We’re all aware that cryptocurrency fraud has taken a massive toll on the industry, but if you’re pretending to be Queen Elizabeth II to get your fingers on digital assets, you’re probably taking things a little too far.
Crypto Fraud Is Taking a “Royal” Turn
A letter circulating through LinkedIn and other social media platforms shows that alleged fraudsters are reportedly asking for bitcoin and cryptocurrency funds from specific investors who might have great interest in solving “Britain’s Brexit mess.” The letter, which is being delivered directly to people in the mail, lists a bitcoin wallet address that those targeted can potentially send bitcoins to for solving the U.K.’s problems surrounding Brexit and its separation from the European Union (EU).
One individual named Paul Ridden – a tech employee who received the letter on his desk – shared it via social media, commenting that the scam was not only strange, but very poorly constructed, and he struggles to believe that anyone would fall for it.
I think it’s an attempt to be different. In a corporate world, one of the things we’re always trying to protect against is these social engineering attacks and I guess coming in on paper, it’s perhaps trying to come through a door that’s not protected… As a tech firm ourselves, we’re reasonably aware of what’s going on, so nobody’s going to be sending any bitcoin off to them.
The letter says that sending crypto funds to the address will allow Brexit to happen “quite quickly.” Letters typically ask for anywhere between $500,000 and $2.6 million and promise 30 percent interest for a “three-month loan,” as well as membership to an organization known as the Royal Holders Association, which supports companies that provide services or supplies to the royal family.
In addition, those who send money are promised protection from any harsh economic turns that result from Brexit.
Perhaps the biggest problem with the letter is the amount of money it’s asking for. To receive that much money, the sender would have to be a legit millionaire and strikingly rich, but it seems the document is being sent to average, working-class people. How do the scammers expect to receive this kind of money from people living on limited salaries?
A Funny Little Maneuver, to Say the Least
The huge sums being requested is likely the first sign that the scam is going to fail. Ridden joked further about the letter on his LinkedIn page, stating:
Look what landed on my desk, all the way from Buckingham Palace. I always had the feeling that she [the queen] would turn to me in an emergency to save the country. Now I know Her Majesty the Queen needs my help to save us all. I’m off to see how much I can find to send to her bitcoin wallet.
Typically, digital fraud occurs through crypto jacking, hacks and SIM-swapping.
The post Fraud! Letters Emerge Asking for Crypto to Fund Brexit appeared first on Live Bitcoin News.
As bitcoin hits its worst price week in a long time, some analysts are backing away from their previous predictions regarding how well bitcoin could do by the end of the year. Tom Lee, for example, has recently commented that it’s a very bad time to be trading bitcoin, but others, like John McAfee, are refusing to get off the high horse.
John McAfee: $1 Million for BTC Is Still Possible
Having recently announced his run for presidential office in 2020, McAfee is no stranger to controversy. His bold prediction regarding bitcoin’s future price of roughly $1 million has made a lot of heads turn this way and that, but as bitcoin has sunk down into the low $8,000 range since last week, McAfee says that $1 million is still a plausible price for everybody’s favorite cryptocurrency.
In a recent interview, he states:
Let’s get real. There are only 21 million bitcoins, seven million of which have been lost forever, and then if Satoshi [bitcoin’s anonymous creator] is dead, add a few more million.
When bitcoin was young and appeared fruitless, many were relatively careless when it came to the storage of their coin stashes. One individual freely admits to throwing out a hardware device that had as many as 7,500 BTC units on it, but that’s beside the point. Bitcoin is becoming extremely rare, and with approximately 17 million of those original 21 million mined, it’s safe to say that BTC is likely to reach a climactic era quite soon in terms of extraction and mining.
This could potentially do wonders for the coin’s status, and McAfee is confident that as soon as bitcoin accounts for roughly five percent or more of daily transactions, the currency will reach his asserted price. He comments:
I’m just a very conservative man. I said one [$1 million] and I’m sticking to one… I think bitcoin represents simply a store of value. It is surpassed in every respect technologically and functionally. Ethereum’s got smart contracts… I mean, bitcoin is just an exchange… A store of value which will increase probably for the next 15 years, so for the next 15 years, don’t worry. I don’t care if it goes down to $3,000 again. It’s gong to go up. We know it is.
