Markets Update: Bitcoin Recovers to Test $10,000 Area

The BTC markets have ramped up to test the $10,000 USD area on leading exchanges following a break above resistance at $9,000. Bitcoin has recovered by more than 60% since testing the $6,000 area on February 6th.

Also Read: Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Bitcoin Tests $10,000

Bitcoin has produced bullish action in recent days, forming an inverse head and shoulders pattern on the 4-hourly chart before breaking above resistance at roughly $9,000 area yesterday.

Markets Update: Bitcoin Recovers to Test $10,000 Area

The bearish action of recent weeks saw bitcoin lose approximately 65% of its value – falling from approximately $17,000 at the start of January to the recent low of less than $6,000 on the 6th of February. When compared with the all-time high of approximately $19,700 from December 17th, the drop down to $6,000 comprised a 70% loss in the value of BTC in just seven weeks.

Bullish Recovery Signs for BTC

The recent bullish momentum has seen bitcoin break above the 23.6% retracement area of the crash when measuring from the all-time high area of $19,000 – $20,000. Many traders are anticipating that BTC may soon test the major descending trendline stemming from the all-time high should the markets continue on their bullish trajectory.

Markets Update: Bitcoin Recovers to Test $10,000 Area

When looking at the weekly chart, the stochastic RSI appears poised to retest the 20 threshold after having dropped below such for the first time since mid-2017.

Markets Update: Bitcoin Recovers to Test $10,000 Area

According to Cryptocompare, Japan’s markets are by far the most dominant – with JPY/BTC trade currently comprising over 51% of the total volume of BTC traded globally during the last 24 hours. USD and USDT trade is estimated to represent approximately 37% of global trade combined, followed EUR/BTC trade with just under 5%. The shifting regulatory sands in South Korea have significantly reduced the dominance of the KRW/BTC markets – which presently comprises just 3.5% of BTC traded in the last 24 hours.

Altcoin Markets Correlated to BTC

The dollar-value of most altcoins have shown a strong correlation to BTC in recent months, with nearly every cryptocurrency producing a strong bounce in unison with bitcoin during February.

Among the best performing altcoins boasting a high market capitalization have been Litecoin and Ethereum Classic – both of which appear to have benefited from FOMO leading up to their respective forks, gaining over 100% since early February.

According to Coinmarketcap, bitcoin is currently exerting a market dominance of approximately 35%. Ethereum is second largest cryptocurrency market, boasting a 19.5% market dominance, followed by Ripple with 9.5%, and Bitcoin Cash with almost 5%.

Markets Update: Bitcoin Recovers to Test $10,000 Area

Do you think the bitcoin markets will continue to recover? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Trading View, Bitcoin Wisdom


Need to calculate your bitcoin holdings? Check our tools section.

The post Markets Update: Bitcoin Recovers to Test $10,000 Area appeared first on Bitcoin News.

Crypto All Stars Brings Your Favorite Twitter Traders to the Blockchain

Crypto All Stars Brings Your Favorite Twitter Traders to the Blockchain

Blockchain based trading cards are all the rage, with one estimate placing the transaction value of ethereum games at $10 million a day. While the vast majority of these games are derivative and ephemeral, that’s not to say they can’t provide short-term entertainment. The latest addition to the Crypto Kitties stable is Crypto All Stars, which promises to bring all your “favorite Twitter shitposters” to the blockchain.

Also read: People Are Paying Thousands of Dollars for Crypto Celebrities on the Blockchain

Pyramid Scheme Meets Proof of Ego

Crypto All Stars Brings Your Favorite Twitter Traders to the BlockchainThis week’s must-have blockchain game is next week’s relic, so the odds of Crypto All Stars standing the test of time seem remote. In the here and now though it’s a shameless but amusing take on the meme birthed by Crypto Kitties back in December. The project of Twitter trader Crypto Randy Marsh (who naturally includes himself as one of the cards), the game features many of the cryptoverse’s loudest luminaries including Crypto Cobain, Bitfinexed, and Ari Paul. Thanks to their desire not to be usurped by their peers, many of the “celebs” have already bought their own cards several times over.

