Geocold51: How Easy it is to Execute the 51% Attack

There are many cases where college freshmen were actually held down by their professors. The limits enforced by the institution have been a cage for those smart enough to think ahead and for themselves. One such example is a college freshman, who is ready to steal your cryptocurrency just to prove it can be done with ease. A security researcher with the nickname “geocold51”, shares his worries about small-scale cryptocurrencies.
He believes that all of these cryptocurrencies are potential victims of the 51% attack. With smaller-scale cryptocurrencies having less mining power, it’s easier for the potential attackers to take over 51% of the network. Of course this doesn’t mean that large-scale cryptocurrencies are immune.
Their networks just have so much hash power that a 51% attack would take an immense amount of resources. Horizen also came up with their own strategy to go against the ever-increasing 51% attacks.
This lead to October 13th when geocold51 wanted to prove that the attack was easy to pull off. He started livestreaming his attack on Bitcoin Private. This cryptocurrency has around a $47 million market cap.
According to geocold51, he had to spend around $100 to the point where he could demonstrate how to do a double spend. Before the demonstration could take place, the livestream got cut.
Geocold51 is messaging the world
Geocold51 made his intentions perfectly clear. He stated that all demonstrations are aimed at different accounts, all of which belong solely to him. The exchange, other users or providers are not hurt by his actions.
The aim of the demonstration was for people to see how overvalued some cryptocurrencies are. With the sheer amount of vulnerabilities they have, some people would now say, way too overvalued. He later explained that it would cost an attacker double, basically $200 in order to buy some bitcoin on an exchange with his own bitcoin private.
Afterwards the attacker can make another transaction on the longer chain. The second transaction will invalidate the first, giving the attacker his bitcoin private coins back. This will of course leave the exchange hanging.
Geocold51 later explained that such an attack is very expensive because of the rise of cloud computing. He said that without access to cloud computing, attempting such an attack on bitcoin private would have up to $100 000 in hardware costs. Geocold51’s stream was announced on Reddit and managed to catch a lot of attention.
Of course the young man had to be inspired and he got his inspiration from a fellow security researcher. His inspiration came from geohot, who was responsible for the jailbreak of the first iPohne. The jailbreak removed restrictions on carriers and apps. Today’ geohot is livestreaming himself and searches for vulnerabilities to show people.
Taking the jailbreak as his example, Geocold51 thought he could do the same with cryptos. The young security expert obviously has a lot of knowledge on the crypto ecosystem. When GPU mining was still profitable, he managed to mine a lot of bitcoin for himself. He later became a victim of Cryptsy, the exchange which had its CEO run off with millions in crypto from its user base. This event lead to Geocold51 losing almost all of his bitcoin.
It’s important to note that his original attack target wasn’t bitcoin private. He intended to go after einsteinium. Einsteinium has a lower market cap than bitcoin private with $19 million and has a trading volume of around $600 000 per day.
Geocold51 did what many developers fear in less than a few hours
Since the upcoming attack and target were announced publicly, the einsteinium community took precautions. They boosted the hash rate and geocold51 simply switched targets. His livestream on twitch peaked at about 60K viewers before the shutdown. An hour or so later he set up another stream at Stream.Me and managed to hire miners via Nicehash to mine bitcoin private.
He managed to mine a block instantaneously, which lead to him controlling more than 50% of the hash power on the blockchain in no time. Now after the stream was ended it’s important to figure out why such a young and obviously gifted individual hasn’t been offered a position fitting his exceptional skills.
A young and talented individual showing incredible knowledge, self-restraint and willing to help the entire community MUST be noticed from companies. Of course if geocold51 does not wish to work for companies or governments he should be able to do so.
But if this extremely talented young man is denied the proper tools to cultivate and grow his exceptional talent than the loss is not of a company or a government it’s a loss for the entire blockchain and crypto community.
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ByTus: a Key to Secure and Simple Crypto Payments

