Crypto

Crypto market is prone to numerous frauds and scams as it is highly unregulated. So, in a way to tackle and avoid these frauds, CoinBene has taken a big step by partnering with a modular multi blockchain ecosystem Komodo.

CoinBene is among most trusted cryptocurrency exchange platforms that have more than 170 listed digital assets for trading. Moreover, it has over $330 million in daily trading volume.

Komodo is a modular and multi blockchain ecosystem which is independently scalable and highly secure. It is a flexible, interoperable blockchain ecosystem that encourages developers for an end to end blockchain solutions.

This planned technical partnership between these two firms will look for solutions for encouraging CoinBene’s 2019 security initiative. In 2018, crypto communities had a bad experience due to various attacks on digital asset exchange platforms. Numerous victims to this attack lost millions of dollars.

Bittrex had a hack attack that led to a loss of $18 million. Victims asked for the compensation against their losses. But they could not get any compensation. Verge also had a similar attack and lost almost $3 billion.

Not only this, hacker trend kept continuing till 2019 when Cryptopia was attacked and lost a lot of crypto funds. Ethereum Classic was also attacked and lost around $1 million.

Happening of such incidents worries and threatens several investors, developers and the integrity of the crypto industry.

Komodo’s security system can be the impactful solution to these hack attacks. This system works on delayed proof of work (dPoW) technology for enhancing the security in the blockchain industry.

Now, Komodo has become the verified third-party security solution of CoinBene. Also, it is going to be listed in CoinBene’s trading platform. Moreover, KMD will be engaged in trading with three pairs like ETH, BTC, and USDT.

Komodo’s security system is quite popular for offering high-level blockchain security. Various projects such as GAME Credits, HUSH and GinCoin are using Komodo’s powerful security system.

CoinBene has partnered with Komodo to get its powerful security. It will help in offering excellent user experience and high-level security. Experts from CoinBene have checked and reviewed all the technical aspects of the Komodo’s security. Now, CoinBene is ready to utilize this security in their platform.

According to The People’s Daily, Food and Drug Administration of Chinese Chongqing Yuzhong district is interested in Blockchain technology and planning to adopt this powerful technology for running its operations. Moreover, The People’s Daily is a popular newspaper of the Chinese Communist Party.

This adoption of blockchain technology is aimed at making the supervision of food and drug quality assurance more strong. Moreover, blockchain technology will result in better traceability of the product cycle as well as anti-counterfeiting measures.

Chief Executive Officer of Prime Number Chain Technology Chengdu Co. Ltd. states that this adoption of blockchain in FDA will help in improving regulatory measures of the Chinese government. Moreover, it will also help in boosting the efficiency of the supervision.

Prime Number Chain Technology Chengdu Co. Ltd. is one of the most trusted companies in China that are working on blockchain technology. This blockchain traceability system will be quite beneficial for enterprises as it will provide centralized management of information regarding traceability. Moreover, it allows for various queries regarding products.

Earlier, Cyberspace Administration of China has initiated new rules and regulations for all the blockchain based industries running in the country. Not only Food and Drug sector, but Banking Industry is also adopting this disruptive technology to increase the growth and performance.

Recently, earlier in the January month of 2019, it was heard that China Banking Association is going to start a platform that will help in enhancing efficiency. Furthermore, this platform will be based on powerful blockchain technology. China Banking Association is a famous bank organization in China. It is a self-regulatory entity serving the Chinese public with its world-class and trusted banking services.

And this adoption of blockchain technology is aimed at utilizing the powerful potential of blockchain technology to pay attention to trade finance, transactions, and similar financial services.

With the increase in time, more and more organizations realize the potential of innovative blockchain technology. Hence, blockchain technology’s usage in the world is increasing at a good speed.

Decentralization is one of the most popular benefits of blockchain technology. This technology decentralizes a system. In other words, it can eliminate the centralized control to a service. In this way, service becomes free of centralization. Furthermore, it can be said that no one is the owner of a decentralized system.

While we are enthusiastically embracing the digital form of currency, issues of its security persists. The recent event where the cryptocurrency hacker has pleaded guilty is a strong proof of the scenario, drawing our attention to review the safety measures as well as form stronger actions against all such criminals.

The case in question has a hacker named Joel Ortiz, merely 20 years old, stealing a huge cryptocurrency amount of 5 million dollars from 40 people through the latest popular technique called SIM Swapping. As per the reports published in Motherboard on February 1, Ortiz has not only confessed about his crime but has also accepted the plea agreement requiring him to spend ten years in the prison.

Although Ortiz has given his consent on the plea agreement last week itself, the official sentencing will be done only on March 14, 2019. This development is confirmed by Erin West who holds the post of Deputy District Attorney in California’s Santa Clara County. Apparently, Ortiz is the first-ever individual to have received such a conviction for a crime like SIM swapping as stated by the authorities.