Privacy Coins Have Their Advantages
Where he thinks bitcoin is likely to encounter problems is in its lack of privacy. He says that blockchain technology creates irrefutable evidence that transactions have occurred. The problem is that they give parties access to data that’s not necessarily theirs, such as the total balance of the sender or the receiver. They can also potentially see every time the other person makes a transaction or deposit.
For this, he says privacy coins will likely be the “winner” in certain areas down the line.
The post John McAfee: $1 Million for BTC Is Still Plausible appeared first on Live Bitcoin News.
Coinspeaker Overstock along with Its Former CEO and CFO Sued for Securities FraudRecently Overstock and its former CEO Patrick Byrne have recently made a lot of headlines. The main reason for that is that Patrick Byrne left the company with a big bang, sold all his equities and didn’t keep it a secret that he had invested in Bitcoin and gold.Now, an investor from Canada – Benjamin Ha, has filed a complaint with the United States Securities and Exchange Commission (SEC) alleging that between May 9 and September 23, 2019, Overstock published “materially false and misleading statements” about the financial state of the company.Benjamin claimed that Overstock along with its CEO and CFO had artificially inflated the price of the company’s stock. This allowed Patrick Byrne to sell all his equity at a higher stock price. Also, the increased price helped Overstock to sell off more stocks to the market in order to fund its cryptocurrency projects. Benjamin Ha noted that such a move resulted in his personal and other investors’ major losses and made them buy the stocks at “artificially inflated prices”.So according to all this, Byrne is accused of selling his shares while he hadn’t disclosed this valuable information to other shareholders, and the former company’s CFO Gregory J. Iverson is accused of making “materially false and misleading statements”.Moreover, the lawsuit specifically looks at two projects that Overstock had taken on in the past. This was Overstock’s trading platform tZERO and a digital currency token which was supposed to be used as an alternative way to pay dividends to shareholders. The plaintiff explained in the lawsuit that Overstock had claimed to investors that the new trading platform tZERO would bring massive benefits. And before his resigning, Patrick Byrne had arranged that the next dividends would be paid out in the digital currency token only.The plaintiff specifically claimed in the lawsuit that this digital currency token can be viewed as a tool to create a short squeeze “by offering a digital token dividend that would not be registered and could not be resold for at least 6 months”. Also, he mentioned that the “lock-up period created by the issuance of unregistered security effectively resulted in the inability of short sellers to deliver the security upon the surrender of their shares.”However, considering the market’s reaction to the movements of the Overstock’s stock price, it seems like the strategy has worked. Benjamin Ha noted in the lawsuit that “shares of the company spiked up from $16 to almost $27.00 per share”.Ha says that Overstock didn’t disclose information that would have been very important to investors and that this would have lowered the stock price.Let us also remind you that in August Patrick Byrne left his position as a CEO at Overstock. And as Coinspeaker has reported, last week he shared a letter in which he explained that he had dumped all of his Overstock equities and blamed the “deep-state” and the government for this.“You think me controversial now, but you ain’t seen nothing yet. I know enough to fry the Deep State to ashes. The Deep State and the oligarchy are entwined, and they won’t die quietly. If I had stayed at Overstock or even remained a large owner of OSTK, they would try to break Overstock as a way of crippling me,” explained Byrne. Overstock along with Its Former CEO and CFO Sued for Securities Fraud
Regulation has been a hard topic in the crypto space as of late. Despite the push for it, however, it has arrived at a rather slow pace, and many major companies and exchanges within the crypto arena are looking to themselves to potentially enhance the safety of their operations. Some of these companies include Coinbase in the U.S., along with DRW Cumberland, Kraken and Grayscale.
Coinbase and Others Take Security Into Their Own Hands
One of the primary things these ventures are looking at is the properties of all future coins they’re considering for their exchange listings. They’ve developed a new, numerical rating system that they’ll utilize to decide which coins should be listed and which should not. One of the main concerns is deciding whether certain coins rank as securities or not.
