crypto

Auto Added by WPeMatico

Crypto visa card company Monaco just spent millions to buy Crypto.com

Highly-prized domain name Crypto.com has been sold!

Registered in 1993 by Matt Blaze, a professor of computer and information science at the University of Pennsylvania who sits on the board of directors of the Tor Project, the domain has attracted a vast amount of interest as you’d expect given the explosion of crypto in recent years. However, Blaze has turned down all offers.

In January, Blaze repeated that the domain was “not for sale” and that people shouldn’t both to contact him — as The Verge noted —  however fast forward to July and he has parted with it after Monaco, a crypto project best-known for developing a crypto debit card, bought the domain in an undisclosed deal.

Experts told The Verge that Crypto.com could have attracted as much as $10 million, however Monaco CEO Kris Marszalek declined to go into the specifics.

“If it was only about money he’d have sold it a long time ago,” he told TechCrunch in an interview.

Hong Kong-based Monaco’s ICO finished in June 2017 with the company raising what was then worth $25 million in crypto. Fast forward today and Marszalek said the firm has close to $200 million on its balance sheet thanks to a surge in the valuation of cryptocurrencies like Ether, but he suggested that, more than money, the sale was about finding the right home for the domain.

“This is a very powerful identity that we are taking on. It’s representative of the entire category so it comes with a huge responsibility on us to carry the torch. We don’t take it lightly and this is one of the things that I think we conveyed successfully, that, as a company, we do have a higher purpose,” he said.

“Fundamentally, blockchain and crypto will enable [the next generation] to control their money, to control their data and to control their identity, these are the three fundamental things that weave the fabric of society. For us this is the purpose, we want to acceleration the world’s adoption of cryptocurrency,” he added.

The splashy purchase of the domain is part of a rebrand for Monaco that will see the parent company become Crypto.com and its Monaco services — which the upcoming Visa card, peer-to-peer transfer and a wallet app — become MCO, the same name as the company’s cryptocurrency.

The Monaco card itself just entered testing for a small group of users, primarily the MCO team, and Marszalek said it will be available for all customers in Singapore and Europe this summer, with a rollout for those in the U.S. likely in Q4. That’s covering a backlog of over 70,000 waiting users, but the company has sweetened the appeal of a card for new people by adding a number of perks, most notably cashback on transactions and a concierge, which vary based on the level.

At around $7 per MCO token, the commitment for a card isn’t cheap. The top of the range ‘Obsidian Black,’ which has the highest rate of cashback and perks, requires a customer to hold around $350,000 in MCO tokens. However, there’s a selection to cater to different budgets.

MCO is well-known for its card project, which has been two years in the making and it captured the attention of early crypto enthusiasts, but Marszalek said the company is cooking up other services in a bid to offer a more rounded product line. (That also explains the rebrand.) Among things to expect, he said MCO is opening to introduce lending that uses crypto as collateral, a low-rate credit service, and a robo trading investment feature.

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

Korean crypto exchange Bithumb says it lost over $30M following a hack

Just weeks after Korean crypto exchange Coinrail lost $40 million through an alleged hack, another in the crypto-mad country — Bithumb — has claimed hackers made off with over $30 million in cryptocurrency.

Coinrail may be one of Korea’s smaller exchanges, but Bithumb is far larger. The exchange is one of the world’s top ten ranked based on trading of Ethereum and Bitcoin Cash, and top for newly-launched EOS, according to data from Coinmarketcap.com.

In a now-deleted tweet, Bithumb said today that 35 billion won of tokens — around $31 million — were snatched. It didn’t provide details of the attack, but it did say it will cover any losses for its users. The company has temporarily frozen deposits and trading while it is in the process of “changing our wallet system” following the incident.

Days prior to the hack, Bithumb said on Twitter that it was “transferring all of asset to the cold wallet to build up the security system and upgrade” its database. It isn’t clear whether that move was triggered by the attack — in which case it happened days ago — or whether it might have been a factor that enabled it.

[Notice for the restart of service]
We are transferring all of asset to the cold wallet to build up the security system and upgrade DB. Starting from 15:00 pm(KST), we will restart our services and notice again as soon as possible. Appreciate for your support.

— Bithumb (@BithumbOfficial) June 16, 2018

A tweet sent days before Bithumb said it had been hacked

There’s often uncertainty around alleged hacks, with some in the crypto community claiming an inside job for most incidents. In this case, reports from earlier this month that Bithumb was hit by a 30 billion won tax bill from the Korean government will certainly raise suspicions. Without an independent audit or third-party report into the incident, however, it is hard to know exactly what happened.

That said, one strong takeaway, once again, is that people who buy crypto should store their tokens in their own private wallet (ideally with a hardware key for access) not on an exchange where they could be pinched by an attacker. In this case, Bithumb is big enough to cover the losses, but it isn’t always that way and securely holding tokens avoids potential for trouble.

Coinbase opens its crypto index fund to accredited U.S. investors

Fresh from revealing plans to add Ethereum Classic to its exchange, crypto giant Coinbase today announced that its cryptocurrency index fund — first revealed in Marchis open to investors in the U.S..

The company said in a blog post that it has see “overwhelming” interest from investors, and now it is reaching out to those who want to invest between $250,000 and $20 million. For now, the company said, participation is limited to the U.S. and those who are accredited investors.

That’s a pretty big caveat since crypto, by default, is open to anyone — although many ICOs tread carefully in markets like the U.S. — but Coinbase is very specifically target institutional capital, having recently added services for Wall Street-like professional investors.

The pitch is that it knows the market, its service covers the most stable assets and it won’t charge the kind of rates that existing funds do, as Coinbase CEO Brian Armstrong explained on Twitter.

