Blockchain Branches Out to Provide Digital Driver’s Licenses in Australia

The latest blockchain venture in Australia involves doing away with plastic driver’s licenses and using a digital version instead.

Australia is one country that is continuing to explore and embrace blockchain. They have plans to incorporate the technology into their Australian Securities Exchange (ASX) and will even launch their own blockchain. However, an important part of adoption is showing people that this type of technology can be used in their everyday lives. Better yet, that it can offer them convenience.

Going Digital
To do this, the New South Wales government will be introducing digital driver’s licenses. According to ZDNet, over 140,000 drivers across Sydney’s Eastern Beaches will be a part of the government’s November trial which will aim to replace traditional plastic cards with a digital version. The latter will be available on the Service NSW app.
The trial follows a pilot project that was launched last November for residents in the city of Dubbo. It allowed drivers to use their digital licenses for identity- and age verification purposes as well as during roadside checks.
The technical partner for this initiative, Secure Logic, assisted with both the Dubbo pilot and the upcoming trial by using TrustGrid which delivers an “advanced blockchain solution.” The platform’s CEO, Santosh Devaraj, explained how this type of technology can streamline outdated processes, saying:
The era of standing in line to file government paperwork is coming to an end, as is our reliance on physical identification cards to establish your identity or proof of age with law enforcement or at licensed venues. These are mistake prone, time-consuming, expensive, and impractical ways to offer services.
While digitization is perhaps a more effective way of doing things, consumers and those affected worry about how much of their personal information is put out there. Devaraj touched on this while referencing the country’s controversial My Health Record initiative, where citizens’ medical and health history is available online. He said:
While it’s positive to see government pursue a platform that has the potential to save lives, people are right to be concerned about how their sensitive data is stored and could be exploited by hackers. Rather than a black and white method of opting ‘in or out’, TrustGrid could enable each individual to set the terms of their own digitized contract that governs exactly what personal information is disclosed through fine-grained consent and encryption policies.

A Blockchain Future for Australia
This new development definitely seems to be a part of the country’s future as legislation amendments have already been requested to cater to these digital licenses.
In showing just how committed they are to the technology, the country also recently partnered with the World Bank to successfully launch the world’s first blockchain-based bond. Their enthusiasm is not just reserved for blockchain though. The country’s fascination with, and adoption of, cryptocurrencies continues to grow, whether it be trading or even paying their bills.
Australia definitely seems to be making big strides in fully embracing this industry.
Do you think we could soon see a future of digital driver’s licenses? Let us know in the comments below!

Images courtesy of Shutterstock.
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Russia’s Dmitry Peskov: Cryptocurrency Cannot Be Allowed Now

The latest crypto comments coming out of Russia aren’t good. While certain industry regulations are being looked at, authorities believe that there is no place for virtual currencies until a clear guideline is developed.

Russia has a very fickle relationship with cryptocurrencies. One day you hear that crypto mining is expanding in the country, the next week you hear that 22 Bitcoin ATMs were seized in various parts of the country. The latter development has sparked concern as cryptocurrencies haven’t actually been outlawed in Russia.

Hope through Regulations in Russia
There have been some instances that gave crypto enthusiasts hope though. Authorities in the country are seeking to regulate aspects of the industry by imposing Know-Your-Customer (KYC) requirements for selected crypto transactions. Financial authorities are also looking to track Bitcoin transactions in a bid to try and prevent fraud and terror financing.
In addition, a draft law states that crypto transactions can only be completed by a previously licensed authority. While these tight regulations may be viewed in a negative light, it does show that the country is looking at a future with crypto in it.
However, President Putin’s special representative on digital and technological development, Dmitry Peskov, has given an update which may delay any celebratory dances. Sputnik News recently reported that Peskov said:
The emission and circulation of cryptocurrency cannot be allowed now. This contradicts the state’s basic function. The consistency is important. If we adopt a draft legislation on the principles of work with cryptocurrency at a general level, then we can discuss the implementation of those principles in ordinary life. But it is wrong to go the other way round.