Everybody who has ever dealt with cryptos knows that digital currencies are not ideal, as some problems appear while conducting transactions, and the most important of them is the problem of payments in cryptocurrencies. High and often deregulated commissions, low level of security, a lengthy process of payment confirmation, and poor usability as a result of poor knowledge of blockchain applications — these are just the most common problems users face while conducting transactions. Moreover, a lack of a supportive ecosystem and infrastructure makes it impossible for those having access to digital coins to use them for buying goods and services.
ByTus, a new platform based in New York, has been designed to solve the problems mentioned. ByTus is aimed at enabling users to independently control the security of their funds, simplifying the process of conversion to accelerate buying goods and services, and helping current retail chains easily payment of crypto-currencies who can attract new customers want to pay and receive new markets.
The company’s website reads:
“Bytus has a mission to create a convenient, safe ecosystem so that the user can conveniently pay both through payment terminals and via the internet using a QR code with instant conversion of cryptocurrency into fiat.”
ByTus adheres to the policy of full openness, maximum cooperation, speed and promises the possibility of increasing the number of currencies, all in one application. Its idea is to utilize a large number of tokens at the junction of different types of currencies. The system is the same as Visa and Mastercard payment systems, however, its significant competitive advantage is adding digital currencies.
As ByTus offers good solutions to crypto payments, it may become the new step forward in the development of cryptocurrency.
Blockchain Private Network
The platform is built on Blockchain Private Network, based on the Graphene chains (Bitshares, Steemit, EOS) protocol, known for its good throughput. The network is expected to cover the need for users in micropayments without any commissions. Transactions will be checked by chain managers who will create blocks and include transactions into blockchain.
The company’s whitepaper explains:
“Users have public keys attached to their accounts. All transfers within the network are performed only with the signature of the transfer transaction of funds by a private key of the user. No one except the owner can know it. They are generated on the device from the user, which should be kept confidential so as not to compromise access to their funds in a private lock.”
The process will have no commissions, and data about transactions made by users will be public.
The development of private blockchain network is set to start in December of this year, with first testing in April, 2019.
ByTus has its token treated as a utility token, without which the system cannot exist. One bytus token is equal to one transaction per network per day. The total amount of tokens makes up 66,000,000 BYTS, and 50,000,000 of them (75,8%) are for sale. The company’s plans are as follows: in November of this year, ByTus will prepare for a private ICO and hold a private ITO. The private ITO is set to take place from November, 15 till November, 30.
According to ByTus, each ITO round will have its own bonus system. During private ITO, buyers will be able to get up to 20% of the purchased number of tokens, during pre-ITO — up to 15% of the purchased number of tokens, and in ITO Sale — up to 10% of the purchased number of tokens.
Unspent tokens on previous ITOs will go to POST ITO and will be sold via CryptoBank.
In March 2019, the development of its mobile app will begin.
The post ByTus: a Key to Secure and Simple Crypto Payments appeared first on CoinSpeaker.

Tether Burns 500 Million USDT Coins

The firm behind Tether, the controversial stablecoin, has burned 500 million tokens after a massive sell-off a few days ago by its traders and holders.

Tether Destroys 500 Million Tokens
Tether, the company behind the stablecoin with the same name and ticker USDT, has burned 500 million tokens as part of what it calls “redemption.” The announcement conveying the firm’s intention to carry out the coin burn was published earlier on Wednesday on its official website.

What possibly triggered this action from the company was the FUD (Fear Uncertainty Doubt) surrounding the stablecoin a few days back. The earlier banking partner of the firm, Noble, a Puerto Rico-based bank, was facing cash flow issues and has been put up for sale. Tether and Bitfinex, who share the same management, had to move their accounts to new banks.
The news was followed by rumors that some of the major exchanges were going to delist USDT, which led to panic selling of the stablecoin. Investors dumped their USDT holdings in favor of Bitcoin and other stablecoins, leading to a rally in BTC price by 10%. The price of USDT dropped by over 5% and hit a low of $0.925.
How the Coins Were Burned
Tether later confirmed the burning of the coins through a tweet.

