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Two new Bitcoin hacks have surfaced recently, showing the Electrum wallet still appears to be troubled by phishing efforts. Two Electrum software wallet users have recently reported the loss of large sums of Bitcoin ( BTC ). One victim described the disappearance of 1,400 BTC, totaling $14,595,000 at press time, while another claimed 36.5 BTC, worth $380,512, as stolen. The events appear connected to a long-standing phishing scam affecting Electrum users since 2018.  “Users need to be careful when dealing with their own keys, particularly when they are holding the keys to a wallet with a large amount of cryptocurrency as it makes them attractive to hackers,” Jason Lau, the chief operating officer of crypto exchange OKCoin, told Cointelegraph in response to the 1,400-BTC hack, adding: “In this incident, it appears that a phishing attack led to the user installing an update that gave the hacker access to the private keys and the funds. Phishing scams are very common across all ty...

That’s one less travel headache A blockchain-based app aimed to make travel during the pandemic easier has been launched. The app, called ICC AOKpass, allows users to verify their COVID-19 status instantly. Dorjee Sun, CEO of blockchain firm Perlin, told CIR Magazine that ICC AOKpass "uses a common global standard that can be deployed and used anywhere in the world today. It can adapt to the rules of any given country and allows users to instantly verify their COVID-19 compliance status anytime, anywhere." ICC AOKpass was tested by a couple of companies, including Singapore-based firm Energy Drilling and International SOS. The firms had selected crew members on their way to an oil drilling platform take a polymerase chain reaction (PCR) test for COVID with the medical results saved on the app. The results were then sent to the client and helped facilitate entry through the Thailand airport.  Juliana Gim, managing director of International SOS Singapore, said that the su...

Check out this week’s Bad Crypto podcast. While Bitcoin stays under its $12,000 ceiling, you can take your pick of future price predictions. The Winklevoss Brothers say that the coin will reach $500,000 and maybe even $600,000 if governments start to include it in their currency reserves. The twins didn’t put a date on that prediction but Ecoinometrics, a data analysis firm, thinks that the post-halving pattern points to a $41,000 price before the end of the year. Bitcoin will then hit six figures in mid-April , they say. Or you can take the advice of Max Keiser. The RT host sees Warren Buffett’s recent investments in Japan as a sign that the Sage of Omaha is getting out of dollars. Bitcoin, he says, will soon see all-time highs .  Buffett himself has called Bitcoin “rat poison squared” but he’s not the only person to be skeptical about digital currencies. Users on Reddit have uncovered a thread showing the response to Satoshi’s initial posts . It looks like no one liked it… ex...

Getting closer to the testnet. The Dash platform will be introducing protocol versioning and other new features in its latest update.  Dash announced its fourth update over the weekend. The platform normally releases new functionalities every six weeks , so the next update is expected between October 6 and 20.  Dash said it is adding versions of its protocol to make it easier for developers to begin transitioning to a testnet and mainnet. Previously, developers needed to wipe data on Evonet and update their platform software with each new release. The company said: “While this approach is fine for early testing, it is not appropriate for testnet and mainnet. To handle different versions of data, nodes, and clients all working in coordination, DCG developers introduced versioning that allows for the smooth rollout of breaking changes without affecting user experience.” Other new functionalities include document binary properties where developers now have the ability to...

Blockchain helps the other kind of mining. Mining firm Vale and its partners completed its first iron sale over blockchain. According to a statement on its website, Vale sold 176,000 tons of iron ore to Nanjing Iron & Steel, sending the material from Malaysia to China. Vale and its partners used the blockchain platform Contour to issue a letter of credit. Shipping documents and an electronic bill of lading—a list of all the goods shipped—were handled through essDOC’s CargoDocs solution.  The company said it ensured end-to-end security in the transaction with the real-time visibility to the stakeholder documentation available on blockchain technology. Vale noted using blockchain drastically reduced emails and paperwork the parties had to exchange.  “It is an important milestone towards the digitalisation of the sales and trade process,  bringing innovation to the traditional paper-intensive trade transactions and offering a better service to the clients as well ...