Draft Laws in the Pipeline

While industry definitions and regulations are still very much up in the air, steps have been taken to obtain some level of clarity. Three bills were previously submitted to the country’s lower house with the second reading scheduled for later this year. Whether or not these are accepted and put into law should determine the future of cryptocurrency in the country.
Russia’s Deputy Finance Minister, Alexei Moiseev, had also suggested that cryptocurrency mining should be seen as a taxable activity. Similarly, Iran has recently declared crypto mining in the country as a legal industry. This move, in combination with varying other factors, even caused the price of Bitcoin to increase quite substantially in the country.
Peskov’s comments come just a day before the Eastern Economic Forum (EEF). The event, which seeks to encourage foreign investors to contribute to the Russian Far East region, is scheduled to run between the 11th and 13th of September.
Do you think that cryptocurrency has a legal future in Russia? Let us know in the comments below!

Images courtesy of Shutterstock
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Legend in Blockchain: Huaren Capital Dominates the Future of Chinese Investment Community

Standing in front of the newly-built bitcoin mine, Jeff Wang, President of Huaren Capital and a global mining leader, feels well satisfied. Behind him, tens of thousands of miners have been operating fully loaded since they were put into use recently. On the monitoring screen, the number of newly-mined bitcoins keeps changing from time to time.

This mine is only one of the many mining centers owned by Jeff Wang and Huaren Capital. It is situated in a high-tech factory on the Chinese border. The factory uses 10nm and 7nm miners which will be released at the end of September, the most advanced technologies from TSMC. These miners take advantage of cheap electricity to transform energy into calculating power. In return, they are rewarded with bitcoins with a market price of $ 6000.
With its headquarters located in the Philippines, Huaren Capital is in charge of the digital empire in the era of blockchain. As the leader of the empire, Jeff Wang is sitting tight to watch this feast of digital signals and real money.
In Jeff Wang’s opinion, there are yet few savvy participants at this feast. As the Chinese saying goes, it is much more joyful to share the joy than to keep it to oneself. Therefore, he envisions to present this digital feast to Chinese all over the world so as to share its fat profit with his fellow people. 
The Suffering and Uprising of Chinese People
Ever since the first arrival of Chinese labors to contribute to the railway plan across North America, tens of millions of Chinese have left their home country to fight for a living all over the world. In spite of the contributions our predecessors have made to other civilizations, they were constantly subject to laughter and discrimination, struggling to survive at the bottom of society.
Ushering into the 20th century, the waking of the oriental dragon finally brought hope and light to its people. After decades of efforts, China has emerged as the 2nd largest economy in the world. Chinese people can finally stand up with head held high after long-term suppression.
Today, China is respected by other countries as a global leader and Chinese people are playing an increasingly important role in numerous fields such as economy, technology, and culture. In Silicon Valley, Chinese engineers and entrepreneurs are having an increasing influence, and their status in the global technology revolution rises sharply.
As the most crucial technological innovation of this century, the blockchain industry has been closely associated with the Chinese community at the very beginning. It is no exaggeration to say that it is the active investment and technological innovation of the Chinese community that have given rise to the popularity of Bitcoin and blockchain. Chinese have also successfully dominated the market.
Today, a consensus has been reached on the infinite prospect of blockchain. Undoubtedly, the Chinese have won speedy success in this technological revolution. If they moving forward at a steady pace, the community will be guaranteed a leading position in the global economy and technology. 
Jeff Wang: Believer and Promoter of Chinese Power
Committed to the blockchain industry since long ago, Jeff Wang is now a global mining leader. The corporations he established have had a multiple of successful cases in starting blockchain businesses. He also owns a dozen mining pools with tens of thousands of miners. At a young age, he has gained both fame and wealth with blockchain, which is considered a successful example in the Chinese community.
Moreover, he has been deeply touched and proud of the history of the elder generation since young. He has always harbored the dream and the belief to contribute to the well-being of global Chinese. His Chinese name “信仰” (belief) demonstrates his belief and pursuit of Chinese power and culture. This is why he does not stop after gaining fame and wealth, but continues to explore the paths and strategies to benefit Chinese people all over the world with blockchain technologies.
As a result, Huaren Capital arises as the time requires. It chose to register in Philippine where blockchain technology is enormously supported and receives great attention. In this way, it can start a series of digital currency and investment businesses with the support from local government and policy. The core assets and business modes are embodied in the large mines of bitcoin and other digital currencies situated in China and Russia.

