Category: Crypto

Categories
Crypto News

New York Court Dismisses the Lawsuit Against Nano (NANO) Devs in the Bitgrail Case

The judge of the district of New York, Nina Gershon, recently rejected the class action lawsuit on the developers of the Nano (NANO) cryptocurrency for the case of hacking that affected the Bitgrail crypto exchange, which generated losses of up to $200 million at that time. According to documents filed this week by the New York Court, the lawsuit, which had been filed in April 2018 by an investor identified as Alex Brola, would have been rejected by the authorities one month after the plaintiff voluntarily withdrew the legal remedy.

The lawsuit indicated that Nano (NANO) team was primarily responsible for the theft that affected the Bitgrail crypto exchange last February, when a total of 17 million NANO, estimated at approximately $200 million, were stolen. Alex Brola claimed, both on his behalf and on behalf of all those affected by the hack that the team behind Nano (NANO) would have violated the US securities laws by encouraging users to trade in an exchange house that was not registered nationally, as Bitgrail was of Italian origin.

To make matters worse, they also pointed out that the developers had not applied all their methods at their disposal to recover the stolen cryptos. Some indicated that a possible hard fork of the Nano (NANO) network would have avoided the losses of the investors and even demanded a compensation with the creation of a new cryptocurrency to cover the damages.

New York court dismisses the lawsuit against Nano (NANO) devs in the Bitgrail case

However, a few months after introducing the suit, Brola voluntarily withdrew it without issuing any statement, although some consider it to be due to lack of merit in the lawsuit. Beyond this action, Nano (NANO) developers asked the authorities to review the lawsuit case and dismiss it, a petition that was carried out by Judge Nina Gershon.

Among the arguments outlined by the developers to dismiss the accusations, it was stated that the tokens distributed by Nano are not guarantees, much less value, because they do not depend on a group of investors, so they are not subject to the securities laws of the United States.

“The value of Nano (NANO) is not derived from a group of managers or executives who manage other people’s property; rather, the value of Nano is derived from its usefulness or potential usefulness as a cryptocurrency,” Nano (NANO) devs stated.

Categories
Crypto News

Monero (XMR) Network Fees Reduced By About 97% Thanks To The Latest Bulletproofs Update

The announced upgrade of the Monero (XMR) network, called Bulletproofs, managed to reduce network fees by 97% after successfully implementing its hard fork on October 18th. The average transaction size was minimized by 83%, going from 18.5 kb to 3 kb, which caused the average transaction fee to go from 60 cents to 0.1 cents.

The purpose of the update was to cover these two aspects without sacrificing the privacy that characterizes the Monero (XMR). During the last six months, the commissions revolved between 0.52 cents and $2.3, with a peak of almost $4 in May of this year.

As for the recent Monero (XMR) hard fork, Bulletproofs replaced Borromean to achieve these reductions in transaction size and network fees. However, the update also included adjustments to the Monero (XMR) PoW to deal with ASIC crypto mining equipment and maintain its current resilience.

Monero (XMR) update reduced the network fees by 97%

“Bulletproof will replace the current mathematical method of hiding the transactions amounts. The method currently used is the reason why the Monero (XMR) blockchain is huge, as a normal transaction occupies 13 kB. With Bulletproof, a transaction size is reduced by about 80%, by lowering the network fees, making the blockchain grow slower, and I think it will make it have higher network speed,” said Flenst, a Reddit user.

Once the update completed, Monero (XMR) news portals reported that it occurred in block 1685555 and software version 9 was executed in block 1686275 with Bulletproofs. One of the cornerstones of this project is to maintain the privacy of those involved in Monero (XMR) network transactions, from start to finish.

In this regard, Monero (XMR) supporters praise the coin for being the best privacy coin in the market, while others suggest that this type of cryptocurrency paves the way to illegal operations. At the time of writing, Monero (XMR), trades at $108.11, surging by about 4% in the last 24 hours, according to CoinMarketCap.

Categories
Crypto News

Neteller Electronic Payment Service Launched A Cryptocurrency Trading Platform

The electronic payment service Neteller now offers its users the option to buy and sell cryptocurrencies on its platform. Since last Friday, October 19th, Neteller launched a cryptocurrency trading platform which only deducts 1.5% commission per transaction in US Dollars or Euros and 3% for exchanges involving other cryptocurrencies.

According to the official press release, the electronic payment service Neteller supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC) crypto wallets. Neteller users can purchase cryptocurrencies with 28 fiat currencies available on the platform, without requiring additional verifications.

In the words of Lorenzo Pellegrino, CEO of Neteller and Skrill, the initiative aims to connect cryptocurrencies with fiat money through an “efficient and user-friendly” platform. However, the service is not currently available in all the countries with which Neteller processes transactions.

The implementation of the service of cryptocurrencies trading on Neteller responds to a corporate movement announced by PaySafe, the financial group behind Neteller and Skrill. This service, which opens the PaySafe market to users of cryptocurrencies, was first introduced in Skrill’s virtual wallet in July of this year.

