Australia’s Consumer Watchdog Received 1289 Crypto Complaints in 2017

Australis Consumer Watchdog Received 1289 Crypto Complaints in 2017

The Australian Competition & Consumer Commission (ACCC) has revealed that it received more than 1,200 complaints relating to cryptocurrencies via its ‘Scamwatch’ portal during 2017. In light of the number of complaints, the Australian Securities and Investments Commission (ASIC) has issued a warning to potential investors outlining the risks associated with cryptocurrency investment.

Also Read: Tesla Hit by Hackers Who Used its Systems to Mine Cryptocurrency

Australia’s Consumer Watchdog Received 1,289 Complaints Relating to Cryptocurrencies Last Year

Australia's Consumer Watchdog Received 1289 Complaints About Crypto Scams in 2017The Australian Broadcasting Corporation has reported that data obtained from the ACCC indicates that Australian citizens’ losses to cryptocurrency scams totaled $1,218,206 AUD ($955,000 USD approximately) for 2017. The number of complaints received last year has prompted Australia’s corporate regulator, ASIC, to issue a warning to potential cryptocurrency investors.

John Price, the ASIC commissioner, recently described cryptocurrencies as “quite speculative products [that] can be quite high-risk. It’s been quite well documented that some of these products are scams, so please don’t invest unless you’re prepared to lose some or all of your money.”

Increasing Regulation of Australia’s Cryptocurrency Sector

Australia's Consumer Watchdog Received 1289 Complaints About Crypto Scams in 2017From April onward, Australian businesses providing cryptocurrency exchange services will be required to register with AUSTRAC, Australia’s financial intelligence agency, and report information regarding the transactions of their customers.

Under the new legislation, it will be illegal for an “unregistered person” to provide virtual currency exchange services. “Businesses that trade digital currencies for money, and vice versa, will be required to enroll and register with AUSTRAC,” Justice Minister Michael Keenan said in August 2017 during a parliamentary speech regarding the then regulatory proposals.

Angus Taylor, Australia’s new federal minister for cyber security, recently praised the new legislation, stating “We’ve had a lot of cooperation from the cryptocurrencies because they know they need to be legitimate, they know they need to be part of our financial system, and they know they don’t want to be facilitating illegal and criminal activity.”

“We’ve acted early, we’ve acted much earlier than many other countries around the world,” Mr. Taylor added. “Obviously cryptocurrencies are growing, and it’s appropriate that the Government establish a regulatory framework with a particular focus on criminal activity.”

Do you think that cryptocurrency scams warrant further regulatory intervention, or should the onus be placed on investors to conduct proper due diligence? Share your thoughts in the comments section below!


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Spokesperson Confirms Bitfinex Is Client of ING

Spokesperson Confirms Bitfinex is Customer of ING

Major Dutch financial services company, ING, has confirmed that Bitfinex holds an account with the company in the Netherlands. The bank issued a statement regarding its relationship with Bitfinex after Dutch-language website Follow the Money published a report revealing that ING is providing financial services to Bitfinex last week.

Also Read: Independent Ratings Agency Alerts Investors About Dangers of Tether 

ING Confirms Relationship With Bitfinex

Harold Reusken, an ING spokesperson, has confirmed via email that Bitfinex holds an account with the bank in the Netherlands. Mr. Reusken did not comment when asked if ING also provides services to other companies associated with Bitfinex.

Mr. Reusken indicated that ING is typically willing to work with “companies that are in the value chain of cryptocurrencies,” rather than “companies that are in traditional markets and receive or do payments with cryptocurrencies.” The spokeperson said “With regards to companies that are active in the crypto market, we are very conservative”. Mr. Reusken also stated that ING is currently experimenting with distributed ledger technology.

Two members of the Dutch parliament have submitted questions for the nation’s finance minister following the discovery of the relationship between ING and Bitfinex.

ING Comprises Bitfinex’s First Major Banking Partner Since Wells Fargo

Spokesperson Confirms Bitfinex is Customer of INGThe news is significant, as it comprises the first evidence that Bitfinex has successfully secured banking with a major international institution since Wells Fargo terminated its services to the exchange during early 2017.