Jeff Wang believes that the rise of blockchain digital currency has created numerous highly profitable investment opportunities. Among these opportunities, the mining industry is a project with the most stable returns and the most controllable risks. Mining pools are regarded as the cash machines in the blockchain world. As long as the scale is big enough, the strength is considerable, and the latest technology is applied to manufacturing miners, the mining pools will be stable and highly rewarded from mining operations.
For example, the latest 7nm miner can produce each bitcoin at a cost of only $2000, but the reward is up to $6000. Establishing mines in regions where electricity is cheap can effectively control cost, and its investment quality exceeds many traditional financial services.

However, the upfront investment of building a mining factory is too enormous for ordinary people. To enable his fellow people to share this historically rare investment opportunity, Jeff Wang and Huaren Capital have proposed a blockchain investment mode for Chinese all over the world.
Mining Pool Fund: A Lavish Gift for Fellow People
According to Jeff Wang’s design, Huaren Capital will use investors’ funds to invest in large-scale blockchain mines that are running steadily, and get stable rewards from them. In return, Huaren Capital will reward investors at an expected annual yield of 10%-15%. The interest will be rewarded monthly, and the principal yearly.
Considering the promising prospects of the blockchain industry, the risk of this investment mode is as low as that of 3A investment projects such as US Federal Bonds. In contrast, its expected yield of 10%-15% far exceeds that of national bonds and ordinary financial products in the bank, even more than that of many P2P financial projects. As Chinese investment community values risk control and a reasonable return, this service is perfect for the above-mentioned demands.

With the further development of Huaren Capital, future investors with higher demands will be able to join other projects such as ICO as well as the future and spot trading of digital currency. Generally speaking, Huaren Capital will focus on the mining service and develop a diverse portfolio of blockchain investment products to provide Chinese all over the world with the most promising and guaranteed investment opportunities in the era of digital currency.
Faith in Huaren Capital Brings A Bright Future
As a pioneer in combining the blockchain industry and the traditional investment mode, Huaren Capital has brought a rare investment opportunity to Chinese all over the world. With the speedy development of the industry, Huaren Capital will move forward with investors to share the fruit of this great technological revolution.
After the tireless efforts of 150 years, Chinese people have finally gained a firm foothold around the world, and won respect from all the countries. Today, blockchain enables Chinese community to step further to pursue the leading role in global civilization. Faced with this dramatic wave, Huaren Capital will make its contributions together with its investors.
Through Huaren Capital, Jeff Wang can finally realize his great dream to help with the growth of Chinese all over the world. This dream and belief has also become a core value and competence for the company to lead Chinese investors to move towards success.
What do you think about Huaren Capital’s bitcoin mining venture? Let us know in the comments below.

Images courtesy of Huaren Capital, Shutterstock
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NEXT BLOCK Blockchain Conference Lisbon + Fabulous After-Party

The event is supported by the leader for tracking capitalization of various cryptocurrencies CoinMarketCap.
Bringing together over 350+ participants and 20+ distinguished speakers, the Conference will be celebrated by a luxurious After-Party, the most fabulous crypto-party of 2018.
Our first speakers:

Ilan Tzorya, Founder & CEO of Krypton Capital
Jan Sammut, Founder and CEO at RefToken
David Drake, Found at the LDJ CAPITAL
Aviya Arika, Head of Aviya Law

And more speakers soon at!
The Conference will cover the following topics:

Blockchain for tokenized assets and asset-backed tokens;
STOs and TAOs: regulatory insights and various countries’ key distinctions;
Mitigating volatility and scalability issues when tokenizing shares and bonds.