Crypto All Stars Brings Your Favorite Twitter Traders to the Blockchain

There are many ways to make money in the cryptosphere, and appealing to traders’ natural vanity is a clever ploy. For the proles who don’t possess these “legendary” shitposters’ follower count or portfolio, there’s the satisfaction of at least getting to own one of the Crypto All Stars’ unique contracts…until the next sucker buys it off you at least. The prospect of witnessing crypto OGs slapping down $10,000 of ETH at a time to prove they’re the whales they purport to be is strangely satisfying.

Crypto All Stars Brings Your Favorite Twitter Traders to the BlockchainFor “players” who feel that 5 ETH for The Crypto Dog (avatar: a dog wearing sunglasses) is a tad pricey, there are cheaper bargains to be had in Ether Tulips, Crypto Kitties, Crypto Titties, Tron Dogs, and many more blockchain trading games. Open Sea marketplace has thousands of the virtual cards for sale. Ether Tulips is about to launch player battles, while strategic card based MMO Neon District is launching soon. Given the amount of ether wasted weekly in ICO exit scams and pyramid schemes, games like Crypto All Stars are arguably one of the better uses for the ethereum network.

What’s your favorite crypto trading game, or would you rather not waste your ether? Let us know in the comments section below.


Images courtesy of Shutterstock, Open Sea, and Crypto All Stars.


Why not keep track of the price with one of Bitcoin.com’s widget services.

The post Crypto All Stars Brings Your Favorite Twitter Traders to the Blockchain appeared first on Bitcoin News.

Token Holders Don’t Give a Damn About Voting Rights and Community Governance

Token Holders Don’t Give a Damn About Voting Rights and Community Governance

You’ve probably heard of The DAO and you’ve certainly heard of the ICO. Now say hello to the DAICO, an “innovative fundraising model” that aims to combine the best of both frameworks. The Abyss Platform is the first project to utilize this hybrid organizational structure, which has been credited as the brainchild of Vitalik Buterin. There’s just one problem with The DAO, the ICO and the mutant DAICO it’s spawned – the public couldn’t give a damn about key tenets such as voting rights and community governance. All they want is cheap tokens they can flip for a quick profit.

Also read: U.S. Corporate Customers Barred From Bitfinex’s Margin Markets

Live and Let DAICO

The DAO (decentralized autonomous organization) was the first major project to be launched on the Ethereum blockchain, complete with a novel governance structure that replaced a board of directors with a community-run model. It didn’t end well. A vulnerability in the code saw one third of the ether committed to the project stolen and The DAO collapsed. As prominent crypto critic and agent provocateur Preston Byrne explains:

The original DAO could pass resolutions with a simple majority drawn from quorum of 20% (meaning as little as 10% +1 of the investors could bind the remaining 90%). No resolution ever passed because none of the tokenholders actually cared enough about what the DAO was doing in order to participate. Their primary motivation was to sit on their hands and wait for their investment to pay off.

Byrne may be a perennial bitcoin bear, but as a practising English solicitor, he knows more than most when it comes to the sort of legal matters that DAOs and DAICOs were meant to solve. Take a look at many of this year’s ICOs and you’ll find, somewhere in their roadmap, talk of token holders being empowered to vote on key protocol changes including platform developments and new features. It all sounds very progressive and democratic, but the trouble is even the loyalest of community members don’t care enough to want to micromanage decisions using the power invested in them by tokens. The real reason why ICOs are so eager to assign voting rights to their investors is to add legitimacy to their claim that the token is a utility and not a security.

Token Holders Don’t Give a Damn About Voting Rights and Community Governance

Good Intentions Lost in the Abyss

The Abyss “merges some of the benefits of Decentralized Autonomous Organizations (DAOs), aimed at upgrading and making the initial ICO concept more transparent and secure”. It allows “token holders to control the fund withdrawal limit, also providing an option to vote for refund of the remaining contributed money in case the team fails to implement the project, with Oracles (appointed industry leaders) acting as arbitrators.” The idea is plucked from a concept Vitalik Buterin mooted a few weeks back.

Token Holders Don’t Give a Damn About Voting Rights and Community Governance

In his scathing critique of the DAICO, Preston Byrne writes: “I feel like I’m taking crazy pills here, because the SEC literally wrote a report about the original DAO scheme, likened it to a security, and cited as authority for this proposition not one but TWO cases relating to an infamous 1970s pyramid scheme that landed its promoter in federal prison for nearly a decade.”

