Binance Hackers Move $8 Million Worth of Stolen Bitcoin

Binance Hackers Move $8 Million Worth of Stolen Bitcoin

More than 8 million USD worth of Bitcoin that had been stolen from crypto exchange Binance has suddenly moved.

707.1 Bitcoin, were transferred from the Bitcoin wallet of one of the hackers to a separate pair of addresses. Whale Alert, which is a twitter-based transaction monitor, detected 2 transfers, for 706.1 Bitcoin ($8 mln) and 1 Bitcoin ($11,384) respectively.

706.1 #BTC (8,038,240 USD) of stolen funds transferred from Binance Hack May 2019 to hack wallet

Tx: https://t.co/m7YnabMrrQ

— Whale Alert (@whale_alert) July 8, 2019

Source: https://twitter.com/whale_alert

Apparently, hackers have decided to make money on the growth of BTC price. According to Coinfirm company data, in June, hackers transferred 7,000 BTC to seven wallets.

After hacking in May, representatives of Binance stressed that the attack was well organized, and the time was chosen very well. Hackers used several initially unrelated accounts, and the transaction was structured so that it passed all security checks. The security system raised the alarm after the withdrawal.

At the same time, Binance stated that all losses would be covered from the reserve fund of the exchange. At that time, the cost of 7,000 BTC was about $41 mln.

Last month, BTC stolen from Bitfinex in 2016 also started moving for the first time. In a series of transactions, 172.54 BTC (about $1.37 million) were transferred from the wallet in which they were previously located.

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Andy Xie: Cryptocurrency will never be recognized as legal currency

Economist Andy Xie insists that crypto coins will never become a full fledged currency due to the volatility, and only a few exchanges will be able to make money on fluctuations in rates, The Korea Times reports.

“Many people believe that Bitcoin can replace fiat currency. However, because of the high volatility, this is impossible.”

Xie also stated that bitcoin is a popular way to gamble among Chinese, Korean and Japanese.

Andy Xie previously worked as an economist at Morgan Stanley. He is known for his accurate forecast of the Asian currency crisis of 1997–1998. Xie believes that the formation of Bitcoin as the official currency will cause huge financial damage to many governments.

Xie noted that crypto can not become an official currency as the authorities of the countries will not be able to issue the bonds on it and as a result of the high volatility, many countries will go bankrupt.

Speaking about Facebook’s Libra, Andy Xie noted that this is a smart plan aimed at attracting users to the company’s products. However, it will have a negative effect on Bitcoin, as it will increase the supply of crypto substitutes. At the same time, he mentioned that people will realize that crypto coins are becoming more legitimate and this is a positive point.

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Bitpanda raises €10 million in private sale for its coin BEST and launches public sale

Bitpanda raises €10 million in private sale for its coin BEST and launches public sale

Vienna, 9th of July 2019 – Vienna-based fintech Bitpanda have today launched the public sale of their own ecosystem token. BEST (Bitpanda Ecosystem Token) is the coin of the globally expanding investment platform, Bitpanda. It will play a vital part in the company’s growth and will increase customer loyalty even further. BEST will offer a wide range of benefits to 1 million Bitpanda users.

• BEST (Bitpanda Ecosystem Token) IEO public sale is live from July 9th 1pm CET until August 6th 1pm CET
• Up to 500 million out of 1 billion BEST are for sale
• BEST available for €0.09 per token during the first week of the public IEO
• 25% trading fee discount when paying fees with BEST (Q4 2019)
• Priority access to the upcoming Bitpanda Launchpad
• Simple investing process with every supported digital asset on the platform
• BEST trading starts on August 7th 2019 as part of the launch of the Bitpanda Global Exchange

Bitpanda, the Viennese fintech with 1 million users and more than 120 employees, have today launched the Initial Exchange Offering (IEO) for the Bitpanda Ecosystem Token. BEST is the coin of the Bitpanda ecosystem and offers its users a wide range of benefits. For example, users will get a reduction of 25% on Bitpanda trading fees and gain priority access to the upcoming Bitpanda Launchpad, which will be available later and will allow the launch of third-party IEOs. Prior to the start of the public sale, the company has successfully raised more than €10 million in its private sale (20% of the total amount for sale), which means that BEST is already the most successful central European IEO.

“BEST is the fuel of the Bitpanda ecosystem, which means that the Bitpanda platform, the Bitpanda Global Exchange and future products, like the Bitpanda Launchpad, will make heavy use of incorporating BEST. It will play a vital role in Bitpanda’s global expansion and in making our vision of democratising personal finance a reality”, says Bitpanda CEO Eric Demuth.

On August 7th 2019, Bitpanda will also launch the Bitpanda Global Exchange, a digital asset exchange for experienced traders, professionals and institutions. Bitpanda’s first global product will allow fiat-to-crypto as well as crypto-to-crypto trading and has been developed 100% in-house over the course of 2 years.

About Bitpanda

Bitpanda is a fintech based in Vienna, Austria founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer. The company is a firm believer in the innovative power of cryptocurrencies, digitised assets and blockchain technology. Bitpanda’s mission is to tear down the barriers to investing and bring traditional financial products to the 21st century. Today, Bitpanda has around 1 million users and more than 120 team members. With a PSD2 payment service provider license, state-of-the-art security and streamlined user experience, Bitpanda has grown into a popular trading platform for newbies and experts alike. Users can currently trade Bitcoin, Ethereum, gold and over 20 other digital assets.

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BLOCKCHAIN IN THE FARMING INDUSTRY

Blockchain in agriculture is an effective tool that eases growing and delivering food. In this industry, the challenge is in monitoring and paying for food deliveries.