Neteller electronic payment service added cryptocurrency trading option for its customers, following the example of Skrill

Also, the Skrill digital payment processor allows users to make exchanges between cryptocurrencies and fiat coins. That, in addition to allowing transfers of cryptos between users, a feature that has not been yet implemented by Neteller.

Likewise, the Neteller service has a minimum requirement per purchase or sale equivalent to 10 US Dollars/Euros. In addition to that, users will be able to access the Neteller cryptocurrency trading platform from both the mobile application and the Neteller website.

However, Neteller did not state which crypto exchange rates it would adopt for its platform. Instead, the electronic payment service assures that “it will be a competitive rate comparable with the main crypto exchange platform on the market.”

PaySafe’s corporate movement aims at diversifying services linked to cryptocurrencies, similar to Coinbase’s electronic gift card project with cryptos. Both initiatives take place months after Visa suspended the use of debit cards backed with cryptocurrencies worldwide.

Categories
Crypto News

Binance, Poloniex, and Huobi Crypto Exchanges Hold More Tether (USDT) Than Bitfinex

The Binance, Poloniex and Huobi exchanges currently own more Tether (USDT) than Bitfinex, although this exchange platform shares the same CEO as Tether Limited, the stable currency issuer.

Binance, Poloniex, and Huobi possess more Tether (USDT) than Bitfinex, the issuer of this stable coin

Bitfinex, thus, positions itself as the sixth USDT holder, according to data released by CNBC’s Ran Neuner on his Twitter account, noting that Binance is the platform with the highest amount of Tether (USDT), after the stable coin’s treasury. He adds that this situation could mean that Bitfinex has lost many customers or that its clients are exchangingTether for other cryptocurrencies.

Neuner’s statistics are based on an analysis published on October 19th by the firm Element Group which evaluated the situation of the most popular stable coin in the market.

The analysts of the before-mentioned firm highlight the lack of information of the Bitfinex exchange regarding its situation and that of Tether and draw attention to the latest movements made by Bitfinex, which has transferred a large part of Tether (USDT) tokens to the Tether treasury.

Bitfinex crypto exchange is experiencing a bleak period, according to some analysts

“Since October 3rd, Bitfinex has sent a total of 690 million Tether tokens from Bitfinex’s Tether wallet to the Tether Treasury. That has reduced the current supply from about $2.8 billion to $2.1 billion in a short time. Therefore, Bitfinex has spent considerable resources to defend the Tether bond and, in the absence of this buying pressure, it is likely that Tether (USDT) has crashed even further and provokes, even further, the sale in the wider cryptocurrency market,” Element Group reported.

The firm speculates that this situation could be related to the problems that Tether (USDT) and Bitfinex appear to be experiencing in securing a stable banking relationship. That is based on information published at the beginning of October that Noble Bank was looking for buyers and had lost several of its clients, including Tether and Bitfinex.

Fears suggest that the USDT stable coin does not have sufficient support or that Bitfinex is in a state of insolvency.

Categories
Crypto News

British Security Firm G4S Emerged On The Cryptocurrency Custody Services Market

The British security firm G4S, known for its bank protection and securities transport services, announced that it would offer a new facility for the safekeeping of cryptocurrency holdings in offline vaults. The company explained, without giving many details, that its method of protecting cryptos consists of disconnecting them and then dividing them into fragments that, independently, have no value.

Dominic MacIver, a risk analyst at G4S, noted that the company’s customers had expressed concerns about a possible solution to raise the security levels of cryptocurrency holdings.

“Our security solution is based on vault storage. Not only that we disconnect the digital assets, but we also divide them into fragments that, independently, have no value. We store them securely in our high-security vaults, out of reach of cybercriminals and armed robbers,” said Dominic MacIver, Risk Analyst at G4S.

Through a press release published earlier this week on the company’s official blog, the company indicated, through its spokesman, that the arrival of crypto coins has as its objective “to redesign the fundamental architecture of money.” However, MacIver pointed out that this new panorama has come with risk situations.

British security firm G4S emerged on the cryptocurrency custody services market

In this regard, the G4S Risk Analyst, MacIver, mentioned that “the sector has attracted the same old threats as the financial systems, including thieves, swindlers, market manipulators, and many others.”

Cryptocurrency custody services have been increasing within the cryptocurrency ecosystem. Companies that make a living in this niche, as well as outside companies, are looking for an opportunity to do new business. In this new group of corporations, several announcements stand out. One of the most recent was made by the financial services firm Fidelity, which announced this week that, in 2019, it would enter the world of management services and custody of cryptocurrencies for institutions.

Among the companies in the cryptocurrency custody services ecosystem, there is BitGo, which on September 13th, received authorization to offer custody services through its subsidiary BitGo Trust. The safekeeping of cryptocurrency holdings is also common among large crypto exchanges like Coinbase.

Exit mobile version