Latest ICO News and Insights

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📉 NEM Foundation low on cash: plans layoff and fundraising

The foundation behind the development of the NEM blockchain is planning to lay-off talent as their budget is running low.
Due to mismanagement of funds, the newly elected president, Tinsman, announced the NEM Foundation would sell 160 million tokens for roughly $7.5 million to fuel their operations.

Tinsman further explained the foundation will now focus on monetizing its services and reducing its reliability to external grants, as they "realized [they] had a month to operate, due to the mismanagement of the previous governance council".

source: CoinDesk

1 Feb 2019 1 min read

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💰 Swiss startups to issue banknotes for Marshall's official cryptocurrency

Tangem, a Swiss-based hardware wallet producer, announced earlier this week it partnered with the Republic of Marshalls Islands, to produce "physical blockchain notes". The government plans to make the notes legal tender and mentionned it was a "controllable mechanism of currency issuance and circulation for the state"

source: PR Newswire

30 Jan 2019 1 min read

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👹 2019 is the year of 51% attacks: Sia

Sia CEO David Vorick explains in a blog post the market has infrastructural flaws that will trigger a series of 51% attacks on cryptocurrencies secured by Proof-of-Work. He further forecasts that crypto-exchanges will be struck by tremendous losses because of such vulnerabilities.

He mentions multiple reasons for growing 51% and double spend attacks including the maturing hash rate marketplace, the concentration of mining pools and the growing number of domain experts and, therefore, malicious agents.

"Without a significant course correction, we can expect the damages to grow, even to the point where exchanges may begin to fold. These 51% attacks are successful because of fundamental weaknesses in protocols of the targeted cryptocurrencies, and exchanges will ultimately need to be much more restrictive when selecting which cryptocurrencies to support."

source: Sia Blog

22 Jan 2019 1 min read

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🎗Saudi and UAE launch a common cryptocurrency

The UAE and Saudi Arabia announced plans to launch collective digital asset, during the Saudi-Emirati Coordination council Saturday in Abu Dhabi.

The cryptocurrency will be constrained to cross-banking operations on a distributed ledger between the two central banks and participating banks in its first stage of implementation.

source: Arab News

21 Jan 2019 1 min read

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HSBC states it settled $250 bn of forex deals on blockchain

The bank announced on Monday it settled over 3 million trades and 150,000 payments worth $250 billion since February, suggesting blockchain technology is actively used in day-to-day operations.

HSBC has not revealed any specific transaction data points as it represents only a fraction of the entire book.
The bank mentioned it lowered the operation risks, automated manual processes, reduced costs and their dependency on external technology.

source: Reuters

19 Jan 2019 1 min read

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Cryptopia stolen funds land up on Binance. Gets blocked.

Twitter users reported that some funds stolen from Cryptopia were funnelled to Binance, one of the largest crypto-exchange.

Cryptopia lost over 2.5 million dollars after a hack this week, becoming the first exchange attack of 2019. $30,000 worth of stolen cryptocurrencies were allegedly syphoned through Binance. Interestingly, the Malta-based exchange only noticed they were creating an exit for scammers after a social media brawl on Twitter.

Binance's CEO on Twitter

17 Jan 2019 1 min read

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🛑 Ethereum Constantinople upgrade holds bugs

ChainSecurity identified a bug in the next Ethereum upgrade, Constantinople. The improvement is planned to reduce the cost of gas for certain "SSTORE" operations.

The auditor mentioned a scan of the main blockchain "did not uncover vulnerable smart contracts" but mentions some may more complex ones have not to be analysed. The vulnerability opens doors for a "reentrancy attack", which is many cases "not exploitable, but needs careful analysis."

16 Jan 2019 1 min read

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🇵🇰 Pakistani Bank Teams With Alipay for Blockchain Remittances

Pakistan-based Telenor Microfinance Bank has launched cross-border payments with payments firm Alipay to facilitate highly secure and transparent payment that significantly boosts the speed, efficiency and with help of blockchain technology.

Pakistan has taken a negative attitude towards cryptocurrencies to date. Last year in April the central bank had barred financial companies in the country working with cryptocurrency firms. But now the country appears to be keen on the potential of blockchain technology.

source: Business Wire

11 Jan 2019 1 min read

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⚖️ Class-Action Suit Against Nano and Bitgrail

Italian cryptocurrency exchange Bitgrail and altcoin Nano developers are facing a class action lawsuit filed by two law firms in United States Silver Miller and Levi Korsinsky.

The complaint alleges that the Nano team violated federal securities law and engaging in an unregistered offering. In a hack that took place in early 2018 $170 million worth of Nano coins suddenly disappeared from Bitgrail.

source: Finance Magnates

10 Jan 2019 1 min read

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🗣️ Bitcoin will surpass 40 times its current value: Cameron Winklevoss

One of the famous twins compared bitcoin to gold in a hosted chat show and argued that bitcoin could be worth 40 times its current value. In the interview, the brothers mentioned that they were taking a 20-year view.