In a blog post, Coinbase explains that the system uses several questions that come directly from the Securities and Exchange Commission (SEC). It further explains:
We also worked hard to focus our framework on objective, repeatable, fact-driven questions that can be answered consistently by technical experts across different assets and over time. The result of the analysis is a score which makes it easy for members to synthesize the analysis across many tokens and make their own, independent business decisions about whether or how to support an asset.
All coins will be given a score between one and five, with one being the best (meaning it shares little to no similarities to securities). The blog post continues to say:
We expect that some ratings will change over time and we will accept and consider feedback from asset issuers when they want to share additional information or clarifications that may impact an asset’s rating.
What Is a Security and What Isn’t?
The fear of listing a security is a valid one. This is a fight that has gone back to the earliest days of Ethereum. The currency was originally offered through a system similar with an initial coin offering (ICO), which would have caused Ethereum to start off as a security. However, many argued that while this may have been the origin for the world’s second-largest cryptocurrency by market cap, it has changed so much since then that it is now a decentralized coin similar with bitcoin and other digital assets.
It was announced in mid-2018 that Ethereum could no longer be classified as a security. Unfortunately, many feel the same rule cannot apply to Ripple’s XRP, which at press time, is still largely owned by Ripple executives, arguably making it a centralized asset. In addition, there is a class-action lawsuit surrounding Ripple at the time of writing brought forth by several investors who say they were duped or lied to regarding Ripple’s status as a potential non-security.
The post Coinbase and Others Taking “Security” Measures Into Their Own Hands appeared first on Live Bitcoin News.
Coinspeaker Tencent Acquires Almost a Third of Computer Games Developer FuncomChinese social media and gaming company Tencent Holding Ltd. took a 29% stake in computer games maker Funcom. With this step, Tencent became Funcom’s largest shareholder and the shares it bought were from KGJ Capital AS.Funcom went through its most profitable year in history and had signed an exclusive partnership with Legendary Entertainment to create a minimum of three Dune games for PC and consoles.Funcom CEO, Rui Casais said:“We are very pleased to see Tencent come in as the largest shareholder of Funcom. Tencent has a reputation for being a responsible long-term investor, and for its renowned operational capabilities in online games. The insight, experience, and knowledge that Tencent will bring is of great value to us and we look forward to working closely with them as we continue to develop great games and build a successful future for Funcom.”Tencent also has stakes in numerous major games makers — including Riot Games, Epic, Supercell, Ubisoft, Paradox, Frontier and Miniclip.The Conan maker has also confirmed few days ago a long-awaited feature for its open-world survival game, Conan Exiles. Mounts will be added to the game this December as a free update. When they go live, players will be able to capture and train their own mounts, as well as a new pet leveling system and mounted combat.Mounts will be free to everyone, but the new DLC called Riders of Hyboria will be released simultaneously for $9.99 and as part of the Year 2 Season Pass. This will offer a wider range of mounts and armor, but not gameplay advantages.Even though Tencent is the world’s largest gaming company by revenue, last month it warned of a difficult economic environment even as it reported a better-than-expected 35% jump in quarterly profit. The rise in the company’s gaming business reopened in the second quarter after a regulatory freeze in China and its fintech operations also had much bigger revenues. Regarding online advertising, Tencent saw a slowdown and from the company, they said they are expecting these conditions to remain.Chief Strategy Officer James Mitchell then said:“Our assumption is that the macro environment will remain difficult for the rest of the year and that the situation of the heavy supply of advertising inventory will continue for the rest of the year and potentially into next year.”At the time of writing Funcom’s stocks went up by 23% in early trade, hitting a 10-week high of 15.95 Norwegian crowns.In other news, Tencent took the top slot on local download charts with Homeland Dream, a SimCity-like game that has also some socialist phrases such as “opening and reform”. The game, called Jia Guo Meng in Chinese, gives players a possibility to build their own cities while collecting images of slogans like “make army strong and prosperous”, “made in China” and “one country, two systems”, the principle underpinning Hong Kong’s constitution.Tencent Acquires Almost a Third of Computer Games Developer Funcom
