Wednesday’s edition of The Daily charts the rise of blockchain phones and the effects they’re exerting on the tokenized assets supported by their built-in wallets. We also examine Europe’s favorite crypto card service, which is invading Asia and making it easier to cash out of cryptocurrency, and consider the similarities between crypto exchanges and banks in terms of assets under management.
According to a recent report, Joel Ortiz, the 20-year-old student from Boston who was indicted by prosecutors in Santa Clara, California, has been sentenced to 10 years in prison in what is believed to be the very first SIM swapping conviction in the United States.
Ortiz was charged last year on 28 counts involving various computer-related violations and crimes concerning information law. Ortiz took control of the identities of over 20 people, stealing a total of $ 5 million in cryptocurrencies with his SIM swapping technique. He pleaded guilty and accepted the plea deal of 10 years jail time.
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Joel Ortiz, a college student who allegedly stole cryptocurrency worth over $ 5 million, has pleaded guilty and accepted a 10-year prison sentence. Ortiz was arrested last year and accused of hijacking the phone numbers of around 40 people. He is now the first person to be sentenced for the crime, commonly known as SIM swapping.
First Case of SIM Swapping Conviction
The 20-year-old from Boston was detained at Los Angeles International Airport in July 2018 while trying to leave for Europe. He is one of several hackers arrested for SIM swapping last year including Xzavyer Narvaez, Nicholas Truglia and Joseph Harris.
B2C2, a cryptocurrency “liquidity provider” and electronic OTC trading magnate, has recently announced that British regulators have given their U.K.-based subsidiary approval to offer the crypto space a new investment derivative.
According to a press release shared with Bitcoin Magazine, the British Financial Conduct Authority (FCA) has authorized B2C2 OTC Inc. “to arrange and deal in Contracts for Difference (CFDs) with eligible counterparties and professional clients.” The release went on to claim that “the FCA authorisation will allow these clients of B2C2 OTC Ltd to gain exposure to cryptocurrency markets via the firm’s CFDs.”
The Dow Jones Industrial Average received a huge boost today as Goldman Sachs reported higher than expected earnings for the fourth quarter of 2018. Goldman Sachs delivered adjusted earnings per share (EPS) of $ 6.05 against analyst’s predictions of $ 4.53. Its revenue hit $ 8.08 billion exceeding analysts forecasts of $ 7.54 billion. The bank’s stocks have surged
SpaceX, the rocket company founded by Tesla billionaire Elon Musk, is laying off 10 percent of its 6,000-employee workforce. The layoffs are part of a move to streamline the business and cut costs. “SpaceX must become a leaner company,” President Gwynne Shotwell wrote in a Friday email. The news was first reported by the Los
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Bitcoin payment processor OpenNode has announced a seed investment round of $ 1.25 million with venture capitalist Tim Draper and early-stage investment firm Draper Associates.
According to a published post on its Medium page, the startup revealed that the funds would be used to grow its team and push for the adoption of bitcoin.
“With the close of our seed round, we now have the opportunity to scale the team and accelerate the pace of bitcoin’s adoption. Along with scaling, a portion of our investment will go towards legal services to ensure OpenNode’s compliance,” João Almeida, co-founder and CTO of OpenNode, told Bitcoin Magazine via email.
Payments platform PayPal has so far avoided Bitcoin acceptance and, at least visibly, not considered blockchain for its platform. Now, it has launched an internal blockchain-based employee incentive program. A production of PayPal’s innovation lab, in San Jose, California, the platform took 25 strong team six-months to build and went live this November, according to
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Cryptocurrency custodians are third parties that store large amounts of digital assets for institutions, hedge funds, exchanges and issuers of initial coin offerings. Companies in Hong Kong now have a new locally regulated option, which could help to increase investor confidence.
Keep Your Holdings In a Vault at Invault
Invault, a Shanghai-based startup, has secured a new trust license from the Hong Kong financial regulator to act as a digital custodian in the Chinese special administrative region. It plans to begin offering automated cryptocurrency custodial services in December. It is also said to be in talks with a couple of “mid-sized” insurance companies to possibly add their coverage to its services.
