange for any extended period of time – just don’t. Get a wallet. Published June 28, 2019 — 10:16 UTC LEARN TO TRADE BITCOIN INSIGHTS MAIL ANONYMITY DARKNET (FILE SHARING) BITCOIN ARREST UNITED STATES DOLLAR Bitcoin dark web drug ring busted after dealer doxes himself buying stamps DUMB, DUMB! Bitcoin dark web Yessi Bello Perez STORY BY Yessi Bello Perez 87 SHARES US law enforcers have busted a Bitcon-fuelled dark web drug ring after one of the alleged dealers messed up and bought pre-printed postage online using his real identity. The dealers, which sold almost $9 million worth of counterfeit Adderall, leveraged the anonymity afforded by the dark web and received payments in Bitcoin. But, one of the men involved made a crucial mistake that led to their arrests. It’s all well and good using the dark web and Bitcoin .02% to stay anonymous, but this story shows that these technologies don’t protect your identity outright. According to Quartz, undercover federal agents spent the past six months buying Adderall on now-defunct Dream Market, a dark web site specializing in stolen personal data and narcotics. Court documents show the pills were sold by a Chinese-born US citizen called Tzu Yang “Issac” Lin, supplied by Meng Ting “Leo” Hu, a Taiwanese national, and sent using the US Postal Service. After noticing that Hu had paid for postage online, federal agents discovered his identity and put him under surveillance. As a result, they witnessed him sending boxes containing the drugs to Lin. They later tailed Lin to a post office, where they saw him drop off 87 Priority Mail envelopes into a mailbox. Both men resided in Southern California and are thought to have started the online drug ring in 2017. According to prosecutors, Lin is thought to be responsible for over 8,000 individual sales, accounting for more than $8.8 million in sales, all off which were made using Bitcoin. Published June 28, 2019 — 08:44 UTC LEARN TO TRADE BITCOIN INSIGHTS IRAN BITCOIN CRYPTOCURRENCY ENERGY CONSUMPTION BAN (LAW) ELECTRICAL GRID Iran seizes 1,000 Bitcoin miners, says mining with state electricity is a no-no Cryptocurrency is still banned by central bank iran-cryptocurrency-mining-industry-accepted Matthew Beedham STORY BY Matthew Beedham 65 SHARES Authorities in Iran have seized around 1,000 Bitcoin .02% mining machines from two abandoned factories, according to Reuters. The report hasn’t stated what cryptocurrency was being mined, or for how long the farm had been operating. It’s also unclear why, or for how long the farms were abandoned. “Two of these Bitcoin farms have been identified, with a consumption of one megawatt,” Arash Navab, a power official in the central province of Yazd, told state television. The news comes just days after local media reported that Irananian officials were blaming the country’s recent increase in energy consumption on cryptocurrency mining. The country witnessed a seven percent increase in energy consumption in the month ending June 21. In September 2018, Iran‘s Supreme Council of Cyberspace was shaping up to recognize cryptocurrency mining as a legitimate industry, however, the country is still operating under nationwide ban on the digital assets. In April 2018, Iran‘s central bank prohibited other banks from dealing with cryptocurrencies over fears of money laundering. An Iranian energy official recently said that using the country’s national grid to power cryptocurrency mining machines is illegal. So, it seems to be a bit of a grey area at the moment. That said, some in Iran still believe cryptocurrency could be a solution to help mitigate international sanctions placed on the country. A group of designers from Iran recently submitted plans for a cryptocurrency mining skyscraper water park to an international architecture prize. Interestingly, their plans use hydro electric to power Bitcoin miners to keep them entirely off the national grid. Published June 28, 2019 — 08:41 UTC LEARN TO TRADE INSIGHTS GOLD SECURITY FIAT MONEY BANK CRYPTOCURRENCY COMMODITY PRICE Two-thirds of failed stablecoin projects were backed by gold 24 stablecoin projects have failed, 16 were backed by gold stablecoin, void, blockchain, bitcoin, deunct, closed, coin, tether Matthew Beedham STORY BY Matthew Beedham 87 SHARES Stablecoins were once touted by some as a fix for cryptocurrency’s volatility. Thing is, it seems