Since the termination of Bitfinex’s accounts held with Taiwanese banks associated with Wells Fargo, posts on forums and Reddit have suggested that the exchange has been directing customers to deposit fiat with the exchange via third-party companies such as Crypto Zoo, an obscure bank hailing from Poland, and recently Portugal.

Local media reports have also indicated that Bitfinex/Tether have been seeking to purchase a bank in Puerto Rico, describing the move as a means to bypass the challenges encountered in the companies’ efforts to establish stable banking arrangements elsewhere.

What are your thoughts on the relationship between ING and Bitfinex? Share your opinion in the comments section below!


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Markets Update: BTC Prices Dip Below $10K

Markets Update: BTC Prices Dip Below $10K

BTC prices and a vast majority of other cryptocurrencies have taken a significant dive over the past 24-hours as the entire crypto-economy shaved $75Bn from its recent highs this week. BTC/USD markets dropped to a low of $9,730.

Also Read: China Censors Cryptocurrency Ads on Search Engines and Social Media

Crypto-Markets See Losses Between 3-20 Percent

Two days ago BTC/USD markets reached a high of $11,780 across global trading platforms, but bulls seem to have lost some of the momentum. Presently bulls are trying to get the price back above the $10K region after dipping well below that range on February 22. Trade volume is a bit thinner today as $8.5Bn has been traded over the past 24-hours. The top five exchanges swapping the most BTC today includes Binance, Bitfinex, Okex, Upbit, and Bithumb. All of these trading platforms are trading less than $1Bn in trade volume per exchange. The Japanese yen is still leading the pack when it comes to currency by volume with the nation’s money dominating by 39 percent. This is followed by the USD (28%), tether (USDT 17%), the Korean won (5.9%), and the euro (5.4%).

Markets Update: BTC Prices Dip Below $10K
Bitcoin Wisdom/Bitstamp (BTC/USD) 5-minute chart. From $11,760 to a low of $9,730 on February 22 2018.

Technical Indicators

Technical indicators show some differences since our last markets update. For instance, the two Simple Moving Averages (SMA) have crossed paths earlier this morning. The 200 SMA is now above the short term 100 SMA, indicating the current bearish sentiment may last a bit longer before a rebound. However MACd, RSI, and Stochastic are all heading northbound after the price touched the $9,700 region.

Markets Update: BTC Prices Dip Below $10K
BTC/USD prices are currently hovering around $9,880 at the time of writing.

Order books show bulls have to break the $10,200 territory in order to continue climbing upwards smoother. There will also be pitstops around $10,500-10,700. On the back side, support has increased since the dump, and solid foundations can be found between $9,700-9,100. If the price breaks the Displaced Moving Average (DMA) at $9,100, there is still a lot of foundational support between $8,700 through $8,200.

Overall Digital Asset Market Performances

In general, the entire cryptocurrency ecosystem is suffering from losses between 3-20 percent. Ethereum (ETH) markets are down 3.9 percent today with a price of around $810 per ETH. The third highest capitalization held by ripple (XRP) is down 8.8 percent as one XRP is trading for $0.93. Bitcoin cash (BCH) prices are seeing markets lose 7.9 percent and the price per BCH is roughly $1,208. Lastly, the fifth highest market valuation held by litecoin (LTC) is down 7.6 percent. Litecoin’s price is hovering around $196 per LTC at the time of publication. The entire cryptocurrency market cap is about $430Bn with bitcoin core (BTC) markets dominating by 39 percent.

Markets Update: BTC Prices Dip Below $10K

The Verdict: Crypto Traders Are Still Optimistic

Currently, traders and enthusiasts in chat rooms and forums are discussing how far this dip will go after experiencing a significant downturn over the first five weeks of the new year. Some believe the current correction may just be a ‘bear trap’ where the price pulls down low enough to where traders can get better entry points. Typically a trap doesn’t last long and reverses soon after the lowest or highest (bull trap) price point. Some speculate crypto-prices are being affected by the tumultuous global stock markets. There’s been some recovery in traditional stock and equities markets today, so some traders may have moved from digital assets to different markets. Prior to the recovery stock markets suffered a lot yesterday after a six-day winning streak. Stocks worldwide dropped significantly in value especially in the U.S. For instance, well-known companies like Walmart suffered from the most profound price declines since 1988. Overall even with the current dip, cryptocurrency traders are optimistic the bull run is just getting started.

