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America’s New Comptroller Of The Currency is a Blockchain & Bitcoin Bull

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The new American Comptroller Of The Currency, Brian Brooks, is currently the new top banking regulator for President Donald Trump’s administration. Formerly, Brooks served as Chief Legal Officer of Major San Francisco’s Coinbase Digital Currency Exchange Platform.

Brooks’ appointment as an acting-Comptroller Of The Currency is a clear message that Blockchain is not a drawback; according to Brooks, Blockchain is a modern-day solution to our problems. While speaking to Forbes, Brooks said:

“Blockchain has potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in Blockchain and crypto.”

Brooks bullish on bitcoin

Brooks also spoke comprehensively about digital currencies, regulations, and technology in general. While discussing cryptocurrencies in general, America’s new Comptroller Of The Currency specifically cited Bitcoin, Ethereum, and Ripple as solutions to multiple setbacks faced by more than a thousand banking institutions.

Recently, on 2 June, Brooks proposed a regulation aimed at rewriting the current “Bank Digital Activities” laws. The request for comments and public opinion signed by the new Comptroller Of The Currency includes the question of how artificial intelligence and blockchain technologies could be integrated into strict banking regulations.

America’s new Comptroller Of The Currency urges FED to adopt Blockchain in money transfer

Brooks is more troubled about the outdated techniques that financial institutions use to transfer money. He says:

“It takes three days if you’re trying to send money from the US to Europe… on the SWIFT network. Your money is at risk during that period. And even when the money is transmitted, foreign exchange fees are incurred. But a digital representation of value on both sides of the transaction can eliminate that friction and those costs.”

According to Brooks, the fact that other nations are developing modern payment systems is a threat to the United States. He also aims sly dig at the Federal Reserve, claiming that it is slow in adopting modern money transfer methods such as Blockchain, which are instantaneous.

JPMorgan’s Bitcoin Flip Complete With a Bullish Report

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JPMorgan Chase, the largest bank in the United States and once the biggest critic of Bitcoin, now seems to have completely changed its mind. Besides, JPMorgan’s Bitcoin flip seems to be sitting well at the price of the world’s leading cryptocurrency. Bitcoin is on the rise again and has already added about $200 after dropping to $9,000 price level recently.

In the past, Jamie Dimon, CEO of JPMorgan Chase, labeled Bitcoin a fraud. Damon also described the obsession in BTC as a tulip bulb. However, it appears that the large financial institution is switching its stance towards the world’s top virtual asset by market capitalization.

 

JPMorgan Chase vs. Goldman Sachs

According to a new report published by JPMorgan Chase, the bank’s researchers describe Bitcoin as ‘mostly positive,’ stating that it has ‘longevity as an asset class.’ This is the complete opposite of what JPMorgan’s huge rivals, Goldman Sachs noted in their latest clients’ call for bitcoin and gold. According to Goldman Sachs, bitcoin is a poor investment, adding that BTC is not in any way, shape, or form an asset class.

The report by JPMorgan read:

“Though the [bitcoin] bubble collapsed as dramatically as it inflated, bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March.”

In March, the price of Bitcoin came tumbling down, resulting in the flagship cryptocurrency losing about 70 percent of its value. A month before the March crypto market crash, Bitcoin was trading well above the $10,000 mark. A few weeks later, the price dropped significantly to slightly hit the $3,000 price level, heartbreaking many investors across the world. Many traders and investors were wondering whether 2018 was being replicated all over again.

Nevertheless, this wasn’t the case this time around. Within thirty days, the top cryptocurrency had managed to recoup almost all it had lost with its price action; slightly reaching the $10,000 mark in both May and June. Those quick reflexes to regain a 70 percent loss amid an economy ravaging pandemic should not be downplayed.

What next after JPMorgan’s Bitcoin flip?

The latest report is another step towards a longstanding JPMorgan’s Bitcoin flip. In 2019, reports surfaced that the financial institution provides banking services to some of the largest cryptocurrency exchanges in the United States, such as Coinbase and Gemini. The report further states that:

“There is little evidence of run dynamics, or even material-quality tiering among cryptocurrencies, even during the throws of the crisis… [Bitcoin] price action points to their continued use more as a vehicle for speculation; than a medium of exchange or store of value.”

