Source for BlockChain News

Monthly archive

May 2005

Crypto Criminals Take in $4.3 Billion in 2019, CipherTrace Reports

by
cryptocurrency

cryptocurrency

Cryptocurrency criminals have taken in an estimated $4.3 billion USD in 2019, according to CipherTrace.

CipherTrace, a cryptosecurity company based in Silicon Valley, has released its Q2 2019 Cryptocurrency Anti-Money Laundering (AML) Report, which is a detailed overview of major cryptocurrency thefts, scams, and fraud around the world. The firm’s Q1 report estimated that cybercriminals illicitly obtained more than $1.2 billion USD in cryptocurrency during the first three months of the year alone. To put the severity of these figure in context, last year’s total figure for crypto theft was $1.1 billion USD.

“These thefts only represent the losses that are visible. CipherTrace estimates the true number of crypto asset losses was much higher,” the company’s report notes. Included in the total figure is $850 million USD that iFinex—the company that operates the Bitfinex exchange and the stablecoin Tether—allegedly defrauded from its customers by handing over the funds to a Panama-based “bank” called Crypto Capital.

Exit Scams

One of the most worrying threats to investors in cryptocurrency is the prevalence of “exit scams,” whereby scammers launch a new cryptocurrency based on a promising concept, then they raise the money from investors through an Initial Coin Offering (ICO) before mysteriously disappearing with investors’ funds. One of the most well-known involves QuadrigaCX, the cryptocurrency exchange in Canada that saw its founderthe only person with access to customer fundsmysteriously pass away in India, leaving investors unable to access their invested funds.

Pyramid Schemes

The world of cryptocurrency is also rife with pyramid schemes, with CipherTrace reporting that the biggest single loss of 2019 was the PlusToken scheme, which claimed to have developed a high-tech trading bot that yields 10% interest per month for investors. According to CipherTrace’s report, the PlusToken platform reportedly recruited over 100,000 users and raised over $189 million through membership fees between May 2018 and March 2019. The amount of money held by PlusToken is rumored to be over $2.9 billion.

>> Coinbase UK Drops Support for Zcash: Why? We Don’t Know!

How are the Authorities Responding?

Due to the intangible nature of cryptocurrency, cyber frauds are incredibly difficult for authorities to crack down on. However, in one significant example, the Financial Action Task Force (FATF) announced a new “travel rule”—which the G20 gave its full support for in June—that requires transactions between exchanges to include personal information about the sender and receiver of funds, much like international bank transfers.

Cryptocurrency regulation has now become a priority, particularly given Facebook’s announcement that it will launch its own currency Libra, and with political figures becoming increasingly concerned with blockchain’s potential for global financial disruption.

Featured image: DepositPhotos © sinenkiy

If You Liked This Article Click To Share

LiteLink Technologies Commences 1SHIFT Commercial Trials for Rail Freight Transports with Easterday Farms Across the USA

by

VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in digital freight and logistics platforms as well as payment solutions, is pleased to announce that it has commenced trials with Easterday Farms Produce Company (“Easterday Farms”) of LiteLink’s 1SHIFT Logistics platform for rail freight transports.

Easterday Farms is a fourth-generation, privately held farming, packing and distribution company that serves customers across the United States. The company has 25,000 acres of potatoes, onions, corn and wheat in Washington State’s Columbia River Basin, as well as a repacking and distribution facility in northern Florida.

As per the agreement, LiteLink will provide Easterday Farms with its 1SHIFT Logistics platform for its dedicated carriers and rail cars for a 45-day trial period to track and trace moisture and temperature in real time for long-distance produce transports via dedicated carriers and rail cars with their next generation solar powered sensors.

“1SHIFT is fast and efficient logistics made easy,” said Jesse Harris, the Transportation Manager at Easterday Farms. “The platform’s real-time pricing and innovative programs enables us at Easterday to respond proactively to the changing market needs.”

“We are very excited to enter the rail freight transportation industry through a commercial trial agreement with Easterday Farms, a highly-regarded farming company with a huge presence in the US product industry,” said LiteLink CEO Ashik Karim. “We look forward to providing Easterday with real-time shipment visibility to ensure the safe transport of its produce to its clients across the US.”

“Jesse’s forward thinking and strive to bring unprecedented industry solutions to Easterday caught our attention at the PMA,” added 1SHIFT Head of Customer Success Shanila Karim. “It was refreshing to speak to someone in the food industry whose vision and understanding of how tech can benefit produce made us want to work with him. We are excited to conduct these trials with him.”

The goal of the 1SHIFT Logistics platform is to provide any farm or producer with the ability to deliver their product as safely and quickly as possible by monitoring temperature and moisture levels in real time. 1SHIFT will help Easterday Farms ensure the best path was taken to maximize the freshness and quality of its produce.