He finishes: “A DAICO is nothing more than a new acronym for the same old bad ideas. The broken DAO concept, in particular, requires extensive rethinking and movement onto private/permissioned blockchains in order to shed its pyramid scheme-like qualities and serve a useful function. On account of which I am completely amazed that anyone would want to combine the DAO and ICO concepts under any circumstances.”

Original thinking deserves a chance to flourish, and blockchain governance – for all its pitfalls – may yet find a way to work. It probably won’t arrive in the form of the DAICO though or any of the other “revolutionary” governance models being used to float the current crop of crowdsales. Good ideas will ultimately prevail, while the ones deemed too wacky and unworkable will return to the abyss that spawned them.

Do you think blockchain democracy and token-based voting is a viable concept, or is it destined to fail? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, and Ethersear.ch.


Get our news feed on your site. Check our widget services.

The post Token Holders Don’t Give a Damn About Voting Rights and Community Governance appeared first on Bitcoin News.

Dubai Issues License to Cryptocurrency Firm

Dubai Issues License to Cryptocurrency Firm

The largest free economic zone in the UAE, with zero percent personal and corporate income tax, has started issuing licenses to firms trading cryptocurrencies. The first license has been issued to a gold trader that has recently started offering cryptocurrency services.

Also read: Japan Cracks Down on Foreign ICO Agency Operating Without License

Attracting Crypto Businesses

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Dubai Multi Commodities Centre (DMCC) is a government entity established in 2002 to enhance commodity trade flows through Dubai. DMCC Free Zone is the largest and fastest growing free economic zone in the UAE.

“We perform a range of roles which continue to position Dubai as the preferred destination for global commodities trade and DMCC as the world’s No.1 Free Zone,” offering zero percent personal and corporate income tax, the center’s website states. Today, more than 14,100 multinational corporations and startups call DMCC home, with almost 90,000 people living and working there.

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Centre has started issuing licenses to allow firms trading in cryptocurrencies to operate from its free zone, Thomson Reuters Zawya reported on Monday.

DMCC’s executive director for commodities, Sanjeev Dutta, told the publication that the Centre is “beginning to facilitate” a market in cryptocurrencies which, he acknowledged, is unregulated. Citing that firms looking to set up in the zone would be considered on a “case-by-case” basis, he elaborated:

To me, what is important is the fact that you are still evaluating it as part of your innovation strategy. You are not saying ‘no’ to something. You are not saying ‘yes’ either, but you are exploring, so you are clearly ahead of the others when the time to make a decision comes.

Cryptocurrencies as Commodities

DMCC is a member of the Global Blockchain Council, which began as a Dubai Smart City project and has 46 member organizations globally today. The Centre’s director of innovation hub, Franco Bosoni, said that a global consensus is emerging which favors classifying cryptocurrencies as commodities, the news outlet detailed and quoted him explaining:

DMCC’s view is that these [cryptocurrencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.

Wai Lum Kwok, head of capital markets for Abu Dhabi Global Markets Regulatory Authority, told the publication on Sunday that the regulator is “reviewing and considering the development of a robust, risk-appropriate regulatory framework” for crypto exchanges and intermediaries. Emphasizing that no timeframe has been set, he added:

As we develop our framework, we will also want to check in and have the conversations with, for example, US regulators, Japanese regulators and so on and so forth, so that there is some alignment of approach to avoid any regulatory arbitrage.

First License Issued

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe first license for the Free Zone reportedly went to Regal Assets, a gold trader and storage provider with offices in the US, Canada, and the UAE. The company added cryptocurrencies to its product line at the end of last year, offering brokerage services and an insured, high-security cold storage service for bitcoin, ether, bitcoin cash, ethereum classic, ripple, and dash.

According to Bloomberg, “Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies.” The news outlet quoted DMCC acknowledging in a statement, “The company will offer storage of bitcoin, ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai.”

DMCC Executive Chairman Ahmed Bin Sulayem was quoted by the publication, “At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” adding that “the announcement today embodies this approach.”

Do you think more crypto companies will move to this free economic zone? Let us know in the comments section below.


Images courtesy of Shutterstock and DMCC.


Need to calculate your bitcoin holdings? Check our tools section.

The post Dubai Issues License to Cryptocurrency Firm appeared first on Bitcoin News.