Bitcoin Hash Rate Begins a Steady Climb as Investors Keep Tabs on Yunnan BTC Mine Fire

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The bitcoin halving that occurred in May was the town’s talk with a number of proponents and experts predicting a price surge. Although the world’s largest cryptocurrency has not seen a significant increase in its value, Bitcoin has remained steady between the $9,000 and $10,000 margins over the past few weeks.

After halving, Bitcoin also witnessed a dip in its mining hash rate. This was a direct consequence of the shutdown of several mining machines, which caused an increase in demand while the supply rate fell. June, however, brought some good news as the hash rate seemed to have gained some new ground.

On June 14, Coinmetrics noted that the Bitcoin rate had gone back to its earlier levels, ie. The levels achieved before the halving commenced on May 4. Coinmetrics claimed that the next difficulty adjustment would take place in approximately two days. This event is expected to be the largest adjustment scenario since January 2018, with an estimated 15 percent increase.

Analysis has shown that this is going to be the first difficulty increase since bitcoin was halved. The Bitcoin ecosystem has seen a resurgence of late due to a steady price hold. The world’s largest cryptocurrency has also instilled some confidence in the holders as a virtual asset in the wake of a global pandemic.

During the halving, the Bitcoin CMBI hash rate index dropped from 130 million terahashes per second to below 90 million terahashes per second. This also triggered large market sales. Although the hash rate has risen, the price has surprisingly dropped below expectations at the start of the new week. At the time of the press, Bitcoin traded $9061 with a total market cap of $166.7 billion. The 4 percent drop in the 24-hour spectrum caused the BTC market volume to drop to $21.42 billion.

Bitcoin enthusiasts are still looking for reprieves that will initiate price recovery, but they seem to have to wait a little longer. According to recent reports, a large mining farm in China in Bitcoin was the victim of a fiery inferno last week. The mine reportedly housed thousands of Yunan police machines still investigating the root cause of the fire. The effect of this destruction on the Bitcoin ecosystem has not yet been felt, but many predict that the fallout will soon be observed.

China has slowly increased its foothold in the cryptocurrency industry, and its dominance is growing with each passing day. Bitcoin fans may do well to observe movements within the Red Dragon, as the latest Yunan mine fire may have a greater impact than previously expected.

Bank Employee Facing Up to 12 Years in Prison for Bitcoin Embezzlement 

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A former employee of the bank was found guilty by a Chinese court over the embezzlement of bitcoin. Liu Lihua, 33, was sentenced for stealing 1.85 million yuan ($261,000) and hoodwinking customer loans of up to 770,000 yuan ($108,704) to buy bitcoin, according to a court judgment in Hengfeng, Jiangxi province.

Lihua has worked for a domestic, commercial bank in China as a loan officer. The former loan officer took advantage of his position to get access to the bank and embezzle money. Later, Lihua utilized the stolen money to invest in cryptocurrencies.

Back in 2013, he learned about digital currencies but began investing in bitcoin in 2018 after its price rose to an all-time high of $20,000 during the 2017 crypto bubble. Lihua ‘s initial $14,117 investment surged 16 times resulting in over $225,880 in just one week.

The exorbitant returns from his first investment, to the extent of breaking the law, motivated the former bank employee to stake high on bitcoin. Lihua believed he could make even more money if he had more funds, after returning quickly in just seven days after making a 16-fold return.

Fraud and bitcoin embezzlement charges

The former bank employee has stolen a total of 1.85 million yuan ($261,000) from 2018 to May 2019; moving the funds to his bitcoin wallet and paying for his expenses. In addition, Lihua falsely declared bank loans with details of his clients amounting to $108,704.

Back in 2018, bitcoin’s price plummeted hugely to the lows of $3,200 in December; from about $15,000 at the start of the year. Lihua lost a heavy two million yuan ($282,350) to invest in the digital currency due to the massive crash.

Consequently, he was found guilty by the Chinese court of bitcoin embezzlement and fraud. Since then, the court has sentenced him to 12 years in jail, and a fine of 100,000 yuan ($14,117). Additionally, he was ordered by the court to return all the ungotten gains.

Stolen Mt. Gox Bitcoin Claimed by Craig Wright

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Craig Wright, the self-proclaimed Bitcoin founder, has again boldly declared that he is the mastermind behind the 2011 stolen Mt. Gox Bitcoin totaling 79,956 BTC worth around $751 million in the current market. One of the addresses involved during the high-profile heist famous as the address “1Feex,” still contains bitcoins from the incident.