Investing in Coinbase Index Fund is the easiest way to get exposure to a broad range get of crypto assets.
Much cheaper than 2 and 20% charged by most crypto hedge funds, and you get new assets automatically added to the fund as they become available on Coinbase. No rebalancing. https://t.co/TyOnDuFMT9

— Brian Armstrong (@brian_armstrong) June 13, 2018

Here’s more:

Coinbase Index Fund gives investors exposure to all assets listed on our exchange, weighted by market capitalization. As we announced yesterday, the fund will be rebalanced to include Ethereum Classic, and more assets when they are listed by Coinbase in the future.

Coinbase did say that it is working to launch other funds that are “accessible to all investors and cover a broader range of digital assets” so, if you’re not an accredited U.S. investor, there might yet be opportunities for you depending on what comes next. However, given that Coinbase is striving to be SEC-compliant — and the SEC is in the middle of a major crypto investigation — it might take some time to reach the longer tail of retail investors.

Stay tuned, though, we’ll be asking questions to two key people at Coinbase over the coming months and this topic is sure to be on the menu. CTO Balaji Srinivasan will appear at our blockchain event in Zug next month, while CEO Amstrong is among the guests who will take to the stage at TechCrunch Disrupt San Francisco in September.

Crypto exchange Coincheck, still recovering from $400M hack, sold to online brokerage

Japanese crypto exchange Coincheck, made famously after hackers made off with more than $400 million in digital token NEM, has been acquired.

The company announced today (in Japanese) that Tokyo-based online brokerage Monex Group will buy it in full. The transaction will see Coincheck become a wholly owned subsidiary of Monex.

The deal is a reaction of the NEM hack, with Coincheck recognizing that it needs to strengthen its management system and organization as a whole. That’s in direct response to Japan’s Financial Services Agency, which requested that the exchange make changes in the wake of the January hack — which saw Coincheck reimburse affected users.

Japan is the world’s first market to regulate cryptocurrencies, and the country has given its approval to over 26 exchanges that operate there, both locally and international. The Coincheck incident seems to serve as a wakeup call, however, and authorities clamped down on six others who were told to beef up their organizations to prevent more scandals or security issues. Added that, a number of regulated exchanges have announced plans to team up to create a self-regulatory body to add further scrutiny.

Editor’s note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

Telegram has raised an initial $850M for its billion-dollar ICO

 It looks like Telegram’s billion-dollar ICO has reached its first milestone after the chat app company raised an initial $850 million, according to a filing. A document submitted to the SEC earlier this week states that the money was raised “for the development of the TON Blockchain, the development and maintenance of Telegram Messenger and the other purposes.” The security… Read More

Crunch Report | CNN shuts down Casey Neistat’s Beme

Robinhood is going to let you buy and sell crypto soon, CNN shuts down Casey Neistat’s Beme and Sotheby’s acquires Thread Genius. All this on Crunch Report. Read More

Bitconnect, which has been accused of running a Ponzi scheme, shuts down

 Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, has announced it’s shutting down. In a release on its website the platform said the shutdown is attributed to “continuous bad press” surrounding the platform, two cease and desist letters from both Texas and North Carolina’s securities boards,… Read More

Bitcoin just passed $4,000

 What a day for Bitcoin. 24 hours ago the cryptocurrency was trading below $3,700. About an hour ago it surged passed $4,000 and has no signs of stopping. It’s now trading around $4,135.00. For reference, a week ago Bitcoin hit an all-time high as it passed $3,000 for the first time. Check out the chart below to see what the price has done in the last 24 hours. So the million… Read More

Powered by WPeMatico

Anarchist bitcoin hacker flies to Syria to join a 4-million person anarchist collective the size of Massachusetts

Amir Taaki is a well-known anarchist bitcoin hacker whose project, Dark Wallet, is meant to create strong anonymity for cryptocurrency transactions; when he discovered that anarchists around the world had gone to Rojava, a district in Kurdish Syria on the Turkish border, to found an anarchist collective with 4,000,000 members “based on principles of local direct democracy, collectivist anarchy, and equality for women,” he left his home in the UK to defend it.
(more…)

Powered by WPeMatico

How to legally cross a US (or other) border without surrendering your data and passwords

The combination of 2014’s Supreme Court decision in Riley (which held that the data on your devices was subject to suspicionless border-searches, and suggested that you simply not bring any data you don’t want stored and shared by US government agencies with you when you cross the border) and Trump’s announcement that people entering the USA will be required to give border officers their social media passwords means that a wealth of sensitive data on our devices and in the cloud is now liable to search and retention when we cross into the USA.
(more…)

Powered by WPeMatico

After shutting down to protect user privacy, Lavabit rises from the dead

In 2013, Lavabit — famous for being the privacy-oriented email service chosen by Edward Snowden to make contact with journalists while he was contracting for the NSA — shut down under mysterious, abrupt circumstances, leaving 410,000 users wondering what had just happened to their email addresses.

(more…)

Powered by WPeMatico

Barcelona government officially endorses Tor-based whistleblower platform

Xnet, a wonderful Spanish activist group, has created the Anti-Corruption Complaint Box, a whistleblowing platform for the city of Barcelona that allows people to file anonymous claims in a Globalleaks repository, with their anonymity protected by Tor.
(more…)

Powered by WPeMatico

Whatsapp: Facebook's ability to decrypt messages is a “limitation,” not a “defect”

Facebook spokespeople and cryptographers say that Facebook’s decision to implement Open Whisper Systems’ end-to-end cryptographic messaging protocol in such a way as to allow Facebook to decrypt them later without the user’s knowledge reflects a “limitation” — a compromise that allows users to continue conversations as they move from device to device — and not a “defect.”
(more…)

Powered by WPeMatico