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December 2005

Binance Coin (BNB) Tumbles Amidst Growing Competition

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Binance Coin

Binance Coin

Binance Coin (BNB) is one of the notable losers in the crypto space over the past three months.

The tremendous growth experienced by the cryptocurrency space over the past five years has seen the development of several new tokens related to a wide range of projects. The sheer interest and buzz about the sector led to the development of plenty of new tokens. While many failed, a large percentage of them succeeded and survived.

One of the more interesting projects was the one started by Binance, the giant crypto exchange. It launched its own cryptocurrency known as Binance Coin, and during the crypto rally during the first half of 2019, the token recorded impressive gains.

BNB tumbles 50% in Three Months

Back in June, when the rally was at its height, Binance Coin hit record highs of about $39, up from $6 at the start of the year. However, since then, it has come down significantly and is currently trading at around $20 per token.

The crypto space lost a lot of its momentum since July, and along with Bitcoin, Binance Coin was one of the many altcoins that lost a considerable amount of value. One of the biggest reasons behind the meltdown in the crypto space was the announcement of Facebook’s Libra back in July, and since then, most cryptocurrencies have failed to regain the momentum that took them to record yearly highs.

>> Mastercard Teams Up with Blockchain Firm R3 for Cross Border Platform

The scrutiny from regulators regarding Libra created a lot of uncertainty among crypto traders and investors, which is why many decided to cash in their profits. That being said, Binance is still the biggest crypto exchange in the world by trading volume, and the company continues to make improvements that could see it becoming the world’s preeminent exchange.

Hence, the promise of the project is still there, but the price of the token is a case of wider market sentiments. Recently, Binance announced that it is also going to have an Initial Exchange Offering platform, and it goes without saying that this is another progressive move. It remains to be seen how the price of Binance Coin reacts in the coming months to this news.

Featured image: DepositPhotos © NadaK2

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Wuabit Service Means Users Can Send Crypto through WhatsApp

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Wuabit

According to Medium, Bitcoin and other cryptocurrencies will be able to be sent through the WhatsApp messaging service. A new crypto wallet service developed by Wuabit will mean the sending of crypto via WhatsApp.

Wuabit

The Wuabit service will give users access to their tokens through WhatsApp. In essence, the wallet will appear linked to WhatsApp and is capable of all the regular wallet functions. This includes sending, receiving, and trading crypto assets.

According to Wuabit, it is a “cryptocurrency wallet accessible via a chat interface.”

The Wuabit team is planning on bringing the service to other messaging platforms Facebook Messenger, Telegram, and Viber. According to Medium, the service will be smart, implementing AI to enable users to type statements telling it to send crypto. This means it is accessible to those who aren’t tech-savvy and want a convenient and simple way to deal in crypto. The overall aim of the service is to help the mass adoption of cryptocurrencies.

At present, the service supports Bitcoin (BTC). But Wuabit has said it may integrate Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum (ETH) in the coming months. A public beta will launch next month.

>> LVMH Blockchain: Louis Vuitton on the Blockchain?

Social Media and Crypto

This is not the first time a social media company or messaging service has thought to integrate with cryptocurrency. Facebook is the biggest social media giant said to be entering the space. Though unclarified, reports suggest it is creating its own cryptocurrency.

According to a New York Times report posted last month, Facebook is working on its own digital currency to be integrated into its messaging services. However, Bloomberg has suggested that the tech giant is developing a stablecoin. What are your thoughts? Would you use the Wuabit service to send crypto through WhatsApp?

Featured Image: DepositImages © Mactrunk

SIRIN Labs Loses One Quarter of Its Staff to Poor Finney Sales

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SIRIN Labs

SIRIN Labs

According to media site Globes, the team behind blockchain smartphone Finney has laid off a quarter of its workforce. Sirin Labs has let go of 15 team members after overestimating sales of its innovative device.

The company said it had received 160,000 Finney pre-orders in late 2018, so what’s happened?

Sirin Labs Loses Workforce

The company has said in late 2018 that it only needed to sell 80,000 devices in order to make a profit. Now it seems, not only have those pre-orders not translated to actual sales, it hasn’t managed to hit the median target either.

According to the report, the company admitted that it overshot sales estimations and had to subsequently lay off 15 of its 60 employees. The company denied that it failed to pay its staff in recent months and said that it is focusing on software development and distribution.

Controversy

Apart from the poor sales of Finney, Sirin Labs has been in the midst of controversy recently. In a completely separate issue, a $50 million lawsuit has been filed in California against company founder Moshe Hogeg.

Hogeg’s venture capital fund, called Singulariteam, is being sued by entrepreneur Adam Perzow. The complainant states that he sold the domain invest.com to Hogeg for $5 million in late 2014. An agreement was made for a joint venture between the pair using that domain. Perzow alleges that he was to be made a partner and manager of this venture. However, Hogeg violated the agreement made.

Perzow has gone on to claim that the Singulariteam fund has defrauded many investors of hundreds of millions of dollars.

Further, this isn’t the only lawsuit against Hogeg. According to reports, he is facing two other lawsuits filed against him in Tel Aviv by investors in firms that he manages. While the issue is ongoing and unresolved at present, there’s no way of telling where this will go for Hogeg.

>> Rakuten Launches Cryptocurrency Exchange for Customers

Sirin Labs

Sirin evolved from a $158 million ICO. Its intention was to make cryptocurrency-friendly phones; however, some are now wondering if its attention will move away from that and focus on the Sirin operating system (SIRIN OS) instead.

Sirin Labs launched the Finney blockchain smartphone at the end of 2018. Its price tag is a hefty $999 per device.

Featured Image: DepositPhotos © nils.ackermann.gmail.com

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Crypto Theft Could Hit $1.2 Billion in 2019, Says Cipher Trace

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Crypto theft

Crypto theft

Crypto theft has greatly reduced this year compared to last year as regulators continue to enhance their scrutiny and the enforcement of anti-money laundering controls.

Crypto Theft Could Hit $1 billion Mark

Despite being $500 million less than last year, crypto theft could still go well beyond a billion dollars by the end of this year.

A quarterly report released on May 1 by Cipher Trace indicates that investigatory specialists had found that over $356 million worth of crypto had been stolen in Q1 2019. The amount stolen includes the CoineBene and Cytopia exchange hacks and also the $195 million that was lost in December last year when Quadriga CX exchange founder Gerald Cotton died.

Projections of Cipher Trace indicate that crypto theft could hit $1.2 billion by the end of the year after a New York attorney general indicated that Bitfinex had misplaced around $850 million in crypto. The crypto market currently has a market capitalization of around $176 billion and the bulk of this is held by Bitcoin with a market cap of $94 billion, while Ethereum has a market cap of $17 billion. If the market loses $1.2 billion this year, this will be a 0.7% loss in the total value of the market.

>> Bitfinex Tether Issue Continues: CoinFlip and TRON Postpone Plans

Intensifying Anti-Money Laundering Rules

Although crypto theft could hit $1.2 billion this year, this is significantly lower than the $1.7 billion that was reported in 2018 and a 400% increase relative to 2017. Stolen crypto assets and funds are mostly taken offshore where regulators cannot reach them.

Cipher Trace has indicated that in the last two years there has been a 46% increase in cross border crypto payments going from US exchanges to offshore platforms. The firm has also indicated that the number of regulators is currently growing across the globe and they have intensified KYC and AML rules. Cipher Trace indicates that such crypto regulations could lead to bans of privacy coins.

Featured image: DepositPhotos © BrianAJackson

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