Tether has just destroyed 500M USDt from the Tether treasury wallet with the following tx: For more information see the announcement here:
— Tether (@Tether_to) October 24, 2018

The address shared in the tweet confirms the transaction of 500 million coins. It is reported that the transfer took place from an address controlled by Bitfinex, the exchange where most of the USDT liquidation took place.
The tokens were destroyed from a company-controlled wallet called “Tether Treasury.” Apparently, a greater number of tokens than the amount destroyed had been transferred to the treasury wallet since the sell-off.
Reason for the Coin Burn
The coin burn may be a step to restore the price of the coin back to par with the U.S. dollar. With this action, the circulating supply of Tether has dropped to just over 2 billion, and the price has seen a marginal jump of 0.25% to $0.98 at the time of writing.

The coin burn was perhaps necessitated by the fact that the massive sell-off led to the circulating supply being more than the demand on the exchanges. Other than the suspicions around its integrity, competition from other stablecoins like the Circle-backed USD Coin and Gemini’s GUSD, which are regulated and more transparent, have also dented the demand for USDT.
According to the whitepaper of the stablecoin, redemption is the process in which holders of the token can exchange their tokens for U.S. dollars directly from the company.
With 500 million coins destroyed, the price has still not come back to par with the dollar. Clearly, until Tether takes steps to restore confidence from the crypto community, the demand for the coin will keep dropping while other trustworthy options are readily available in the market.
What do you think was the objective behind the destruction of the 500 million USDT tokens? Let us know in the comments below.

Images courtesy of Shutterstock and Twitter/@Tether_to.
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ZCash Price Analysis: ZEC/USD Strong Bullish Breakout!

ZCash was previously consolidating inside a symmetrical triangle with its higher lows and lower highs. Price just made an upside breakout to signal that bulls have won over and that gains are in the works.

However, the 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, bearish pressure is still present and there’s a chance this bullish move might be a fake out. Still, the price has moved past the 200 SMA dynamic inflection point as additional confirmation that buyers have the upper hand.
Stochastic has reached overbought levels, though, and might be turning lower to indicate a return in selling pressure while buyers take a break. RSI is on the move up to signal that buyers still have some energy left but is also closing in on the overbought zone to signal exhaustion.

ZCash has built up strong momentum leading up to its upcoming activation of the Sapling update on October 28. According to Zcash Company’s (@zcashco) tweet:

Activation block 419200 will be mined October 28, 2018 18:21 UTC-05:00 assuming 150 seconds/block. Learn more: #Zcash

Sapling is a network upgrade that introduces significant efficiency improvements for shielded transactions that will pave the way for broad mobile, exchange and vendor adoption of Zcash shielded addresses. It would include payments for shielded addresses, decoupled spend authority, and keys.
These were highlighted by Litecoin founder Charlie Lee who said that fungibility is the one good thing that is missing from Bitcoin and present in other altcoins:

Right now, there are some altcoins that are doing a lot of privacy-related improvements like, Monero [XMR] with RingCT, Zcash [ZEC] & Tezos [XZT]. New innovative technology is turning blockchain upside down.

In any case, do watch out for additional volatility and potential profit-taking activity right around the time of the update.

Images courtesy of TradingView
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Australian Stock Exchange to Adopt Blockchain for Settlements in 2021