About Easterday Farms

Founded in 1958, Easterday Farms is a fourth-generation, family-owned farming, packing and distribution company that serves customers across the United States. The company has 25,000 acres of potatoes, onions, corn and wheat in Washington State’s Columbia River Basin, as well as a repacking and distribution facility in northern Florida.

About 1SHIFT Logistics

1SHIFT is an end-to-end logistics management solution that enables real-time transparency & tracking as well as peer-feedback and regulation. Users can make tactical and strategic decisions based on accurate, real-time data to stay ahead of the competition. 1SHIFT improves resource allocation and efficiency through planning tools and historical analytics, directly improving profitability. The 1SHIFT model was designed to support the mom & pop shops as well as the largest logistics companies in the world with ease.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain certain forward-looking statements and information (together, “forward-looking statements”) within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “will”, “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to the nature of the business of LiteLink and other factors or information. Such statements represent LiteLink’s current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties.  Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.  LiteLink does not intend and does not assume any obligation to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Please visit the company’s website at litelinktech.com. For a free report on LiteLink Technologies Inc. (CSE:LLT)(OTC:LLNKF)(FRA:C0B) visit microsmallcap.com.

Please See Disclaimer

Binance Drops Out of CryptoCompare’s Top 10 Exchanges

by
Binance

Binance

Binance has sunk to 12th in the top ten cryptocurrency exchanges, according to the latest list published by London-based crypto data provider CryptoCompare.

In what is the second edition of the list of top ten exchanges from CryptoCompare, with the first being published in June of this year, Binance has fallen from 8th to 12th, despite being the second-largest exchange in the world in terms of volume. CryptoCompare’s list takes far more aspects into account than just volume, including legal aspects, data transparency, security, the presence of negative reviews about the platform, and the effectiveness of monitoring trading activity, among others.

The top ten now includes the likes of Gemini, itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer, and Bitfinex. CryptoCompare co-founder and CEO Charles Hayter attributed Binance’s hack in May as the main factor in its falling position. “Our new benchmark includes a category that takes into account recent hacker attacks. Since Binance was recently hacked, this affected the security component.”

Gemini has taken the top spot on the list, as it places security as a top priority on its platform. “Security has been a key Gemini pillar since inception and protecting our customers’ cryptocurrency is a priority as we build the future of money,” said Jeanine Hightower-Sellitto, managing director of operations at Gemini. The new data also found that only 8% of exchanges use a custody provider to store user assets, and only 4% of exchanges offer third-party insurance in the event of a hack, with Binance offering neither.

>> Grayscale Files to Become First SEC Reporting Crypto Fund

Binance was hacked for the second time back in May, with hackers making off with approximately  7,000 Bitcoin, which was valued at around $40 million USD at the time. The breach was isolated to just one wallet, which contained 2% of the exchange’s entire Bitcoin holdings. The source of the hack remains unknown, and the funds were not relocated.

Featured Image: DepositPhotos © Grey82

If You Liked This Article Click To Share

Ripple (XRP) Popularity Remains Despite the Price Slump in 2019

by
Ripple

Ripple

Over the past years, Ripple (XRP) has grown into one of the world’s top cryptocurrencies and has firmly established itself as the third biggest crypto in the world in terms of market capitalization. That being said, XRP has been one of the worst-performing cryptos this year, despite the fact that almost the entire market has been in the middle of a major bull run for most of the year. Among the top 10 tokens in circulation at the moment, eight have been able to post highly impressive gains so far this year. However, in the case of Ripple, it has been a year to forget so far as the token has lost as much as 20% in its value year-to-date.

Among Worst Performing

It is objectively clear that XRP is currently one of the worst-performing cryptocurrencies among the large-cap ones this year and experts believe that the reason behind this has to do with Ripple, the company that holds around 75% of the tokens. According to data collected by Coin Metrics, Ripple has been selling XRP tokens at a much quicker rate than before, and that has possibly beaten down the price of the token considerably. That being said, Ripple clarified on Friday that it does not believe its actions have had an effect on the price of the token.

>> Ethereum Classic (ETC) Suddenly Rockets 30% in a Week But Why?

On the other hand, the co-founder of Ripple, who is no longer with the company anymore, Jed McCaleb is apparently dumping half a million tokens on a daily basis. Such intense selling pressure is sure to have an effect on the price of the token, and that is what seems to be happening with XRP right now.

A co-founder of Multicoin Capital, a cryptocurrency hedge fund, stated that the company has raised its rate of selling considerably over the course of the past three quarters and investors are only now realizing what Ripple has been up to.

Featured image: DepositPhotos © adriantoday

If You Liked This Article Click To Share

Go to Top