More than one in three of the 535 senators and representatives in the U.S. Congress showed up to the new session with FTX baggage, having received campaign support from former CEO Sam Bankman-Fried or one of the senior executives of the fraud-ridden crypto giant.
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Nigeria Pushes CBDC Usage With New ATM Cash Withdrawal Limits
The Nigerian government has imposed new restrictions on ATM withdrawals in an effort to increase usage of the eNaira.
The Nigerian government has placed new restrictions and limits on the amount of cash citizens are able to withdraw from ATMs. The decision is seemingly an attempt to further push the country’s new CBDC, the eNaira.
The directive orders that citizens and businesses cannot withdraw amounts exceeding $ 45 (20,000 nairas) per day and $ 225 (100,000 nairas) per week from ATMs. Withdrawals from banks of over $ 225 (100,000 nairas) and $ 1,125 (500,000 nairas) will be subject to processing fees of 5% for individuals and 10% for businesses.
The Path For Bitcoin To Be True Digital Cash
The original intent for bitcoin involved regular usage — and that needs to be encouraged in order to see full adoption.
This is an opinion editorial by Scott Worden, an engineer, an attorney and the founder of BTC Trusts.
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” — Satoshi Nakamoto
It's one of those perfect fall days in Colorado, and I’m sitting outside of a pub in the late afternoon. I’m meeting with a fellow bitcoiner, a man I met in Austin at the end of this summer. As the sun fell behind the mountains, the sky turned orange, setting the perfect backdrop for lively bitcoin conversation.
Blockchain investor Abraham Piha explains how Tornado Cash legal issues will affect the crypto market
Things have not been looking too good for the crypto market in recent months, with the market seemingly being gripped by one piece of bad news after another. To this point, on Aug. 8, the United States Department of the Treasury’s Office of Foreign Assets Control issued legal sanctions against digital currency mixer Tornado Cash.
As per the regulatory body, since the platform’s inception in 2019, it has been used for a host of illicit money laundering activities estimated to be worth $ 7 billion. Of this sum, it is estimated that $ 455 million was controlled by the notorious Lazarus Group, a North Korean state-sponsored hacking group. Additionally, Tornado Cash was also used to launder over $ 96 million of ill-gotten funds derived from June’s Harmony Bridge hack and $ 7.8 million from this month’s Nomad heist.
Hackers Moved $500K Stolen Funds To Tornado Cash Undermining The Ban
The previously sanctioned crypto mixer app Tornado Cash used to increase the anonymity of crypto funds for privacy concerns, still is being used by hackers. Two blockchain security and research firms, Peckshield and Certik, have detected the transfer of stolen funds of the DAI Maker exploit that happened in August 2021 and lost over $ 7 million funds in ERC20 tokens and other stablecoins.
As per the announcement of Certik, 500,000 DAI tokens linked to the victim defi project DAO Maker, which facilitates crowdfunding in crypto, were sent to the banned Ethereum mixer service Tornado on September 08.
Coinbase Users In Georgia Exploited a Decimal Point Error To Cash Out At 100X
Why isn’t Coinbase talking about this? In the Caucasus country of Georgia, an error led to some users exchanging their cryptocurrencies at a 100X profit. Is the cryptocurrency exchange entitled to that money? Or is this a simple case of users taking advantage of an arbitrage opportunity? In crypto, transactions are supposed to be final. However, a centralized exchange like Coinbase has its ways to get what it wants.
The error was simple, Coinbase priced the Georgian Lari at $ 290 instead of $ 2.90 for seven hours on Wednesday. According to the exchange, only about 1000 users took advantage of the opportunity and the company only lost a nominal amount. Coinbase wants it back, though. And they’re taking action on the matter.
Cardano Founder Charles Hoskinson Defends Tornado Cash Developers
Tornado Cash is a crypto mixer that recently came under sanction from the United States government. The reasoning given for this was the fact that it was a protocol used by criminals to hide the origins of their funds. Most notably used by South Korean hackers who have stolen millions of dollars in hacks over the last few years.
It was recently made public that the Dutch authorities had apprehended a man who was believed to be one of the developers of Tornado Cash. As the case carries on, some have spoken out in defense of the developers, and one of those is Cardano founder Charles Hoskinson.
The EFF Calls Out OFAC, Asks For Clarity Around The Tornado Cash Situation
It’s time for the EFF to speak out on the Tornado Cash situation. The OFAC sanctioning a smart contract might’ve been going too far, they stepped into the Electronic Frontier Foundation’s turf. We could summarize the EFF’s case with this sentence: “for decades, U.S. courts have recognized that code is speech.” It’s as simple as that, but the government and the Office of Foreign Assets Control don’t see it that way. In the Netherlands, they even arrested an alleged Tornado Cash developer.
Now That Authorities Have Sanctioned Tornado Cash, Is Bitcoin Next?
Crypto privacy advocates were appalled when U.S. authorities sanctioned and shut down Tornado Cash. Could Bitcoin survive a similar attack?
Despite being an automated, decentralized version of a typical cryptocurrency mixer, Tornado Cash was sanctioned by the U.S. government last week as the Treasury Department’s Office of Foreign Assets Control (OFAC) added Ethereum addresses associated with the tool to its specially designated nationals and blocked persons (SDN) list.
Tornado Cash Token Loses 24% Of Value After Developer Arrest
TORN, the token of Tornado Cash, plummeted by nearly a quarter in the last 24 hours after Dutch authorities arrested a suspected developer for the crypto transaction mixing protocol in Amsterdam on Friday.
