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South African Crypto Investors Lose Millions as Former CEO Declared Bankrupt

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Willie Breedt, CEO of Vaultage Solutions, has been declared bankrupt while 2000 investors are expected to lose around R227 million, according to a News 24 report.

Vaultage solutions founded in 2018 welcomed the investment with the promise of weekly investment returns via cryptocurrency mining and trading. Breedt allegedly missed repaying investments, however, and never eventuated the development he had guaranteed to investors.

One of the biggest investors, Simon Dix of Hilton, who handed over R7.5 million to Breedt, successfully applied for a sequestration order against Breedt on Friday. The Gauteng High Court in Pretoria released a sequestration order on Friday. The sequestration order is issued by the Federal Court or the Federal Circuit Court, which decides that an individual is bankrupt. Once a sequestration order is received, the bankrupt ‘s assets are handed over to be managed by a bankruptcy trustee appointee.

Willie Breedt is also accused of going on the run after a few angry investors went on a manhunt, allegedly led by a colonel in the South African National Defense Force. The aim of the manhunt was to find Breedt and possibly recover some of the funds from him for ‘debt collectors.’ But Breedit had opened a case of intimidation with police in Jeffreys Bay before going on the run.

Investigators managed to find Breedt at a guesthouse in Pretoria and soon after the court issued Dix the sequestration order, the court sheriff accompanied by officers, raided the house where Breedt had been hiding, according to News 24’s report.

Numerous electronic devices have been seized on the raid, including a laptop and Ledger Nano hardware wallet, with police hoping to find details on where the bitcoin, as well as other currencies, could be hidden.

3 Industries That Adopted Blockchain the Fastest

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Blockchain has been around for quite a while now. As time passes, this technology is only consolidating its authority. It is slowly becoming a key technology for many industries of the future, and currencies like Bitcoin are becoming widely accepted, even by major companies like Microsoft, Starbucks, and AT&T.

But, all of these implementations are only a rather recent development. In the race for blockchain adoption, a few industries acted way faster than the ones mentioned above. We’re going to cover the three industries that contributed considerably to blockchain adoption in the early days.

Gaming

Gaming is one of the first implementations of blockchain in something other than cryptocurrencies. This is thanks to technology’s peer-to-peer functionality and underlined anonymity. This is preferred by many gaming niches, including gambling. But, blockchain gambling is a bit different from the classic one.

Classic online gambling is closer to land-based gambling. You’re able to find a lot of casino games like poker, slots, roulette, and many others that would traditionally be featured in a regular Vegas casino. Slots like Book of Ra, Sizzling Hot, and Lucky Lady’s Charm are very popular both in mobile but also desktop casinos.

A lot of these casino games also have dedicated mobile apps that bring gambling closer to the user. You can find countless examples on Google Play but also iTunes. However, blockchain gambling differs a bit. Most blockchain casinos only have desktop or browser versions, and can’t be accessed through a native mobile app.

Blockchain casino games also take a different stab at gambling altogether. Whilst they feature slots and other classic casino games they don’t have any recognizable titles. But, they do have a lot of “new age” games that can be very entertaining. Games like Dice, sports betting, and even esports betting are very popular on the blockchain.

Banking

Banking represents a key industry that blockchain is set to disrupt. Although many people hoped that cryptocurrencies would replace banking; blockchain managed to find a better use case by supporting banks and enabling them to perform at a new level. Blockchain is transparent and decentralized, making it a great addition to banking.

Ripple is a network that was first released in 2012 and aimed to improve banking. Global transactions are inefficient and take a lot of time since they go through multiple banks. But, Ripple enables banks to perform borderless real-time transactions. The project supports over 300 financial institutions in 40 countries, including American Express and Money Gram.

Retail

Every retail company is competing right now to develop a better system that’s getting more people through the door and creating an advantage. This only leads to more digitalization, the creation of retail apps with useful customer features, and even the adoption of blockchain.

As mentioned in the introduction, more companies are accepting Bitcoin nowadays, even major brands like KFC and Burger King, in certain countries. Bitcoin is kind of notorious for being slow but its Lighting Network is meant to fix all of these issues and set it up for retail mass adoption

Ethereum, Litecoin Price Analysis: Altcoins Try to Surge as Bear Still Looms Large

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The beginning of the new week kick-started a price surge in the cryptocurrency market, as several major coins witnessed a slight uptick in their value. This move further prompted investors and holders to presume that the bear market could soon be turning a corner.

The two cryptocurrencies that have had an impact on the market recently were Litecoin and Ethereum Classic. Being Silver to Bitcoin’s Gold has certainly raised Litecoin ‘s status in the crypto realm with Ethereum Classic still aiming to reach the top 20 club.