According to the announcement made by Australia’s leading stock exchange operator, ASX Ltd., it is now ready to replace the Clearing House Electronic Subregister System (CHESS) that it has been using over the years with a new system powered by a digitized, decentralized and distributed ledger technology.
Exchange’s Upgrade
While blockchain will be replaced with a new system in 2021 in the framework of the company’s upgrade, ASX Ltd.’s deputy chief executive officer, Peter Hiom, refuses to admit that this new initiative is a radically different approach.
Giving his comments about the new system, he said:
“We’re not entering the fourth dimension here. It’s a database architecture that lets you do a bunch of things much more efficiently than you can at the moment.”
Nevertheless, the above mentioned CHESS system is still being actively used. Its aim is to make the procedure of transferring the rights of legal ownership of a security from a seller to a buyer easier. Moreover, it is applied for processing monetary transactions that presuppose participation of two parties.
Though CHESS is based on an electronic book register technology, it is obvious that it is aging and sometimes it lacks some capacities to carry out its functions in a way that could satisfy the needs and demands of the today’s financial industry. It is believed that blockchain will make all the processes more efficient and effective.
Benefits of a New System
Hiam explained what benefits the new system would brought. “There is a blockchain that is synchronizing my data store with yours, but the data store itself is a database that exists today,” he said.
According to him, the innovative nature of the system means that the decentralized ledger will allow clients to see ASX’s data. “It’s actually taken an awful lot of risk and cost out of your back office because it is never the case that what you’ve got doesn’t match what I’ve got,” he added.
ASX and Blockchain
Though now it seems like ASX is going to make blockchain its core technology, it is not true. The company views it just as a logical improvement but doesn’t want to go mad about it. Speaking about the technology itself, Peter Hiom noted:
“It’s a very clever architecture, but it is just a database architecture. It doesn’t sound very sexy when you say it that way, but that’s kind of what it is.”
While ASX doesn’t want to be fully associated with this technology, there is a wide range of other institutions and organizations that strongly believe that such initiatives are able to revolutionize and significantly facilitate the process of stock issuance and trading.
For example, just recently TMX Group Limited, a stock exchange operator based in Canada, has applied distributed ledger technology to clearing and settling securities on an integrated platform. Such a move is just one part of a bigger project called the Jasper Research Initiative.
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Bitcoin Price Analysis: BTC/USD Falling Wedge Forming

Bitcoin has formed lower highs and slightly lower lows to create a falling wedge pattern visible on the 1-hour chart. Price just bounced off the bottom and might be due for a move back to the top.

However, resistance might still hold around $6,500 as the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Also, the 100 SMA dynamic inflection point is close to the wedge top to add to its strength as resistance.
Then again, it’s also worth noting that the gap between the moving averages is narrowing to reflect weakening selling pressure. This could also be indicative of a looming bullish crossover, which might spur an upside break. In that case, Bitcoin could climb by the same height as the formation, which spans $6,450 to $6,750.
Stochastic is also turning higher without even hitting oversold levels, suggesting that buyers are eager to return. That spike off the wedge bottom reveals that bulls are keen on defending support areas. RSI also looks ready to turn higher even though it has some ground to cover before hitting oversold levels.

Investors appear to be booking profits quickly off recent rallies on account of risk-off flows in financial markets. Stocks and commodities were hit hard, discouraging traders from putting funds in riskier holdings like Bitcoin and other cryptocurrencies.
Still, the industry could have a lot to look forward to, including the launch of ICE Bakkt Bitcoin futures in December. This could lead to an influx of funds from both retail and institutional investors, keeping volumes and price supported. Also, the institutional platform by Fidelity might bring in more institutional investment by early next year, which might also be positive for Bitcoin.

Images courtesy of TradingView
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IBM Integrates Blockchain And A.I To Revolutionise How You Travel

IBM is transforming the future of transport and you will never see it in the same light ever again. A very recent partnership with Travelport is meant to help use Blockchain technology and Artificial Intelligence (A.I) to transform the way businesses manage the spending on corporate travels. The initiative will emerge as the first of its kind in the industry. The announcement of the partnership was made by Travelport in August 2018.
What happens is that the artificial intelligence platforms developer, IBM, will use its technology to analyse and synthesise data from Travelport to eventually figure out costs, and make predictions on travel destinations, saving companies a lot of stress when planning corporate trips. Now with Blockchain, IBM and Travelport can effectively distribute the landscape of these travel destinations.
Mike Croucher, Chief Architect at Travelport, explains

“If you look at our relationship with IBM, it’s one that has been in existence since the beginning of the global distribution system (GDS),”

Travelling, and having to prepare for the travel all by yourself is pretty much exhausting in today’s ecosystem. You may have to sort out a number of destinations based on pricing, preferences and a whole lot, but with A.I and Blockchain your worst nightmare could have been solved. IBM has for several years been very much interested with travel and wants to use artificial intelligence and Blockchain technology to make that easier. Elizabeth Pollock, IBM’s Travel & Transportation Industry Client Lead reiterated IBM’s commitment to developing travel innovation at Travelport. She says

“In this instance, we are looking at new ways of innovation. IBM brings their R&D, while we bring our experience and knowledge of the industry. Because of our history, we are now able to combine resources, breaking into A.I. and blockchain technology.”

