Monthly Archives: August 2019

FinCEN Director Addresses Casino Compliance With Obligations Regarding Crypto

FinCEN director Kenneth Blanco urged casinos to follow the agency’s guidelines in regards to suspicious convertible virtual currency activity. Kenneth A. Blanco, the director of the Financial Crimes Enforcement Network (FinCEN), has urged casinos to follow the agency’s guidelines in regards to suspicious convertible virtual currency (CVC) activity. During his speech at the 12th Annual Las Vegas Anti-Money Laundering Conference on Aug. 13, Blanco addressed casinos’ compliance with the FinCEN’s guidance released in May. In their guidance, the FinCEN considered certain business models involving CVC financial institutions […]

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Biggest Crypto Hedge Funds and What They Tell About the Market

Who are the biggest hedge funds operating in crypto today and how much do they have invested in crypto and blockchain firms? The total market cap for all cryptocurrencies stands at $293 billion, and while much of this value has been generated by individual traders buying and selling their own private stashes of crypto, it’s also largely the result of big investment funds. These are companies that have crypto assets under management worth as much as $1 billion or upward, with most of them qualifying as the whales the […]

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How Coinbase Quietly Became the World’s Biggest Bitcoin Bank

On August 15, the San Francisco-based digital currency exchange Coinbase announced that it had acquired the cryptocurrency custody service Xapo’s institutional branch. The business move puts Coinbase in the limelight, making it the largest custodial service for digital assets worldwide, with more than $7 billion under custody. Also Read: Hong Kong Protest Leader Hopes to Incite Run on Chinese Banks Coinbase Acquires Xapo’s Institutional Arm and Now Commands $7 Billion Worth of Digital Assets As early as 2010, Bitcoin supporters such as Hal Finney predicted that someday […]

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Coinbase Accidentally Saves Unencrypted Passwords of 3,420 Customers

Coinbase resets the passwords of over 3,000 customers in response to a bug that logged their real passwords in clear text. Major crypto platform Coinbase has emailed 3,420 Coinbase customers to disclose an accident with customer registration. Some registration details were apparently stored in clear text on the logs of Coinbase’s internal server, with affected customers now required to change their passwords. Coinbase announced the news in an official blog post on Aug. 16. According to the announcement, Coinbase has resolved the root cause of the bug […]

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CoinGecko Joins AMLT Network to Combat Exchange Fraud, Scams, Hacks

CoinGecko has joined a blockchain analytics network focusing on anti-money laundering and know-your-customer issues in an effort to improve its exchange transparency services. Crypto market aggregator CoinGecko has joined the network of blockchain analytics and anti-money laundering (AML) company Coinfirm. This partnership will reportedly allow CoinGecko to improve its exchange Trust Score algorithm, as well as provide users with a means to report scams and hacks. The companies shared a press release with Cointelegraph on Aug. 16. According to documentation from Coinfirm, the company runs the AMLT […]

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Over 5 Million Merchants Throughout Thailand Now Accept Zcoin Payments

The over 5 million merchants registered with the Thai QR code system can now accept payment in privacy-focused cryptocurrency Zcoin. Privacy-focused cryptocurrency Zcoin is now available for spending in Thailand at any merchant registered with the Thai QR code system through Satang App. According to an announcement published by Zcoin on Aug. 15, over 50 million users of Satang App can now use Zcoin at local merchants both in-store and online by scanning a QR code. The system instantly settles transactions and allows merchants to be paid […]

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Mike Tyson: ‘I Am Not Involved With Fight to Fame or Their Countdown Website’

Ex-champion American boxer Mike Tyson refutes involvement with Fight to Fame, a blockchain project alleged to be a fraudulent scheme. Disclaimer: This story is a follow-up to a piece published by Cointelegraph Aug. 13, which appears to be based on flawed sources and which should consequently be considered incorrect. American legendary professional boxer Mike Tyson has denied news putting forward his support for a blockchain-based platform for fighters dubbed Fight to Fame, which is allegedly a fraudulent scheme. In a tweet published on Aug. 14, Tyson said: […]

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Crypto Market Sends Mixed Signals as Ether and Bitcoin Price See Green

The crypto market is seeing mixed movement but Ether price and Bitcoin price are among those in the green. Friday, Aug. 16 — Bitcoin (BTC) and Ether (ETH) are seeing some upward movement as XRP continues to slump. Market visualization. Source: Coin360 Bitcoin is trading at $10,480 at press time, representing a 4.58% price increase on the day. Bitcoin is seeing some momentum for an upward climb, peaking at $10,500 so far and continuing to stay away from the four-figure mark it fell to yesterday. Still, BTC […]

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IRS Crypto Reporting Letter: A Wake-Up Call No Matter Who Gets One

More than 10,000 taxpayers with crypto transactions will receive letters from the IRS by the end of August. The IRS has begun sending letters to people with digital currency transactions who may have failed to report income and pay taxes, or who did not report their transactions properly. By the end of August, more than 10,000 taxpayers will receive the letters, targets the IRS says it obtained through various ongoing IRS-compliance efforts. According to the head of the IRS, Commissioner Chuck Rettig: “Taxpayers should take these letters very seriously […]

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19-Year-Old Sentenced to 20 Months for Selling Stolen Data for BTC

The Norwich Crown Court sentences Elliot Gunton to 20 months in prison for supplying online personal data and hacking services in exchange for cryptocurrency. Elliot Gunton, aged 19 and of Mounteney Close in Norwich, pleaded guilty to supplying online personal data and hacking services for cryptocurrency. A hacker for hire A press release published on Aug. 16 by the Norfolk police reports that the man was sentenced to 20 months in prison and ordered to pay back more than £400,000 (over $485,000) by the Norwich Crown court. […]

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