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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FBI Arrests Exchange Operator for Lying About 6000 Bitcoin Hack

FBI Arrests Exchange Operator for Lying About 6000 Bitcoin Hack

Jon E. Montroll, a 37 year old from Texas, is now facing up to 30 years in jail for perjury and obstruction of justice. The operator of Weexchange and Bitfunder is accused of repeatedly lying to the SEC under testimony in an effort cover up massive client losses after being hacked. 

Also Read: US Federal Authorities Arrest Man for Selling 9.99 Bitcoin

Bitcoin Exchange Operator Arrested by FBI

US Authorities Arrest Bitcoin Exchange Operator for Lying About HackThe FBI announced on Wednesday that Jon E. Montroll (aka Ukyo) was taken into federal custody for giving false sworn testimony and false documentation to the Securities Exchange Commission (SEC). He operated two bitcoin services, Weexchange which functioned as a bitcoin depository and currency exchange service, and Bitfunder which facilitated the purchase and trading of shares of businesses that listed on the platform.

During the summer of 2013, hackers stole approximately 6,000 bitcoins from Weexchange, and, as a result, the two ventures lacked the bitcoin necessary to cover what was owed users. Montroll allegedly lied to both investors and investigators in an effort to hide this.

Manhattan U.S. Attorney Geoffrey S. Berman said: “SEC investigations rely on learning the full and accurate facts concerning financial markets and products. As alleged, the defendant repeatedly lied during sworn testimony and misled SEC staff to avoid taking personal responsibility for the loss of thousands of his customers’ bitcoins. These charges signify that we will use the full force of the federal criminal law to protect the integrity of the SEC’s investigative process.”

It’s Not the Crime, It’s the Cover-Up

US Authorities Arrest Bitcoin Exchange Operator for Lying About HackIn a November 2013 testimony to the SEC, Montroll denied that the hack had been successful, testifying that when the hackers went to withdraw, “the system stopped them because the amount was obviously causing issues with the system.” He later added that the issue “was corrected immediately, whenever the system started having the problems, and I caught on to what was happening I’d say within a few hours.”

Montroll also gave the SEC a screenshot supposedly showing the number of bitcoins available to Bitfunder users in the Weexchange Wallet as of October 13, 2013. This balance statement reflected 6,679.78 BTC as of that date. However, the investigators say that the evidence revealed that this was a misleading fabrication.

Three days into the incident, Montroll participated in a chat in which he sought help in tracking down “stolen coins.” When that did not work, he allegedly transferred some of his own bitcoin holdings into Weexchange to conceal the losses. The cyber theft, however, continued, and by the time of the balance statement it actually held thousands of bitcoins less than Montroll had asserted, the investigators found.

When confronted with that evidence, Montroll allegedly lied again. While he admitted that the balance statement was the product of his manual intervention in the Weexchange system, he claimed to have discovered the success of the hack only after the SEC had asked him about it during his first day of testimony, and to have no knowledge of the chat.

FBI Assistant Director-in-Charge William F. Sweeney Jr. commented: “As alleged, Montroll committed a serious crime when he lied to the SEC during sworn testimony. In an attempt to cover up the results of a hack that exploited weaknesses in the programming code of his company, he allegedly went to great lengths to prove the balance of bitcoins available to Bitfunder users in the Weexchange Wallet was sufficient to cover the money owed to investors. It’s said that honesty is always the best policy – this is yet another case in which this virtue holds true.”

Could other exchange operators be hiding similar issues from investors? Share your thoughts in the comments section below!


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Robinhood Starts Rolling Out Cryptocurrency Trading Today

Robinhood Starts Rolling Out Cryptocurrency Trading Today

Robinhood has finally launched today its highly anticipated crypto trading for bitcoin and ethereum, allowing its now 4 million investors to trade cryptocurrencies alongside stocks, ETFs, and options on the same platform. The feature is being gradually rolled out to people residing in five American states.

