There have been various reports of crypto hacks and theft. Although, the developer of the first blockchain based asset, bitcion, created it in such a way that it can’t be hacked without access to some pattern of words called seed phrases or private keys, it hasn’t proved its worth as scammers are ever more prepared to get hold of these keys by hook or by crook.
However, an individual’s wallet was tampered with as revealed by a report from media outlet News1 on the 18th of April, 2019. An allegation has been filed against Afek Zard in Israel for the theft of 74.990.74 Dash (around $9 million), belonging to Alexei Yariomenko.
While a lot of cryptocurrency exchange platforms have been hacked and cryptos have been carted away with. Some of these stolen coins have been restored as the culprits are being identified whereas some of the hacks cannot be traced. This is the case of a friend stealing another friend’s cryptocurrency as the report has it that Afek Zard and Alexei Yariomenko are friends.
The report reads thus:
“Afek Zard is accused of stealing a $ 6.2 million digital wallet from his friend Alexei Yaromenko’s apartment in Eilat. The indictment against him was filed Thursday (220.127.116.11) with the Be’er Sheva District Court.”
Alexei Yariomenko is being reported to have been an early cryptocurrency adopter and investor since 2013 and this has given him the opportunity to have accumulated much crypto assets. Yariomenko was the one who taught Zard about cryptocurrencies and he (Yariomenko) traded them himself before Zard turned against him and stole his Dash which according to CoinMarketCap data is equivalent to over 0.85% of the total circulating supply of Dash.
As contained in the allegation, a document filed by the attorney, Giora Hazan, Zard possessed a key to Yaromenko’s apartment and also had access to Yaromenko’s residence in his absence.
The report made it clear that the said stolen dash was there in the Yaromenko’s wallet until March 1, at the time the price of Dash was $82.5 per unit. The prosecutor alleged that during the start of the month, the suspect used the alleged victim’s computer to steal the credentials to the Crypto wallets. It was at this point that, Zard was alleged to had stolen the contents of his friend’s wallet.
Zard was being assumed to had either stolen the dash himself or with the help of unknown users and then transferred the contents to four of its own wallets. It is based on this act that Zard is being accused of theft in aggravated circumstances, money laundering and penetration of a computer to commit an offense.
I’m Speechless, Dominic Rume reacts to the InksNation Scheme
Dominic Rume, the Founder of Vorem, a digital asset firm has reacted to the Inksnation fraudulent scheme. He said I’m speechless.
The Inksnation scheme started late last year when the leader, Omotade-Sparks published an open letter addressed to the EFCC saying it intends to use blockchain technology to solve the problem of poverty in Nigeria.
The project which claimed to have created a cryptocurrency Pinkoin built on its own blockchain, the InksLedger – a blockchain and crypto token which has been noted to be nonexistent by local crypto experts.
The project promised outrageous monthly returns for investors. The price of its token, the Pinkoin is derived from the numbers of people that become what it describes as Living Nodes and as more people join and become Living Nodes, the value of each pinkcoin increases by the thousands of dollars.
Mr. Dominic reacted to the InksNation issue on the CryptoTvplus Inside Blockchain program on Monday, 30th November. On the program, he also shared that money is emotional and when people lose money, it creates a bad ripple effect that could drive the technology backward (in terms of adoption and growth).
Speaking on the EFCC effort in tackling cybercrimes involving cryptocurrency, Mr. Dominic said the agency needs professional support from the crypto industry to be able to handle these sort of criminal schemes.
Watch the entire session here.
SEC and Finance Ministry in Nigeria to collaborate to draft Crypto regulation
The Nigerian Securities and Exchange Commission (SEC) together with the country’s Finance Ministry will put hands together to draft a proper regulation as regards purchase and usage of cryptocurrencies in the country. This is because there is no clear regulation yet as regards cryptocurrencies and its usage in the country.
The revelation of the collaboration was made in an event organized by MasterCard and the Economist Unit tagged ‘Fintech in Nigeria: State of Play’ held in Lagos on the 24th November, 2020. At the event, Armstrong Takang, a special adviser on ICT to the Minister of Finance noted that the government of Nigeria sees an opportunity in the blockchain and cryptocurrency and is trying to draft a regulatory document that will benefit all its stakeholders. He also mentioned that the collaboration between the two parties is owed to the cross-border payment usage of cryptocurrencies. Hence, the finance ministry will be working with the Nigerian customs as well as the ministry of Trade and Industry.
The mission of the drafted adoption framework is said to be “to drive the adoption of blockchain technology in government in a way that supports efficiency, transparency, and productivity”, according to a report of the event.
The Securities and Exchange Commission only declared cryptocurrencies as securities around mid-September 2020 and listed trading of cryptocurrencies as an activity that is regulated by the rules of the commission. The release by the commission marked the first time the government had a stance on cryptocurrencies even though it was not a clear regulation yet. The government as well gave full legalization and recognition of cryptocurrencies.
