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You are here: Home / Archives for Crypto

Crypto

Ex-Hockey Player Detained in Crypto Swindling Case of $700,000

September 17, 2019 by Tabassum Naiz

Russian former professional ice hockey winger is on the hot bulletin today – no, not with anything useful from his side but with the crypto fraud charges. The man gets arrested for crypto fraud of $700,000 following the claim of the CEO of an IT company.

As per the report which cited court order released on Monday – that states – Musatov is supposed to stay detained for a month. But according to Musatov, all these criminal charges against him were not quite true. He says, it is a result of a misunderstanding – in fact, he claimed that he was ready to present the evidence of not being involved in the fraud case’.

$700,000 Worth Bitcoin Fraud

The alleged Bitcoin scam case was first reported back in 2018 by the IT professional. However, the businessman met Musatov in early 2018, where he revealed his business dealing in the crypto industry.

After a month of meeting, Musatov reportedly offered IT professional 103 Bitcoin for 45 million Rubles which is roughly equivalent to $700,000. As the deal looks pretty good to the businessman, he was agreed to complete the transaction on a specified date.

However, when the man went to meet Musatov with the funds to complete transactions, he found Musatov’s assistant in his office. It is reported that the man handed over the money to Musatov’s assistant who had disappeared without a trace. When businessman contacted Musatov, he said he would resolve the matter, but the victim claimed that he never appeared after that and so as the bitcoin.

From the point of the victim, Musatov had to transfer him bitcoin as per the deal, but Musatov claimed that the case is just the result of a misunderstanding. Musatov’s lawyer refused the fraud charges and said he would not plead guilty to this crypto transaction.

Crypto regulatory environment of Russia remains undefined; a recent report that cites the survey carried out by the Russian Public Opinion Research Center (VCIOM) – states that – the residents of Bitcoin don’t have a solid knowledge of Bitcoin.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Crypto

Roger Ver’s Bitcoin.com Eyes Launching Bitcoin Cash Derivative

September 12, 2019 by Tabassum Naiz

Roger Ver’s new platform Bitcoin.com is preparing to launch a futures contract for Bitcoin Cash (BCH), the platform’s head David Shin told Bloomberg today, on Thursday, Sept 12.

Derivatives for Bitcoin Cash

Also known as Bitcoin Jesus, Roger Ver has recently launched a new crypto exchange on Bitcoin.com which wasn’t well-received by the crypto community. Ver initially gained notoriety when the Bitcoin Cash emerged as a fork of Bitcoin in 2017.

Since then, he has been heavily criticized for switching his interest from Bitcoin to Bitcoin Cash, with few crypto enthusiasts accusing him of scamming people following the launch announcement of Bitcoin.com as a crypto exchange.

In totality, Ver’s profile has become the controversial public figure in the overall crypto industry.

With that being said, Ver and its exchange lack the expected support from the community. Despite that, the platform seems relentlessly working to ramp up the Bitcoin Cash as the world’s largest cryptocurrency behind Bitcoin. As one step ahead approach, Bitcoin.com’s head David Shin said he is already in talks with Commodity Futures Trading Commission (CFTC) to list BCH-derivatives product. Shin asserts;

“We’ll try to list a BCH future on one of these exchanges that’s CFTC regulated to, therefore, have a product that can be traded into the U.S. with institutional traders,” Shin said.

Bitcoin.com Seeks to Bring BCH to No.3 or No.2 Spot By Marketcap

At press time, BCH is the fourth-largest cryptocurrency, holding the market capitalization of $5,334,620,926. While Bitcoin is still the king crypto, Ethereum and XRP follow the second and third spot respectively. However, as per Bitcoin.com’s head, Shin, the platform aims at bringing BCH to the second or third largest crypto by market cap. He added;

 “To get [BCH] from No. 4 to No. 3 or No. 2, we have to see more volume.” Adding the timeline, “within a year,”.

Besides CFTC futures exchange, Shin also expressed his interest of discussing BCH listing with the CME (Chicago Mercantile Exchange & Chicago Board of Trade) which is already serving bitcoin futures contract to users since 2017.

In recent years, all three most substantial crypto assets – BTC, ETH, and XRP have strongly rapt to their No.1, No.2, and No.3 position- although XRP dethroned ETH in 2018 shortly, and later ETH regained its No.2 position.