One of the investigating agents in the Ortiz case named Samy Tarazi exclaimed that their team strongly thought justice, in this case, had been well served. He also added saying how they hoped that Ortiz’s conviction would act as a powerful message to the entire such community leaving them with zero roads of getting away from these types of crimes.

SIM swapping has been gaining momentum since quite some time now. The hackers are extensively relying on this hack to loot digital currency like crypto or even fiat money in addition to stealing the victim’s social media handles and email accounts. Once hacked, the criminal doesn’t shy away from sharing and selling the victim’s private information and data in the black market. Reportedly, the hackers instantaneously make thousands of dollars in bitcoins by selling the data.

The now popular SIM swapping technique has the hackers posed as the victim that they’re targeting and contact the telecom companies asking them to port their number to a fresh SIM card, citing SIM loss as their reason to do so. The smart hackers easily convince the telecom companies by providing all the proofs of identity, address or even social security number of the victim.

Upon verification when the telecom companies complete the number transfer process, hackers initiate the procedure of invading the victim’s accounts. For account accessibility, the proficient hackers utilize the phone recovery method, bypassing the traditional step-by-step account verification procedures.

If we go by one such hacker’s statement, it is easier to access every account of any individual in minutes simply through their phone number. And the catch is the concerned person can do nothing about it at all.

The previous year had seen officials taking stringent actions against the crypto criminals across the world, putting them behind bars for their crimes. The similar outlook will be continued this year as well.

In a shocking announcement, the Canadian-based QuardigaCX has stated that they are unable to find their cold storage wallets. A notice was published in regards to this on its website. They further state that they have applied for protection under the Companies’ Creditors Arrangement Act (CCAA), a Canadian law which deals with bankruptcies in Canada.

The notice states, “For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing.”

The exchange wins out by not qualifying as a bank or a trust, both of which are exempt from the CCAA protection laws.

According to PwC Canada, “the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company.”

The announcement also confirmed that on 5 February, the court would be asked to appoint ‘Big Four’ auditing firm Ernst & Young as an independent third party. This third party shall monitor the proceedings.

On January 14, the exchange had publicized the death of Gerald Cotton, their founder, and CEO.

QuadrigaCX announced – Please see our statement regarding the sudden passing of our @QuadrigaCoinEx founder and CEO, Gerry Cotten. A visionary leader who transformed the lives of those around him, he will be great.

QuadrigaCX had started reporting problems since October the previous year when a bank froze its funds. A court document at the time read that the trading platform urged the court not to yield to an unverified and invidious conjecture that the transactions are questionable. Margaret Waddell, Quadriga’s lawyer, claimed that the judge had reserved his decision in the hearing on the case. And the Canadian Imperial Bank of Commerce (CIBC) had refused to make any comments on the case.

The QuadrigaCX exchange was the largest in Canada by volume until its sudden demise this month. Now the company’s public notices leave many details out. They are not the first Canadian exchange to suddenly face problems. MapleChange is another such example.

The death of the company’s founder is speculated to play a major role in its decline. However, some users have asked for proof of Cotten’s passing. One of the users even posited a theory that the exchange could not access the assets in cold storage, as the keys were only known to Gerald Cotten.

All users of the platform are claiming to be unable to access or withdraw their funds since months. Some predicted that the platform had gone insolvent earlier when the exchange appeared to be down for maintenance. One commenter on Reddit posted, “They will declare insolvency due to an inability to find a suitable bank to host an account and facilitate transfers.”

As per a leading official newspaper, the Food and Drug Administration of the Chinese Chongqing Yuzhong District is looking forward to making use of blockchain technology for its day to day operations.

Primarily, the idea is to apply the blockchain technology for a robust supervising process which would in a way strengthen food and drug quality assurance with better control on the product life cycle and steps for anti-counterfeiting measures.

Deng Ke, who is the CEO of Prime Number Chain Technology Chengdu Co confirmed that the company is in the process of developing blockchain which will be used by the government. This would not only help improve the government’s various regulatory steps and measures but will also improve the efficiency of the supervision to a great extent. The blockchain traceability system will provide a centralized management system for managing traceability information. This would make it easy for enterprises seeking permit queries and information about products.

In one of the latest developments, China’s Cyberspace Administration has designed new regulations for blockchain firms that are operating in the country.

Recently, it was in the news that China’s self-regulatory financial institutions and the China Banking Association is looking forward to launching a blockchain-based platform for greater efficiency across sectors. It is called “China Trade Finance Inter-bank Trading Blockchain Platform” which aims at using blockchain to make transactions, trade finance and other financial services very efficient.