Coinspeaker ‘Rule Of 10 Best Days’: Here’s How to Capitalize on Bitcoin as per Fundstrat’s Tom LeeWhile today the crypto markets are starting to look a little alive and is seeing a somewhat green pattern, Tom Lee from Fundstrat tweeted a sort of reminder about the rule of 10 best days. He says that the majority of Bitcoin gains come in the ten best trading days. According to Lee, this only happens once a year. Moreover, he claims that when these ten best trading days are excluded, Bitcoin sees a -25% per year. More specifically, in the last bull run of 2017 Bitcoin saw an unbelievable rise of +1,136% in price. Also, in the so-called “crypto winter” of 2018 when all the crypto market saw a heavy decline, Bitcoin’s price increased by +66% in the “10 best days”.But when looking at this statistic by excluding these ten best days, the overall price of Bitcoin has seen some significant losses. For example, in 2017 while Bitcoin’s price increased +232% it also experienced a 140% decline. Tom Lee paints some similarities in 2013 and 2014 when the price of Bitcoin lost 199% and 133%. Considering all that, Thomas Lee says that since 2013, if the ten best trading days are excluded, Bitcoin sees an average of -25% annually.Lee addressed this to the last day FUD that has been revolving around the crypto-space and calmed everyone by asking:Before everyone starts freaking out whether crypto winter is over, remember the @fundstrat ‘rule of 10 best days’ (rule #6)– ex-10 best days, #bitcoin down 25% per year. All the gains come in 10 days. Are u that good at trading?PS: we believe $BTC is weak in trendless macro. pic.twitter.com/zzDOfPjVBq— Thomas Lee (@fundstrat) September 28, 2019It’s All About HODLingAccording to Thomas Lee, if a person doesn’t HODL his portfolio during these ten best days of the year, his portfolio lost an average of 25% of his investments. This is very similar to S&P 500, where if an investor or a trader doesn’t hold his portfolio of stocks throughout the ten best trading days, his portfolio lost an average drop from 5.4% to 9.2%. This is one of the main reasons why “it’s all about hodling”.Lee believes that Bitcoin won’t make another new yearly high until the S&P 500 will. This is because of the “trendless macro”, as he mentions this in his tweet.Bitcoin is currently trading at $8,144 according to CoinMarketCap and is up +0,86% today after recently falling down to such low levels as $7836. This recent price drop in the crypto markets has called out many trading experts to comment on this issue. Most of these comments were somewhat pessimistic and a slight panic had entered the market.For example, crypto trader and analyst “Hsaka” tweeted in his Twitter profile that buying this dip could be an expensive lesson, justifying this thought with the fact that lately, Bitcoin trendlines have become very weak.Another expert – Josh Rager, said that Bitcoin even can fall to such lows as $6,300:“Have been asked how far can BTC drop IMO, the lowest BTC will hit: between $6300 to $6600 where there is major interest Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames.”While the price of Bitcoin doesn’t seem to be impressed about the latest happenings in the market (Bakkt and Binance US launch), all we can do is just HODL for now. ‘Rule Of 10 Best Days’: Here’s How to Capitalize on Bitcoin as per Fundstrat’s Tom Lee
Coinspeaker Tesla (TSLA) is 1000 Vehicles Short of Fulfilling Delivery GoalsRecently we reported that Electrek, a blog for electric vehicle enthusiasts, published an email that probably has leaked from the company in which Tesla’s CEO Elon Musk writes that Tesla might be able to make 100,000 vehicle deliveries in the third quarter, which would be a record.Be it as it may, Tesla is really trying to fulfill these expectations but with only a day left, some sources say that the company is currently “a few thousand” cars short of the delivery goal.In the leaked email, Musk is writing about net new orders tracking at 110,000 cars for the quarter, but it seems that there are problems about delivering to its customers in time for the end of the quarter.As per the sources, Tesla management called up its employees last night saying they were “a few thousands” short of the goal. Still, there are slight chances, sources say, that Tesla fulfills this goal – however, it