It remains to see how well Bitcoin Cash (BCH) will flourish in the market within one year – given the ongoing drop of XRP, the third-largest cryptocurrency.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Filed Under: News Tagged With: Bitcoin Cash (BCH), Crypto

Abu Dhabi Global Market Publishes New Guidelines on Digital Securities

September 9, 2019 by Naveed Iqbal

Abu Dhabi Global Market has positioned itself as the leading destination of choice for the crypto asset players. In response to ever-growing global demand from the digital industry, ADGM has introduced a detailed regulatory framework to regulate crypto asset activities. The regulation includes the assets undertaken by exchanges, custodians, asset managers, brokers, and other intermediaries.

The New Digital Asset Regulations

It’s no secret that Abu Dhabi is setting the bar for the digital assets by creating a regulatory-friendly environment. The new regulations issued by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi clarify as well as compliment the initial guidance on the initial coin offerings and other digital offerings.

The latest release is the roadmap for various entities to smoothly and efficiently shift to conduct digital asset activities.

Abu Dhabi Global Market introduces new guidelines on digital assets
https://t.co/IwystGfP5F

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) September 9, 2019

The framework addresses the associated risks, including the market-related abuse and financial crime, technology governance, consumer protection, custody as well as exchange operations.

ADGM is doing everything possible to ensure it bolsters the economic diversification of the UAE and Abu Dhabi via innovation as well as sustainable initiatives.

According to the country’s Minister of State and Executive Chairman, Ahmed Ali Al Sayegh, they’re doing everything possible to ensure that the organization stays on top. The focus is to respond to the ever-dynamic needs on the local environment as well as anticipating developments and impacting the global marketplace.

Moreover, ADGM, as an International Finance Center has been playing various strategic roles one being in the creation of new financial opportunities as well as initiating exclusive business propositions to benefit the global partners and the local business.

According to Richard Teng, CEO of FSRA, the new regulations provide the technological industry players the transparency as well as certainty in effectively operating the best regulatory environment. Besides, it strengthens the ADGM’s position as the smart digital IFC as well as the nation’s position as being a financial Centre of innovation.

The Primary Focus

The new guidelines provide a clear way on the application of the ADGM securities regime focusing primarily on the offers, custody of digital securities, trading, and listings. Besides, it outlines a roadmap for the entities and whether they operate within the conventional or the Crypto Asset space.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News, Industry Tagged With: Crypto, Crypto Regulations

Bangladesh to Debut World’s First Blockchain-enabled Smartphone in October

September 9, 2019 by Tabassum Naiz

The Switzerland based Sirin Lab’s smartphone, Finney is going to launch in Bangladesh’s local market in October. Sirin Labs has already received approval from import authorities of Bangladesh for import on August 27.

Blockchain Smartphone in Bangladesh

Finney is the world’s first blockchain-enabled smartphone which will soon be available for purchase in Bangladesh.

As per the report by local newspaper The Daily Star, the Bangladesh Telecommunication Regulatory Commission (BTRC) also approved Finney’s import in August this year. With that being said, Sirin Labs is launching Finney in Bangladeshi market by the upcoming month.

Finney has a built-in intrusion system including crypto wallet, secured communicate, decentralized application ecosystem, and various other features. This blockchain-based phone was designed and manufactured by the Foxconn Technology Group, a Taiwanese multinational electronics contract manufacturing company with the highest security standards set in place.

With built-in crypto and security features, Finney sees the high-priced mobile phone to hit the market but the report hints that the price will be quite similar to Bangladesh’s high-end phones. Emphasizing on Finney, Sirin Lab’s co-founder and co-CEO Moshe Hogeg says;

The Finney phone is a one-stop-shop, Moshe said. Before the Finney, you needed a ledger, you needed a computer, you needed wallet software and then you needed to go to an exchange, and then you could convert. The Finney does all of this on one phone.”

Finney Keeps Hackers Away

When it was first launched in 2018, Sirin Labs stated that the smartphone is just one aspect of a company’s broader plan to bring blockchain technology to mobile devices. With all expected features in place, Finney is more likely attracting a mass market of crypto enthusiasts and diehard fans of blockchain technology.

Nevertheless, the earlier reports reveal that the Finney’s in-built features can quickly stop breaches even before they happen.