Also Read: Bug at Japanese Government-Approved Zaif Exchange Let Users Get Free Bitcoin

Robinhood Adds Bitcoin and Ether Trading

Robinhood Starts Rolling Out Cryptocurrency Trading Today
The Robinhood in-app feed

Robinhood, the Palo Alto-headquartered US stocks brokerage app, has begun today to gradually enable access to BTC and ETH trading to its customers residing in California, Massachusetts, Missouri, Montana, and New Hampshire. Assuming that the launch will be as successful as expected, the company promises to add in many more states later on.

The service already offers market data on 16 cryptocurrencies in the form of bitcoin, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk and dogecoin. The company also announced today details of Robinhood Feed, a way to discuss cryptocurrencies, news, and market swings in real-time with other investors on the platform. Feed will only be made available to a limited number of platform users right now.

$4 Million Strong

Robinhood Starts Rolling Out Cryptocurrency Trading TodayThe excitement and anticipation about cryptocurrency trading among young Americans has evidently helped the company achieve remarkable growth in a very short time. Soon after Robinhood announced it would add cryptocurrencies, over a million people were waiting in line to get early access to the commission-free trading service. It now boasts of having over 4 million users, up from just 3 million reported in November 2017.

The app team stated today: “Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards Robinhood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way. Together, we reached four million users and well over $100 billion in transaction volume on our brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”

Are you planning to trade bitcoin with Robinhood or are you going to stick with an exchange your used to? Tell us what you think in the comments section below.


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20+ South Korean Cryptocurrency Exchanges Voluntarily Undergo Evaluations

20+ South Korean Cryptocurrency Exchanges Voluntarily Undergo Evaluations

Over twenty cryptocurrency exchanges in South Korea have agreed to undergo evaluations, including the country’s top four exchanges: Upbit, Bithumb, Coinone, and Korbit. This is part of their self-regulatory efforts, in conjunction with the Korean Blockchain Association.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

21 Exchanges Participating So Far

The Korean Blockchain Association, an industry group formally launched in January with 66 members, is primarily focused on self-regulation. The association, “composed of 33 virtual currency exchanges, said 21 of its members, including major players Upbit, Bithumb, Korbit, and Coinone, will undergo evaluations,” Yonhap reported on Wednesday.

20+ South Korean Cryptocurrency Exchanges Voluntarily Undergo EvaluationsAccording to local media, crypto exchanges that have confirmed their participation in self-evaluation include Glosfer, Nexcoin, Zeniex, Kairex, Kcx Exchange, Komid, Coinway, Coinzest, Plutus DS, Dexko, Gopax, Okcoin Korea, and Huobi Korea.

The main purpose of the evaluations is to determine if members have complied with a set of self-regulatory measures that the group has set.

An official of the association was quoted by Asia Economy saying, “I respect member companies’ willingness to create a secure cryptocurrency market…We will make efforts to ensure strict and fair self-regulatory review.” Kim Hwa-joon, vice chairman of the association, was quoted by Zdnet detailing:

It will include capital standards, security standards, principles on listing procedures, disclosure of information, etc, and I expect investors to believe that they [exchanges] are more stable if they have passed the examination.

According to data collected by the Korean government, sales by local cryptocurrency exchange operators soared approximately 88-fold in 2017 compared to the previous year.

Self-Regulatory Efforts Challenged

The association first announced self-regulation in December when the government introduced a set of cryptocurrency measures to curb speculation in the crypto market. It “also established a set of specific ethical codes for the virtual currency bourses, including strict rules on insider trading and market manipulation,” Yonhap noted.

However, recently small and medium-sized exchanges have been voicing concerns regarding the effectiveness of joining the association and declaring self-regulation. They were led to believe that, by joining the association, they would be able to obtain virtual accounts from banks after the government-mandated real-name system went into effect.

20+ South Korean Cryptocurrency Exchanges Voluntarily Undergo EvaluationsHowever, following the implementation of the real-name system, banks are reluctant to issue virtual accounts to small and medium-sized exchanges, choosing only to provide services to the country’s top four exchanges.

Earlier this week, twelve crypto exchanges including Gopax, Coinnest, and Coinpia, sent a joint statement to the association, requesting a meeting to discuss the issue of virtual account issuance.

Kim acknowledged the problem and was quoted by Fntimes saying:

Disputes may arise in operating the organization..We are trying to solve this problem.