‘1Feex’ contains Stolen Mt. Gox Bitcoin

The controversial bitcoin figure wrote a letter through his law firm, SCA Ontier, addressed to Blockstream, the firm for Bitcoin network services. Wright alleges in the letter that he possesses more than two Bitcoin addresses. One was the 1 feex address believed to contain the BTC stolen from Mt Gox.

Over the years, with the motive to prove that he is the pseudonymous creator of Bitcoin Satoshi Nakamoto, Wright has laid claim to many addresses. Wright has claimed ownership of the early Bitcoin addresses in defense of his dubious claims that contain significant amounts of money.

The feex address is a perfect match for Wright’s early addresses claiming ownership, as it originally received funds back in March 2011 with a balance of 79,900 BTC. Wright has implied himself as a participant in the Mt. Gox heist by claiming the popular address, even though the letter does not mention Mt. Gox anywhere.

Does Craig Wright ever stop?

In the past, Craig Wright has claimed bitcoin addresses that owners have come out to disapprove of him by using their keys to sign cryptographic messages. Wright alleges in his letter that during a robbery he lost his keys to the 1feex back in February this year. This means that he can not use the address to sign cryptographic messages nor to transact.

Stolen Mt. Gox Bitcoin

Craig Wright’s involvement in such a high-profile crime will only tarnish his already deplorable reputation in the cryptocurrency sector. Some industry players have suggested that Craig Wright be prosecuted for laying claim to stolen funds, but it’s unclear how to do that in practice.

There is actually not one lawsuit in the recent past that was ruled in support of Craig Wright. Despite this, he still tries tirelessly to prove that he is the Bitcoin creator. Expect more drama from Craig Wright soon

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Multi-Million Ethereum Transfer Fees a Result of Extortion Claim Researchers

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The events of the last seven days left the cryptocurrency community bemused as three small Ethereum transactions attracted a transfer fee of millions of dollars. However, recent reports shed light on the sketchy multi-million ethereum transfer fees with the China-based blockchain analysis firm, PeckShield, deducing that transactions might have been a blackmail attempt.

PeckShield analysis firm found out that the multi-million Ethereum transfer fees have been paid by cyber criminals demanding a ransom from a digital currency exchange site, according to a Chainnews report on June 12. The report suggests that the crypto exchange was targeted by phishing, which authorized the hack

Applying multi-sig restrictions blocked the attackers from clearing their wallets of the platform ‘s assets. But they managed to initiate transfers to the whitelist addresses and determine the gas fee for each of the transactions reported. As such, the blockchain analysis firm believes that if attackers do not pay the ransom, they threaten to clear the firm’s assets.

According to PeckShield, 21,000 ETH is left in the hacker-controlled wallet address. The initial transfer involving multi-million ethereum transfer fees took place on june 10, incurring a huge gas fee of $2.6 million to move just 0.55 ETH. The second sketchy transfer took place 24 hours later.

Different theories raised regarding the multi-million ethereum transfer fees

One day after the second transaction a third unnerving transaction was processed by the Ethereum Network. This time around, it was from a different account, which included a 3221 ETH transaction for a whopping 2,310 ETH transfer fee.

The three multi-million ethereum transaction fees raised various hypotheses from the cryptocurrency community. Yes, some say that the transactions result from vengeance from a former crypto exchange employee, fat-fingered human error; or even a bug in a money laundry bot

 

Fraudulent PlayStation 5 Reveal Raises $13,000 in Fake Bitcoin Giveaway

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A fraudulent PlayStation 5 revealing event on YouTube ran a fake Bitcoin giveaway, stealing over $13,000 in Bitcoin before it was brought down. A fake “PlayStation Live” YouTube channel hosted the fake live-stream and promised viewers in Bitcoin up to 5,000, if they first sent their Bitcoins.

Fake Bitcoin scams have been common in social media platforms like Twitter, Facebook , and YouTube for a long time. It is surprising that these classic scams are still working today. Just recently, TWJ reported about scammers who have adopted the same strategy to imitate Elon Musk’s SpaceX to steal bitcoin from unsuspecting victims.

“To participate you just need to send 0.1 BTC to 20 BTC to the contribution address and we will immediately send you back 0.2 BTC to 40 BTC to the address you sent it from,” claimed the fraudulent PlayStation launch.