Also, they do so without the need for third-party applications or software. Moreover, the phone features the machine learning system, “Intrusion Prevention System (IPS),” which track and identify problematic networks quickly. While explaining how the system secure spiteful activities, a spokesperson of Sirin Labs said;

“Anyone who has set his device to automatically connect to a known Wi-Fi network, like many of us do, could have the device connect to a malicious network at any point in time without his knowledge. In doing so, the entity operating the malicious network is able to collect the information keyed in on the websites that the person visits through the network.”

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News Tagged With: Blockchain, Crypto

The World’s Insurance Giants are Now Going Crypto Too

September 7, 2019 by Naveed Iqbal

Lloyd’s of London is the quintessential English insurance company. It holds a legendary status in the financial world because it’s always been a pioneer in all things insurance. Nowadays, the firm is keeping up with its almost mythical reputation by taking in the business of a new industry — the blockchain. Indeed Lloyd’s is one of the world’s companies who are making a pretty penny by ensuring cryptocurrencies.

Nothing is surprising about this. You will always find insurance wherever there are assets. And that’s as true in the crypto-verse as in any other space. The unique thing about crypto is that the value of the cryptocurrency market is way more significant than the amount of insurance available.

The value in digital assets has multiplied by twenty-five over the last three years, so the total market capitalization is about USD 300 billion. Hacker activity has not slowed down, which is normal. Digital crime in the cryptosphere is most active when the value is rising, and the current year has been a profitable year for both legitimate investors and hackers.

The bad guys have gone away with about USD 480 million in stolen tokens so far in 2019. It’s a great new market for insurance companies, and they’re not about to let the opportunity go away unexploited — Lloyd’s least of all.

The fabled insurance firm, which takes its name from the London coffee house where it was born in the 17th century, is an insurance marketplace worth USD 45 billion. Companies can join in syndicates and co-underwrite insurance.

Lloyd’s of London

Lloyd’s famously insured the ill-fated RMS Titanic, a cartoon by da Vinci, and all sorts of other things. Now it’s getting its hands in cryptocurrency insurance, and it’s quickly becoming the leading player in the field. It aided Coinbase with USD 255 million to fund a policy announced back in April. It’s also in charge of BitGo’s custodian USD 100 million policy.

Aon, of Manchester United-jersey fame, who is the world’s largest insurance broker, also from London brokered a policy for Coinbase. Switzerland’s Chubb, another industry giant — the largest insurer in the US who already paid claims related to crypto hacking.

The cryptocurrency security and insurance company known as Coalition, out of San Francisco, already has more than five hundred institutional clients, including exchanges and firms who have issued a proprietary digital asset.

The company’s founding team includes a former CIA analyst, Josua Motta, who serves as CEO, who was also involved in starting Cloudflare up. It’s a digital security company that will go public in the next few weeks and could be valued at USD 3.5 billion. Under Mr. Motta’s leadership, Coalition has 11k customers and premium revenue of USD 50 million, which means recurring fees.

Some experts say that it doesn’t matter how money gets spend as long as it moves around. That’s what makes the global economy grow.  In that sense, the cryptocurrency market is already expanding the global economy because it’s an activity, which many consider wild and volatile, is creating economic activity for other industries — the insurance industry in this case.

The fact that insurers are getting involved with crypto is excellent news because it provides an industry, considered to be evanescent by the mainstream, with the physical world. And that is a step towards mainstream adoption.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News, Industry Tagged With: Crypto, Crypto Adoption

Crypto Market Might Resurge Considering the Recent Price Open Interest on Bitmex

September 6, 2019 by Michael Fasogbon

Over the past few weeks, Bitcoin has been rolling down with the entire crypto market trading below $300 billion. After falling from $13700 area in late June, the price of BTC is still managing to hold trading above psychological support of $9000 since the bears took over the market.

However, some crypto analysts have believed that the crypto market is likely to resume the next bullish phase in no time. Bitcoin, in particular, has been the majorly predicted to double its current all-time-high before the year runs out.

Bitmex open interest – 4th attempt this summer > $1bln

Fasten your seatbelt! pic.twitter.com/cE9m43PX16

— skew (@skewdotcom) September 6, 2019

As revealed by Skew earlier today, a London-base Reinventing Capital Market, Bitmex –  a Seychelles exchange-based cryptocurrency derivatives trading platform, has recorded an open interest of $1 billion after a 4th attempt this summer. The breakdown of the trading statistics shows a Min at $526 million; Max at $1.126 billion and an average of $806 million, cumulatively at a current $1.042 billion, which was mentioned above.

