Bitcoin

There was something unusual about Bitcoin block 74638. It was Core developer Jeff Garzik who first spotted it, commenting on the “quite strange” transaction outputs, which stood at 92233720368.54 BTC apiece. That wasn’t meant to happen. Within an hour, another forum user had started a thread titled “overflow bug serious” in which he implored “We need a fix asap.” It was Aug. 15, 2010, and Bitcoin had just encountered its biggest bug yet. Also read: Bitcoin History Part 9: Mt. Gox Is Born Bitcoin Encounters a Very Big Bug Bitcoin had already endured at least four major bugs or vulnerabilities prior to the integer overflow bug that led to 184 billion BTC being created out of thin air. The Bitcoin wiki lists 40 bugs of varying degrees of severity, with the most recent discovered in February 2019. CVE-2010-5139, however, was unlike anything the Bitcoin community had ever encountered in 2010 — or has seen since. The bug that Garzik, among others, uncovered in block 74638 was Bitco

Money laundering cases related to cryptocurrencies in Japan have increased significantly in 2018. Nevertheless, their number remains a fraction of the total. According to the Japanese press, the majority of reported money laundering instances actually involve banks and other traditional financial institutions. Also read: Platform for Crypto Payments to Bank Accounts Launching in the UK Most Instances Involve Banks and Credit Card Companies The number of cases of suspected money laundering linked to cryptocurrencies reported in Japan surpassed 7,000 last year, the Japan Times reported, quoting the National Police Agency. The figure represents a 10-fold increase in comparison with the 669 cases registered between April and December of 2017, when crypto exchange operators were obliged to report suspicious transactions that may be linked to the movement of illicit funds. The Japanese police detailed that in some of the cases, users with different names and birth dates have been shari

The Financial Action Task Force has finalized its requirements for the supervision and monitoring of cryptocurrency service providers. The inter-governmental body has reportedly urged all of its 35 member countries to regulate crypto exchanges in the same manner they regulate commercial banks. Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval Regulating Like Commercial Banks Supervision standards for cryptocurrency exchanges were discussed at a Financial Action Task Force (FATF) meeting which took place in France on Feb. 22. Business Korea reported South Korea’s top financial regulator, the Financial Services Commission, describing on Tuesday after attending the meeting that the FATF will tighten the supervision standards on cryptocurrency exchanges. The publication elaborated: The FATF urged the financial authorities of the member states to regulate cryptocurrency exchanges in the same manner they regulate commercial banks. The task force asserted that

In this edition of The Daily we feature a number of traditional financial companies that are stepping into the crypto assets world. Fidelity Investments backs Coin Metrics, London Stock Exchange Group funds tokenization platform Nivaura and Sofi is set to add crypto support. Also Read: Top Business School in India to Offer Advanced Blockchain Program for Professionals Fidelity Investments Backs Coin Metrics Coin Metrics Inc, a provider of crypto market and network data, has announced it closed a $1.9 million seed round of venture funding. The financing came from Fidelity Investments , Highland Capital Partners and Dragonfly Capital, with Castle Island Ventures leading the round. “All of our investors are bought into the idea that the next phase of cryptoasset investing requires robust comprehensive data and infrastructure. Having this premier group as investors is a great vote of confidence,” said Tim Rice, CEO of Coin Metrics. The Fidelity Digital Assets team explained in a Medi

Russia’s President Vladimir Putin has instructed his country’s government to adopt federal laws relating to cryptocurrency by July this year. Russia has earlier broadened the definition of “digital financial assets” to include cryptocurrencies. Putin’s latest order resembles one he made regarding crypto regulation last year. Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval Putin’s New Order Putin has approved a list of instructions for 47 orders, according to a document posted on the Kremlin website on Wednesday. Among them is an order for the government to work with the State Duma, the lower house of parliament, to ensure adoption of “federal laws aimed at the development of the digital economy.” They include “determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies,” the order details. The deadline listed on the order

New Zealand cryptocurrency exchange Cryptopia has published a series of tweets detailing the extent of the losses it suffered during an attack by hackers in January. It said: “We have calculated that worst case 9.4 percent of our total holdings was stolen.” Also read: 125-Year Old Swiss Bank Julius Baer Enters Cryptocurrency Market ‘Securing Individual Wallets’ The Christchurch-based exchange explained that it is “continuing to assess the impact incurred as a result of the hack,” but did not provide the value of the heist in dollar terms. Since Jan. 15, when Cryptopia announced the cyber attack, details about the theft have largely remained unclear and the amount lost has not been made public. The exchange has kept a tight lid on information, claiming the theft was now a police matter, much to the chagrin of thousands of customers. However, data analytics company Elementus estimated that the hackers made off with $16 million worth of ethereum and ERC20 tokens. The company desc

A company based in London has announced it’s launching a payment service that can help increase the mainstream adoption of cryptocurrencies. It allows users to send or spend digital coins which are converted and then transferred in the form of fiat money to the recipient’s bank account. Also read: ‘Bitcoin to the Moon’ Signs Appear on Ukrainian Tram Aave Pay Supports 12 Cryptocurrencies Aave Pay is an online platform that can be employed to pay with cryptocurrencies where regular bank transfers are accepted. Users will also be able to send money to family and friends as well as to pay utility bills. Businesses can take advantage of the service to pay employee salaries and income taxes. Other commercial or corporate expenses can be covered as well with digital coins converted and sent to fiat-based accounts. Aave Pay has been announced as both a web-based and a mobile application. While the online platform is live at the moment, there is little information on how to download, inst