Litecoin

At press time, Litecoin was trading for $42.2 with a total market cap of $2,74 billion. A 1.82 percent price increase over the previous 24-hours had taken the daily market volume to $1.334 billion. The Charlie Lee founded cryptocurrency was in the 7th place on the cryp[to charts with Bitcoin Cash and Bitcoin SV ahead of it.

Litecoin

Technical analysis of Litecoin showed that the cryptocurrency was still in the midst of an increasingly positive investor sentiment atmosphere. The Relative Strength Index was near the overbought zone, which meant that more people were selling LTC than buying it. The Chaikin Money Flow for LTC was, however, positive. At the moment, the CMF was above the zero line because the capital coming into the LTC market was more than the capital leaving the market.

Ethereum Classic

Ethereum Classic has had a tumultuous period over the past few months with the value constantly changing. Since January, ETC has not witnessed any significant change but that did not mean that its supporters had given up. At the time of writing, ETC held a value of $5.75 with a market cap of $668.816. Over the past 24-hours, the altcoin saw a 2.4 percent increase in its price which was a better hike than the ones enjoyed by its counterparts.

Eheruem Classic

The Ethereum hard fork was behind altcoins such as Neo and VeChain with a slight market cap difference. The Chaikin Money Flow indicator for ETC was right on the zero line. This was a sign that the capital coming into the ETC market was almost equivalent to that of the capital leaving the ETC market. The Relative Strength Index for ETC showed a similar pattern to that of Litecoin’s as the graph was again near the overbought zone.

A closer look revealed that the RSI was climbing up ever so slightly but it would still take some time to draw more people into the ETC ecosystem to buy more of the tokens. An increased buying pressure would help keep the ETC blockchain buoyant.

Japan’s SBI Invests $30M in B2C2 Digital Assets Firm

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UK-based crypto market marker B2C2 announced earlier this week that it had received a substantial investment of $30 million from Japan-based financial conglomerate SBI. B2C2 plans to set up a fully automated premier brokerage with the most competitive two-way market prices later in July.

As reported, SBI already has a number of locations with blockchain technology and crypto assets and plans to further expand its influence in the industries. The Japan-based financial conglomerate wants to establish an international organization, and its latest $30 million investment will play a major role in this establishment.

SBI global expansion strategy

Furthermore, SBI is looking to extend its influence further with security token offerings (STO). Additionally, the firm plans to leverage its joint venture with R3 by launching blockchain solutions in the supply chain sector. According to B2C2 founder, Max Boonen:

“Today’s deal with SBI takes B2C2 a big step forward. Having claimed the top spot in our segment thanks to the technological edge of our single dealer platform, we found in SBI the right partner to unlock the next drivers of our growth.”

B2C2 is among the top and the oldest operational market in the digital assets sector. The company is famous for providing large investors with the opportunity to carry out multi-million dollar trades over-the-counter. Notably, the firm based in the United Kingdom will launch new automated financing services this month to enhance its current implementation services.

Prime brokerage in the digital assets space

SBI, Japan’s largest online stock trading company, will take a $30 million stake in B2C2, giving the firm access to its balance sheet. In orthodox finance, premier brokers are positioning themselves between institutional investors and the market, providing a variety of services, such as custody, consulting, and execution.

Market experts suggested that the entry of prime brokerage services into the cryptocurrency area could attract institutional investors from the sidelines. In reality, prime brokerage solutions make investment and trading experience more stable and capital efficient.

 

Binance to Issue Crypto Card in Collaboration with Swipe

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In a recently deleted web page cryptocurrency exchange giant, Binance acknowledged its collaboration with Swipe to launch its crypto card. Through an accidental update on its website, Binance affirmed the collaboration stating:

“Binance has partnered with Swipe to provide a Card platform for Binance users.” Binance plans for a branded card have been in preparation since March 2020. Besides, in the recently erased web page, Binance wrote that its card would allow “real-time” conversion of cryptocurrency to fiat currency to be transacted by merchants worldwide.

Binance expanding its scope

Notably, Binance is one of the world’s leading cryptocurrency exchange platforms. It introduced its first crypto card in March 2020, which they stated was just like any regular bank card. However, the crypto card has some extra features that allow users to pay for their purchases with their saved cryptocurrencies.

The card can be used globally without any geo-restrictions. Advance card registration was $15,  on the other hand, Swipe has business operations in Estonia and the United Kingdom, with headquarters in the Philippines. It has its own crypto debit card that supports approximately 30 digital currencies. Swipe’s crypto card can be acquired through Contis Financial Services Limited, a Visa member licensed by the UK Financial Conduct Authority.

Binance crypto card features yet to be disclosed

Binance is becoming a well-rounded player in the cryptocurrency industry, with several crypto community experts panicking that it will become a monopoly in the future. Binance, however, dismissed these allegations and explained that they believed in co-existence.