Healthcare is seeing the potential. The healthcare industry in the United States has shown great interest in blockchain technology, especially after the recent cyber attacks on medical research facilities working on COVID-19 vaccines. According to the DevPro Journal , healthcare officials believe that adopting blockchain technology can provide data security against cybercriminals and hackers because it does not contain a central failure point. Users can only access data using a very complex access key, making ransomware and similar attacks null. What reinforces the idea of ​​applying blockchain technology in health institutions is that attacks have been repeated over the past two years. In 2018, health care institutions were subjected to more than one cyber-attack, which resulted in the penetration of more than 15 million patient records in 503 violations. DevPro Journal noted the number of breaches increased by 60% in 2019. Healthcare industry players believe blockchain can provi...

The price of Bitcoin briefly dropped below $10,000, causing the entire cryptocurrency market to slump in a short period. The price of Bitcoin ( BTC ) dropped to sub-$10,000 across major exchanges again on Sep. 5, marking two consecutive days of testing the crucial level. Other major cryptocurrencies, including Ethereum’s Ether ( ETH ), fell by nearly 10%. The daily chart of Bitcoin. Source: TradingView.com Three factors likely contributed to the abrupt drop of Bitcoin include miners, a strong dollar and whales taking profits.  Did whales take profit? When the price of Bitcoin suddenly dropped by 5% to $9,975 on Binance, BitMEX liquidations were below $40 million. Typically, when a massive price movement occurs, it causes over $100 million worth of futures contracts to get wiped out. The futures data suggests that the selling pressure came from the spot market. While possible, there is a low probability that retail investors began to dump aggressively at above $10,500. ...

DeFi ingredients are defined by the creators and developers operating in the space, and subtle variations of previous recipes create new results. In the last two months, the decentralized finance industry has seen a dramatic surge of interest, as new platforms promising to disrupt the way people manage their money, transact, earn and entertain themselves have launched in rapid succession in recent months. Much of this growth has been catalyzed by the meteoric rise of DeFi lending platforms like MakerDAO and Aave, which together now compose more than 40% of the DeFi market. But a wave of new DeFi products that are targeting practically every traditional and digital industry is now making the rounds, expanding the benefits of DeFi to casual consumers and cryptocurrency users alike. In 2020, DeFi projects and products can be described as either base-level protocols or new experiences built on top of these protocols; or they can be considered refinements or enhancements to pre-existin...

Chef Nomi left some food on the table. On the heels of skepticism of the project, SushiSwap project head, Chef Nomi, dumped SUSHI tokens over the weekend. In a series of tweets , the anonymous personality Chef Nomi claimed converting SUSHI tokens is meant to move the project away from doubts on its migration from Uniswap to SushiSwap.  “I did the recent move because I care about the community. I'm taking IL for you. But all I received was blaming and FUDing. Here's what happened. The devshare part of me. I converted them to $ETH. I stop caring about price and I will focus on the technicality of the migration.” Sushi has been under scrutiny for the past few weeks as Chef Nomi was the only person to have access to $27 million in SUSHI tokens. Chef Nomi said these tokens were held for further development of the project . The project has been a rising star, representing at least 77% of the action on Uniswap as of Sept. 1. Chef Nomi said the move is consistent with what ot...

Is blockchain the solution in making payments more transparent and secure? With online payments company Wirecard undergoing insolvency proceedings this month, mainstream financial services like VISA, PayPal, and Mastercard are rushing to fill the digital payments void, and be one of the first to offer crypto payment cards, stated experts in the crypto industry. During an interview with Cointelegraph, Jerry Chan, CEO of blockchain service provider TAAL, and Rod Hsu, President & Co-Founder of virtual currency platform Coincurve, both agreed that the competition could be just what the industry needs to shift the way that digital currencies are being used as a method of payment or technology. But Chan goes beyond the need for mainstream crypto awareness and points out blockchain can make payment services even more efficient: “Payment technology is actually already quite efficient. (…) The cost of credit cards is on fraud prevention and insurance, and this cost is borne by the m...