The Conference will also feature an EXPO full of blockchain ventures and an ICO Quick-fire Pitch Session, where each participant will have 5 minutes to earn the investor’s trust!To find out more, buy a ticket, become a sponsor or media partner please visit
The post NEXT BLOCK Blockchain Conference Lisbon + Fabulous After-Party appeared first on CoinSpeaker.

Alprockz Partners with Swiss Banks to Issue a New Stablecoin Backed by Swiss Franc

The Alprockz platform will allow users to benefit from a stable coin used for fast and economic monetary transfer around the world. Among the key features will be the conversion of cryptocurrency into a reliable & stable funds at real time, along with opening up limitless opportunities for market makers to switch to a new base currency.
ROCKZ (RKZ) is the stablecoin, backed by a national currency – the Swiss franc (CHF), which will be issued at a ratio of 1:1. At the same time, the company-issuer ROCKZ AG will store 90% of its reserve funds in CHF banknotes in high-security Swiss bank storages. Another 10% will be placed in storage in various Swiss banks to ensure coin’s liquidity. This will give to the issuer credibility, and when it comes to Rockz holders – confidence that the digital asset is backed by fiat money.
Thus, ROCKZ eliminates the main shortcomings of the cryptocurrency industry and solves two major issues: forming a reliable bridge between digital assets and the traditional economy, by recording profits, while they remain in the crypto market. The main difference between ROCKZ and, for example, Tether is the absolute transparency of financial reserves. It reduces the risks of the counterparty’s default.
ROCKZ сryptocurrency is fully backed by Swiss franc and is compliant with national and international legislation following the cryptocurrency regulation. Alprockz AG is registered in Zug, owned by Swiss investors and is audited.
Monitoring and confirmation of the fiat-backed concept of ROCKZ will be carried out monthly with the reports publication. A list of financial intermediaries and bank vaults providing stability to Rockz is available at any time.
ROCKZ AG will work with regulated trading counterparties, mainly based in Switzerland. ROCKZ holders have to pass the standard KYC process. Financial reserves that serve as ROCKZ provision can not be invested or used otherwise to generate additional income.
ROCKZ team, which includes large financiers and IT developers, expects that the new fintech service will be in demand in the following niches:

E-commerce. ROCKZ can be a convenient method of payment, along with payment services like PayPal and Webmoney in view of the stability of the underlying asset and low commissions within the network.
Investments. ROCKZ can be a store of value asset.
Money transfers. ROCKZ can become a reliable tool to facilitate cross-border transfers in view of low commissions and low volatility in the market of $ 65.7 billion (excluding corporate transfers).
Banking. Based on ROCKZ, you can create a large number of financial instruments: loans between platform users, bank deposits, etc.

ROCKZ stable coin backed by Swiss Franc – the most stable currency in the world should become a more attractive financial tool than its competitors – Tether, TrueUSD or Dai, all backed by the US dollar.
The ROCKZ monetization model, proposed by the developers, includes not only commission fees for the conversion of ROCKZ to fiat, but also the issuance of partner licenses to market makers, which turns the platform into a full-fledged financial service, in contrast to competing financial intermediaries.
As a result, ROCKZ receives not only financial stability based on the Swiss franc, but also protection from exchange rate manipulation. This fact can make it the most reliable and predictable cryptocurrency.
Alprockz AG will launch an ICO in Q4 2018 to develop further the company and the platform. The platform which has been built to develop ROCKZ will be able to host further financial products in the future. The company plans to add other stable coins backed by EUR and KRW in 2019.
As a service provider Swisscom (listed on the Swiss Exchange, ticker: SCMN), will provide the digital identification services of ROCKZ users. This will allow ROCKZ AG to conform to strong Swiss regulations. Furthermore, Swisscom’s daughter company Swisscom Blockchain AG supports as the technical provider of the tokenization. It provides the infrastructure to onboard the participants in the token sale (launchpad, compliance process), the smart contract and the infrastructure to issue the token.
As the founder of Alprockz Alexey Borichev stated:
“The reason for choosing a Swiss provider is in the regulatory aspects, which we must respect, as a corporation registered in Switzerland and launching a token sale.”
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Stellar-based Startup Lightyear Buys Chain Inc. to Form Re-Branded Company Interstellar

