Turkish Police Detain 11 Suspects in Bitcoin Theft Case

Turkish Police Detain 11 Suspects in Bitcoin Theft Case

News The cybercrime unit of the Turkish police has detained 11 people suspected of hacking into emails, user accounts and cryptocurrency wallets. The operation was launched after law enforcement received a number of complaints from victims who lost digital cash.   Also read: Church Mining Cryptocurrency to Pay Higher Electricity Rates               Hackers Steal $80,000 Worth of Cryptocurrency According to Turkish media, 14 people have informed authorities about their compromised cryptocurrency wallets. The coins have been transferred to other wallets and subsequently sold for fiat. Investigators discovered the hackers had stolen “bitcoins worth 437,000 Turkish lira” (over $80,000), the Daily Sabah reported. The cybercrime combatting division identified some of the suspects by tracking a new phone number they used to register on the trading platforms where they exchanged the cryptocurrency. The thieves moved the money through numerous accounts to cover their tracks, the Hürriyet newspaper detailed. On Oct. 26, agents from the unit detained 11 people at different addresses in Istanbul during joint raids with Polis Özel Harekat, the special operations department of the Turkish police. Currently, 10 of the accused remain in custody. Policemen also seized 18 mobile phones and SIM cards, 22 memory sticks, six laptops, three hard disks, a tablet, two driver’s licenses, and a fake identity card. During the investigation, police officers tracked the suspects who tried to withdraw the fiat money from various banks and ATMs. Their attempts have been recorded by multiple security cameras. Investigators are also looking for more victims of the hackers. In Turbulent Times, Turks Turn to Bitcoin Turkey, a country of around 80 million people and a regional powerhouse, has been through some rough times recently, in both economic and political terms. The country’s fiat currency, the lira, has been hit by hyperinflation and lost ground against the U.S. dollar ­– its value dropped by over 45 percent in the first seven months of this year. These developments convinced many Turks to seek refuge in cryptocurrencies from the lira, but also from the dollar. In August, BTC trading volumes on Turkish exchanges and peer-to-peer platforms like Localbitcoins spiked following rumors that banks in the country may discontinue support for USD accounts and calls from the government to get out of foreign currencies, especially the U.S. dollar.…

Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade

Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade

Emerging Markets On Nov. 2, the African Digital Asset Framework (ADAF) launched with a mandate to promote cryptocurrency commerce within the continent. Co-founder Felix Macharia said ADAF is an open-source software platform to create cross-border standards for cryptocurrency and blockchain technology. It will also complement the African Union’s Single African Digital Market initiative, which leverages technology to stimulate digitized economic integration. Also Read: Brazli’s Tax Authority Goes After Cryptocurrency Profits ‘Digital Assets Know No Borders’ “ADAF was formed by organizations in the digital asset space who looked to harmonize standards and regulation in the space,” Macharia, who heads strategy at the Nairobi-based project, told news.Bitcoin.com. “Digital assets know no borders. If Africa is to benefit from the full potential of distributed ledger technologies and even from agreements around free trade, we must start drafting standards, legislation and regulations that are in line with this new reality,” he added. The framework, which is backed by ambassadors of the African Union, its member states and the African Development Bank (AfDB), marked its inception with a research and development paper on digitally-driven borderless commerce within the African continent and between its diaspora. The paper points to virtual currencies like bitcoin as key to enhancing economic integration within and beyond the continent, while actively developing strong legal and technological standards on the project’s open-source platform. Africa has an economic footprint across the globe through its diaspora, but trade between African countries accounts for only 11 percent of the continent’s collective gross domestic product. Africa’s inchoate intra-continental trade infrastructure is partially responsible for the great conundrum whereby some African countries earn a measly 5 percent royalty for their natural resources, according to pan-Africanist journalist Baffour Ankomah. ADAF to Spur Cross-Border Trade “Digital assets create a secure way for people to trade, peer-to-peer, across borders, enabling people to securely access and transfer items like currency, identities, land titles and votes over the internet,” ADAF said, in a separate online statement. Standards will be tabled, discussed, edited, and implemented on the ADAF platform, with a view to “encouraging digital asset ownership and value exchange in digital economies between Africans and its diaspora.” Felix Macharia Macharia stated that the platform, built around the idea of collective creation, will display technological codes and policy proposals for…

Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 Users

Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 Users

Exchanges Devere Group has announced the launch of a digital asset fund and Binance Uganda claims to have onboarded 40,000 users during its first week of operating. In other news, Grayscale’s quarterly report has estimated that 70 percent of the investments it received during Q3 came from institutions. Also Read: Regulations Roundup: Ebang IPO Challenged by Probe, Plattsburgh Passes Mining Guidelines Devere Launches Digital Asset Hedge Funds UK-based financial consultancy Devere Group recently launched Devere Digital Asset Funds in partnership with Dubai-based Dalma Capital Management Ltd. Nigel Green, the founder and chief executive officer of Devere Group, described cryptocurrencies as “now undeniably” comprising a “part of mainstream finance,” adding that mass adoption is “on the horizon.” Green stated that the Devere fund will invest in a “diversified portfolio of digital assets via algorithmic trading” on cryptocurrency exchange and over-the-counter markets, adding that Devere will seek to take advantage of arbitrage opportunities present across multiple cryptocurrency trading platforms. Zachary Cefaratti, the chief executive officer of Dalma Capital, stated: “Crypto Asset Markets abound with durable inefficiencies – creating opportunities … that we have not seen in conventional markets for decades.” Cefaratti added: “Arbitrage opportunities abound – the prices of the top 25 crypto assets vary across over 400 liquidity venues.” Binance Uganda Claims to Have Signed Up 40,000 Users in First Week Binance has claimed that its Ugandan subsidiary has signed up 40,000 users since launching one week ago, Coindesk reports. Recent estimates suggest that only 26 percent of Ugandan households have access to basic financial services. Wei Zhou, the chief financial officer of Binance, indicated that the company will soon expand into Kenya, Nigeria, or South Africa next, stating: “Uganda is our pivot to reach out to other African markets.” Grayscale Reports 70% of Investments Came From Institutions According to Grayscale Investments’ report for the third quarter of 2018, the company saw a total of $329.5 million invested into its products during the year, 59 percent of which came from “institutional investors.” It is estimated that Grayscale takes in an average of $8.4 million each week, $5.5 million of which is invested into the Bitcoin Investment Trust. The report states that 70 percent of funds invested into the company came from institutional investors, with Grayscale receiving an average of…

ICO Roundup: SEC Annual Report, Israeli Offerings Raise $600 Million, Rapper Sued

ICO Roundup: SEC Annual Report, Israeli Offerings Raise $600 Million, Rapper Sued

Economy & Regulation The annual report of the SEC’s Division of Enforcement has detailed the actions taken against initial coin offerings during the preceding financial year. Also, a report published by One Alpha estimates that Israeli ICOs have raised more than $600 million during 2018, and 25 investors have filed a lawsuit accusing rapper T.I. and his business partner for allegedly operating a “pump and dump” through their Flik ICO. Also Read: Brazil’s Tax Authority Goes After Cryptocurrency Profits SEC Details Action Taken Against ICOs During Financial Year The U.S. Securities and Exchange Commission (SEC) Division of Enforcement has published its annual report, which includes a summary of the action taking by the regulator against ICOs over the course of the last financial year. The SEC states that “Given the explosion of ICOs over the last year,” it has sought to pursue “cases that deliver broad messages and have market impact beyond their own four corners.” In 2018, the SEC “brought 20 standalone cases, including those cases involving ICOs and digital assets.” The SEC notes that while many of said cases “have involved allegations of fraud,” the Division of Enforcement also has also taken action “to ensure compliance with the registration requirements of the federal securities laws.” In the past year, the SEC has opened “dozens” of investigations involving ICOs and cryptocurrency, many of which are ongoing as of this writing. The report adds that the joint statement published by the SEC Division of Enforcement and the SEC Office of Compliance Inspections and Examinations urging caution with regard to the celebrity promotion of ICOs “brought an almost immediate end to such promotions.” Israeli ICOs Raise $600 Million During 2018 A report conducted by cryptocurrency research firm One Alpha has found that cryptocurrency startups based in Israel have generated more than $600 million through ICOs during the first three quarters of 2018. Israeli ICOs also raised $586 million throughout the entirety of 2017 from less than 20 offerings. One Alpha’s research was informed by surveying 140 active companies from Israel’s distributed ledger technology section. The report estimates that said companies have generated a combined $1.3 billion in investments since 2017, of which “More than … 88% of the funds are ICO-related.” The chief executive officer of One Alpha,…