In actual sense, the crypto market seems to be loading up for a surge as the market witnessed another parabolic phase. This time, a resurge in volatility might cause Bitcoin to print a fresh all-time-high, and by then, the 2017 ATH may hold as critical technical support for Bitcoin.

On the other hand, the above statistics can also be an indication for a bearish move if the volume is trooping in for sell-off. With that, supply for BTC might become heavier as this may cause the holding psychological level of $9000 to break violently. Bitcoin’s price may fall back to the April 2 surge level at around $6200 – $6400 area. As such, entire crypto space may paint an ugly scenario as price lay off in the bears’ dominance. This may as well result in the death of the altcoins as they might drop seriously to creating a new low.

Considering the upcoming Bakkt Launch for Bitcoin which is much around the corner, the crypto ecosystem will take a new shape in terms of awareness and interest, bringing cryptocurrency and blockchain technology to the world at large. More so, the values of some altcoins are more likely to drive up significantly if Bitcoin shows strength for a bullish run.

In our opinion, Bitcoin is more likely to continue the fourth parabolic phase with the chance of surpassing the 2017 ATH if the $9000 can hold as a critical technical support level. But if the price goes the other way round, Bitcoin is likely to remain bearish for the rest of the year.

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Crypto, Crypto Market

Ripple Conquering Japan and India, while the US Lacks Clarity

September 6, 2019 by Ali Raza

Ripple and its native coin XRP continue to make waves around the world, with several recent news showing that the company and its crypto project are advancing, despite the XRP price stagnation.

In the recently-released Ripple Drop episode 15, the XRP community got a chance to hear a new interview with Ripple co-founder Chris Larsen, who spoke about how blockchain and crypto assets help build the Internet of Value.

Watch this extended interview with Ripple Co-Founder @chrislarsensf on why @interledger and #XRP are critical components in building the #InternetofValue. https://t.co/SKSpNWe7NI pic.twitter.com/Ca52JjoBqb

— Ripple (@Ripple) September 6, 2019

Larsen explains that blockchain provides an infrastructure for moving value around the world. Not only that, but digital assets are not feasible unless there is a blockchain in the first place.

As per one of the main heads behind Ripple, Chris Larsen, the existence of cryptocurrencies is extremely important, as it helps reduce liquidity cost. Further, he admits that fiat currencies are likely to remain the dominant ones, but they can still make use of cryptocurrencies to enable a straightforward translation of value. In other words, the two can not only coexist, but even help each other, and in the process — the global economy itself.

However, for all of this to become a reality, it does require one key component, according to Larsen. That component is regulatory clarity.

As many are aware, regulatory clarity in regards to cryptocurrencies is currently completely absent as far as the US is concerned. This harms the crypto industry, as it makes the sector confusing and inconsistent. This lack of regulation damages innovation as the funders of these technologies tend to hold back. Understandably, in such situations, innovators hold back or even leave the country to invest in crypto-friendlier environments.

Larsen believes that the most critical aspects of successful regulation is to take in consideration consumer protection, a proper environment for innovators, and the recognition of the importance of the job that other regulators are doing. The combination of these three components is what can make the US crypto-friendly and resolve the issues such as confusion and the investors and innovators leaving.

Ripple is at its strongest in India and Japan

From Larsen’s interview, it is rather clear that Ripple’s officials understand that the future of cryptocurrency in the US depends on the clarity and building a friendly environment. However, the regulatory situation in the US is not seeing any advancements as of yet, which prevents coins — including XRP — from finding their substantial use cases in the US.

Emphasis on "Regulatory Clarity"!

I think @Ripple is ready to roll and just waiting on the Regs to be officially announced. #IAMREADYRU https://t.co/m57l2DqrZn

— Mr. B XRP (@XrpMr) September 5, 2019

However, the situation is different on the other side of the world, particularly in India and Japan. Some reports claim that around 61 of Japan’s 200 banks are open to, or even preparing to use Ripple’s XRP.

At the same time, all of India’s banks seem to be interested in XRP’s potential and are interested in using xCurrent to benefit from it. So far, XRP and Ripple seem to have managed to leave a strong impression in Asia, with countless of banks from many different countries are showing interest in its cross-border payments technology.

