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Get Your Acts Right: Japan’s FSA Tells Exchanges

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In the aftermath of the recent hack within the Japanese cryptocurrency exchange, the Japanese FSA has issued a warning to Lastroots cryptocurrency exchange to improve their business practices or suffer the risk of being sanctioned, while FSHO and Eternal Link have both been ordered to cease operation for two months. The suspension according to Japan’s Financial Security Authority issued was due to the unsatisfactory procedures of these exchanges to prevent money laundering and minimise system risk.

The ongoing inspections of cryptocurrency exchanges are what lead to the discovery and also the suspension. According to Reuters, Eternal link were ordered to halt every activity from Friday 6th April while FSHO will do likewise on the 8th of April.

This suspension does not come as a surprise as Nagoya-based Bit Station and FSHO were suspended till April 7. They were suspended for not performing proper and thorough checks on large-scale transactions and had not implemented necessary measures “to run the exchange in a decent and assured way”.
Asides from maintaining proper checks, Bit Station were penalized because it was discovered that some of its senior officials were implicated in an embezzlement scam which involved clients cryptocurrency deposits. Similar scrutiny has led to the arrest of high ranking officials of two cryptocurrency exchanges.

This level of scrutiny, regulations, stiff penalty emanated from the attack on Coincheck where hackers stole $550 million worth of NEM from the Japanese exchange

According to the Japanese press, Bit Station was penalized because its senior officials were implicated in the embezzlement of clients’ crypto deposits. Similar charges have led to the arrests of four high-ranking representatives of two cryptocurrency exchanges in South Korea.

Japanese authorities have decided to set up a system which major focus of combatting cybercrime, including crypto theft. 500 analysts and investigators from different branches of the country’s law enforcement agencies have joined the unit. At least 149 crypto-related attacks took place in 2017, Japan’s National Police Agency recently revealed.

Earlier this week, after passing through the necessary checks and approval, Monex group was able to acquire Coincheck worth in excess of $33.6 million USD.

Monex confirmed that it will acquire 100% of all 1,775,257 shares. The agreement which was signed today would see the transfer of shares take effect from the 26th of April with Coincheck founder and chief executive Koichiro Wada and chief operating officer Yusuke Otsuka to step down from management on the same day after taking responsibility for the $530 million theft of NEM tokens in January.

This reshuffle will also see Monex COO take over as president of Coincheck and with other prominent members joining the board. In a statement, according to CCN.COM

“We recognize blockchain technology and cryptocurrencies as next-generation technologies and platforms which are likely to drastically change the way people approach money,” Monex said. As the fifth-largest retail stock brokerage by transactions in 2017, the company began to explore and develop blockchain applications by establishing the ‘Money Cryptocurrency Lab’ in October 2017 as a means to get a proactive leg-up by embracing financial technologies.

Also in the statement, the brokerage has pledged its support to build a secure and safe Coincheck trading platform for all its customers in order to avoid any incident similar to the NEM theft, insisting that it would employ its expertise and human resource in risk management, administration and customer asset protection system against hacks.

The goal is to provide and support our customers in any way possible and to re-establish the trust and confidence in the firm and also grow sustainably as a valuable cryptocurrency exchange, Monex added

This takeover would be one of the biggest takeovers within the industry since its inception and with the recent rise illegal crypto mining, false affiliations and hacking, this deal would breathe a sigh of relief to the Japanese exchange market and restore credibility.

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Report: EOS Loses 400,000 EOS Due to Security Glitches

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The crypto market has been bearish for some time now and a lot of tokens have had their fair share of dips. Likewise, EOS has also experienced quite a dip. However, it may seem that EOS is not suffering losses from the bearish market alone but has also experienced significant losses due to some security glitches. These issues have led to the loss of 400,000 EOS which is about $200,000, at the time of writing.

However, a report from Peckshield revealed that EOS ecosystem has been suffering from some security glitches. There were many loopholes at the early stages of the dApp ecosystem right from its launch in June as it took awhile for the system to go live. EOS, however, made a fast growth in the blockchain market attracting billions of dollars worth of investment as well as building over 200 dApps and carrying out as much as 600 million transactions.

Despite the numbers that EOS was cashing in, it had underlying problems. For one, its security issues can be traced back as far as July when a dApp, Werewolf game fell victim to an overflow attack.  EOS also had a very large number of gaming apps launched on its platform. The platform is popularly known ‘ETHEREUM KILLER’ recorded $1 million in august ABOUT $360,00 more than the drops of Ethereum. However, more attacks s

One of the gaming dApps on  EOS, EOSBet was faced with a RAM devour problem in August. The report, however, reveals that as time goes on, more attacks are likely to occur “due to the negligence of dApp developers.” The report also reveals that most of the glitches the EOS ecosystem suffered from after November were loopholes that weren’t addressed earlier in the ecosystem.

Also, the report unveiled that while the EOS blockchain ecosystem boasts of 200 dApps and more than 500,000 users, only 180,000 are active out of 500,000 accounts. The report states that while 120,000 are group control accounts active users on the platform are less than implied as there are more than 200,000 silent accounts.