In the world of blockchains it is a common deal when at least two industry behemoths providing the community with great and key fin-technical solutions decided to compound their inputs in order to produce something even greater. The headlines are rife with collaboration announcements while a numerous number of newly born joint companies are facing a customer.
Another milestone merger took place as a blockchain company for financial solutions from a scratch, Chain Inc had been acquired by the for-profit developer of the Stellar network, Lightyear Corp. According to the announcement following the acquisition, the two companies teams up to devise a new project dubbed Interstellar. The combined enterprise will see its goal in leveraging Stellar as a platform to build novel financial products and services.
The merger brings Chain’s enterprise products and customer base to Stellar’s global public ledger, creating an end-to-end solution that will enable organizations to issue, exchange, and manage assets on a highly-scalable public network. In the meanwhile, Chain’s cloud ledger service, Sequence, will allow organizations to easily track assets as they move between private ledgers and the Stellar network.
From the organizational aspect, the Interstellar management team will consist of both Chain’s and Stellar’s representative, precisely the new chief executive officer will be Adam Ludwin, a former Chain CEO, while the position of Interstellar CTO goes to co-founded the Stellar Development Foundation and Lightyear, Jed McCaleb. Notably the Stellar Development Foundation, which develops the Stellar protocol and supports the open source community, remains independent.
Adam Ludwin as well as Jed McCaleb are very excited about the signed partnership saying it will pave a way for the mainstream blockchain adoption backed by Stellar, six of the world’s top cryptocurrencies.
Further the appointed Interstellar CTO, Jed McCaleb added:
“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols. We are thrilled to be joining forces to help organizations build on Stellar.”
So far, the confirmation of acquisition named as a significant industry merger has been sending shockwaves through the cryptocurrency markets, yet any financial details of the deal were not disclosed. However, the closest estimates have pegged the deal as valued at nearly $200 million, which if true, would make it one of the year’s largest.
In the statement Ludwin affirmed that shareholders were bought out and that it was “a good deal for investors.” Indeed, Chain raised over $40 million in initial funding from Citi, Visa, Nasdaq and others, and brings a wealth of knowledge and connections. These industry ties will set off further institutional adoption rumors, and looks to be aligning with the Stellar network’s lightning network integration by end of year.
At close, the combined company will retain “100 percent” of Chain’s employees including co-founder Devon Gundry, who will remain on as chief product officer. About 60 employees in total will be employed by Interstellar with its headquarters in San Francisco and offices in New York City and Singapore.
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Here’s Everything You Should Know About EverLife.AI