The SIX Swiss Exchange has given the go-ahead to an exchange-traded product tracking multiple cryptocurrencies, according to a Financial Times report. The Swiss regulators have raced ahead of the U.S., by agreeing to greenlight the Amun Crypto Exchange Traded Product (ETP). Based on the reports, the Amun Crypto ETP,, will have half of its assets invested … Continued
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On November 6, a paid advertisement emerged on Twitter, showing a verified account Tweeting out a fake crypto giveaway scam. A verified account with Twitter handle “@patheuk,” the official account of a UK-based film studio Pathé UK, began to Tweet out fake Ethereum (ETH) and Bitcoin (BTC) giveaway scams, claiming to be Tesla and SpaceX
The post Fake Elon Musk Crypto Giveaway Scam Gets 0.4 BTC as Twitter Fails to Vet Advert appeared first on CCN
Reliance Industries, India’s largest private sector firm, has successfully participated in its first ever trade finance transaction powered by blockchain technology. In an industry first, Indian oil and energy conglomerate Reliance Industries completed a trade finance transaction with US-based Tricon Energy, a global chemical distributor. The end-to-end ‘live’ transaction was executed over R3’s Corda blockchain,
The post India’s Biggest Private Company Gets Paid on a Blockchain appeared first on CCN
Nordea Bank, the largest financial group in the Nordic countries, which banned Bitcoin in January, has been caught in a major money laundering scandal for allegedly receiving dirty money from two banks in the Baltics. Yle, a state-owned publication in Finland with over 3,500 employees, reported that finance authorities in Sweden received a report with
The post Biggest Bank in Nordic Region Bans Bitcoin, Gets Caught for Money Laundering appeared first on CCN
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On the latest episode of What Bitcoin Did, host Peter McCormack interviews Jimmy Song, a consultant in blockchain education, to take an in-depth look at a relatively recent incident in the world of cryptocurrency and use that as an example to segue into a deeper discussion on the possible trajectories of Bitcoin itself.
The dust had barely settled on New York’s Virtual Markets Integrity Initiative when the exchanges profiled came out swinging. Kraken and Coinbase’s responses to the Attorney General’s report are featured in this edition of The Daily. Also, what can the cannabis bubble teach us about the bitcoin boom?
Coinbase Sets the Record Straight
When New York’s Attorney General’s office requested information from crypto exchanges that operated within the state earlier this year, Coinbase rushed to its assistance. The California-based exchange is known for its officiousness when it comes to acceding to government requests. Despite painstakingly filling out the form in meticulous detail, the Coinbase team discovered on Tuesday, to their chagrin, that their responses had been misinterpreted.
Tesla creator Elon Musk sought help eradicating Twitter’s infamous bots from an unlikely source September 16, publicly asking Dogecoin founder Jackson Palmer for help.
Palmer: Twitter ‘Should Automate’ Botnet Fix
In an exchange Sunday, Palmer confirmed he had given code to Musk in order to prevent bots posting fake giveaway advertisements below his genuine tweets.
“Elon has the script… we had a good chat on how [Twitter CEO Jack Dorsey] and the Twitter team should definitely automate and fix this problem on their end though,” he wrote.
Bitcoin has succeeded as an asset but has failed terribly as a currency. It has only gained traction within a very small niche following, lacking any use in real-world transactions. It only handles a very small number of transactions compared to its competitors like Visa, all while consuming large amounts of energy which further makes it unsuitable for mainstream use. This is according to Jay Krishnan, the CEO of India’s largest startup incubator and a venture advisor to SRI Capital, a VC firm with investments in augmented reality, e-commerce and industrial automation. Krishnan tore into Bitcoin in an op-ed for the Economic Times, calling it a failed idea. However, the startup veteran got many of his facts wrong, including the fees charged for a transaction which he greatly exaggerated.
BitGo has received the green light from the South Dakota Division of Banking to act as a qualified custodian for digital assets, according to a Business Wire press release.
The approval means the BitGo Trust Company can now offer secure storage for digital assets “designed for institutional customers,” Chief Compliance Officer Shahla Ali told Bitcoin Magazine. “Built on BitGo’s multisignature security, BitGo Custody delivers modern security for modern assets,” Ali continued.
Ali went on to explain that “BitGo has been working on its application for its charter to be a qualified custodian for the past year.” Per South Dakota regulations, the company won’t begin storing assets under the Trust until a 30-day period has elapsed.