As trading volumes across many top DEXs continue to soar, 2020 is shaping to be the year of DeFi tech. One of the most groundbreaking advancements to come out from within the realm of blockchain technology is the concept of a decentralized exchange. In its most basic form, a DEX can be thought of as a cryptocurrency buy/sell platform that allows its users to facilitate monetary exchanges without the need of any assets having to make their way to the exchange itself, reducing the risk of thefts, hacks and other human-related errors. Furthermore, owing to their intrinsic design, DEXs are better equipped to prevent issues such as price manipulation, trade volume inflation, etc. Similarly, from an operational standpoint, it’s important to understand that there are essentially two types of DEXs. The first one simply matches the orders of various buyers and sellers — with the entire process carried out on-chain. Examples of this type of DEX include EOS ’ Dexeos and Newdex. The other typ...

The price of Bitcoin looks shaky and risks losing the $10,000 level before the weekend is through but here’s what could happen next. The past week has seen a significant sell-off across the markets with Bitcoin ( BTC ) losing more than 10% of its value. Other cryptocurrencies have been showing even more weakness as Ether ( ETH ) dropped by 30%. In addition, the commodity and equity markets have also slid as the Nasdaq had a significant red week as well. The next step for the markets right now would be finding a bottom structure. Let’s look at the charts. Crypto market daily performance snapshot. Source: Coin360 Bitcoin seeks CME gap while holding psychological support of $10,000 The daily chart shows that the price of BTC is resting on the previous resistance zone of $10,000. This resistance area was established during the sideways action after the Bitcoin halving in May. BTC/USD 1-day chart. Source: TradingView Clearly, the previous range support at $11,100 was lost, after...

A two-sided liquidity marketplace just might be the catalyst that will drive the next wave of digital asset trading growth. Two-sided marketplaces are more than a smart business model. These platforms can democratize access and promote widespread economic inclusion in previously inaccessible markets. They have worked wonders in myriad verticals already — e.g., stock exchanges — and the world of digital asset liquidity may now be fertile ground for this business model. Successful new platforms bring together buyers and sellers who would otherwise be unable to connect, creating entirely new value streams for sellers who capture more revenue. Meanwhile, buyers gain access to new capabilities, creating a win-win for everyone involved. A CoreSight research indicated that revenue of two-sided markets such as Airbnb, Fiverr, eBay and Uber could exceed $40 billion by 2022. Google’s AdSense is a great example of how a two-sided marketplace can create an entirely new source of value for bu...

Warren Buffett and Berkshire Hathaway cut their position on Wells Fargo as the bet on Barrick Gold and rising inflation fuel the bull case for Bitcoin as well. Warren Buffett and Berkshire Hathaway substantially cut their position on Wells Fargo , selling 100 million shares. The Oracle of Omaha is continuing to trim his position in bank stocks, buoying the bull case for gold and Bitcoin ( BTC ). Berkshire reportedly held $32 billion in equity in Wells Fargo at one point, Fox Business reported on Sep. 5. The investment conglomerate now owns 3.3% in equity of the lender, worth just $3.36 billion. Why did Buffett cut Wells Fargo and how could it benefit Bitcoin? Throughout his career, Buffett emphasized the importance of value investing and cash flow. The investor typically prefers businesses with predictable and stable operations that result in consistent profitability. In July, Wells Fargo posted a $2.4 billion loss, recording its first loss since the 2008 housing crisis. Follow...

Georgia’s former prime minister is bullish on blockchain and its potential for the future of society. Located at the intersection between Europe and Asia, Georgia is a small country with a big mission to drive blockchain adoption and education. In February 2017, the government of Georgia made a bold move by signing an agreement to use the Bitcoin blockchain to record land titles , making it the first national government to use blockchain for authenticating state operations. Georgia’s innovation didn’t stop there, rather continuing to grow as the country became a powerhouse for mining crypto . Then, in June 2019, the government of Georgia signed a memorandum of understanding with blockchain technology firm Input Output Hong Kong, or IOHK, to advance blockchain projects across government sectors, with a large focus on education. Many of these innovations took place when Mamuka Bakhtadze served as the country’s prime minister, between June 2018 through September 2019. Cointelegraph ha...