A top business school in India is set to offer an advanced blockchain program for professionals. It marks the latest case of global academic institutions trying to answer the demand from students and industry for more education on crypto assets. Also Read: University of Michigan Endowment Backs Crypto VC Fund Indian Institute of Management Calcutta to Teach Crypto The Indian Institute of Management Calcutta (IIM Calcutta), a top ranked public business school in Kolkata, West Bengal, plans to start a new cryptocurrency-related education program in May 2019. The Advanced Programme in Fintech and Financial Blockchain (APFFB) is meant to address the giant country’s talent shortage facing the financial technology industry. The program is designed for middle and senior management professionals in organizations that need to develop a digital finance strategy. “A vast majority of firms in the banking and financial sector believe that the lack of adequate FinTech talent is an existential

Demand for skilled professionals in the crypto space has been steadily rising, according to new data that ranks cities in India based on the number of jobs in the cryptocurrency field. Some cities such as Mumbai dropped several places from last year’s ranking while a couple of others are new to the list. Also read: Indian Supreme Court Gives Government 4 Weeks to Produce Crypto Regulation Hottest Cities for Crypto Jobs According to new data from job listing site Indeed, Bengaluru is the number one city in India for crypto jobs, followed by Pune, the second largest city in the Indian state of Maharashtra. Mumbai dropped from the second hottest place for crypto jobs last year to the seventh place this year. Money Control elaborated: Bengaluru maintained the lead as the city with the most jobs in the cryptocurrency field … Pune is followed by Hyderabad, Noida and Gurgaon, making up the top five destinations for crypto-careers in India. Two cities which were not on the previous lis

China’s Center for Information and Industry Development has released its latest ranking of crypto projects. A total of 35 projects were evaluated this month, with Tron debuting near the top of the list. Meanwhile, Bitcoin has climbed up the ranking slightly. Also read: Bitcoin Climbs up China’s First Crypto Ranking of 2019 New Ranking, Tron Added The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 10th update of its crypto project ranking on Tuesday. The center noted that this is the second update this year and 35 crypto projects were evaluated, with Tron being the only addition since the last evaluation. EOS still occupies the number one spot. Tron debuted at number two, dethroning Ethereum, which now ranks third. BTC ranks 13th this month, up from the 15th place the previous month . BCH ranks 27th, a slight improvement from the 28th position in the previous ranking. The center described newcom

Julius Baer, the 125 year-old Swiss private bank, has announced a partnership with cryptocurrency banking startup Seba Crypto AG. The bank did not release details of the agreement, but stressed that it was responding to increasing demand from customers for the capability to store, trade and invest in crypto assets. Also read: Nasdaq’s New BTC and ETH Indices Launch With Real-Time Price Data ‘Bridging the Traditional and Digital Assets Divide’ In a statement released Feb. 26, Julius Baer, which already holds a minority equity stake in Seba, said the deal will “provide its clients with access to a range of new digital asset services.” The Zurich-based bank stated that it aims to bridge the gap between traditional and digital assets, taking advantage of Seba’s innovative platform. “At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio,” Peter Gerlach, head markets at Julius Baer, said in the statement. Howev

Warren Buffett’s opinion of bitcoin has evolved. In a recent interview, he described the cryptocurrency as ingenious but also called it a delusion. While admitting that his opinion of bitcoin has been upgraded, the CEO of Berkshire Hathaway asserted that “it attracts charlatans.” Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval An ‘Ingenious’ Delusion Berkshire Hathaway chairman and CEO Warren Buffett voiced his updated opinion about bitcoin in an interview with Cnbc’s Becky Quick on Monday. Emphasizing that his position on the cryptocurrency has not changed, he asserted: Bitcoin, it’s ingenious. And blockchain is important. But bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day, and no little bitcoins come out or anything like that. It’s a delusion, basically. The 88-year-old investor and businessman has repeatedly criticized cryptocurrencies over the last few years for having no value. Ahead of a Berkshire

The Nasdaq stock exchange has officially listed bitcoin core and ethereum indices on its platform of 4,000 global indices starting Monday, Feb. 25. The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) provide real-time information on the price of 1 BTC and 1 ETH in dollar terms, based on the most liquid ends of their markets. Both indices, created by market data company Brave New Coin, will be refreshed every 30 seconds. Also read: Bitfinex Recovers $106,000 of Stolen BTC With U.S Government Help Crypto Indices to Capture Data From Multiple Exchanges According to Nasdaq, the BLX and ELX work by capturing data from multiple exchanges to provide a single price point for bitcoin core and ethereum which “helps traders get in and out of a given position.” Nasdaq and Brave New Coin (BNC) claim the methodology has been verified by independent auditors and against key International Organisation of Securities Commissions (IOSCO) principles. “The methodology adds to the transp

In this edition of The Daily we cover an Amazon Prime show that features Bitcoin Cash (BCH), the open source password manager Bitwarden that now accepts crypto payments, a declaration of bankruptcy by Coinbin and the closure of Huobi’s Australian office. Also Read: Hong Kong Cryptocurrency Exchange Coinsuper Shifts Focus to Institutional Investors Bitcoin Cash Featured on Amazon Show This Giant Beast That is the Global Economy is a new documentary show on Amazon Prime Video hosted by Harold and Kumar star and former White House Associate Director of Public Engagement, Kal Penn. It offers viewers an interesting and fun take on various aspects of the modern global economy. The seventh episode of the series, “Is Money Bullshit?,” prominently features Bitcoin Cash as Kal learns about the invention of cryptocurrency. To demonstrate how crypto is used for real world payments, the host and his guest go into a convenience store with a Bitcoin Cash Accepted Here sticker, pick up a drink a