Ranking Senate Committee Members Discuss Regulations

United States Senators Mike Crapo and Sherrod Brown, respectively the Senate Banking Committee chair and ranking member, shared their views on crypto regulations. Both appear to want comprehensive policy for big tech companies. The senators made their remarks while speaking with the press following the Senate Banking Hearing on Facebook’s Libra on July 16. Senator Crapo stressed the importance of building an overarching regulatory framework for data protection — not just for Facebook, but for all Internet companies looking to launch their own cryptocurrencies, á la the Financial Stability Oversight…

Venezuelan Investors File Lawsuit With US Court in Connection With $30M Crypto Fraud

A group of Venezuelans has filed a lawsuit with a Florida Federal Court in connection with a Ponzi scheme involving $30 million in cryptocurrency promoted by Canadian investment radio host Harold Seigel. Payment and commerce news outlet Pymnts.com reported today, July 16, that seven Venezuelans claim to have been lured into a $30 million worth digital currency Ponzi scheme conducted by companies such as Eagle Financial Diamond Group Inc. and Argyle Coin. The cryptocurrency involved into the fraud was reportedly pegged to diamonds. The frauds allegedly used raised funds to…

500 | Cointelegraph

cointelegraph 500 Internal Server Error Go back News Bitcoin News Ethereum News Altcoin News Features Hodler’s Digest Follow-Up Analysis Price Analysis Top 10 Cryptocurrencies Market Analysis Market Tools Price Indexes Source link

Bitpoint Hack Shows That Regulators’ Scrutiny Does Not Equal Safety

On July 12, 2019, Tokyo-headquartered cryptocurrency exchange Bitpoint promptly suspended its services after noticing an error in the outgoing funds transfer system. Soon, an official announcement followed, revealing that the trading platform had lost around 3.5 billion yen (roughly $32 million) as a result of a security breach. The exchange’s administration has managed to find a portion of the missing funds since the initial announcement was published. Nevertheless, the security breach seems to continue the streak of hacks targeting Japan-based exchanges. Details of the hack According to the breakdown of…

Hackers Are Turning Binance’s Stolen Bitcoin Into Other Cryptocurrencies

UPDATE (16, July 2019 14:51 UTC): A correction has been made to remove the suggestion that all of Binance’s stolen BTC has been moved into fiat. Many of the associated exchanges do not offer fiat pairs. ——— A new analysis by Coinfirm shows the movement of the bitcoin stolen from Binance into various wallets. The hack, which netted 7,000 BTC, happened on May 7, 2019 at 17:15:24 UTC and the hackers have been moving stolen bitcoin from wallet to wallet. Now, however, Coinfirm has spotted some activity that suggests the hackers are moving…

Bitcoin (BTC) Cracking As Government Drums For Regulation

Bitcoin (BTC) is down 14.8 percent Steven Mnuchin is calling for cryptocurrency oversight and compliance Eventual regulation of cryptocurrencies in the US, following Steven Mnuchin presser, could have far-reaching consequences on Bitcoin and cryptocurrencies. In the meantime, BTC is on edge and may slide to $9,500. Bitcoin Price Analysis Fundamentals From launch, Bitcoin is considered a threat to the status quo. However, scrutiny was amplified following the parabolic rise of digital asset prices in Q4 2017 and meltdown of 2018 that highlighted the volatile nature of these emerging assets. Attractive…

Facebook Stresses Libra’s Compliance With FinCEN at Senate Hearing

David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate. Addressing the issues of money laundering and terrorism financing, Senator Cortez Mastro asked Marcus how Facebook is going to ensure that the platform is not being used for such purposes. Marcus responded that “this is…

US Senators Grill Facebook on Privacy, Trust Issues in Libra Hearing

At the ongoing hearing on Facebook’s Libra cryptocurrency project with the Banking Committee of the United States Senate, lawmakers are interrogating Facebook on privacy and trust concerns. As a Cointelegraph correspondent reports on July 16, David Marcus, head of Facebook’s crypto wallet Calibra, is stressing the project’s trust and regulatory compliance, while some senators are not convinced. Senator Jon Tester asked about Libra’s ability to make assurances against fraudulent purchases or loss of funds, along the line of credit cards or the Federal Deposit Insurance Corporation. Marcus responded that “we…

Dash Bears Aim at $105 As CEO Criticize Bitcoin (BTC)

Dash slides 28.2 percent Bitcoin is flawed as a medium of exchange Ryan Taylor, the CEO of Dash, opines that Bitcoin is flawed as a payment solution. As a result, Dash is solving BTC’s shortcomings. However, that is not enough to tame bears. Dash is down 28.2 percent in the last week. Dash Price Analysis Fundamentals The cryptocurrency payment space is saturated with projects aiming to dislodge Bitcoin. Of the many, Dash is perhaps one of the leading contenders. In the past few years, the coin’s use in Venezuela is…