For now, Ripple continues to work on integrating its payment solutions in Japan and India, and while it seems that they are ready to make the same move in the US — the lack of clarity mentioned by Chris Larson appears to be holding the company back.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Altcoin News Tagged With: Crypto, Crypto Regulations, Fintech, Ripple (XRP)

Can Galaxy Digital Really Become the Goldman Sachs of Crypto?

September 6, 2019 by Naveed Iqbal

The cryptocurrency market is growing fast and is calling for several inventions. It might have started not very long ago, but Galaxy Digital Holdings Ltd is slowly transforming into the Goldman Sachs of cryptocurrencies, as Bloomberg affirms.

Michael Novogratz’s vision is making positive strides in the right way. The “crypto bank” was granted by the FIRA (Financial Industry Regulatory Authority) approval for the underwriting license. The license means that the company can act as an underwriter in registering public offerings of debt, equity, and other corporate securities.

Moreover, the New York-based company is looking closely at shepherding the security token offerings-digitized IPOs.

Galaxy Digital Just Steps Away

Galaxy Digital is merely a diversified as well as multi-service commercial bank that is focused on digital assets and the blockchain technology. The company already offers private placement of the securities as placement agent as well as advice on the mergers and acquisitions.

According to Novogratz, the company is well-capitalized, and there’s patience with the rate it’s growing, and that the latest addition is perfect for them.

The firm has already invested in start-ups as well as coins, and it helps companies to secure funding for almost everything starting from the early stage to later-stage rounds. As of July 31, Galaxy managed about $390M in assets, which indicates good progress.

Being part of the Crypto Ecosystem

There are signs that the IPO demand could be on the cards given that a plethora of crypto exchanges such as Coinbase Inc. have already made money at valuations in billions. Also, several other companies have plans in place on IPOs.

Furthermore, Galaxy is working on the means to finance a Bitcoin mining data center which is to be located in the US. Besides, Mergers, as well as acquisitions advising, are also poised to take off. Speaking about the crypto ecosystem, Novogratz notes that, they’re focused to be a significant part in the ecosystem.

He added that he’s investing in as well as advising alternative platforms which would allow for the Libra-like coins (which he rates its launching chances next year at 50%).

Also, Galaxy is considering issuing tokens which could connect to or simply represent ownership of several valuable objects as well as revenue streams.

The main focus for Galaxy is to have its foot forward and have the first-mover advantage as some traditional investment banks could also join the queue later.

Interestingly, Galaxy is backed by a group of individuals with an array of experience with a number of them having worked at Goldman Sachs Group in the past. For instance, Ian Taylor, head of Galaxy’s advisory business, previously at Goldman Sachs, brings an 18-year experience.

The traditional banks are yet to have all it takes to understand cryptocurrencies at full. Therefore, Galaxy Digital Holdings Ltd, with all the projects lined up stands a chance of becoming the Goldman Sachs of cryptocurrency. For now, all the signs are positive for Novogratz’s firm, but only time will tell whether his vision will stand.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News, Opinion Tagged With: Crypto, Cryptocurrencies

China’s Crypto Akin to Facebook’s Libra, Says Senior Central Bank Officer

September 6, 2019 by Tabassum Naiz

Although Facebook is yet to launch its cryptocurrency, it appears that a competitive player is already emerging in the crypto market. One such example is China’s proposed new digital currency.

China’s new cryptocurrency v/s Facebook’s Libra

As per the latest Reuters report, China’s upcoming cryptocurrency will bear few similarities of Facebook’s yet to launch Libra coin. It also states that China’s cryptocurrency will be used across the country’s payment platforms, including WeChat and Alipay.

Recently, the senior official, Mu Changchun of the People’s Bank of China’s payment department said in a lecture which was published online;

“It (China’s new cryptocurrency) is to protect our monetary sovereignty and legal currency status. We need to plan ahead for a rainy day.”

While China’s new crypto is much like Libra in design, he further elaborates that the token would be akin to Central bank-issued paper notes.

Just like notes that can be used without an internet connection, Mu Changchun said ‘upcoming China’s cryptocurrency would also be used without an internet connection.’ Further, on a point, Reuters added Mu Changchun’s statement;

They could also be used on Tencent’s (0700.HK) WeChat and Alibaba-backed (BABA.N) Alipay.

