Category: Crypto

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Crypto Markets

London Block Exchange Ready To Deal With ClearBank, An UK-Based Bank

London Block Exchange is the largest cryptocurrency provider in the UK, and now it looks decided to team up with ClearBank, also an UK-based bank.

ClearBank is a new and innovative UK-based clearing bank which set the goal to come up with modern standards regarding transparency and market competition. In this regard, its clients can transact faster, more cost-efficient, and more transparent, in comparison to the traditional banking systems. ClearBank works with e-payments, liquidity controlling, agency banking, and transactions banking.

The concept of clearing banking is somewhat new and, according to InvestorWords, a clearing bank is “a commercial bank that is part of a network of banks that can clear checks for its clients regardless of whether or not the check originates from the same commercial bank.”

Recently, in a report published by Reuters, two sources close to London Block Exchange and ClearBank affirmed that the two firms met up and are ready to partner up to merge the cryptocurrency payments with clearing banking.

London Block Exchange is ready to deal with ClearBank, an UK-based clearing bank

“This will make it easier for British customers of the exchange to buy and sell cryptocurrencies by making transactions faster and cheaper,” the Reuters report reads, citing one of the sources.

If this partnership will eventually happen, then it would be the first partnership between a cryptocurrency provider and a regulated bank, be it a clearing bank one. Typically, banks are ditching blockchain technology from the start, fearing of the possible frauds and money laundry both characteristics describing a big part of the crypto-verse, unfortunately.

On the other hand, the possible London Block Exchange partnership with ClearBank would benefit the British customers, whether they are crypto enthusiasts or not. Accordingly, that is beneficial because would speed up the transactions and reduce the fees.

Last but not least, this movement would benefit the cryptocurrencies market because the crypto adoption might increase.

 

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Crypto

About 700 Ethereum (ETH) Scams Are Currently Active And Making Victims, According To The EtherScamDB

The Ethereum Scam database (EtherScamDB), which records and documents Ethereum (ETH) scams, recently filed about 700 active scams, out of a total of 4,237 detected since its inception in 2017. The addresses specified for receiving the funds from the fraudsters have so far accumulated more than 8,140 ETH, the equivalent of more than $3.87 million at the current ETH price.

EtherScamDB was created in 2017 to document the various scams linked to Ethereum (ETH), and also as a means of trying to stop them. Currently, the database is managed by the MyCrypto team.

When each of the ongoing scams is examined in detail, EtherScamDB allows you to access the respective website. It is also possible to view in Etherscan the transactions of the recipient wallet, or at least those made more recently by the person carrying out the fraud.

One of the programmers who analyzed the data through EtherScamDB’s APIs, John Backus, published on his Twitter account the amount accumulated by the scams so far, which reaches 8,140 ETH.

From the date of the tweet, it appears that more than 200 additional active Ethereum (ETH) scams were added in only five days prior to his tweet.

About 700 Ethereum (ETH) scams are active and rise thousands of ETH

On the other hand, Brandon Arvanaghi and Bryce Crawford processed all transactions for each wallet involved in the scams and, through the use of the Etherscan APIs, obtained information for each fraud from those reported by EtherScamDB, such as the total scam, the most affected victims, and the most recent victims.

Arvanaghi and Crawford’s interactive report shows, for example, that the most affected victim lost 880 ETH, and the most successful scammer (OmniseGO.com) scammed people of 3,291 ETH.

Assuming that two other scammers identified as OmiseGO.net (1,731 ETH) and omisegotoken.com (1,694 ETH) are associated with the most successful scammer, then the group’s spoils rise to 6,718 ETH, 82% of the total scammed amount.

The scammers’ preferred resource, a website where the misleading offer appears, is promoted through social networks, predominantly with Twitter ads, after Facebook and Google adopted cryptocurrency ads bans.

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Crypto

Blockchain Technology Market To Exceed $10 Billion By 2024, But Security Risks Will Also Get Higher, According To McAfee

The blockchain is set to become one of the technologies of the future. By 2024, the blockchain market is expected to exceed $10 billion, according to the McAfee IT security firm. However, the same company warns of a possible increase in security risks, which could put the evolution of this phenomenon in jeopardy.

McAfee especially pointed out that the danger would come from the blockchain technology’s relationship with cryptocurrencies that are also booming at this moment, but that can hide identities.

Experts talk about four different attack vectors, from phishing or malware fraud to exploits and technology vulnerabilities.

McAfee IT security firm is optimistic the blockchain technology will reach $10 billion by 2024, but the price for this would be security risks

Cryptojacking or illegal cryptocurrency mining, for example, is already a headache. McAfee estimates that mining malware skyrocketed 629% in the first quarter of 2018, from 400,000 such malicious programs recorded in the last quarter of 2017.

