Monthly Archives: June 2020

US Markets Rebound to Recover All Coronavirus Losses — What About Bitcoin?

Bitcoin price is stalling under $10,000 while the U.S. stock market nears a record high. The Nasdaq, an index which primarily represents tech stocks like Amazon, Microsoft, and Alphabet, has surpassed 10,000 points to hit a new record high. The move above 10,000 effectively erased all the losses suffered from the coronavirus pandemic, yet, the price of Bitcoin (BTC) remains 50% down from its record high at $19,665. Bitcoin was seemingly correlated with the U.S. stock market throughout March, but now the digital asset is seeing a […]

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Not So Private: 99% of Zcash and Dash Transactions Traceable, Says Chainalysis

Chainalysis says it can track 99% of transactions involving Zcash, and almost all of Dash’s – coins that both fancy themselves as private and untraceable. Now, that’s because the majority of users do not utilize the optional privacy-enhancing features available on the two blockchains, it said in a June 8 blog, announcing support for the two cryptocurrencies. By tracking the privacy coins – digital assets whose primary purpose is to hide financial transactions from unwanted attention – Chainalysis has made it easy for law enforcement agencies to […]

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MoneyGram Sees 100% Growth Against 2019 Usage

MoneyGram saw a significant rise in user transaction numbers for May 2020 compared to the same period last year, coinciding with a partnership with Ripple that began last June. Global money transfer platform MoneyGram recently unveiled year-over-year growth numbers, showing double the number of transactions seen in May 2019.  MoneyGram ended Q1 2020 with 57% growth in digital transactions, a June 9 statement from the company said. The firm saw activity ramp up another 43% by May’s end.  MoneyGram’s partnership with Ripple Blockchain-based money-transfer company Ripple entered […]

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Bitcoin Still Faces On-Chain Scaling Trouble Ahead, Decred Co-Founder Says

Can Bitcoin’s network handle mainstream adoption? As Bitcoin (BTC) continues to pick up mainstream traction, the asset’s blockchain scalability remains an issue, according to Decred co-founder Jake Yocom-Piatt.  “There is enough demand for on-chain Bitcoin transactions during peak demand times to completely fill blocks and drive fee rates up substantially,” Yocom-Piatt told Cointelegraph, noting the struggles Bitcoin’s network may face during times of increased activity, given the number of interested parties.  Bitcoin scaling has been an issue for years When it comes to mass adoption, Bitcoin’s ability to […]

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Illegal Crypto Miner Caught After Stealing More Than $400K of Electricity

Russian police arrested a 30-year-old crypto miner who they accuse of stealing over $494,000 in electricity from the state power network. Police arrested a resident in Makhachkala, Russia, on June 9, who allegedly created an illegal massive crypto-mining structure that connects around 500 platforms to the local power supply network. According to the June 6 announcement from local authorities, the 30-year-old crypto miner established a mining scheme that caused economic damage to the state power grid valued at over 34 million rubles ($494,000). The report claims the […]

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Ethereum Layer-Two Solutions Lack Real World Usability, Says Skale CTO

Cointelegraph interviewed Konstantin Kladko, CTO at Skale, to learn about his controversial opinion on why Ethereum layer-two solutions are unlikely to work out. Cointelegraph spoke with Konstantin Kladko, the CTO of the Skale Network, a blockchain platform based on Ethereum (ETH). Kladko holds a PhD in Physics from the Max Planck Institute and a Masters in Computer Science from Stanford. Over the course of a long career that includes the Los Alamos National Laboratory and Sun Microsystems, he also contributed to the making of Java. While Kladko […]

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Users Punish Coinbase for Outage by Withdrawing Record Amount of BTC

Coinbase experienced its highest single-day net BTC withdrawal in the wake of the outage incident, with even the author of “Black Swanâ€� quitting the exchange. Coinbase experienced the largest net outflow of Bitcoins (BTC) in ages in the wake of the recent service outage. Even Nassim Taleb has left the nest. Black Swan The June 1 outage happened during the surge of traffic as Bitcoin was trying to push through the $10,000 resistance level. Similarly, to the BitMex’ blackout a few months ago, this caused much frustration […]

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MIT Research Says Online Voting Needs More Decentralization to Protect Ballots

New research from MIT says a decentralized protocol is a must for secure online voting, however the current online voting platform is too centralized and vulnerable. The pandemic has forced many companies to move their operations online. It has also brought the question of online voting to the forefront of conversation in the United States, which is facing an election year.  According to a June 7 paper from researchers at the Massachusetts Institute of Technology and University of Michigan, Democracy Live’s popular online voting platform, OmniBallot, is […]

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Chinese Authority Freezes Thousands of Cryptocurrency Traders’ Bank Accounts

Several thousands of bank accounts belonging to cryptocurrency traders have reportedly been frozen by Chinese police as a result of an extensive crackdown on illicit activities. Frozen accounts are not necessarily involved in wrongdoing and supposedly can be unfrozen if the authority finds no evidence of illicit activities. Police Freeze Bank Accounts of Crypto Traders The police in China’s Guangdong province have been freezing bank accounts of over-the-counter (OTC) cryptocurrency buyers and sellers in the country. Chinese publication 8btc reported on Monday that about 4,000 such bank […]

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Ransomware Gangs Are Teaming Up to Form Cartel-Style Structures

The latest moves from ransomware groups suggest that gangs are forging alliances to create a mafia-style structure. Recent ransomware attacks from well-known cybercriminal groups have been suggesting that gangs are forging cartel-style alliances to pressure their respective victims to pay for the ransom requests. Cointelegraph has obtained access to what seems to be a darknet site that belongs to the Maze group. On the site, Maze has been leaking stolen data beginning sometime after June 7. The central feature to highlight is that the gang notes that […]

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