After the US Treasury added the mixing protocol on its sanctions list, Tornado Cash noticed a significant decrease in deposits and a rise in withdrawals.
According to sources, barely $ 6 million has been deposited into the system since the implementation of the sanctions. The numbers reflect a 79% decrease compared to the same timeframe the week prior.
Tornado Cash (TORN) Sheds 97% Since Feb. ATH
Crypto Reacts: Arrest Of The Alleged Tornado Cash Developer, A Watershed Moment
What’s the story around Tornado Cash? The U.S. Department of the Treasury made its case in a press release, but the question still lingers. Because, as many people have pointed out, Tornado Cash is not an institution. It’s a smart contract in the Ethereum blockchain and, according to US law, code is supposed to be speech. Are they challenging that? To make things even more suspicious, the Netherlands arrested an alleged Tornado Cash developer.
What The Sanctioning Of Tornado Cash Means For Bitcoin
What Ethereum’s Tornado Cash protocol being blacklisted by the government means for Bitcoin, and how to read the consumer price index print.
This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Dylan LeClair and Sam Rule to talk about the recent Tornado Cash sanctions by the U.S. Treasury.
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Crypto Broker Voyager To Soon Resume Cash Withdrawals
Crypto Broker, Voyager, has decided to resume its cash withdrawals on its app. Users shall be able to make cash withdrawals from the application, this news comes after Voyager suspended trading, deposits, withdrawals and loyalty rewards for over a month.
The cryptocurrency lender has panned to restart the customer access to withdrawals from August 11, as mentioned on the blog post by Voyager. The platform earlier has filed for bankruptcy protection in July and it received court approval in beginning of this month.
OpenNode, Lemon Cash To Onboard 1 Million Argentines To Bitcoin Lightning Network
The cryptocurrency exchange and digital wallet provider Lemon Cash is partnering with OpenNode to enable Bitcoin Lightning payments for its 1 million customers.
- OpenNode partners with Lemon Cash to bring the Lightning Network to over one million Argentines.
- Lemon Cash is a LATAM fintech company well-known for its digital wallet and cryptocurrency exchange which will begin supporting Lightning.
- Argentina has seen a 12-month rolling period of over 60% inflation and ranks 10th globally in adoption of cryptocurrencies, by country.
Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash
On June 12, the Honestnode team announced the release of a new stablecoin project built on top of the Bitcoin Cash network called Honestcoin (USDH). The new token was made using the Simple Ledger Protocol (SLP) and recently launched on the cryptocurrency trading platform Coinex. This week news.Bitcoin.com spoke with the founder of Honestnode, Jian Shi, to learn more about this new stablecoin.
Also read: Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash
Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development
Bitcoin Cash (BCH) platform and protocol development have seen a lot of delivered code and projects over the last two years. The upgrades will help Bitcoin Cash scale to the masses, and many of the added features are protocol developments that are unique to BCH.
Also read: Indian Government Breaks Silence on Crypto Regulation
Bitcoin Cash Maximalist Joins ‘Blockchain-Agnostic’ Crypto Wallet Project
Although Bitcoin.com CEO Roger Ver left the Bitcoin community to help establish Bitcoin Cash, he still considers himself a Bitcoin maximalist. His preferred vision of Bitcoin has larger blocks and smaller fees, all to ensure that the cryptocurrency becomes one thing: electronic cash. #BitcoinCash is still very attractive to the libertarian viewpoint.#Bitcoin BTC was overrun […]
The post Bitcoin Cash Maximalist Joins ‘Blockchain-Agnostic’ Crypto Wallet Project appeared first on CCN Markets
Crypto Not Cash: Hacked BitPoint’s Masterplan to Refund 50,000 Victims
50,000 victims of the Japanese crypto exchange Bitpoint’s recent hack will have their stolen wallet holdings reimbursed in crypto. This was revealed in a press conference in Tokyo, where reporters were informed that the company had decided to pay back victims in crypto using a 1:1 ratio, as against fiat payouts. Bitpoint’s Unusual Alternative to […]
The post Crypto Not Cash: Hacked BitPoint’s Masterplan to Refund 50,000 Victims appeared first on CCN Markets
Crypto Evangelist Ver Taunts Trump with P2P Bitcoin Cash Trading
Users of local.bitcoin.com may have found a surprise on Twitter today: a Tweet directed at Donald Trump and Treasury Secretary Steve Mnuchin from none other than the site’s owner, Roger Ver. .@realDonaldTrump @stevenmnuchin1https://t.co/iPs5rLuZ3b — Roger Ver (@rogerkver) July 16, 2019 So You Don’t Like Bitcoin? The troll-esque tweet does nothing but provides the two, officially […]
The post Crypto Evangelist Ver Taunts Trump with P2P Bitcoin Cash Trading appeared first on CCN Markets
Bitcoin Cash Multi-Party Escrow, Retail Adoption, and Upgrade Discussions
Another week has passed for the Bitcoin Cash (BCH) community and as usual, there’s been a bunch of announcements and developments. BCH supporters this week saw the release of a multi-party onchain escrow system, Ethereum cofounder Vitalik Buterin discussed using the BCH chain as a data layer, and more BCH-accepting merchants were onboarded.
Also Read: Crypto Terminals Offer Venezuelans a Bridge to Economic Prosperity
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