Fraudulent PlayStation 5 reveal promised to double victim’s funds

The fake ‘PlayStation 5 Live’ YouTube channel used a pre-recording of the eagerly awaited launch of PlayStation 5 that was 10 hours old. In addition, the fraudulent live-stream had gained over 100,000 viewers in the two hours it was up. Besides, it was among the top six most searched videos in the search results for “p5 Reveal Trailers” on YouTube, while the hosting channel had more than 200,000 subscribers.

Based on the number of subscribers the channel had, it is possible the scammers hijacked a legitimate YouTube account at the last minute through hacking or a phishing attack. Additionally, it is likely the scammers had been amassing an audience for a long time to peddle their ill motives. The YouTube channel is still operational; however, it has no videos after the fake live-stream was taken down.

Scammers used personalized Bitcoin address

The fraudsters had one ploy in their war chest; they personalized the receiving Bitcoin address to start with 1Sony. “Bitcoin addresses are known to involve random alphanumeric digits, unlike those used by the fraudsters.

Customizing your BTC address is not simple since you have to create blockchain addresses until you get the one you want. Alternatively, you can also purchase one from someone who has already done a job for you.

5 Suspects Wanted For Operating Indian Cryptocurrency Scam

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Law enforcement has recorded a case of five people who are suspected of running an Indian cryptocurrency scam that has been duping investors for over three years. Although the alleged fraud has been running for several years, the suspects are believed to only get away with a little recompense of about $34,200.

According to a report by New Indian Express on June 13, the five individuals were allegedly booked for hoodwinking investors in the disguise of virtual assets investment. The Indian cryptocurrency scam was single-handedly operated by the five suspects in Maharashtra state’s district of Palghar.

The scammers promised investors massive returns if they venture into their cryptocurrency investments. According to the report, the group solicited payments in the form of cash and bank cheques. However, the group became highly vague while interacting with the investors after receiving the funds as per the local police.

In the meantime, none of the five individuals has been detained so far. In March, two brothers, Amrit Bhardwaj and Vivek Bhardwaj were indicted by the authorities for running the multi-level marketing crypto scam GainBitcoin. The two have since been moved from the cyber Cell to an Indian police crime unit.

Police cracking down Indian Cryptocurrency Scam

The law enforcement in India has recently stepped up its efforts to crack down cyber crimes and crypto-related crimes. The police recently announced plans to develop an AI-powered web portal for dark web policing. Besides, law enforcement has also partnered with foreign regulators to apprehend free-market vendors dealing with unlicensed pharmaceuticals or drugs

Furthermore, the notion that cryptocurrencies may facilitate illegal activities might prove costly for the Indian crypto community. Recently, the Indian Ministry of Finance proposed another blanket ban on cryptocurrencies in the country; just three months after the Reserve Bank of India (RBI) lifted the banking services ban.

CityUpTake Sets Course for a More Inclusive Tron Ecosystem While Rewarding it Users for Sharing the Dream

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The cryptocurrency industry provides a lot of opportunities for those who are seeking for it. Since the launch of Bitcoin and the gradual increase in popularity of the virtual asset market, several organizations have emerged as stalwarts of space.

One such entity has been Cityuptake, a popular platform to increase user rewards on the blockchain. In order to rope more users and create an inclusive ecosystem, the company also offers CITYUPTAKE tokens that will result in more residual rewards. Being part of the Tron Super Representative program has also been a massive boost to Cityuptake and its users.

The Cityuptake token functions as a basic utility token that opens doors to goods, services, and the content of its parent company. This token also provides access to the Cityuptake trade desk and weekly rewards program, features that are celebrated by the community. An analysis of the CityUptake SR Portfolio vote allocation was evidence that it had a healthy vote allocation from other Tron Super Representatives. These Super Representatives were mainly TronSociety, TronWallet, SesameSeed, CryptoGuyin ZA, CrtyptoChain, and Tronspark. 

It is well known that cryptocurrency regulations have been one of the major deterrents in the industry. Major institutions have frankly admitted that, because of the regulatory confusion behind the scenes, they can not jump into the crypto bandwagon.

To put these fears to rest, Cityuptake strives to ensure that the company and the token meet all forms of regulatory testing. CITYUPTAKE tokens can only be used and accessed by those customers who have completed the KYC process set by the company. Cityuptake also reserves the right to withhold assets from customers if found to be in breach of the rules proposed in the U.S. tax treaties and the Member countries.