they’re not as stable as their name would suggest. Most of the stablecoin projects announced since 2017 are still yet to launch, and two-thirds of stablecoin projects that have failed were backed by gold. Since the beginning of 2017, 119 stablecoin projects have been announced and are still yet to be rolled out to the public, there are currently 66 active stablecoins, according to research from blockchain analytcis firm Blockdata. Credit: Blockdata To date, 24 stablecoin projects have closed down and ceased operations. Around two-thirds (16) of these now defunct stablecoins were backed by gold reserves. It seems that question marks over the security of gold reserves have led to this series of stablecoin closures. Blockdata says that fiat-backed stablecoins require a trusted centralized entity (read: bank), which can provide some security. But even then, that’s not always a sure bet – remember the Bitfinex and Tether debacle? Gold-backed assets, on the other hand, have to prove that gold exists, and is actually stored somewhere securely. What’s more, gold itself is not a stable asset, it’s subject to its own volatility, scarcity, and market pressures. In some cases, stockpiling large amouns of the commodity can inflate the price, making the stablecoin it’s supposed to back less stable. Given the 119 projects that are still in limbo, we could see a raft of new stablecoins in the coming years. On the other hand, we might have to start adding dead stablecoin projects to the crypto-graveyard. Published June 27, 2019 — 14:33 UTC LEARN TO TRADE BITCOIN WORLD CRYPTOCURRENCY DARKNET (FILE SHARING) MDMA BITCOIN IRELAND CRIME Dublin crime ring recruited 14-year-olds to hide drugs bought with Bitcoin This is like that Netflix series about selling drugs (fast) Bitcoin dark web David Canellis STORY BY David Canellis 73 SHARES A drug-smuggling kingpin has been using west Dublin teenagers as young as 14 to store large amounts of narcotics bought with cryptocurrency via the dark web, reports Irish local media The Journal citing sources familiar with the matter. Authorities suspect they run a criminal enterprise that distributes illegal drugs like cocaine, MDMA, and ketamine within the west Dublin area. A 17-year-old boy arrested earlier this week over $682,000 (€600,000) worth of ecstasy seized at Lucan postal centre is believed to have actually been paid to hold them for the dodgy dealers. He was later released without charge. According to reports, state police say there are “dozens of young people” in areas such as Lucan, Clondalkin, and Ballyfermot currently holding drugs for the syndicate – a supposed strategy to reduce legal risk. International police recently disrupted two of the dark web‘s most prolific narcotics markets in a string of raids around the globe, including the US and Germany. They seized $600,000 in cash, as well as large sums of Bitcoin .02% and Monero. Not to mention, a Californian man who sold drugs on the dark web in exchange for Bitcoin was sentenced to 10 years in prison last month. In the case of our drug smuggler from Dublin, narcotics squads are reportedly investigating, joined by the Ireland‘s National Bureau of Criminal Investigation, the Garda National Drugs, and the Organised Crime Bureau. Still, cryptocurrency-fuelled drug syndicates regularly get broken up, but it’s unclear just how much it affects dark web trade. Published June 27, 2019 — 11:33 UTC LEARN TO TRADE BITCOIN EDWARD SNOWDEN INSIGHTS EDWARD SNOWDEN CENTRAL INTELLIGENCE AGENCY BITCOIN SURVEILLANCE INTERNET PRIVACY Edward Snowden used Bitcoin to buy servers for 2013 mass surveillance leak He did so to avoid his name being tied to the records Edward Snowden Bitcoin Yessi Bello Perez STORY BY Yessi Bello Perez 68 SHARES Edward Snowden, the notorious American whistleblower, has confirmed he relied on the censorship resistance of Bitcoin .02% to help leak data to journalists in 2013. Snowden made headlines across the globe after leaking highly classified information from the National Security Agency (NSA) when he was a CIA employee and subcontractor. The leak revealed several global surveillance programs, many operated by the NSA and the Five Eyes Intelligence Alliance with the help of telecommunication companies and European governments, prompting a global discussion about national security and individual privacy. Speaking via