Wird es bald möglich sein, mit Token auf Ethereum auch die Transaktionsgebühren zu bezahlen?

Die Token-Wirtschaft auf Ethereum wäre wunderbar – wenn es nicht den kleinen, etwas ungemütlichen Umstand gäbe, dass jede Transaktion mit Token einen kleinen Betrag Ether an Gebühren kostet. Um dies zu ändert, diskutiert die Community derzeit Methoden, wie man mit den Token selbst die Gebühren bezahlen kann. Nun gibt es sogar ein EIP dafür, was ein wichtiger Schritt hin zu einer Umsetzung ist.

Es gibt mittlerweile hunderte von Token auf der Ethereum-Blockchain. Dank des ERC20-Standards ist es leicht, diese Token zu erzeugen und sie durch die üblichen Wallets zu empfangen und zu versenden. Mit den Token kann man auf Ethereum so gut wie jedes beliebige Gut repräsentieren – Aktien, Gold, Silber, Kaffee, Staatsanleihen, Euro, Dollar und so weiter.

Für viele User dieser Token ist es jedoch noch ein Problem, dass man jeder Token-Transaktion eine geringe Menge Ether als Transaktionsgebühr beigeben muss. Denn dies bedeutet, dass der Herausgeber entweder mit seinen sagen wir Kaffee-Token auch ein wenig Ether mitschicken oder dass der Empfänger dieser Token sich noch Ether nachkaufen muss. Ohne die Ether sind die Token quasi eingefroren. Die für alle Beteiligten angenehmste Lösung wäre es wohl, wenn man die Transaktionsgebühren einfach in den Token anstatt in Ether bezahlen könnte.

Dies jedoch kommt mit einigen Problemen daher. Bisher werden die Gebühren für die Miner ausschließlich in Ether berechnet. Man könnte diese Regel natürlich aufweichen, und sagen, die Gebühren können auch in allen ERC20-Token bezahlt werden. In diesem Fall müsste man es aber irgendwie ermöglichen, dass die Preise vergleichbar sind. Ein dezentraler Markt könnte hier eine Lösung sein, doch es ist schwer, einen Weg um die Volatilität der Tokenpreise in Ether herum zu finden. Wenn man das Monopol von Ether auf die Gebührenzahlungen aufweicht, wird es sehr viel komplizierter, die richtige Höhe der Transaktionsgebühren zu treffen – und diese als Miner einzuschätzen.

Daher geht die derzeitige Diskussion einen anderen Weg: Man versucht, die Sender in Token bezahlen zu lassen, aber den Minern Ether zu geben. Anders gesagt: Man baut einen Kanal, über den die Token in Ether gewechselt werden. Ein wenig so wie es BitPay macht, wenn man mit Bitcoin bezahlt, aber der Händler Euro bekommt, nur eben dezentraler und stärker auf Protokollebene. Wie man das genau macht, ist Gegenstand verschiedener Vorschläge, von denen eines vor kurzem den Status eines EIPs, eines Ethereum Improvement Proposals, erreicht hat.

Jim McDonald beschreibt die grundsätzliche Konstruktion in einem Blogpost. Der ERC20-Contract für Token hat eine Approve()-Funktion. Durch diese ist es möglich, einer anderen Adresse zu erlauben, einen bestimmten Betrag an Token zu überweisen. Wenn man nun vorhat, seine Transaktionsgebühren mit Token anstatt Ether zu begleichen, kann man einer dritten Partei gestatten, vom Account eine bestimmte Menge Token auszuzahlen. Damit kann diese dritte Partei die gesamte Transaktion in Ether ausführen und sich noch eine Gebühr abzwacken.

Ein Konzept, wie man die Gebühren mit Token bezahlen kann, hat bereits Status vorgestellt. Status ist ein mobiler Ethereum-Client, der sich durch die Ausgabe von SNT-Token finanziert. “Indem wir eine durch Ethereum signierte Nachricht im Token-Contract platzieren, können SNT-Accounts Nachrichten signieren, in denen sie Transaktionen abbilden und einen Gaspreis [eine Gebühr] in SNT vorschlagen, damit irgendjemand anderes die Transaktion in die Blockchain bringt.” Für die User hätte dies den Vorteil, dass sie Gebühren auch mit den SNT-Token bezahlen können, während sich über die Status-Wallet ein kleines Ökosystem an Wechseldienstleistungen bilden könnte.