Mike Croucher makes the vision of exploring the capability of blockchain in the partnership clearer when he explains “This is done by looking to specific use cases in the industry. With IBM, we are now executing our first use case.”
IBM’s Watson, an A.I powered technological advancement, could come in handy for Travelport in this partnership in the use of A.I to analyse data. Watson functions in many different areas ranging planning to architecture to building and construction to medical sciences and a whole lot. Watson has even been stretched to limits of voice-recognitions, and language processing. Elizabeth explains that blockchain in itself will have a not always favour the economic growth of a country.

“From my perspective, the ability to mine and leverage that data, to help make better, informed business decisions, will ultimately impact the performance of a company. That is the opportunity we see here, which helps drive new business models and revenue streams, creating greater value for shareholders.”

The use of Watson is a real opportunity for Travelport to get to apply its experience in the travelling sector to real world scenarios. Croucher mentions

“I’ve been in the travel and IT industries for nearly 40 years, seeing Watson develop. Once technology becomes high-profile, you need to understand how to apply it across industries. I think A.I. has become easier to apply and more cost-effective. Watson, over the last few years, has very much developed from a highly-skilled R&D, now being implemented across many verticals.”

IBM’s Travel Manager Developed With Watson
With the use of it’s A.I system, IBM has developed Travel Manager to offer travellers the adequate insight in terms of travel spending through analysis of structured and unstructured data to predicting prices by analysing trends and patterns – at the least. Travel Manager is intended to go commercial and be supplied by both IBM and Travelport.
Travelport’s global distribution system enables Travel Manager give its users an incorporated access to past records and information and synthesising this data to provide them with near accurate suggestions on how to adjust for their spending on a travel trip with budgets impacts of the proposed trip. CCMO at Travel, Fiona Shanley, reiterates that Travel Manger is not your normal travel finding app or destination finder

“ IBM themselves, are very large corporate travellers, and we are now able to analyse their travel data, identifying when people buy their tickets and the manners in which they obtain travel vendors…Putting this information together in IBM Travel Manager’s dashboard platform, we are able to understand travel habits. That is very exciting for us.”

With this new partnership of A.I and blockchain we can expect to see some very streamlined experiences on the user particularly in the empowerment of third party platforms. These platforms can now through Travel Manager use blockchain tech and A.I to speed-up their transaction processes. Booking and other travel transaction systems could all be integrated as one and auto updated across various platforms all as one relieving the stress of manual updates on travelling agencies. IBM will be looking forward to having major organisations buy into their new development as many travel agencies and other companies are targeting the integration of these two leading technologies – blockchain and A.I – into their operational systems.
Croucher also believes this development will inspire people to go out travelling even within their very social media circles without having to exit them. Look at it as just clicking an image on a friend’s travel destination from either your Twitter timeline or Snap stories and voila, you are give details of how far you ae from the place, details of bookings, pricing, and similar destinations. You are inspired at this point to also travel even without skimming through thousands of destinations from website or app. This is what Croucher is referring to when he says inspiration

“Take Instagram for example, you will notice it’s very travel-related. The younger generation wants to be inspired, but it stems from the content they see from their friends. They want to visit these places, often impulsively and on short notice. Therefore, we have to rethink how to get millennials to travel within the channels they are engaged in… I’m not asking you to click on any particular picture. It’s something you are choosing to do on your own, because you saw something engaging within your own channel, clicking on it. While the technology does recognize where you are, you are asking for that recognition. The thing to keep in mind is as long as that information isn’t being stored or recorded somewhere, there shouldn’t be a privacy concern, because it’s simply providing you with an answer back, if you were to travel on short notice.”

