Belfrics announced on Tuesday that it has resume trading operations in India. It claims to be“India’s fastest growing cryptocurrency exchange and blockchain development platforms.” According to the exchange, it has added four new coins to its platform: bitcoin cash (BCH), ether (ETH), ripple (XRP), and litecoin (LTC). Before then, only BTC was available. The company plans to launch 20 new cryptocurrencies in the next 6 months.
The COO of Belfrics Group, Jabeer KM, said: “India is a key market for us when it comes to crypto trading. With the launch of these new coins, we are targeting a base of at least 2,500,000 new traders on our platform by December 2018.”
“A dedicated app for live order-book trading of various altcoins,” was also launched by the exchange. Santhosh Palavesh, the group’s Chief Innovation Officer, explained that “traders can now securely link their assets with our Belfrics wallet…The new app will be available for both Android and iOS users.”
Belfrics Group was founded in 2014 and its headquarters is in Kuala Lumpur, Malaysia. It operates crypto exchanges in Malaysia, Singapore, Bahrain, Kenya, Nigeria, Tanzania, and India. The company’s development center is in the Indian city of Bengaluru. Traders will be able to enjoy crypto-to-crypto trading on its platform from this month.
Inc42 described that Belfrics had to suspend its crypto exchange operations in India in early January after the banks stopped providing payments solutions to the company. Praveenkumar Vijayakumar, Belfrics Group’s founder and CEO, told the news outlet at the time that “Many payment service providers (PSP) [in India] have stopped giving services to [crypto] exchanges.”
The Reserve Bank of India (RBI) issued circular banning banks and financial institutions under its control from providing services to crypto companies. This was last April. The CEO told Indian news service that, “Before taking this decision, industry participants were not consulted, public debates were not initiated and public opinion polls were not undertaken. Even the findings of the committee were not published.” The central bank has admitted that the ban was issued without proper research.
Jabber KM elaborated on RBI’s ban in Tuesday’s announcement: “We understand that the RBI has reservations on trading in cryptocurrencies and digital currencies. But we are confident that they will be coming up with their own set of regulations for this industry. From our end, we are making sure that Belfrics Group is ready with multiple options for our Indian customers when crypto trading becomes regularized.”
Crypto industry participants have petitioned with the Supreme court to challenge the ban since it was issued.
The supreme court has agreed to hear the cases on July 3, earlier than the previously scheduled date: July 20. The ban is supposed to be effective as from July 5.
The United States Gets Its Crypto Back from Two Russian Hackers
The United States appears to be angry with crypto hackers as of late, and the country is making it clear that it’s not going to put up with bad actors anymore. The U.S. is presently accusing two Russian hackers of making off with roughly $17 million in assorted crypto units. The accusations come from the Justice, State and Treasury Departments.
The United States Will Not Put Up with Crypto Theft
The Treasury has identified two individuals allegedly involved in the scheme. They are Danil Potekhin, 25 years of age and living within the region of Voronezh; and Dmitirii Karasavidi of Moscow, who is presently 35 years of age. The two are accused of conducting cyberattacks a year apart from each other in 2017 and 2018 that ultimately deprived two U.S. crypto exchanges of more than $16 million.
The attacks on the exchanges sound rather complicated in that the pair created websites similar with those of the trading platforms they were targeting. These websites mimicked those of the original sources, and thus people who initially signed up or logged in on the copy sites gave the attackers their information, thereby giving the pair access to dozens of accounts and allowing them to make off with the funds.
Treasury Secretary Steven Mnuchin explained in a statement:
The individuals who administered this scheme defrauded American citizens, businesses and others by deceiving them and stealing virtual currency from their accounts… Ultimately, the stolen virtual currency was traced to Karasavidi’s account, and millions of dollars in virtual currency and U.S. dollars were seized in a forfeiture action by the United States Secret Service.
While it’s believed that the two initially tried to hide the stolen money by keeping it stored in several accounts on several different blockchains, the story is unique in that the U.S. officials in charge of the case appear to have gotten the money back. This is huge in that typically money stolen from a crypto platform or exchange is often lost for good. This is just more proof that the United States is not messing around.
This marks the second time in a while that the United States has managed to take effective action against nations that look to steal from American reserves. Recently, the country announced that it had garnered several million in crypto funds back from North Korea after the nuclear state stole a hefty digital sum as a means of building up its arsenal.
Trying to Prevent Future Crime
Right now, the two Russian men are facing a maximum 59 years in prison if they are convicted. At the time of writing, they are facing charges of conspiracy to commit computer fraud, among others. Secretary of State Mike Pompeo commented:
The United States will continue to promote accountability among malign actors seeking to undermine our economic security. Today’s coordinated action demonstrates our commitment to deterring cybercrimes.
TikTok Avoids US Shutdown as Oracle, Walmart Swoop In
TikTok will live to see another day in the United States. President Trump has approved a deal between TikTok owner ByteDance, Oracle and Walmart, which averts the ban that was to take effect on Sept. 20. The ban, which would have prevented all downloads of the app in U.S. app stores, has now been postponed […]
The post TikTok Avoids US Shutdown as Oracle, Walmart Swoop In appeared first on BeInCrypto.