Thus, some way or the other, we all are working relentlessly on leaving a legacy behind. Researchers are working to find effective ways to help you become immortal in people’s thoughts. However, introduction to Blockchain has opened new opportunities to make this happen.
EverLife.AI is a new blockchain-based p2p network where you get a chance to create an impression of you who’ll live forever. In laymen terms, you create a clone called an AI avatar with EverLife.AI This avatar continuously evolves as it interacts with the millions of other avatars present in this network.
Now, this avatar works on your behalf and get paid with a native token of EverLife.AI network called “Ever Token”. Your avatar will be able to acquire some of your skills that will allow it to do the tasks on the network for a pay. Therefore, your avatar will continue to work on your behalf and make money for you in your absence.
Hence, it’s guaranteed that the avatar will completely have a replica of your personality. Not only this, the network also guarantees that no one can manipulate or terminate your avatar. So this network allows your avatar to connect seamlessly with the avatars of your family and friends. Your beloveds can learn who you truly are and what you stand for, even in your absence.
Know The Technicalities Of EverLife.AI Network
The network allows you to connect with your avatar through chat interface that’s built on platforms like Telegram and Messenger. With this interface called “Chat Client”, the interaction between Avatars and users can be done anywhere and at anytime. There also exists a dialogue mechanism that allows this communication between users and avatars to be productive and smooth.
Users can buy the needed skills they want to give their avatar on the EverLife.AI marketplace. All transactions in this marketplace are done by using the Ever token. Avatars also evolve by reading through millions of data available online.
The Ever Token
The Ever Token is the native token of the EverLife.AI network. This token (serves as both a currency and a utility) allows you to access various services and products available on the EverLife.AI network.
Some ways the Ever Token is used for –

For the payments of goods and services which run on smart contracts
As an advertising fees
For tips and rewards
For the transaction commission paid with Ever
To be listed on Coinbene

The planned listing will be happening this September, and it will allow you to trade your Ever tokens to other cryptocurrencies. Since CoinBene has a large number of crypto pairs, the options for users are unlimited.
Ever Token Will Also Be Listed On IDCM
There are plans put in place to make Ever token available on IDCM which boasts to be the first global exchange using a consensus mechanism. The exchange will be covering over 60 countries around the world. Therefore, being an Ever Token holder, you will enjoy unlimited access to crypto trading.
To request invite for EverLife.AI private sale, visit
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Geneva Celebrates Jeûne Genevois! Get a Chance to Get 40% OFF for BBConfSwiss!

Smile-Expo company joins to citizens of Canton of Geneva at the celebration and offers a discount on tickets to Blockchain & Bitcoin Conference Switzerland!
Only till September 13, use the promo code SwitzerlandBBC and get the special price for a ticket – 240 EUR!
The opportunity will be available only for one week.
Blockchain & Bitcoin Conference Switzerland will take place on October 9. The event will feature:

Use cases and crypto experience from TOP International Speakers at first hand:
Discussions of innovative blockchain applications in transport, AI and IoT;
Analysis of GDPR compliance and Swiss crypto regulations;
Pitch Sessions with unique ideas from innovative startups;
Exhibition of new DLT-based solutions;
Productive Networking.

The organizer – international company Smile-Expo, which has already conducted 43 successful events in 25 countries.
Find more information about the event and register to the conference here.
The post Geneva Celebrates Jeûne Genevois! Get a Chance to Get 40% OFF for BBConfSwiss! appeared first on CoinSpeaker.

BTC vs Gold: Long-term Gold and Bitcoin Price Charts Reveal Similar Performance

It has been almost a decade since Bitcoin at first stepped up into the global financial arena and despite the headwinds of potential it was immediately dubbed as a supernatural offspring of the darknet. Yet even the vigorous opposers of digital currency have to admit Bitcoin’s glaring similarity to the world’s most precious metal, namely gold.
Indeed, after careful consideration it becomes clear that these two assets have lots in common. Many analysts and enthusiasts in the industry draw connections between the inherent natures of gold and the digital currency citing durability, security and divisibility of the two individual assets. Moreover, gold as well as Bitcoin serve as a store of value enabling investors to hedge funds against losses.
Having in mind all these specific features, Tweeter user Nunya Bizniz decided to match historic price charts of gold and Bitcoin while the results of such comparative analysis will be a clue for the Bitcoin’s trading trend.
As soon as the research was completed, Bizniz shared his observations with Twitter community stressing an “uncanny” resemblance of the charts:

BTC vs Gold (Both Log Scale) Uncanny pattern resemblence between Golds 43 years of chart data and Bitcoins 9 years.
— Nunya Bizniz (@Pladizow) September 6, 2018