Kürzlich hat nun der Ethereum-Entwickler Ludovic Galabru ein EIP, ein Ethereum Improvement Proposal, eingereicht, das einen solchen Kanal in den Ethereum-Client bringen soll. Das EIP mit der Nummer 865 beschreibt”eine Standardfunktion, die ein Token-Contract implementieren kann, um es einemUser zu erlauben, den Transfer von Token an eine dritte Partei zu delegieren. Die dritte Partei bezahlt das Gas [die Gebühr] und erhält dafür eine Gebühr in Token.”

Wie läuft es im Detail ab? Es ist ein wenig kompliziert. Der Sender nimmt eine Nachricht, in der alle Angaben zur Zahlung stehen – wem er wie viele Token sendet, wer der Delegierte ist, der die Transaktion an seiner statt abschickt, wie viele Token er für Gebühren bezahlt – und bildet daraus die drei Werte V, R, S, welche die Outputs einer ECDSA-Signatur sind. Diese sendet er zusammen mit der Nachricht an den Delegierten, der die Werte prüft und die Transaktion dann durch seinen Account ausführt. Die kryptographischen Feinheiten kann ich nicht erklären.

Natürlich gibt es noch offene Fragen. Zumindest für mich. Denn um dieses Konzept umzusetzen, bräuchte man wohl auch einen offchain-Kanal, und eine Methode, damit der Sender den Delegierten findet. Dies ist herausfordernd – kann aber gleichzeitig auch eine Chance sein, um ein Netz solcher Kanäle aufzubauen, durch die man auch Netzwerke von Payment-Channels (Raiden) oder dezentrale Börsen realisieren kann.

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover

Myetherwallet, the web’s most popular client-side ethereum interface, has announced a surprise rebrand. The service will henceforth be known as Mycrypto following an acrimonious split. The sudden move took one half of the Myetherwallet team by surprise, who claims the “Twitter handle was changed without knowledge or permission of MEW’s founder”. It has also emerged that a lawsuit was filed in December, with one party alleging that the other failed to allow them to inspect the company’s books. It now looks like there will be two competing brands moving forward, Myetherwallet and Mycrypto.

Also read: Bitcoin Couture Makes Its Debut at New York Fashion Week

Myetherwallet Hard Forks

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover
Mycrypto’s Taylor Monahan

On Thursday evening, the Myetherwallet Twitter account announced to its 77,000 followers that it had rebranded as Mycrypto and had a new Twitter handle to match. There was just one problem: founder Taylor Monahan doesn’t seem to have told her co-founder Kosala. The revelation sparked a Twitter spat and overshadowed what had initially looked like a slick rebrand. The first ethereum wallet with a proper interface, MEW, as it’s affectionately known, has been around since 2015.

Its users witnessed the DAO hack and subsequent hard fork of the ethereum blockchain to create two versions of the coin: ETH and ETC. Now, MEW has undergone its own hard fork that’s set to be every bit as contentious as the one that came in the wake of the DAO. In a blog post, Taylor explained the reasons behind the rebrand – but conveniently forgot to mention that she had done so without the consensus of her founding partner, and had nabbed the Twitter account into the bargain. In December, Kosala filed a lawsuit in California after Taylor allegedly refused to let him inspect MEW’s books.

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover

Headed “A New Beginning”, the post begins: “This is the story of Myetherwallet, and how this has led us down the path to Mycrypto. It is long because I hope it gives you insight into who we were, who we are, and who we aim to be in 2018 and beyond.” The article then delves into MEW’s humble beginnings in 2015 when it was created by Taylor and Kosala. She explains: “It was a simple interface that provided a simple solution to a problem: when Ethereum first launched, the only way to send your Ether was via command line.”

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover

The ICO Years

Myetherwallet started out as little more than a hobby, but by 2017, amidst peak ICO mania, had become the hub around which the entire ethereum community revolved. Taylor recalls:

When the price skyrocketed, ICOs and noobs came zooming in on the promise of getting rich. We suddenly had a real user base and real servers that we had to learn to scale. The phishing sites appeared and the work and expertise to be secure in this space climbed steadily. Our daily messages doubled, and then doubled again… and again… and again.