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PlusOneCoin Monetizes Financial Content Through a Cryptocurrency Model

Numerous different cryptocurrencies exist for no specific purpose. The team behind PlusOneCoin, on the other hand, has a simple yet noteworthy vision and use case in mind. Their new currency lets users upvote content on ADVFN and InvestorsHub. In a way, it will serve as a reward for users who access the content on either platform.

The PlusOneCoin Project
With several thousand cryptocurrencies on the market, adding one more wouldn’t necessarily make a difference. Unless that currency serves a specific purpose, it will not gain real traction. PlusOneCoin aims to be different in this regard. Its creators target two specific financial information platforms specifically. Both ADVFN and Investorshub are quite popular among their respective community members.
Getting more users to interact with this content, has always been challenging. Financial data is often read and absorbed before users move on to the next topic. This is where PlusOneCoin comes into the picture. It lets users reward others who share their ideas and vision. In the long run, this will lead to a “more empowered community”, according to its creators.
PlusOneCoin can be valuable to content providers and platform owners. Monetizing social media sites is one option to pursue. Secondly, it empowers the audience to affect the content they are consuming. Attributing a native currency to a media site remains a curiosity first and foremost. Publishers have explored numerous ways to monetize content to date. Cryptocurrencies do not play a big role just yet.

The Concept Makes Initial Sense
There is some initial merit to the PlusOneCoin idea. In the cryptocurrency world, social media plays an integral role. A lot of content is created and shared on a daily basis. In a lot of cases, creators do not get anything in return for their efforts. A currency like this can help address that situation moving forward.
At the same time, a concept somewhat similar to this one already exists. Steemit is a platform where content creators can be rewarded by other users. It uses the native STEEM currency to achieve that goal. It is also a currency which has not been integrated into other platforms. That alone might give PlusOneCoin a competitive edge to bring this concept to the masses.
Bridging the gap between social media and cryptocurrency will remain an ongoing process. PlusOneCoin may introduce some positive changes in this regard, assuming there is enough interest in this concept. Ideas like these confirm the cryptocurrency industry is still growing and evolving. If more platforms adopt PLUS1, the project can effectively transform the way content is monetized.
What is your opinion on the PlusOneCoin project? Do you think a specific purpose will help it gain attention and support? Let us know in the comments.

Images courtesy of ShutterStock
The post PlusOneCoin Monetizes Financial Content Through a Cryptocurrency Model appeared first on Live Bitcoin News.

Its Official, Tether Redeems and Destroys $500 Million Worth USDT Tokens

In an official announcement on Wednesday, October 24, Tether, the issues of controversial stablecoin USDT confirmed that it has “redeemed a significant amount” of tokens from circulation. Over the last few weeks, as CoinSpeaker reported, Bitfinex has been transferring millions of dollars worth USDT tokens back to the Tether treasury.
In the last month, the market cap of Tether (SDT) is on a continuous downfall, with now just over $2 billion. The latest official announcement coming from Tether notes that it will now destroy 500 million USDT tokens from its own treasury wallet. The complete statement from the company reads:
“Over the course of the past week, Tether has redeemed a significant amount of USDT from the circulating supply of tokens. In line with this, Tether will destroy 500m USDT from the Tether treasury wallet and will leave the remaining USDT (approx 466m) in the wallet as a preparatory measures for future USDT issuances.”
There is nothing much suspicious regarding the current process as “Tether issuance and redemption process is outlined in the Tether whitepaper. The firm states: “every tether issued or redeemed, as publicly recorded by the Bitcoin blockchain will correspond to a deposit or withdrawal of funds from the [company’s] bank account.” One can check all the issuances and redemptions by checking the balance in the Tether Treasury wallet on the OMNI blockchain.
From the official announcement, it is clear that the 500 million worth USDT tokens which were redeemed and destroyed contributed 52% of the total supply. While talking about fiat accounting, the Tether whitepaper notes that part of “the ‘Solvency Equation’ for the Tether System […] the provability of [U.S. dollar reserves] will rely on several processes”. This includes different professional audits as well as the Tether’s publication of bank account balances on its Transparency page (“Proof of Funds”).
There have been several doubts cast on Tether’s transparency conduct in the crypto industry. Many experts believed Tether to be having a suspicious relationship with Bitfinex exchange. Several accusations say that Tether used to source additional USDT tokens to Bitfinex without actually backing them with physical USD. Furthermore, some accusations suggest that Bitfinex has been artificially inflating Bitcoin price using the USDT tokens.
Doubts about Tether’s suspicious behavior started getting steam after Tether dissolved its relationship with third-party auditor Friedman LLP, earlier this year in January. But later in June, Tether got its reserves audited from Freeh Sporkin & Sullivan who said that Tether had sufficient reserves for its circulating tokens held in an undisclosed bank.
In another turn of events, some reports also claim that Tether is moving out of the stablecoin business. These claims were put forward by Su Zhu, CEO of the Singapore-based fund manager Three Arrows Capital and a researcher under the name “Hasu”, in a recent post.
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Forbes Launches Beta Version of Its CryptoMarkets Data Portal