The association has also discussed the problem with Choi Heung-sik, the director of the country’s Financial Supervisory Service (FSS). He promised to encourage banks to work with more crypto exchanges, citing that there are three banks that have set up the real-name system but are not using it to issue virtual accounts for crypto exchanges.

What do you think of South Korean crypto exchanges voluntarily undergoing evaluations? Let us know in the comments section below.


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Russian Lawmaker Proposes Legalization of Cryptocurrencies to Attract Investments

Russian Lawmaker Proposes Legalization of Cryptocurrencies to Attract Investments

The head of the Russian State Duma Committee for Economic Policy has proposed legalizing cryptocurrencies in order to attract foreign investments including from countries with anti-Russian sanctions.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Proposal to Legalize Cryptocurrencies

Russian Lawmaker Proposes Legalization of Cryptocurrencies to Attract InvestmentsThe chairman of the State Duma Committee for Economic Policy, Sergey Zhigarev, proposed the legalization of cryptocurrencies at the recent parliamentary hearings in the State Duma on the development of the digital economy, Tass reported on Tuesday.

He believes that it will attract foreign investments, including from countries that have imposed sanctions on Russia. He was quoted saying:

The legalization of digital currencies as a means of payment can help attract investments from foreign countries, including Western ones with sanctions, so we have an instrument that will help us attract the capital we need today.

“There will be a transformation of the whole banking and financial system,” he told other lawmakers, adding that the intermediaries “will disappear, and we need to be ready for this.”

The deputy also noted that soon large companies with their own cryptocurrencies could enter the market, adding that “we will witness the birth of a new market, free and open. It is to be hoped that Russian companies are involved.”

Government’s Monopoly Challenged

Russian Lawmaker Proposes Legalization of Cryptocurrencies to Attract InvestmentsZhigarev explained at the meeting that, for the first time in history, the government’s monopoly on the production of money is under threat. “This is an irreversible process that is difficult to control, only those cryptos that are backed up by some real assets have their prospects,” he asserted.

Earlier this month, the first deputy chairman of the Bank of Russia, Olga Skorobogatova, called cryptocurrency “a dangerous investment instrument because of high volatility,” RNS reported. She emphasized that from the state’s point of view, cryptocurrencies are “extremely dangerous,” stating:

The central bank is against allowing the exchange of cryptocurrency in the territory of Russia and will discuss this issue with the finance ministry.

The Bank of Russia is currently working with the finance ministry and the State Duma to establish the legal framework for cryptocurrencies. Meanwhile, the Ministry of Finance has published a draft bill for the regulation of cryptocurrency.

Zhigarev also pointed out that another challenge for the legalization of cryptocurrencies such as bitcoin is “the lack of an infrastructure for transferring cryptocurrency into [fiat] currency (rubles, dollars, euros, etc.) and back,” Tass conveyed. As an example, he said there are significantly more bitcoin ATMs (BTMs) in the US than in Russia. The BTM tracking website Coinatmradar currently shows 38 BTMs in Russia compared to 1,525 BTMs in the US.

Do you think Russia will allow cryptocurrency to be a legal means of payment? Let us know in the comments section below.


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Global Blockchain (BLKCF) Announces 2-for-1 Stock Split

VANCOUVER, British Columbia, Feb. 22, 2018 (GLOBE NEWSWIRE) — Global Blockchain Technologies Corp. (the “Company” or “GBT”) is pleased to announce that its Board of Directors has approved a stock split whereby each issued and outstanding common share will effectively be split into two (2) common shares. On March 7, 2018 (the “Mailing Date”), the distribution of the additional common shares as a result of the split will take place. One (1) additional common share will be issued for every one (1) existing common share held by shareholders as at the close of business on the record date of March 1, 2018 (the “Record Date”). The Company’s common shares are expected to begin trading on a split-adjusted basis on March 1, 2018 and on a post-split basis on March 5, 2018 (the “Effective Date”). In accordance with the Company’s Articles, shareholder approval was not required for the stock split.

The Company will not be changing its name, Cusip or its current trading symbol in connection with the stock split. The number of authorized shares of common stock and the par value per share will remain unchanged.

Management of the Company believes that the stock split will make the stock more attractive to a larger portion of the investing community.

On behalf of:

GLOBAL BLOCKCHAIN TECHNOLOGIES CORP.