Top Crypto Performers Overview: Bitcoin Cash, Stellar, Monero, EOS, Ripple, ARK

Top Crypto Performers Overview: Bitcoin Cash, Stellar, Monero, EOS, Ripple, ARK

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Bitcoin (BTC) turned ten on Oct. 31, but there were no fireworks to mark the celebrations: the cryptocurrencies continue to trade in a tight range. Arthur Hayes, CEO of BitMEX, believes that the current period of low volatility can remain for another 12 to 18 months and can drag the price of the leading cryptocurrency to the $2,000–$3,000 zone. However, we have a different opinion. We believe that the volatility is unlikely to stay subdued for long. Within the next few weeks, we should get a large range move that will start a new trend, either up or down.   BCH/USD This week, we have a new leader, Bitcoin Cash, that has risen about 9 percent during the past week. Until Thursday, the price of the digital currency was languishing similar to the other cryptocurrencies. However, on Friday, prices soared following an announcement by crypto exchange Binance that it would support the impending hard fork on Nov. 15. After the initial bump up, can the rally continue? Let’s find out. The long-term trend on the BCH/USD pair is clearly down. Throughout this year, it has failed to hold on to the support levels and has continually made a lower low. Though the bulls have held onto the $408.32 mark for the past seven weeks, they haven’t been able to push prices higher. This shows a lack of demand at higher levels. The current pullback will face a stiff resistance in the zone of $591.41–$660.0753. If price sustains above this zone, it can climb to $891.4634 and thereafter to $1,200. On the downside, $408.32 is the critical support, below which the fall can extend to $282. The longer the virtual currency stays in a tight range, the sharper the next move will be. It has a history of vertical rallies; therefore, the traders can buy when a reliable buy setup forms. XLM/USD After the recent listing of BAT on crypto exchange and wallet Coinbase, will Stellar be the next…

Crypto Markets See Mixed Signals While BCH and XLM Grow Significantly

Crypto Markets See Mixed Signals While BCH and XLM Grow Significantly

Saturday, Nov. 3: crypto markets have seen mixed signals over the day, with most of the top 20 cryptocurrencies by market cap experiencing. slight fluctuations. Bitcoin Cash (BCH) and Stellar (XLM) are seeing significant gains on the day of more than 3.5 percent, according to CoinMarketCap. Market visualization from Coin360 Following a slight price rebound, Bitcoin (BTC) has failed to foothold the $6,400 price point today. The major cryptocurrency is down around 0.4 percent over the past 24 hours and is trading at around $6,348 at press time. The intraday high of Bitcoin’s price has amounted to $6,400, while the lowest price point has constituted to $6,342. Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index Ethereum (ETH) has seen its price gradually drop from $201 to $199.5 over the day. The altcoin is down 0.4 percent over the past 24 hours, and is trading at $199.9 at press time. Earlier today, Cointelegraph reported on the research by a group of analysts from Northeastern University and the University of Maryland claiming that Ethereum smart contracts have a lack of diversity, which reportedly poses a threat to ETH blockchain ecosystem. Ethereum 24-hour price chart. Source: CoinMarketCap Ethereum Price Index Ripple (XRP), the third top cryptocurrency by market cap, is also slightly down as of press time, with its price decreasing by some 0.6 percent over a 24 hour period. The coin is trading at $0.455 as of press time. Ripple 24-hour price chart. Source: CoinMarketCap Ripple Price Index Total market capitalization amounts to around $206 billion at press time. After having reached $207 billion over the past 24 hours, total market cap has seen a slight drop and was hovering around $206 billion over the rest of the day. Daily trade volume has also seen a slight drop from yesterday’s $12 billion, amounting to $10 billion at press time. The total number of all cryptocurrencies listed on CoinMarketCap is 2,097. Total market capitalization chart. Source: CoinMarketCap Bitcoin Cash (BCH), the fourth top coin by market cap, has seen a distinctive growth of 3.6 percent today. At press time, the coin is trading at around $482. Stellar (XLM), ranked sixth, is seeing the biggest growth among the top 20 cryptocurrencies by market cap, up around 3.8 percent…

Blockstream: When Will the Level of Dishonesty and Manipulation End?