For the analysis Bizniz took two separate charts, with the first being gold’s 43-year price history and the BTC’s price action throughout the entirety of its nine-year lifespan. Putting the logarithmic charts side-by-side, it became apparent that there are clear parallels, or as Bizniz puts it, “uncanny,” even though the two stores of values may be inherently different at their core.
It could be seen that the price action of both markets have seen similar bouts of exponential increases and subsequent ‘cooldowns’, meaning Bitcoin is following in the footsteps of gold in some manner and if so the price of the foremost crypto asset could move under the ever so important $5,800 support level over the next few months. Such a prognosis disrupts all claims recently made by the industry celebrities calling for Bitcoin skyrocketed price.
However, Bitcoin’s high volatility along with the overall uncertainty established at the digital market seem to not waver cryptocurrency proponents who insist Bitcoin is the most first viable candidate to replace gold. Some even think that Bitcoin is actually superior to gold, as it has certain functions that make it an appealing investment including Bitcoin’s ease-of-use, immutability and digital nature.
Previously Coinspeaker reported co-founder of CryptoOracle, Lou Kerner saying Bitcoin is to dethrone gold in the near future. As a premise for the bold statement, Kerner mentioned Bitcoin’s exquisite functionality that is much better than gold.
He also said the process of gold replacement will take years, thus gold has emerged as the global store of value and it has held that position for literally a couple thousand years. It is also an uneasy task to convince those who are hesitant to change that cryptocurrencies underpinned by the robust blockchain technology are the next big thing.
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Coinsecure Hack Investigation Brings New Evidence to Light

Cryptocurrency service providers endure a hacking attempt rather regularly. Coinsecure, a prominent company in India, had 438 bitcoins stolen in early April. Five months after the fact, New Delhi Police officials are finally ready to file charges. This development may finally put this ongoing investigation to bed once and for all.

The Coinsecure Hack Investigation
Cryptocurrency exchanges are a prominent target for criminals. A successful hack can net anywhere from a few thousand to a few million dollars worth of cryptocurrency. In the case of Coinsecure, the firm lost 438 BTC due to an incident in April of 2018. An investigation was launched shortly after, yet appeared to yield no immediate results. Finding the culprits has been an ongoing challenge ever since.
The New Delhi Police’s Cyber Cell is now ready to file charges. One of Coinsecure’s staff members is of great interest in this regard. The firm’s chief security officer (CSO) was arrested on suspicion of being a prime suspect related to this theft. It is still believed the Coinsecure hack is an inside job.
Through mutual legal assistance treaties, a chargesheet has been submitted. Five cryptocurrency exchange firms are involved in putting together this information as Interpol tracked some of the stolen bitcoins to these exchanges. Their evidence can further incriminate Coinsecure’s chief security officer. New Delhi police officials remain tightlipped on which trading platforms are actively participating in this ongoing case.

Potential Impact on India’s Upcoming Regulation?
Coinsecure has shut down its operation since the hack in April. The firm has compensated users by paying funds out of their own pocket. It now seems the case and its associated investigation may come to an end.
This new development may impact India’s ongoing regulatory debacle regarding cryptocurrency. The Supreme court will validate or reject the RBI’s cryptocurrency banking ban. By putting the Coinsecure hack to rest, a positive development looms on the horizon for the cryptocurrency industry. However, the government is still drafting guidelines, and their full intent remains unclear.
While criminals have stolen a great deal of Bitcoin over the years through hacks or ransomware, multiple culprits have been apprehended successfully. In most cases, this is achieved through performing blockchain analysis pertaining to the Bitcoin transactions in question. It appears this case is heading down a similar path, partially thanks to the cooperating trading platforms. Getting away with Bitcoin-related crimes is a lot more difficult in this day and age.
Were you impacted by the Coinsecure hack? Let us know in the comments below.

Images courtesy of Shutterstock.
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