TikTok will live to see another day in the United States.
President Trump has approved a deal between TikTok owner ByteDance, Oracle and Walmart, which averts the ban that was to take effect on Sept. 20. The ban, which would have prevented all downloads of the app in U.S. app stores, has now been postponed by one week.
In a statement, the Commerce Department indicated that the restrictions are now slated to come into effect at 11.59 p.m. on Sept. 27. According to a CNN report, the deal maintains ByteDance as TikTok’s majority shareholder, with Oracle and Walmart cumulatively controlling 20 percent of the company.
Ownership and Data Access Issues
According to a Bloomberg report, ByteDance is seeking a $60 billion TikTok Global valuation, with the app’s U.S. operations alone valued at over $50 billion. This would mean that Walmart would pay $4.5 billion for its proposed 7.5 percent stake and Oracle would pay $7.5 billion for its prospective 12.5 percent stake.
The report further reveals that the deal’s final valuation and payment structures have not been agreed on yet because negotiations regarding equity structure and data security are still ongoing. Both Beijing and Washington are yet to fully agree on what parties get access to what part of TikTok’s valuable proprietary technology, such as recommendation algorithms.
According to Bloomberg, Chinese authorities are said to be in favor of the current deal because ByteDance maintains an overwhelming majority stake. This apparently was what gave Oracle the advantage over Microsoft, which offered to buy out TikTok Global in its entirety.
The deal would see Walmart CEO Doug McMillon take a seat on the five-member board of TikTok Global, which controls the app’s activities in the U.S. and around the world, excluding China. According to Bloomberg, VC firms Sequoia Capital and General Atlantic could also build equity positions in the company as part of the deal.
In a statement from TikTok quoted by CNN, the company said:
“We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.”
TikTok To Migrate From AWS to Oracle Cloud
The deal will also see TikTok move from Amazon Web Services (AWS), its current hosting provider, to Oracle Cloud. In a statement quoted by CNN, Oracle CEO Safra Catz said:
“As a part of this agreement, TikTok will run on the Oracle Cloud and Oracle will become a minority investor in TikTok Global. Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud. We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world. This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.”
According to CNN sources, Oracle will get full access to TikTok’s source code and app updates in order to ensure that there are no back doors for the Chinese state to harvest data or spy on the app’s 100 million+ American users.
Is Bitcoin really on Ethereum ? Will either proponents softfork BTC to ETH?
Bitcoin and Ethereum have long been the two most-popular cryptocurrencies in the market. While Bitcoin has remained top of the charts, for most of the time, Ethereum has been the cryptocurrency following it. This, despite the fact that a number of altcoins have taken a jab at ETH’s position over the years. Spoiler – None have survived for long.
Due to ETH’s persistence, the community is also massive. Hence, it is obvious that communities would compare each others’ coins, network effects, etc. It is no surprise then that the debate/fight between BTC and ETH is also a longstanding one.
In today’s debate, the topic of contention is simple, mundane, yet unclear – whether Bitcoin is on Ethereum or not. Although the debate in question had seemingly diverted away from the topic at press time, the same was reignited by Peter McCormack’s latest tweet.
There is no Bitcoin on Ethereum.
— Peter McCormack (@PeterMcCormack) September 19, 2020
Now, McCormack has long claimed to have a mind open enough to understand and learn about other altcoins, despite being a Bitcoin proponent himself. While many have attacked him for his tweet, it does make sense because, obviously, Bitcoin is not on Ethereum. Neither of them exists on each other’s, but on their own, separate blockchains.
Before we get into the debate, it should be known that Bitcoin, as an ERC token, ergo on the ETH blockchain, has been on the rise lately. For argument’s sake, the total number of Bitcoin on Ethereum, as of press time, was worth $1 billion aka 106k BTC.
Although the total BTC locked on ETH has exceeded 100k, there are different tokens like WBTC, rBTC, hBTC, tBTC, etc. and each token varies in build and construction. The common argument that can be made here is that none of the Bitcoins are really on ETH because, in fact, they are just IoUs.
Bitcoin developer Luke DashJr, however, was one of the many to disagree, after he tweeted,
“I don’t agree. Bitcoins can be on Ethereum in the same way they’re on exchanges, Liquid. etc”
Ethereum folks were quick to pitch in to, with many happy about Bitcoin finally finding its way to the Ethereum blockchain.
Fuck microstrategy, Ethereum is the world’s largest purchaser of BTC https://t.co/SYyRTpIhsl
— DavidHoffman.eth 🏴 (@TrustlessState) September 15, 2020
Interestingly, while a majority of the Bitcoin and Ethereum communities were arguing about what is right and what is the right terminology, Vitalik Buterin, Founder of Ethereum, came forward to discuss a far-fetched idea. An idea where miners could, in the near future, soft fork Bitcoin and “reject withdrawals from Bitcoin-side addresses that do not have valid corresponding initiation orders on the Ethereum side.”
Needless to say, this was the latest cannon fire in the ongoing battle between Bitcoin and Ethereum.
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