However some researchers such as Guo Yonggang believe the attacks may be from external forces not related to the blockchain itself, he suggests cyberattack groups. However, the report noted that “The better way is for developers to build their own early warning platform. The benefit is that it can be implemented. Monitoring, as soon as the alarm sounds, immediately turn the game off.”



 

What do you think about the security glitches in the EOS ecosystem? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Survey: 40% Freelancers Receive Payments via Cryptocurrency.

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Freelancing has become so popular now as people can easily ditch the routine 9-5 hour schedule of the traditional workplace. However, a recent survey conducted by Humans.net has revealed that cryptocurrency is becoming appealing to freelancers. The survey was carried out on 1100 freelancers and revealed that cryptocurrency eliminates the need for a middleman for payments especially for those with international clients.

According to the survey, about 38% of the population surveyed admitted to having used cryptocurrency at a time. On the other hand, 41% had never made use of cryptocurrency while 24% had no idea what cryptocurrency was as they had never heard of it. For most freelancers, the appeal of cryptocurrency is the fact that it aids in faster payment with low cost for international transactions.

The Humans.net survey also found that 29% of freelancers preferred to get crypto payments to being paid through the traditional banking system. 18% of those surveyed revealed that they would prefer to receive their entire income through crypto payments, while 11% said that they would prefer to receive a part of their income in cryptocurrency.

Freelancers find cryptocurrency to be of an advantage to them, it enables them to transact with clients who they may not know or trust. The survey revealed that 13% found it to be an advantage for international payment, 12% considered it a bonus for eliminating middlemen, 8% liked its low commission status. Also, 9% of those surveyed found it advantageous in its transparency, while 11% chose all the qualities mentioned and 4% did not choose any of the qualities.

However, Founder and CEO of Humans.net, Vlad Dobrynin has revealed that they will be integrating the blockchain technology to their freelancing platform. He explained that the technology will help people get faster search result regardless of their geographical location as well as protect users data.


 

 

 

What do you think about freelancers receiving cryptocurrency as payment for their services? Share your opinion with us in the comment section below.

 

Image credit: Pixabay

 

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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Paxful’s #BuiltWithBitcoin Project Builds a  Second School in Rwanda

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Cryptocurrency has given charity a new shape. Paxful, one of the world’s largest peer-to-peer (P2P) bitcoin marketplaces has announced that the second school on its #BuiltWithBitcoin project in Rwanda has now been completed. The initiative was able to raise over a $100,000 through donations in BTC, ETH, BCH, DASH and LTC to fund the construction of the first primary school in the area.

Paxful was able to achieve this feat in partnership with ZamZam  charity. Yusuf A. Nessary the president of ZamZam explained, “Having proper education centers is fundamental in moving countries like Rwanda forward, while also increasing their standard of living…We are beyond thrilled to have partnered with Paxful in order to provide education for (the) next generation and beyond.”

The initiative will also employ six full-time teachers to carter to the educational needs of the children between the ages of 6 to 15. The school is located in the Bugesera District and the structure contains six classrooms, bathroom stalls, a cafeteria, a water well system that would hold 35,000-liter and solar panels.

Paxful launched the #BuiltWithBitcoin initiative last year and started by donating $50,000 in bitcoin which was used to build the program’s first nursery school in Rwanda. Paxful has also granted scholarships to some female Afghan refugees in the United States and plans to build 100 schools across Africa. The address donations can be made to is 3Q5CESP85hhXTLSy2HDbSyNchb5Bi8D7ku and Paxful aims to transform the lives of the people of Rwanda through cryptocurrency.

 

What do you think about the #BuiltWithBitcoin initiative? Share your opinion with us in the comment section below.
Image credit: Pixabay
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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Ohio Becomes the First State to Accept Bitcoin for Taxes

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Bitcoin doesn’t seem to be slowing down anytime soon. Reports have it that the state of Ohio is set to become the first in the United States to start accepting bitcoin payments for tax bills. The Wall Street Journal reports that the taxes will be limited to businesses purposes. Also, BitPay, an Atlanta firm would convert the Cryptocurrency to dollars first as the tax would not be going directly into Ohio’s coffers.

Ohio is making this move to support cryptocurrency as a means of payment. The report revealed that before local businesses can pay their taxes using BTC, they will have to register on the OhioCrypto.com. After registration, they’ll be able to pay taxes, sales and employee withholding taxes in crypto.

Josh Mandel, state Treasurer believes that the program will help Ohio stand out in crypto adoption although he claims that it is not a move by the state to make bitcoin a legal currency in the state. Equally, it is not known the amount of business that will patrons this program. Mandel, however, claims that some business has asked to utilise BTC as a medium of tax payment. He also revealed that the move to make Bitcoin a medium of tax payment was made possible since he did not require a bill to be passed to implement the program.

On the other hand, some other states in the US such as Arizona, Georgia, and Illinois, had been unable to implement bitcoin payments for taxes as the proposals got stalled in their state legislatures. Mandel, however, claimed that he can direct the office to accept bitcoin without the state legislatures’ approval.

This would be a significant feat in the crypto sphere if accomplished. Bitcoin has been losing face recently and this could help it regain its value. Other states such as New York already making plans to utilise cryptocurrency.

 

What do you think about this step by Ohio? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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