Forbes Media, in partnership with NewCity Digital, NewCity Capital, and partner to launch Forbes CryptoMarkets, an online cryptocurrency data aggregator platform.

Forbes Branded Crypto Aggregator
Beta version of a new crypto media and data aggregator platform with Forbes branding has been launched. The new entity – Forbes CryptoMarkets – is a joint venture between NewCity Digital Limited, Forbes Media, NewCity Capital, and
The announcement was made via a joint press release published on Monday. According to the release, the platform will feature:

Real-time pricing and volume information on cryptocurrencies and an initial five cryptocurrency indices worldwide;
Insights and information on worldwide exchanges such as listed cryptocurrencies, trading pairs, pricing, and volumes;
A real-time newsfeed aggregating content from leading news organizations and companies, including content from Forbes’ family of sites worldwide;
Indices tracking the performance of curated baskets of cryptocurrencies; and,
Content from and other sources, including insightful articles and in-depth video interviews with cryptocurrency pioneers, thought leaders and other experts.

Details of the Partnership
Forbes CryptoMarkets will leverage data from various sources like cryptocurrency exchanges and blockchain related sources to present an objective and comprehensive view of the industry.
The platform will also publish crypto indices which will include Forbes CryptoMarkets Top 30 Global “FB30,” Top 10 Global “FB10,” Top Cryptocurrencies Global, Top 10 Blockchain and DApps Global, as well as indices by sector, industry, and cryptocurrency use-case.
Chien Lee, Chairman of NewCity Capital and Chairman of Forbes CryptoMarkets, said:
We are excited to partner with Forbes to create a trusted source for those seeking information on the new digital economy, including Bitcoin, Ethereum, cryptocurrencies, tokens and the companies underlying them. Forbes CryptoMarkets will be the definitive resource for everything crypto and blockchain.
Also speaking on the matter, Forbes Media CEO Mike Federle said:
Forbes provides the most comprehensive coverage of the cryptocurrency and blockchain marketplaces of any major media business brand in the world. […] Forbes CryptoMarkets, a new licensed business, represents a natural extension of our powerful brand into a new venture that promises to deliver immense value to investors, traders and market watchers.
Jim Preissler, CEO of and Executive Director of Forbes CryptoMarkets, also offered his thoughts:
Forbes is the most-respected business media brand in the world, and our partnership allows us to bring the same high standard of quality to this cryptocurrency industry. We plan to continue to grow the platform to include all aspects of the industry, such as related investment funds, ICO information, and other relevant data.
The platform plans to add support for seven languages, including English, Chinese, Russian, Korean, Japanese, French and Vietnamese.
Forbes Media is one of the most credible media houses with a global reach of nearly 120 million people worldwide through the Forbes and Forbes Asia magazines plus 40 licensed local editions covering more than 70 countries. The firm’s decision to venture into the cryptocurrency and blockchain domain can be attributed to the fast growth that the industry is witnessing.
What are your thoughts about Forbes lending its name to an online crypto platform? Let us know in the comments below.

Images courtesy of AdobeStock, Shutterstock
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