In conclusion, The Block reported on a possible investment in Swipe by Binance, assuming a majority stake in the company. None of the two companies, however, has confirmed this. Binance has not yet formally revealed its collaboration with Swipe, as well as the features of its crypto card.

Unregistered Crypto Firms Flagged by Philippines Financial Watchdog

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The financial regulator of the Philippines, Philippines Securities and Exchange Commission (SEC), has warned investors to be on alert to three unregistered crypto firms. The authority warned that the three companies might be potential scams, as they are not yet registered with appropriate government agencies.

Forsage among unregistered crypto firms flagged

Three flagged cryptocurrency firms are Forsage, RCashOnline, and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc. The securities regulator warned the public that none of the above-mentioned firms had secured the relevant operating licenses or submitted documents for registration, leaving investors susceptible to fraud.

In its statement, the Philippines SEC asked investors to remain cautious when investing in companies with cryptocurrency. Notably, the Securities Regulation Code states that any individual engaged in illegal investment projects will face up to 21 years behind bars, in addition to P5 million ($100,891) in fines.

Forsage cryptocurrency firm, which Lado Okhotnikov created, is not listed with any relevant authority. It does not, therefore, have the lawful right to implore investment or sell crypto products. Moreover, the watchdog said the other unregistered crypto firm, RCashOnline, is not recognized as a partnership or a corporation.

Crypto scams on the rise amid COVID-19 pandemic

On the other hand, Saint John’s license was revoked as far back as 2003 due to refusal to report obligations. The warning by the Philippines SEC is the latest of caution to investors on blacklisted companies. In particular, investors have been warned to remain more careful than before when handing out their money during this coronavirus pandemic.

Earlier this year, the Federal Bureau of Investigations (FBI) warned that crypto-related scams are surging due to the COVID-19 pandemic worldwide. Besides, the government of Singapore revealed that the nation had seen a substantial rise in ransomware attacks in 2019. 

The Tron Community Celebrates Own Twitter Emoji

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Tron is the fourth blockchain project to be awarded a coveted hashtag on social media giant Twitter.  The Tron ecosystem celebrates the fact that TRX is the fourth blockchain to be granted a custom Twitter emoji hashtag. The CEO and founder of Tron, Justin Sun, launched the new emoji by tweeting on Friday, July 3rd. p  Like Tron ‘s tradition in their marketing campaigns, the new emoji comes with rewards that require members of the Tron community to put the latest emoji to their profile bios.

The Tron Community Members Excited

Much as during the Binance anniversary, the latest Tron Twitter emoji seems to be connected to a particular event. Furthermore, the emoji is related to the following hashtags “# TRX,” “# TRON,” “TRONGreatVoyage,” and “TRONConference.” Realistically, these four hashtags are tied to Tron 4.0 ‘s upcoming unveiling event.

Surprisingly, the project also obtained the hashtag “#TRONAnniversary,” which is most probably meant to be used in the future.  Additionally, on August 29, Tron is set to launch the Tron Virtual Machine.

Bitcoin, Crypto.com, Binance Coin and now Tron

Back in June, the Tron community asked Justin Sun to enable the cryptocurrency to have its own Twitter emoji. The request followed Crypto.com’s CRO, which became the second cryptocurrency after BTC to have its customized emoji on the social media giants platform. Earlier this week, Binance Coin was just the third cryptocurrency to have a Twitter emoji.

Notably, Bitcoin became the first cryptocurrency to receive a branded emoji as Twitter CEO Jack Dorsey’s tribute to the coin. Dorsey also funds the development of the Bitcoin Network through its company Square. The other three coins have launched their branded Twitter emojis as a marketing campaign to expand their influence. In addition, of the four customized hashtags, Tron seems to be the biggest spender.

Transferwise to Roll Out Investment Feature in the UK in Upcoming Months; Wishes to Create a More Diverse Ecosystem

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As time progresses, more and more changes have taken place in the financial world. With the addition of the cryptocurrency industry and the way it has grown over the last decade, several organizations have grown by leaps and bounds.

One such company has been Transferwise, which began life as a cross-border payment solution but did not diversify into providing investment services. The United Kingdom Financial Conduct Authority has been granted permission to deal with the investment wing. This will allow Transferwise to allow users to invest passively in third party funds.

Sources close to the company have revealed that the latest move was a bid for users to make a return on their investment. Transferwise CEO Kristo Kaarmann claimed that the main inspiration for the investment arm came back sometime when the company saw massive international trades. Kaarmann said that businesses had a lot of international payments coming from multiple regions, and it seemed to be a good thing to tap into.