She confesses that the toll of answering support tickets until long into the night took its toll. “My husband..cooked dinner each evening, and carried me to bed at 4am… then 5am… then 7am when I fell asleep typing at the computer. I consistently chose “trying to help one more person” over “a few more moments of sleep”. And there was “always one more person.”

Mighty Wallets From Tiny Acorns Grow

Moving to the present day, Taylor explains: “This adventure needed to transform from ‘fun side project’ to ‘a real company’ …and fast.” As of today, ethereum users can get their ethereum fix from Mycrypto.com which operates just like Myetherwallet.com. “Myetherwallet will continue to be online until it, for whatever reason, is not online,” writes Taylor, hinting at the fact that the rebrand may not have been a unanimous decision.

It is evident that a rift had developed between MEW’s founders, who had once been so tight, for Taylor writes: “I was terrified — am terrified — at the potential harm this change will have on myself, the team, and/or the Ethereum community but ultimately, the risks created by continuing down the road we were on are greater than the risks of splitting to a new brand, new company, new name, and new domain.”

Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover
MEW’s Kosala

Within minutes of tweeting news of the rebrand, Kosala hit back via a new MEW Twitter account, writing: “Myetherwallet is safe and functioning normally. You may continue to use Myetherwallet as you normally would, your wallets have not been compromised. At present, we are dealing with  what we believe to be an unlawful, social media account switch. We are addressing the situation presently and @kvhnuke_ will provide updates as they come available”. He has since provided a full statement confirming the split.

The Ethereum community are accustomed to dealing with splits, but the forking of Myetherwallet seems to have caught everyone unawares.

Which wallet will you be using to send ethereum – MEW or Mycrypto? Let us know in the comments section below.


Images courtesy of Shutterstock, and Mycrypto.com.


Need to calculate your bitcoin holdings? Check our tools section.

The post Myetherwallet Relaunches as Mycrypto Following a Hostile Twitter Takeover appeared first on Bitcoin News.

Seele ICO Sets Up Emergency Response Team After $1.8m Fraud

Seele ICO Sets Up Emergency Response Team After $1.8m Fraud

One would have hoped that by now investors in Initial Coin Offerings (ICOs) would have learned to be more careful who they trust with their money, but the spate of new scams that are reported every week shows this has yet to happen. The latest group to fall for an ICO fraud are Seele investors.

Also Read: NFL Superstars Like to Talk About Bitcoin Just Like the Rest of Us

Seele Scam

Seele ICO Sets Up Emergency Response Team After $1.8m FraudFollowing multiple investor complaints, the team behind the Seele ICO has confirmed that people who thought they were backing the project have fallen victim to a scam. Apparently someone impersonated an administrator of the ICO’s telegram group and committed fraud while posing as Seele’s data analyst Dr. Nick Smith.

The impostor offered group members a private sale of tokens ahead of its official public crowdfund and got them to send their funds to a false wallet. The receiving ethereum address now holds 2,162.49 ether, worth about $1.8 million at the time of the theft.

For the record, the project is described as being “empowered by an up-scalable Neural Consensus protocol for high throughput concurrency among large scale heterogeneous nodes and is able to form unique heterogeneous forest multi-chain ecosystem.”

Seele ICO Sets Up Emergency Response Team After $1.8m Fraud

Emergency Response

Seele ICO Sets Up Emergency Response Team After $1.8m FraudBesides apologizing for the scam, the Seele team has also taken actions to remedy the situation. They announced they have formed an emergency response team, set up an emergency hotline to communicate with the victims, and promise to provide regular updates about their investigation’s findings. They also now reinforced a number of rules to the administrators, after the scam, and restricted the administrators’ privileges by using a double authentication method – face recognition and scheduled login.

Lastly, the promise that although Seele has not started the presale, they “will take responsibilities to minimize the loss of community members by making detailed compensation plans.”

At least the victims in this case have a team they can go to and request compensation for their lost funds. Last week we reported about another ICO which simply disappeared altogether in what is commonly known as an exit scam. The website for an ICO project for fruits and vegetables on a blockchain Prodeum went offline, leaving only a nasty message to investors behind.

Are ICO scams inevitable, or are there steps that can be taken to eliminate fraud? Tell us what you think in the comments section below.


Images courtesy of Shutterstock.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Seele ICO Sets Up Emergency Response Team After $1.8m Fraud appeared first on Bitcoin News.