Prior to the SEC’s release that cleared the air about the government’s stance on cryptocurrencies, there were rumors around the Nigerian cryptocurrency industry about local banks freezing accounts that had anything related to cryptocurrencies. The news of the legalization was a relief to the individuals in the space as cryptocurrencies were a means of making a living for a number of people in the hard economy.
Reaction to the disclosure by Takang
However, the President of the Blockchain Association in Nigeria, Paul Ezeafulukwe has reacted to the disclosure by Takang at the event. He said as reported by Beincrypto;
“With CBN being one of the key stakeholders in the proposed blockchain adoption strategy, I do not think that CBN will eventually introduce a policy or regulation that is not aligned with the principles and strategies in the proposed document. Besides, CBN, through its representative at the stakeholder engagement, indicated its readiness in principle to provide regulatory support.”
CNBC’S crammer says Bitcoin is a “great alternative” to Gold
The popular host of the “Mad Money” show on CNBC, Jim Cramer has shown an intense support for bitcoin with the bullish comment he made about the digital asset recently. The show host was said to have been previously skeptical about Bitcoin as of late 2017 when the biggest cryptocurrency by market capitalization (Bitcoin) witnessed a bull run and reached its all time high as well.
Crammer is also said to be known for picking on the stock markets and being bearish but joined the moving train when he became positive about the Tesla stock before the stock witnessed mind-blowing rallying from the first quarter in 2020. However, he made a change to his stance on Bitcoin by giving a supportive statement to the asset in a tweet.
Anthony Pompliano, who is bullish on crypto, tried to convince the TV host (Crammer) yesterday, 25th November, 2020 to get familiar and involved in Bitcoin as reported. He listed a number of persons in CNBC who are not yet involved in cryptocurrency. Crammer made a revelation in a Podcast with Pompliano that he has discovered Bitcoin to be a hedge against inflation and an asset his kids would understand;
“I’m not a, you know, a paid spokesman for why I need gold or why I need crypto but I just need something that my kids will understand as a hedge to inflation, and they will never understand gold.”
Bitcoin; cause of fall in price of gold?
Pompliano stated that “Bitcoin is stealing the market share of gold”. Looking at the price of gold since Bitcoin rallied up to about $19,000+, it could be seen that gold has fallen significantly. Could it be that institutions and individuals are moving from gold to Bitcoin?
Also, since the recent rallying, attention of institutions has been shifted to Bitcoin. Giant companies like Paypal, Grayscale have injected substantial amounts into the asset and analysts suggest these companies could be the cause in the increase. But could they be the cause for the fall in the price of gold?
Tudor Jones Projects that Crypto Will Take Over World Economies
Cabify Explores Blockchain to Track and Counterbalance its Carbon Emissions
Valour, a Switzerland Headquartered Firm Releases A Pro Bono Swiss Bitcoin ETP
The Crypto Community Welcomes the Release of Ethereum 2.0
How Cryptocurrencies make it easier to Send Money
Investment Bank, Mizuho Securities, Reveals that Bitcoin Traders on the Paypal App has Topped by 20%
BTC to Expand Into a Global Asset- CEO of BlackRock, An Asset Management Giant
270k User Data At Risk As Australian Crypto Exchange Accidentally Sends Emails En masse
Top 5 Crypto Gainers in the month of November, 2020
African Bitcoin Based Startups
Is Africa Adopting The Blockchain Technology?
Nigerian Customs Service Adopts the Blockchain Technology
A Crypto Project With the intention to Eradicate Poverty Has Written An Open Letter to the EFCC, Says it's Open for Questioning.
PharmAccess To Use Blockchain To Improve Maternal Care in Tanzania
Cryptotvplus: Live In Kampala, Uganda
How the Blockchain Technology can Solve Unemployment in Africa
Use Cases of the Blockchain For the African Situation
Sygnia to Launch It's Cryptocurrency Exchange
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
Exchange2 weeks ago
Naijapay Launches Enabling Bitcoin and Dash Payments
Blockchain News6 days ago
Beam is building Decentralized Bridges Between Chains to allow Interoperability- Beam CTO, Alex Romanov
Crypto Gossip1 week ago
InksNation Founder Omotade-Sparks (UDI), Officially Declared Wanted by EFCC
Crypto Gossip1 week ago
Top CEO said Crypto is Ready for Black Friday
Bitcoin News2 weeks ago
JP Morgan Chase CEO, Jamie Dimon Is Still Closed to BTC
Market2 weeks ago
Crypto Market is currently into four (BTC, ALT, DEFI & NFT) segments – Lucky Uwakwe
Exchange2 weeks ago
Luno to hire over 200+ people, Plans Global Expansion to reach 1bn people by 2030
Bitcoin News3 weeks ago
Fitzpatrick, Head of Citibank’s CitiFXTechnicals Projects $300K Value for BTC by December 2021