Transferwise stated that they did not want to act as stockbrokers, but rather wanted to provide their users with a level playing field. Rivals such as Robinhood and Revolut have already ventured into the stockbroker field, but this has not dissuaded Trasnferwise from its aims. Sources indicate that Trasnferwise plans to launch its native investment feature in the next 12 months with an initial United Kingdom roll-out. Once the model is tested in the United Kingdom(UK), there are plans to expand it rapidly across the globe.

Speaking at a recent forum, Kaarmann said:

“We’ve been very humbled in some ways and proud that customers are funding our mission. They keep TransferWise running through the fees that they’re paying; they pay our salaries, they let us hire more people and grow the product. It’s not like if you put money into a savings account in a bank, money magically grows there. It’s still going to be invested in something.”

Trasnferwise already has a reliable customer base and anew investment feature will only do well to boost it. Officials of the company were confident that 2021 will see a massive demand surge in investment ideas and believed in staying ahead of the curve. The latest development is also set to increase the massive amount of capital deposited into the company, which currently clocked in at $2.5 billion.

Blockchain Australia Strengthens Industry Confidence with the Appointment New CEO

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Blockchain Australia hired a new head, in an effort to boost blockchain adoption and awareness in the country. The new CEO, Steve Vallas, stated that he would emphasize on enhancing trust and strengthening the image of blockchain among business enterprises and government bodies.

Notably, Vallas replaces the former head Nick Giurietto who ran the association for up to five years. Moreover is the founder of the Australian marketing firm and also worked as an industry coach and a mentor for several higher education institutions and accelerator programs. Besides, he also offered counsel to the Australian government on blockchain technology.

New insights for Blockchain Australia

According to reports, Vallas stated that he will focus on boosting the confidence of crucial economy stakeholders on blockchain technology, by helping them understand it as a robust and well-built solution. In his explanation, Vallas said that the majority of people know blockchain as the technology underpinning digital currencies, but are not aware or understand how it could be applied to other areas, like supply chain, legal, retail businesses. 

According to the new CEO, many industries have been heavily hit by the COVID-19 crisis, but the blockchain sector should make most of the pandemic. As per him, many areas have primarily been hit because they rely on human beings, unlike blockchain, which is not controlled by anybody. The supply chain is one of the majorly upset sectors, and industries are now willing to explore unconventional methods.

Australian National Blockchain Roadmap

Early into the year, the Ministry of Industry, Science, Energy, and Resources in Australia composed a new national approach picking up the possible value produced through business-related blockchain relationships in a National Blockchain Roadmap.

Furthermore, Vallas will be tasked with working on the road map now that he is the head of Blockchain Australia. He will be speaking to industry leaders, government agencies, and other pertinent parties to unite all the relevant bodies for the task. He believes the roadmap is essential, and most people see it as a bright exhibition that the government is ready to work with blockchain leaders to create a viable plan.

South Korean NGO Developing Digital Healthcare Platform on Blockchain

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South Korean non-governmental organization, the Commons Foundation, has announced its project to develop a digital health platform on the blockchain to combat pandemics following the coronavirus pandemic. According to the Digital Today report, the NGO will use blockchain public services to develop an epidemiological research system that matches the upcoming post coronavirus age.

Digital healthcare platform to use a public blockchain

Notably, the report cites the concerns expressed by the chairman of the Commons Foundation, Choi Yong-gwan, about the infringement of personal information as a result of the emergency COVID-19. This has led the South Korean NGO to develop a digital solution to the situation. As per Choi, a blockchain-based digital healthcare platform will help prevent future pandemics from having such an effect in South Korea.

According to the Commons Foundation, a public blockchain called MicroBitcoin will be used to set up a research system. The NGO noted that the robustness, security and state-of-the-art technology of MicroBitcoin were the primary considerations to prevent hackers from compromising the digital health platform.

In particular, the healthcare system will encrypt all personal data on the public distributed ledger platform in order to avoid forgery and to boost the authenticity of the data. As per the NGO, the system will provide a private key through cell phone verification and record the motions of users in the city on the blockchain-based platform.

Monitoring confirmed coronavirus cases through blockchain technology

If individual Y is confirmed to have contracted coronavirus, they can directly feed their encryption key value on the blockchain-based healthcare system and provide information that cannot be altered to an epidemiologist. Research experts can afterward plan to visit person Y and ascertain a better method to ensure a fast examination is carried out. Choi stated:
“It is important to quickly overcome the pandemic, but it will become more important in the post-corona era to protect the individual’s freedom and human rights while wisely overcoming the pandemic.”

Furthermore, Korea’s second major city, Busan, recently developed an identification system on a public blockchain to authenticate citizen information. Moreover, Korea’s Suseong University partnered with the Korea Artificial Intelligence Association, or KORAIA, to develop an AI blockchain-based campus in Daegu