Bitcoin has undergone a wild ride and many people calling it fraud. Tyler Winklevoss hit back critics and said criticisms are just a failure of the imagination.

source: CNBC

9 Jan 2019 1 min read

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🐱‍💻 Ethereum Classic Hit by Cyber Attack Allegedly Worth $460,000

ETC network confirmed a 51% attack is executed on Ethereum Classic that will give hackers to reorganize blockchain that could result in fraudulent transactions.

Coinbase also reported on 51% attack and detected reorganisation of Ethereum Classic blockchain that included double spend of coins. The report alleges that the attack has caught at least 8 chain organisation worth around $460,000.

Since the attack had taken place Us-based exchange Kraken temporarily halted ETC deposits and withdrawals. To prevent false transactions, exchange increased level of transactions necessary.

source: Finance Magnates

8 Jan 2019 1 min read

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⚡ Ethereum plans to cut energy consumption by 99% with PoS

Ethereum mining consumes between a quarter to half of Bitcoin's energy but accounts to roughly the electricity of Iceland in 2018.

“That’s just a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue. There are real consumers—real people—whose need for electricity is being displaced by this stuff,” says Ethereum founder, Vitalik Buterin.

The Ethereum foundation further announced they are planning to introduce a new version of the smart contract development that will only require 1% of current power consumption by shifting away from Proof-of-Work.

Although the transition to Proof-of-Stake has been planned for nearly two years, the team has struggled to deliver the new consensus method:

"It’s widely accepted in the Ethereum community that PoW uses far too much energy. For me it is the No. 1 priority,” says Ethereum contributor Paul Hauner.

source: Sprectrum

7 Jan 2019 1 min read

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❗ Bitcoin Will Become Global Reserve Currency: Max Keiser

The well known American broadcaster Max Keiser in an interview has predicted that bitcoin will dethrone USD as world's reserve currency in the coming future. Keiser also argued that USD will face its fall this year.

According to Keiser economic downturn is to commence soon and people are deriving towards cryptocurrency because of the poor performance of the US stock market.

source: Russia Today

5 Jan 2019 1 min read

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🔔 BitTorrent Reveals Native TRON-Based ”BTT” Token

The BTT token established in Singapore will help users to improve their network speed. The token will be first implemented in BitTorrent's most popular windows' application µTorrent. The token will feature native TRC-10 compatibility and will be available on Binance Launchpad to non-U.S. accounts.

BTT tokens will allow users for faster downloads and will help the company to hasten the overall speed of torrents.

source: PR Newswire

4 Jan 2019 1 min read

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🗳️ Thailand to use blockchain Technology for voting

National Electronics and Computer Technology Center (Nectec) develops blockchain technology for elections. E-voting be applied to national, provincial or community elections. Due to its decentralised nature, it is transparent, auditable and making it hard for hackers to change data.

Now Nectec looking for partners such as universities for access to test environments. It will also deploy blockchain at the National Science and Technology Development Agency.

source: Bangkok Post

3 Jan 2019 1 min read

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54% of 2018 ETH withdrawals from projects happened in December

As the ETH price continued to plummet, projects sold off close to 18% of their net position

3 Jan 2019 1 min read

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📨 Bakkt Bitcoin platform raised $182.5 million

Intercontinental exchange's Bakkt has successfully completed their first round of funding and has raised $182.5 million from 12 partners and investors that include Boston Consulting group and Goldfinch Partners. The Bakkt team will work with US Commodity Futures Trading Commission (CFTC) to obtain necessary take-off permissions.

However, the company official confirmed that the launch of the platform will delay as work with CFTC is still going on.

source: Medium

1 Jan 2019 1 min read

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🐱‍💻 White hat hackers earn $900k from Blockchain companies

Blockchain companies have received more than 3000 vulnerability reports for the loopholes in their online security. Coinbase is among the top three bug bounty award giving companies. Acc to cybersecurity company HackerOne blockchain companies remunerate hackers better than other companies.

According to a spokesperson from HackerOne One of the top paid crypto hackers earned seven times the median software engineer salary.

source: The Next Web

31 Dec 2018 1 min read

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🍁 BlockEQ got acquired by Coinsquare

Canada's largest cryptocurrency trading platform Coinsquare acquired Blockmanity Inc. for $12 million. The BlockEQ team has released award winning mobile wallets that have been downloaded in more than 70 countries.

BlockEQ will now operate as a subsidiary of Coinsquare and will continue to develop the platform as its own entity. Coinsquare is actively launching new business lines to become a leading financial institution.

source: Medium

31 Dec 2018 1 min read

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🇮🇹 Italy appoints 30 experts to lead Blockchain strategy

The Italian government has revealed a list of 30 experts from different areas with knowledge and experience of bitcoin tech brought together to develop the nation's blockchain strategy.

The group of experts will work on identifying possible use cases of blockchain technology in public and private services and developing regulatory tools for the promotion of technology.

source: Coindesk

30 Dec 2018 1 min read