Blockstream: When Will the Level of Dishonesty and Manipulation End?

Op-Ed The alleged Bitcoin-focused company Blockstream has raised over $100 million publicly, but has yet to be forthright with the Bitcoin community. It’s time for people within the Bitcoin space to start holding them accountable. Blockstream’s dishonesty should have a bright light shined on it so everyone is aware of their manipulation and deceit. Also read: Bitcoin Intentions: Are We Aiming to Replace the Status Quo or Become Them? In late 2014, Blockstream went public with their company after being financed by banking and venture capital firms such as AXA, Khosla Ventures, Horizon Ventures, and others. Within six months, Blockstream said it would be focusing its time not only on sidechains, which it was founded on, but on the Lightning Network too. Since that time, Blockstream hasn’t produced much to advance the Bitcoin ecosystem. However, they have undoubtedly done many things to derail it and cause harm to it. Re-inventing the SWIFT Network Four years after going public, Blockstream finally released its coveted sidechain system to the public. The only problem is the product they released, Liquid, isn’t intended for general use. It is made specifically for private Bitcoin exchanges. The premise of Liquid is to take Bitcoin transactions off-chain and move them to a private sidechain of federated exchanges. As Forbes writer Frances Coppola points out: “It isn’t possible to improve liquidity while maintaining full decentralization and trustlessness. So Blockstream cheerfully compromises both of these prized features. It appoints a small group of trusted institutions to validate transactions and submit them to the main Bitcoin chain.” Aside from the Blockstream Liquid sidechain being intended for a private consortium of businesses, astonishingly, Blockstream CEO Adam Back is openly pushing for individuals to convert their Bitcoin into Bitcoin Liquid (L-BTC). Congratulations Blockstream, you just re-invented SWIFT. Lightning Network It took four years for Blockstream to produce a working product, and the community is still waiting on a working version of Lightning Network (LN). It has been in development since 2015, and looks nowhere close to being completed as-advertised. The protocol is certainly not a decentralized peer-to-peer network that disavows trusted third-parties. In order for the platform to function as advertised, LN developers and Blockstream have to solve the path-routing problem. Until that day comes, LN developers have suggested that…

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days

Market Updates Since our last markets update five days ago, cryptocurrency traders saw a lower range of volumes after cryptocurrency prices dropped in value. Now, this Saturday during the weekend trading sessions, most of the top digital asset prices have seen some slight gains between 1-5% over the last 24 hours. But one digital currency, bitcoin cash, has spiked significantly in value gaining well over 12% over the last 24 hours and 9% for the last seven days. Also read: New Bitcoin Cash Stress Test Sees 700,000 Transactions in One Day  Top 10 Coins See Slight Gains While Bitcoin Cash Leads the Pack Over the last year, as 2018 draws closer to an end, many traders have complained about bearish markets and low trade volumes. With less than two months left in the year, a good portion of enthusiasts are hoping for a big trend reversal. During this weekend’s cryptocurrency trading sessions, most of the action among the top ten markets is fairly lackluster, except for BCH which has shown some decent gains this week. The top 10 cryptocurrency market capitalizations on Saturday, Nov. 3, 2018. Meanwhile, bitcoin core (BTC) prices are hovering around $6,350 per coin and are down 2% this week. The second largest market valuation held by ethereum (ETH) is down 1.9% and each ETH is being swapped for $199. Ethereum is followed by ripple (XRP) which is trading for $0.45 at the time of publication. Ripple markets have seen a slight loss of 0.17% over the last seven days. Lastly, eos (EOS) markets have seen gains this Saturday as markets are up 0.44% over the last 24 hours with one eos trading for $5.35 per coin. The most-traded cryptocurrency swaps today on Shapeshift is bitcoin core (BTC) for bitcoin cash (BCH). Bitcoin Cash (BCH) Market Action Bitcoin cash prices have done extremely well this week as the value currently hovers between $472-482 per BCH. Volume has doubled since our last markets report and 24-hour BCH trade volume this Saturday is between $550-630 million. The BCH market capitalization has swelled to about $8.2 billion and bitcoin cash is the fifth most traded cryptocurrency today. BCH 1-day. The top five BCH exchanges this weekend include Lbank, Binance, Okex, Digifinex, and Bitfinex. The five most traded…