Today, a third person gets involved in the process of arranging good deliveries and also other affairs. The seller’s officer who verifies that the goods are supplied and the buyer’s officer who deals with payments and checks the delivery. Participation of different officers requires large sums of money and also takes much time, while blockchain is able to make the process simple and using one ledger.

It is confirmed by experts, that blockchain consumers can individually deal with the seller, making the procedure faster. Blockchain will also effect fees positively. Firms will remove officer fees when dealing with blockchain.

With verified and intelligible traits, farmers can trade their goods and foods to restaurants or specific people directly without middlemen. Sellers need to improve their consumers trust for their products quality, especially food.

Blockchain brings transparency into the farming industry and is very promising for agribusiness.

In a Prosper Magazine interview, Agricultural manager Mr. Theunis expressed that Nile Breweries enhances opportunities in economy for small farmers and prevents them from losing their funds.

Mr. Theunis claims that with blockchain farmers will have the chance to check out fees via mobile. Blockchain will be connected to their phones and every transaction that happens will be monitored by the farmer, for example, when transactions took place.

Currently, there are 8000 users but it’s not confirmed that they are all agriculturalists as most of them don’t own phones, but experts are continuously supporting and providing them with possible innovations as they find agriculturalist activity important. Farmers also need to make enough money and this new technology lets them get expanded.

This project will have a beneficial effect on the agricultural financial issues and the development of farming. 

 

 

 

 

 

 

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IoT AND CRYPTOCURRENCY, EXPLAINED

Recently when surfing the internet it is impossible to leave out news about blockchain technology and its new projects known as IOTA and the IoT concept. Of course, You will be interested in getting to know them a little bit more.

IoT is considered as part of the new blockchain technology, even an unavoidable and inseparable part especially emerging in future. It tends to make blockchain as a common element in our daily life like internet is. For achieving that result we should see and feel the connection between blockchain and the daily internet. That is precisely what IOTA’s main intention is. This is obvious due to the many companies and projects with which they collaborate.

We all want to make our lives easier, more comfortable and it is possible by connecting our “things”. Let’s take our smartphones as an example. They are made to keep connection worldwide, but they not only make calls but also open an access for many other fields that create communication.

In smartphones we can incorporate things like Google, Amazon that help us to link from our homes to wherever we want and work together.

The answer to the question that why it is better to connect blockchain to internet is that blockchain really possesses amazing advantages. It can help the internet to implement things that it cannot manage alone. The Blockchain allows to use the internet faster and more secure. So it can actually help to improve all the things that internet does.

When using the blockchain in IOT, consumers will not meet any middlemen. This makes our technology more comfortable than it has ever been. IOT seems to be the best innovative revolution that is ready to make the existing technology for the better, letting us take one more huge jump into the upcoming technological turn.

 

 

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Benoit Coeure Calls for Fast Regulatory Action Regarding Libra

According to Bloomberg, a member of the European Central Bank executive board Benoît Georges Coeure noted that financial regulators have to move quickly to be prepared for the push by Facebook into the financial system.

The intention of Facebook to develop Libra has policy makers scrambling. 3 financial regulators of the United Kingdom are collaborating together to find the best response to the situation.

Bloomberg states that Coeure instited that it’s not responsible to develop new financial services and categories of assets in a regulatory void. He added that financial regulators should move faster than they have been able to do up to now.

In regards to Coeure, creation of crypto coins is disclosing existing financial regulations’ gaps. At the same time, he underlines that all the projects can serve as a warning signal for regulators and public authorities, stimulating financial regulators to strengthen the way they do the things.

Overall, the ECB has approached crypto coins with caution, with one bank official making predictions that crypto coins will wind up as a total load of nonsense in the beginning of the next year. At the same time, the bank has as well taken to an account potential advantages and disadvantages of central bank digital currencies.

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CRYPTOCURRENCY TAXATION IN SINGAPORE

The Government of Singapore suggested removing goods and services cryptocurrency taxation which operates as a means of exchange.

On July 5, the Inland Revenue Authority of Singapore issued a draft of e-Tax guidelines on digital currency payments aiming to eliminate goods and services taxes for all organizations that use crypto-assets.

In the event that the legislation is passed some changes will occur in order to take into consideration the functions and qualities of crypto coins. Firstly, payment with digital assets for goods and services won’t affect the supply of said assets.

On the other hand, exchanging crypto coins for traditional currencies or other crypto coins will be separated from goods and services tax. The earlier mentioned legislation will be set to work on January 1, 2020.

The Inland Revenue Authority of Singapore declared that the tax guidelines are still in development and, until July 26, The Ministry of Finance will carry a consultation discussing the new legislation on crypto tokens.

The new guidelines also display standards of crypto tokens. The parameters are that a crypto coin should be expressed as a unit, it should be fungible, it shouldn’t be linked to any currency or entity, transactions should take place electronically and the coins should be a means of exchange.

According to the Inland Revenue Authority of Singapore, some examples of crypto coins are Bitcoin, Dash, Ripple, Ethereum and Monero.

Stablecoins, crypto-assets that are connected to a stable asset or basket of assets, will be taxed as goods and services.

“Any cryptocurrency whose value is connected to a fiat currency or another cryptocurrency such as Tether, a crypto coin pegged to the United States dollar won’t be characterized in the mentioned category.” The agency stated.

“Hence, the use of these crypto tokens for consideration by a goods and services tax-registered organization will still be objected to goods and services tax.”

Two years earlier, Australia also passed similar regulations to eliminate double taxation of digital payment tokens.

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