will be hard.Sources also claim that Tesla has around 3,000 vehicles in its inventory on the North American territory but not all cars are at their delivery centers so the number of delivered vehicles will be probably closer to 1,000.Violating Labor LawsIn other news, it seems that Elon Musk isn’t so liberal as he may try to act. Last week on Friday, the company actually threatened its employees who attempted to unionize. California labor judge Amita Baman Tracy ruled in worker’s direction saying Tesla is violating the law.The company must now hold a meeting to advise workers of their rights, and CEO Elon Musk is required to attend. As per Tracy’s ruling, Tesla violated the National Labor Relations Act multiple times in 2017 and 2018 that includes Musk tweet in May 2018 saying:Nothing stopping Tesla team at our car plant from voting union. Could do so tmrw if they wanted. But why pay union dues & give up stock options for nothing? Our safety record is 2X better than when plant was UAW & everybody already gets healthcare.— Elon Musk (@elonmusk) May 21, 2018This is a rare example of a tweet being regarded as a threat and the judge said the tweet is a direct threat to employees that they would lose their stock options if they voted to unionize. She wrote:“Musk’s tweet can only be read by a reasonable employee to indicate that if the employees vote to unionize that they would give up stock options. Musk threatened to take away a benefit enjoyed by the employees consequently for voting to unionize.”She also said that the company violated labor laws by forbidding employees from sharing leaflets in their off-hours in the employee parking lot in Fremont, California, by saying to employees it was futile to vote for the union, and by questioning employees about their union activities.Tracy decided Tesla needs to “cease and desist” that kind of behavior and totally restore and recompense one worker who was unlawfully fired for being involved with union activities. The company now also has the obligation to inform workers at a meeting that they violated the National Labor Relations Act several times.The ruling was issued as feedback to unfair labor practice complaints filed by the United Auto Workers union, including one in 2017 that blamed the company of firing union supporters.At the time of writing Tesla (TSLA) stock was up by 0.050% to $242.25.Tesla (TSLA) is 1000 Vehicles Short of Fulfilling Delivery Goals
With more people warming up to the idea of cryptocurrencies, CBDCs are beginning to take their time in the spotlight.
After China announced that it had already completed a national cryptocurrency to counter to release of Facebook’s Libra, Asian countries have begun to show serious support for the idea.
North Korea recently announced its readiness to develop and issue a digital currency. The country declared that the required technical and human resources required for the cryptocurrency’s development are already available.
Many experts have already stated that this is yet another bluff from North Korea and the announcement of the North Korean cryptocurrency is nothing but a foolish attempt to scare the United States. Of course, many countries are actually aware that an eventual North Korean cryptocurrency release is indeed highly likely for the sole purpose of evading the Western sanctions placed on the country.
The North Korean cryptocurrency scene is a delicate topic
The Asian country recently declined all accusations of its official government personnel being involved in a crypto theft worth more than $2 billion.
It’s also no secret to anyone that North Korea has a very sufficient level of competence to complete the digital currency.
According to a tweet from a special representative of the Foreign Ministry of the Democratic People’s Republic of Korea Cao de Benos, North Korean experts have been carefully studying digital assets in order to figure out how to successfully tie them to the country’s values and future development.
Yes, we even have programmers that are designing crypto wallets and other related apps right now.
— Alejandro Cao (@DPRK_CAODEBENOS) September 10, 2019
He also stated that currently, there are no plans for the North Korea national digital currency to backed by the North Korean won. According to him, North Korea’s cryptocurrency will be “more like bitcoin and other cryptocurrencies.”
It’s also heavily implied that other countries have massively aided North Korea in the technical implementation of the narrative. Cao de Benos mentioned that there are already several companies which have signed contracts with the DPRK authorities in regards to the development of blockchain systems for health care, finance and education.