China has been planning its ‘very own’ cryptocurrency since 2014

China has been on the top bulletins of crypto publications for some time now. However, as per the country’s newspaper, Shanghai Securities News, China’s central bank has been exploring the country’s very own cryptocurrency since 2014.

They set up a research team roughly five years ago to scrutinize the possible ways to eliminate the costs of circulating traditional paper money.

While cryptocurrency doesn’t require a central authority to monitor, China is more likely stepping up to decipher how well policymakers can control digital currency market via its new currency, as the state-run newspaper reads the long-time research on new currency intends to “boost policymaker’s control of money supply.”

Moreover, reports suggest the new currency will likely bed released by November 11 as Mu pointed out last month that China’s digital currency was ‘almost ready.’ In further explanation, Mu asserts that the currency wouldn’t be a direct copy-paste of Libra, but yes, it will have some similarities in terms of design.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News, Industry Tagged With: China, Crypto, Facebook, Libra

Firefox Browser Now Blocks Crypto-Mining, Tracking, and Cookies by Default

September 4, 2019 by Naveed Iqbal

Mozilla Firefox has updated its browser to the latest version 69. The eye-catching change with the newest version of Firefox is its new security enhancement that blocks cookies, crypto-mining and third-party tracking is spontaneously turned on by default for all its users globally. The latest update of Firefox 69 will apply to all its users who connect to the internet using the browser on Linux, Windows, Android, and Mac.

According to the Firefox update 69 standard-setting, the protection of users from crypto mining and third-party tracking cookies has been given high priority that saves them the hustle of navigating around the settings option to enable or disable the attentive privacy feature. Users will now be free from turning on the enhanced tracking protection option on their Firefox browser.

What this means is Firefox will keep organizations away from keeping tabs on user online activities. This is particularly important as organizations can use user information to sell it to advertising companies who might take advantage of the unsuspecting users by shaping what they see online.

Due to the growth of such incidence, Firefox version 69 flips the switch to turn on its enhanced security protection features that seek to protect all its users, instead of a few who know how to enable this significant browser feature.

In June 2019, Mozilla released an update that allowed users to turn on and off the Enhanced Tracking Protection feature on Firefox. In October 2018, the browser company optimized its browser, making it possible for its users to opt-in to the security feature if they wanted to utilize it.

According to the company’s official communication that was published on Tuesday:

“At present, over 20 percent of Firefox users have turned on the Enhanced Tracking Protection security feature. With today’s update release, Mozilla expects to provide enhanced protection to all its users by default.”

Released on 3rd September 2019, the default Enhanced Tracking Protection feature present on Firefox 69 works behind the scenes to protect its users. The feature protects its users by keeping companies and websites from creating individual profiles based on their browsing behaviors across web pages. More often than not, these companies usually collect user browsing information without their knowledge and consent.

According to Mozilla,

“Those user profiles that are created from and contain user browsing behaviors are usually sold to advertising companies for purposes that not known to us or part of our intentions. We want to bring an end to this malpractice.”

According to the recently launched Firefox 69, users will be able to know about entities which have attempted to track their browsing interactions. Firefox will keep a list of blocked crypto-miners, websites, and cookies for safeguarding its users’ browsing experience.

Firefox 69 Blocks Web-Based Crypto Miners

In the past few years, web-based crypto miners have increasingly been tainted by not only hackers but also mobile applications and websites that seek to capitalize by taking advantage of user CPU power to mine virtual assets secretly. This activity is usually done without user knowledge or approval.

In the wake of virtual currency mining scripts, both Google and Apple banned apps from being hosted in their application store that is involved in the mining of virtual assets on user devices in the background.

At present, Mozilla has also joined the fight against this menace by blocking web-based crypto miners by default preventing them from draining user CPU usage and their battery power.

Firefox 69 Blocks Third-Party Tracking Cookies by Default

Usually, when a user loads a specific website, the browser creates cookies into the system helping the site to remember user information about their visit. The user information we are talking about includes login information, shopping cart items, the preferred language, among many other settings.

On the other hand, a third-party cookie is set by a site other than the one the user is currently using allowing advertisers to take advantage.

Firefox 69 Disables Adobe Flash by Default

Adobe Flash Player will also be disabled by default in the web browser asking for user permission before playing videos on websites.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News Tagged With: Crypto, Crypto Mining

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