 At the moment, the Cityuptake trade desk is worth over 13 million TRX. Apart from Justin Sun founded cryptocurrency, Cityuptake’s trade desk also deals with Bitcoin, XRP, and Cardano. 

The perks of holding CU

Traders are usually on the fence with some tokens because of a lack of value guarantee. With CU, that layer of concern has been removed. Each CU token is equivalent to 1.35 TRX where 1 TRX gets allocation to the SR portfolio. At the same time, 0.25 TRX gets allocation to the CU trade desk while 0.1 TRX is distributed as project fees. Cityuptake has made it clear that the performance of the token would always be tied with the native trade desk. This dispels any notion of fraudulent activities or scams that have been circulating in the industry as all CU is redeemable for 1 TRX at any time.

How to get started:

Just like in other processes, holders need to have completed their KYC forms before they can get involved in the CU trading ecosystem. Cityuptake makes use of an agent model across its platform, where the agents themselves have undergone all KYC checks. According to the organization’s official release:

“To purchase CU, one simply sends TRX to an automated exchange of the agent of their choice, and CITYUPTAKE tokens are returned.” 

Cityuptake caters to both US citizens as well as non-US citizens with each category having to fill out theW-9 and W-8BEN respectively. Upon the completion of the aforementioned steps, users can hold CU tokens in any Tron wallet which then leads to weekly reward drops. 

Cityuptake’s inclusivity policy:

The company has reassured users that each and every one of them will be treated equally on the blockchain reward system, regardless of when they join. This ensures that the prices of the CU remain constant at 1.35 TRX, with 0.25 always going in for trade desk fees.

Cityuptake ‘s progress in blockchain and cryptocurrency has been buoyed by the participation of its loyal customers. As time progresses, the company has promised its members that it will add additional tokens to their dashboard. This will then help other Tron based companies to grow and flourish, creating an intricate and flourish Tron network. Speaking to TWJ, a Cityuptake official stated:

“We are excited to build out our token tracking system to give our account holders the opportunity to easily see not only the rewards from holding Cityuptake but also the rewards from various SRs for whom they have voted like Tronwallet or TronSpark.”

 

Is Ethereum, Cardano and Ethereum Classic leading the “Altcoins Season”?

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In the first few months of 2020, as the collective crypto industry witnessed a boom, a strong narrative gained traction in the “Altcoins Season.” With Ethereum leading its march from the front, an unexpected collapse as a result of COVID-19 ‘s impact on the traditional market spilled cold water on the argument.

However, as observed in May, after Bitcoin’s halving momentum came to an end, other altcoins started to pick up the pace and attracted a considerable amount of attention.

Now, according to Coinmetrics’ recent state of the network report, it was indicated that another “Altcoins Season” could be on the cards.

Per the report, a radical shift has started towards the end of April. From April to May, there was a significant change in the spot-volume markets of major exchanges such as Kraken and Coinbase. It has been noted that May has turned out to be extremely positive for retail activity as online brokers such as Robinhood, Fidelity, TD Ameritrade, etc. have all recorded a huge amount of activity.

Inspired by an old-school financial trait, investors might turn “overconfident” on the market and possibly try to take on more risk-on assets. As a result, the trading volume could have shifted from fiat on-ramp exchanges to those platforms that cater to a list of riskier digital assets.

Coin

From the above chart, the shift in spot trading can be observed. As pictured, major assets such as Bitcoin registered a minor dip in terms of its spot volumes as other assets such as Cardano, Ethereum Classic, THETA, and Matic facilitated an increase in the industry.

As the trading volume moved into these riskier Altcoins, the report speculated on the possibility of the beginning of an “Altcoins Season.”

Altcoins Season and its Question Marks

Now, the argument is quite constructive in the report, but a closer look is needed for assets that have improved their spot volumes.

Ethereum led the charge in the built-up, but the largest altcoin has been steadily increasing in activity due to the advancement of Ethereum 2.0.

Another increasingly active asset was Cardano, but a large part of the community believed it was due to the anticipation of Shelley Testnet.

It is therefore conceivable that the “Altcoins Season” is yet to arrive and it is imperative that the performance of another month be taken into account before filing those bags with the top altcoins.