Tag Archives: cryptocurrency

World’s First Crypto Cruise Ship To Set Sail

World's First Crypto Cruise Ship To Set Sail

By RTTNews Staff Writer | Published: 10/15/2020 10:10 AM ET

Ocean Builders is set to launch the world's first Crypto Cruise Ship named aptly as 'SATOSHI' for passionate crypto entrepreneurs to live and work in a crypto friendly environment. All on board businesses will accept bitcoin, US dollars, and other forms of payment.

MS Satoshi will provide a business focused environment where crypto entrepreneurs can relocate existing business, set up a new global head office, or start a new business with the support of an environment of like-minded entrepreneurs.

Chad Elwartowski, COO of Ocean Builders, says, "We look forward to creating a hub for technology and innovation here in Panama. Our goal is to figure out how to live sustainably on the sea and chart new waters in this new frontier."

MS Satoshi is welcoming everyone from digital nomads, cryptocurrency enthusiasts, expats, researchers, and entrepreneurs to Youtube influencers, startup teams, and established businesses to the office space available on board.

The Crypto Cruise Ship is being prepared to set sail from the Mediterranean and anchor in the Gulf of Panama. The 804 foot, 777 cabin ship, with a capacity of 2020 people plus crew and crew quarters, will be anchored a 30-minute ferry ride away from International hub, Panama City in the calm waters of the Gulf of Panama.

The cruise ship will also have all other facilities such as multiple restaurants, a theatre, casino, gym and wellness areas. The ship will be used for residency, tourism, research, and office space. It will also provide an incubator environment for entrepreneurs. Residents will pay an ongoing fee for the upkeep of the ship and amenities.

According to Ocean World, this could be the start of a modern floating Venice of the Americas and an important hub of innovation in the world, just like the man-made island of Venice Italy became an important center of commerce in the old world.

Ocean Builders will begin auctioning off the first batch of 200 rooms or cabins on November 5, 2020 to those interested in owning a permanent residence on the ship. Cabins are tentatively priced between $25,000 and $50,000.

The bidding for the rooms will close on November 28, 2020. The winning bids will be announced in the following week, with move in starting in January 2021. Vacation rentals will also be available.

Elwartowski, an American bitcoin entrepreneur, is also pioneering a movement called Seasteading, the concept of creating permanent dwellings at sea outside the territory claimed by government. Ocean Builders is currently building "floating, off-grid SeaPod homes on the Caribbean coast of Panama and they will begin building on the Pacific side as well.

For comments and feedback contact: editorial@rttnews.com

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I would not short’ Bitcoin buy the dip zone now 11K says Tone Vays

‘I would not short’ — Bitcoin buy the dip zone now $11K, says Tone Vays

The veteran trader says bullish trends make shorting the current correction a dangerous move, and the dip “may already be over.”


Image courtesy of CoinTelegraph

            OCT 15, 2020

Bitcoin (BTC) is bullish in three key areas and a “perfect” buy-in is now no lower than $11,000, popular trader Tone Vays says.

In the latest edition of his Trading Bitcoin YouTube series on Oct. 14, Vays presented an optimistic take on the Bitcoin price, which he argues has barely any bearish characteristics.

Vays: $11,000 zone is “perfect” dip

Examining the weekly and daily charts, Vays noted that there was little reason to expect a significant pullback beyond a “one to four-candle correction.”

This is ongoing, with BTC/USD consolidating its gains from earlier in the week. Should this period last no longer than four days as Vays predicts, he said that he would look to “buy the dip” at $11,000.

“I would be looking to buy the dip or buy the breakout, but I don’t know which one it’s going to be,” he summarized.

“So if I am to buy the dip, where would the perfect dip be? Well, the perfect dip would be… around $11,000.”

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The advice came immediately after a warning not to short the current correction — a further indication that expectations remain skewed to the upside.

The trend towards $11,000 may also break down early, in which case a buy area of between $11,537 and $11,570 would be suitable, says Vays, pointing to two technical highs from previous daily candles.