“Theo van der Linde”

Theo van der Linde, director & CFO
Phone: 604-687-2038

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the Company’s goal of streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top-tier blockchains and digital currencies. The Company has no assets and its business plan is purely conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of cryptocurrency assets and pre-ICO and ICO financings on favourable terms or at all, (iii) successfully create its own tokens and ICO’s, and (iv) execute on future M&A opportunities in the cryptocurrency space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in cryptocurrency prices; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to cryptocurrencies and ICO’s; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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Bug at Japanese Government-Approved Zaif Exchange Let Users Get Free Bitcoin

Bug at Japanese Government-Approved Exchange Zaif Let Users Get Free Bitcoin

Have you ever dreamed about buying bitcoin for only $1,000, $100 or even just $10? What about a round at $0? Some fast and sharp eyed customers of the Japanese exchange Zaif had this opportunity just last week thanks to a bug in the system. The company isn’t going to let them get away with it however.

Also Read: 66% of Funding to Stop the AI Apocalypse Comes from Crypto Donors

$20 Trillion Glitch

Bug at Japanese Government-Approved Exchange Zaif Let Users Get Free BitcoinZaif, a Japanese bitcoin exchange run by Tech Bureau Corp, has revealed that it had a brief system glitch which allowed clients to trade cryptocurrency for the very affordable price of 0 yen. The glitch, which affected Zaif’s price calculation system, lasted for 18 minutes from 5:40 p.m. to 5:58 p.m. local time on February 16.

The company announced on Tuesday that seven users obtained quantities of cryptocurrencies. One particularity ambitious trader apparently even tried buying bitcoin valued at 2,200 trillion yen (about $20 trillion USD) during the glitch and then quickly attempted to cash it out, according to a report by the second most popular national newspaper in Japan Asahi Shimbun.

The problem was reportedly fixed by 7:34 p.m. that same day. A Tech Bureau official also apologized to investors for the trouble and pledged to take measures to prevent further glitches.

Oops, No Deal!

Bug at Japanese Government-Approved Exchange Zaif Let Users Get Free BitcoinAfter the bug was discovered in the system and the colossal mistake was made clear, Tech Bureau subsequently invalidated the zero cost transactions and returned the users’ balances to their previous states on the platform. However, it was still trying to resolve the issue with one customer who tried to transfer the bitcoins out of the exchange, a company spokesman told Reuters.

Tech Bureau Corp. is now subject to a Financial Services Agency (FSA) investigation into the safety of the system and other business practices. Its Zaif platform is one of only sixteen exchanges that were already fully licensed to offer services in the country by the government and was one of the original eleven venues that the FSA first approved in September of last year. The regulator recently announced that it is inspecting 32 cryptocurrency exchanges, including 16 that have not yet obtained a license but are currently under review.

Should we expect bitcoin exchanges and wallets to be bug-free or are such glitches inevitable? Share your thoughts in the comments section below!


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Coin Stocks Cryptocurrency Newsletter – February 22, 2018

The Best Way To Invest In Bitcoin?

Blockchain technology, bitcoin, ethereum; they’re all in the news right now and there’s no end in sight. Some thought of this as a fad but now actual governments are staking claim to their own piece of the cryptocurrency pie. New ICO’s are popping up left and right. “Crypto Fever” is upon us and now it’s time to take full advantage

CLICK FOR FULL DETAILS


Have Crypto Miners Found The Holy Grail?

Blockchain technology, bitcoin, ethereum, litecoin, ripple; these are words that are constantly being reported on. What was once thought of as a fad has now started to grab the ear of some of Wall Street’s biggest investors. A small investment of $100 less than 10 years ago is now worth tens of millions of dollars today!

CLICK FOR FULL DETAILS


Steven Seagal Makes A Triumphant Entry Into The Crypto World

Steven Seagal is the latest Hollywood star to make a triumphant entry into the cryptocurrency scene. The star known for starring in ‘Under Siege’ and ‘Hard’ to kill has shocked a lot of people with his most recent move. What is causing much of the speculation is the fact that he is quite rich but some believe he knows pretty little about the sector. They don’t believe that he is doing it for the money.

CLICK FOR FULL DETAILS


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