Wendy McElroy: Crypto as Propriety Justice and a Solution to Private Violence

Wendy McElroy: Crypto as Propriety Justice and a Solution to Private Violence

News Crypto As Propriety Justice And A Solution To Private Violence by Wendy McElroy The libertarian view is that human actors are self-owners and these self-owners are capable of appropriating unowned scarce resources by Lockean homesteading − some type of first use or embordering activity. Obviously, an actor must already own his body if he is to be a homesteader; self-ownership is not acquired by homesteading but rather is presupposed in any act or defense of homesteading. –Stephan Kinsella Self-ownership is the foundation of free-market justice. There are three ways to answer the question “Who owns you?”: you own yourself, which is self-ownership; someone else owns you, which is slavery; or, you are unclaimed goods, like luggage in the lost and found. Anarchism is the belief that everyone owns his body, his property, and the right to peacefully use both. But what happens if others prefer aggression? Free-market anarchism wrestles with how to provide private justice; that is, how can a peaceful society prevent or remedy the violence individuals commit against each other? To many, free-market solutions sound hypothetical because they have generally been forced to operate in that realm. The state refuses to allow rival systems of justice to compete in parallel with it; the closest it allows to competing systems are religious authorities that exercise limited jurisdiction over consenting members. Crypto anarchism changes the modus operandi. Just as crypto and the blockchain revolutionized economic exchanges, it has the potential to do the same for other interactions, such as justice. A blast of fresh air is sweeping through old political theories and issues; the experience and insights of past anarchism do not need to blow away. Those blueprints of justice can be held up and compared against the solutions made possible by crypto anarchism. Let the best anarchism win. Let the best aspects of anarchisms merge. Solutions should evolve in parallel on the free market so that individuals can choose. First, The Specific Principles of Crypto Anarchist Justice The simplest way of understanding justice is giving people what they deserve. This idea goes back to Aristotle. The real difficulty begins with figuring out who deserves what and why. – Michael Sandel, American political philosopher The who of justice is any individual who is deprived of…

Professional Course Prepares Russian Lawyers for the Cryptocurrency Industry

Professional Course Prepares Russian Lawyers for the Cryptocurrency Industry

Economy & Regulation Russian companies have organized an enhancement course to prepare legal experts for the challenges of working in the cryptocurrency space. The oldest university of economics in the country, two law firms providing services to digital businesses, and both houses of parliament are behind the project to help lawyers understand the specifics of the industry.   Also read: Arbitrators to Resolve Disputes in the Russian Cryptocurrency Industry Lawyers to Study Cryptocurrencies, ICOs and Smart Contracts The one-month educational program titled “Legal basis and practice of working with cryptocurrency and blockchain projects” is hosted by the Plekhanov University of Economics, the oldest and one of the largest business schools in the Russian Federation. It’s focused on matters related to the legislative regulation of the nascent industry as well as law enforcement practices in Russia and other jurisdictions. According to Alexander Zhuravlev, managing partner at the Efficient Business Resources law firm and co-founder of the program, the successful completion of the course will allow jurists to work with blockchain products. Quoted by Politika Segodnya, he noted that the sixth edition of the course, starting Nov. 23, will cover cryptocurrencies, initial coin offerings (ICOs), digital asset exchanges, smart contracts, mining, and address the implementation of distributed ledger technologies in the private and public sector. Anti-money laundering (AML) practices and know your customer (KYC) procedures will be part of the curriculum as well. IT Technologia, a company providing legal advice to IT businesses, and the Russian parliament are also among the organizers of the program. They have invited a number of lecturers from different fields, including legal experts, academics and representatives of the business community like Gerbert Shopnik, CEO of the Russian branch of mining company Bitfury and Alexander Mikhailov, cofounder and director of Lavka Lavka, an organic food farmers’ cooperative and restaurant chain that has its own token. As part of the “Blockchain Lawyers” course, participants will visit the State Duma and the Federation Council, the upper and lower house of Russia’s legislature, and introduce lawmakers to their own ideas about the regulation of the digital economy, including the cryptocurrency industry. The students will also have the opportunity to meet representatives of the Russian internet giant Mail.ru Group. The lawyers will join a community of experts…