Accordingly, now there are over 2.9 million cryptojacking malicious programs.

“Like other great technologies, blockchain technology can have a huge impact on solving real business problems, as long as security is not addressed urgently,” said Raj Samani, the chief security researcher at McAfee.

“Given the potential of blockchain to create value and the tremendous enthusiasm for implementing this technology, cybercriminals will look for every possible opportunity to attack any human and technical vulnerability in the blockchain ecosystem,” added Samani.

On the other hand, Samani thinks that all those involved in the blockchain technology, as well as those who adopt it and rely on it, should work together to minimize the security risks.

“Governments, security providers, and businesses must be aware of these threats and try to minimize the risks,” says Samani. “Without proper education, the adoption of blockchain technology by major industries and governments could end up costing billions of dollars and affecting millions of people.”

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Crypto Markets

Ethereum (ETH) Is Not Security, According To William Hinman, Director Of The SEC’s Corporate Finance Division

A high-ranking official at the U.S. Securities and Exchange Commission (SEC) stated that Ethereum (ETH), the indigenous cryptocurrency of the Ethereum blockchain, is not security according to the federal directives.

Ethereum (ETH) will not be ruled as a security

Addressing the Yahoo Finance All Markets: Crypto Summit on Thursday, William Hinman, the head of the SEC’s Corporate Finance Division, stated that, at least “as currently structured,” Ethereum (ETH) is not going to be ruled as a security by the SEC.

“When we think about how the ether is operating today, at least, we see a highly decentralized network, not the kind of centralized actor that characterizes the supply of securities,” stated William Hinman.

“In its current state, we don’t see value regulating it,” the Director of SEC’s Corporate Finance Division added.

The Ethereum (ETH) tokens sold during the initial ICO lost their potential to be designated as securities

William Hinman also pointed out that, in spite of the manner in which the Ethereum (ETH) cryptocurrency had originally been emitted, namely, employing a massive ICO-style bulk sell-off, the Ethereum blockchain had been adequately decentralized.

Accordingly, Ethereum Foundation is no longer holding any part, and that assets that had originally been sold as securities can get rid of such a potential denomination in the future.

Before that, SEC’s Chairman Jay Clayton had stated that cryptocurrencies like Bitcoin (BTC) are not securities, even though the agency had not yet finally designated any other cryptocurrency to be regarded as currency and not securities.

Although this declaration is not yet an official act to rule out the designation of Ethereum (ETH) as a security, it is good news for the ETH and the Ethereum blockchain, as well, because it clearly indicates that the SEC is thinking to exclude ETH from its list of cryptocurrencies that will be nominated as securities, sooner or later.

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Crypto

Traxia (TMT), The First Running Cardano (ADA) Smart Contracts Technology, Listed On KuKoin

KuKoin, the most popular and appreciated cryptocurrency exchange platform based in Hong Kong, listed Traxia (TMT) which is the first cryptocurrency to implement the new Cardano (ADA) smart contracts technology. TMT will trade on KuKoin against the Bitcoin (BTC) and Ethereum (ETH) trading pairs.

The new cryptocurrency rolled out on June 6th after ending a very successful ICO during which it raised over $15,1 million.

The announcement of this addition, significantly surged the TMT price against the USD, rocketing to $0.044, after growing up by about 25%, right after KuKoin listed the crypto coin. However, the craze after the announcement stopped slightly and the support reduced. At the moment of this writing, Traxia (TMT) is trading at $0.040, recording a growth of only 16% in the last 24 hours. Therefore, TMT dropped about 9% since the KuKoin announcement.

What is Traxia (TMT)?

Traxia (TMT) admits that it is a “decentralized global trade finance ecosystem” which targets the development of an open and decentralized marketplace for both enterprises and individuals for exchanging invoices.

As said above, TMT is a new entry in the cryptocurrencies market but promises to be strong crypto, eventually. At this moment, we don’t know many details regarding this one, except that it has a total supply of 1 billion TMT and its last 24 hours trading volumes slightly exceed $1,8 million.

Traxia (TMT) is the first cryptocurrency network to work on Cardano (ADA) smart contracts technology

The Traxia invoices trading platform will be operated by the new Cardano (ADA) smart contracts technology which will handle each operation and transaction occurring within the Traxia (TMT) marketplace.

However, at this moment, this trading platform doesn’t use crypto coins in its design but, as they recently announced, Traxia (TMT) marketplace will ultimately integrate with Cardano (ADA) network by the end of the year.

Even though is an eight days old coin, its future sounds bright, so it wouldn’t hurt to keep an eye on this one, especially since KuKoin listed Traxia (TMT).

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