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Coinspeaker Multimillion Acquisition of South Korean Cryptocurrency Exchange Bithumb Flounders If the signals are anything to go by the acquisition of premier South Korean cryptocurrency exchange Bithumb may fail unless some sort of miracle occurs. The Singaporean based but South-Korean owned BK Global Consortium has allegedly failed to meet up to its commitments as per the deal which saw only a $100 million (a third of the total of 400 Billion South Korean Won or over $330 Million) paid.BK Global Consortium’s Head Kim Byung-gu,n who spearheaded the deal, is said to have asked for an extension of the payment date after changing positions on the stake to be acquired. Instead of the original 51% which was worth the original amount to be paid, the BK Consortium sought to purchase up to 70% of the cryptocurrency exchange on one condition: that the payment date for the balance be shifted to the 30th of September while renegotiations for the new amount would have taken place concurrently.South Korean Media sources indicate that the operations of the cryptocurrency exchange aren’t likely to be affected due to change of ownership. According to an anonymous inside source:“Since Bithumb has been operating stably from the beginning, it will not affect Bithumb even if the acquisition contract is destroyed.”This raises questions as to how exactly the highly successful medical group would have raised funds for the transaction which would have been a game-changer not only in South Korea and Southeast Asia as a whole which is looked at by many as “a cryptocurrency safe zone”.Unfortunately, though, the crypto space didn’t grow as expected. The BK Consortium had originally wanted to raise funds from the cryptocurrency markets by issuing its cryptocurrency token which would have served as a basis for the acquisition. Because the cryptocurrency markets haven’t been as Bullish as expected has made these kinds of transactions to be quite difficult.Of course, there is bound to be some fall out from these kinds of transactions as it was expected to be one of the biggest cryptocurrency events in pro-cryptocurrency Sout Korea this year.A Matter of HonorAs for the $100 million already raised, it will be more of a case of who failed to complete the transaction rather than of who is owing who money for the purchase. These kinds of transactions once they go awry usually have the purchaser being at the receiving end of criticism rather than the receiver due to the loss made from intense speculation rather than solid fundamental strategy, planning, and implementation.South Korean media sources further report that a legal showdown is already in the works, which is yet another messy incident that will spook cryptocurrency investors globally. Media reports also show that foreign-based investors (both American and Chinese) have been shadowing the deal in the corners waiting for the perfect opportunity to invest should the BK Group fail to honor its obligations.It appears that their time has come apparently.Multimillion Acquisition of South Korean Cryptocurrency Exchange Bithumb Flounders
Coinspeaker Bakkt’s Launch Caused Bitcoin Price Loss, Says JPMorgan AnalystsAfter quite a long period of incubation and regulatory pursuits, the Intercontinental Exchange (ICE), eventually launched its Bakkt’s Bitcoin futures contracts last week. The platform had always been heralded as the main ingredient that will serve as the proper Bitcoin catalyst but has failed so far. In fact, a day after Bakkt officially launched, Bitcoin shed almost 20% of its weight and dropped to $8,000 price level for the first time in months.Now Bloomberg reports that analyst from JPMorgan, believe that Bakkt was the major reason for Bitcoin’s drop from glory.The market’s leading digital asset shockingly lost about $2,000 of its value and along with some major hodler’s decision to let some of their holdings go, the launch of Bakkt’s futures contracts most likely had a lot to do with the event. According to the JPMorgan team headed by Nikolaos Panigirtzoglou:“It may be that the listing of physically settled futures contracts (that enables some holders of physical Bitcoin e.g. miners to hedge exposures) has contributed to recent price declines, rather than the low initial volumes.”Apart from the fall in prices, it’s also been noted that even with all the anticipation that Bakkt had, the platform didn’t do nearly enough numbers and seemed to disappoint the market. On the first day, for example, only about 72 Bitcoins (BTC) were traded in around 105 total contracts. On the second day, there were 217 contracts and compared with other platforms, Bakkt’s numbers are extremely disappointing as the Cboe’s first day saw 3,969 BTC while the CME had 5,270 on its own first day.However, Bakkt’s performance so far might not be too strange when compared with the CME. Back when the CME Group first launched of its cash-settled Bitcoin futures in 2017, the market also did not respond favorably, and by the end of December, a very long cryptocurrency bear market began.Furthermore, the fact that BTC is not doing so great at the moment should still take nothing away from the king coin. The cryptocurrency market is extremely volatile and has been known to rise and fall quite shockingly, to the surprise of even the most experienced price analysts and experts.Secondly, even at its current price which is just a little above $8,000, Bitcoin on January 1, was trading between $3,000 and $4,000. This means that even as disappointing as Bitcoin currently is, it still has had a $140% year-to-date return on investment.Regardless of all this bad press, there are still quite a lot of people who are considerably bullish on Bitcoin’s overall chances. Many still believe that it’s a little too early to be sure that Bakkt will not have any effect on the market or has been a failure. Others have also taken this time to encourage would-be traders on the age-long practice of buying into the market when prices are down.Bakkt’s Launch Caused Bitcoin Price Loss, Says JPMorgan Analysts