video conference at Bitcoin 2019, an industry conference held in San Francisco over the past couple of days, Snowden said: “The servers that I used to transfer this information to journalists were paid for using Bitcoin.” During his talk, Snowden praised Bitcoin‘s decentralized and permissionless nature and the freedom it gives users to exchange and transact without supervision, particularly in world driven by heightened surveillance facilitated by the emergence of technology. “Bitcoin is free money […] you are able to exchange and interact permissionless. And when I think about privacy, that’s what it’s all about. What does liberty mean? It’s freedom from permission, it means we live our lives in a way that we can experiment, we can engage, we can try things, we can even fail, and we don’t have to get a permission slip from the principal’s office.” “We are not watched, we are not recorded […] this ability to act without permission […] is the foundation of all rights.” “It used to be that governments could watch you […] but now all of this happens with devices that we, ourselves, pay for,” said Snowden, adding “and while we do that privacy stops being the status quo and liberty stops being the natural state of things,” he noted. Speaking more broadly, the whistleblower challenged the pre-conceived notion that the right to privacy is not about having something to hide but about being able to protect oneself. He also tackled Bitcoin’s well documented branding problem and its association with crime, stating “there are a hell of a lot more criminals that use the dollar.” On June 21, 2013, the US Department of Justice unsealed charges against Snowden of two counts of violating the Espionage Act of 1917, and stealing government property. The Department of State then revoked his passport. Two days later, Snowden flew to Moscow where he was granted asylum. His Russian residency permit is reportedly valid through the year 2020. Published June 27, 2019 — 11:16 UTC LEARN TO TRADE BILL GATES INSIGHTS INDIA CRYPTOCURRENCY BILL GATES RICHARD BRANSON PONZI SCHEME CONFIDENCE TRICK Indian scammers stole $2M in cryptocurrency using inspirational Bill Gates quotes The scam website Monivo is still live bill gates, quotes, cryptocurrency, bitcoin, india Neer Varshney STORY BY Neer Varshney 57 SHARES In spite of repeated warnings by the country’s central bank, people in India continue to fall for cryptocurrency scams. In the latest, the anti-terrorist squad (ATS) of Rajasthan police has unearthed a Bitcoin scam worth INR 150 million ($2 million). The police were alerted by a group of people who alleged they were duped out of their cryptocurrency investments into various companies like bet2bet and Monivo, local publication The Times of India reported today. According to the police, the investors were promised “soaring returns at an exponential rate,” but ended up receiving nothing at all. Monivo’s website is live as of press time, and screams fraud. Its home page features quotes from Bill Gates, Richard Branson, and Eric Schmidt — likely an attempt to create the perception of them endorsing the company. So far, the ATS has nabbed four accused, who are believed to be the main masterminds behind the Ponzi scheme. Vishal Gupta was arrested in the state’s capital Jaipur; Vikas Chaudhary and Mahesh Sharma were trapped in New Delhi, and Shilpa Sharma was apprehended in Dehradun. A first information report has been filed against the accused for breach of trust, cheating, and criminal conspiracy under various sections of the Indian Penal Code (IPC). Quotes from Bill Gates, Richard Branson. and Eric Schmidt on the Monivo website. It isn’t known why the anti-terrorist squad was involved in the case instead of the regular criminal branch or financial authorities. Upon investigation, the sleuths ruled out the possibility of any terror-related activity or funding. The investigating authorities suspect that the scam could have affected people in the rest of India and other countries too, but no complainants have yet come forward. Published June 27, 2019 — 09:55 UTC LEARN TO TRADE THE HEART OF TECH™ More TNW News Events Enterprise Intelligence Answers Spaces About TNW About Team Advertise Jobs Contact Stay tuned Email OK Copyright © 2006—2019. All rights reserved. Made with ♥ in Amsterdam.
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