Canadian Regulators Seize Crypto Exchange Reportedly Owing $16M to Clients

Regulators in the Canadian province of British Columbia have shut down the Vancouver-based Einstein cryptocurrency exchange. In a press release on Nov. 4, the British Columbia Securities Commission (BCSC) reported that it had taken action against the Einstein cryptocurrency exchange, which apparently owes more than $16 million to its customers, according to CBC news. Following a BCSC request to the Supreme Court of British Columbia, the court appointed audit firm Grant Thorton Limited to act as the interim receiver on Nov. 1. Per the press release, Grant Thorton entered and…

Aragon Opposes Change to Ethereum’s Mining Algorithm Before 2.0 Version

The Aragon community has officially proclaimed itself against ProgPOW. ProgPOW is a proposed protocol change to the Ehereum network that would close the efficiency gap available to application-specific integrated circuits.  In a tweet on Nov. 2, the official account of the Aragon project posted voting results, showing that a proposal to block changes to Ethereum’s mining algorithm had passed. ProgPOW would change the Ethereum network’s proof-of-work mining algorithm before the eventual switch to a proof-of-stake model as part of the Ethereum 2.0 roll-out. Aragon, which is an open-source software project…

Bitbuy and Cred Open Canadian Bitcoin Lending Platform

Bitbuy, a Canadian cryptocurrency trading platform, has teamed up with the cryptocurrency lender Cred to offer Canadians up to 10 percent annual interest on their bitcoin holdings. The offering has been launched on a subdomain of Cred’s website. According to a press release issued by the partners on November 4, 2019, a fully developed integration of the offering will be launched in early 2020. The release also noted that interest will be paid every three months and that initial terms will be six months long. In addition to bitcoin, users…

Big Move Brewing as $9.5K Becomes Next Key Battleground

Bitcoin price (BTC) closed the week at $9,207, down 3.66%. Despite a surprisingly low volatility weekend, the bulls helped keep Bitcoin price above $9,000 for 10 days and at the time of writing the price continues to consolidate. So far Monday has brought a move higher to retest $9,300, representing a 1% gain. EOS (EOS) and Ether (ETH) have had notable gains on the day with EOS trading over $3.50 and Ethereum at $185. The total crypto market cap is $249 billion, with Bitcoin dominance at 67.2% Cryptocurrency market daily…

Unveils Platform for Minting Enterprise

It goes without saying that the blockchain industry has come a long way over the last decade, and it is no wonder that an idea like that of blockchain tokens is finally taking concrete shape. In a new development that is going to cause waves in the crypto sphere, tech behemoth Microsoft announced that it is going to create a platform that is going to help create crypto tokens with ease. Microsoft has stated that creating crypto tokens is going to be made far easier through this platform, and it…

The Five Worst Hacks That Shook the Crypto World

In tandem with improvements in technology and security, hackers have started getting more creative with the scams and hacks they carry out. You could be one click away from malware, causing harm to your files and crypto assets. If you’re on a network that is used by billions of people every day, then I would like to burst the bubble and tell you that no matter what, you are prone to hacking. Hacking is the act of gaining unauthorized access to someone’s system to steal their data and files or…

SIM-Swap Victim Sues Crypto Exchange Bittrex for $1M Bitcoin Theft

Gregg Bennett, a SIM-swap hack victim and angel investor, sued cryptocurrency exchange Bittrex over allegedly allowing the theft of nearly $1 million in Bitcoin (BTC). According to a press release published on Oct. 30, Bennett believes the exchange violated its own security standards and allowed hackers to steal his cryptocurrency in April. The lawsuit, filed in King County Superior Court, suggests that the exchange committed “unfair and deceptive acts that misrepresented its level of security.” A SIM-swapping attack The hackers reportedly took control of Bennett’s mobile number and then used…

Chinese are Not Coming to Bag Bitcoin: Analyst

The bitcoin price climbed by more than 40 percent after China’s President Xi Jinping endorsed blockchain technology in his speech on October 25. Global outlets were quick to correlate the two events, stating that investors [probably] increased their holdings in bitcoin, hoping that the Chinese people would also do the same by taking cues from Jinping’s blockchain support. But, according to market analyst Alex Krüger, the benchmark cryptocurrency will have a difficult time attracting the Chinese population. The economist on Sunday noted that bitcoin corrected by as much as 14…

Court Orders $4M in Penalties for Investment Fraud Involving ATM Coin

A New York court has ordered defendants to pay $4.25 million in penalties for investment fraud involving the cryptocurrency ATM Coin. Case first brought by the CFTC in April 2018 On Nov. 1, the United States Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the Eastern District of New York has entered an order against several entities for committing fraud and misappropriating client funds. The defendants include Blake Harrison Kantor and Nathan Mullins as well as four related corporate entities: United Kingdom-based Blue Bit Banc, Turks…

BitMEX Says Quality Check ‘Failure’ Led to Email Privacy Breach

BitMEX says its internal processes “failed” last week, subsequently exposing thousands of the exchange’s clients to privacy risks. In a company blog posting on Monday, the crypto-derivatives exchange said its mass emailing operation failed causing “most BitMEX users” to have their email addresses publicly exposed via carbon copy (CC) on Nov. 1. Data provider Skew says BitMEX has some 22,000 daily users, though the number of email addresses exposed is likely significantly higher. With major email servers imposing restrictions on bulk emailing, the firm said: “To remedy this, we built…