BTC/USD 1-week daily price chart
BTC/USD 1-week daily price chart. Source: Coin360 (Click image for larger view)

Big buys fuel BTC bulls

Along with Bitcoin’s weekly and daily charts, new corporate buys are buoying Vays’ bullish view, but he is not alone.

As Cointelegraph reported, a number of analysts and traders, along with existing Bitcoin business executives, are becoming increasingly convinced that a watershed price moment is incoming.

Corporate interest, in particular, was highlighted by Grayscale CEO Barry Silbert this week, being followed by fund manager Dan Tapeiro.

A spike in Bitcoin futures interest further cements a return of institutional interest.

Long-term indicators complement the picture, with stock-to-flow performance on schedule and fundamentals such as hash rate lingering near all-time highs. Under current estimates, network difficulty will hit a new record at its next adjustment in two days’ time.

Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe

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Crypto Analyst: 90 Chance Bitcoin BTC Never Closes Below 11k

Crypto Analyst: 90% Chance Bitcoin (BTC) Never Closes Below $11k

John P. Njui   •   BITCOIN (BTC) NEWS   •   OCTOBER 13, 2020

In brief:

  • Timothy Peterson of Cane Island Alternative Advisors has given Bitcoin a 90% chance at staying above $11k
  • Bitcoin’s lowest price forward is $11,004 using Metcalfe’s law
  • Mr. Peterson has used Metcalfe’s law to correctly forecast Bitcoin’s price movement since 2018
  • He has predicted that Bitcoin will be valued at $12k by November 30th, 2020

In an October 11th Twitter thread, Crypto Analyst Timothy Peterson forecasted that Bitcoin had a 90% chance of continuing to trade above $11k and never dropping below this value ever again.

For his analysis of Bitcoin, Mr. Peterson has continually used Metcalfe’s law. By using this law, he has calculated that Bitcoin’s lowest price moving forward is approximately $11,004. Below is Mr. Peterson’s first tweet in the informative Bitcoin thread that provides a clear illustration of his method of analysis.

Bitcoin’s #10kCountdown on Twitter

Additionally and from around June this year, Mr. Peterson has used the #10kCountdown hashtag on Twitter to demonstrate his use of Metcalfe’s law to forecast Bitcoin’s journey towards $10k. He correctly predicted that Bitcoin would successfully break this psychological price zone and turn it into a support zone.

Bitcoin at $12k By November 30th

In the aforementioned 10 part twitter thread, Mr. Peterson gives a $12k forecast for Bitcoin by November 30th this year using his Metcalfe’s model.

On November 30th, 2020, #Bitcoin ‘s price will be at or above $12,000 (90% probability). Write it down, screenshot it, whatever. I don’t care if you believe me or not.

Metcalfe’s law is a mathematical and scientific fact, like gravity and E=mc2. I wrote 80+ pages of #bitcoin research backed by thousands of pages of supporting financial economics, as well as taught 2 semesters of MBA courses on network valuation.

Anyone interested in learning more about his Metcalfe model, Mr. Peterson has provided this link to his publicly available research papers on Bitcoin and its valuation using Metcalfe’s law. Mr. Peterson has also used the Metcalfe model to forecast the value of other digital assets such as ChainLink (LINK), Ethereum (ETH) and XRP.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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BitMEX Operator Appoints Compliance Head To Resolve Regulatory Issues

BitMEX Operator Appoints Compliance Head To Resolve Regulatory Issues

By RTTNews Staff Writer | Published: 10/13/2020 10:27 AM ET

100x Group, the holding group for HDR Global Trading Ltd., owner and operator of the Bitcoin Mercantile Exchange or BitMEX platform, has appointed Malcolm Wright as the chief compliance officer.

This is expected to enable the crypto derivatives exchange to effectively handle and resolve the issues arising from the recent legal filings and regulatory crackdown against it. This appointment will also help BitMEX in their move towards completion of the User Verification Programme and further enhance its compliance function.

While leading 100x Group's compliance efforts globally, Wright will report directly to Vivien Khoo, Interim Chief Executive Officer and Chief Operating Officer.

"For me, compliance is non-negotiable, and a prerequisite for exchanges to be embraced by regulators and institutional investors alike," said Wright.

Wright is a international speaker on a variety of related topics, in particular the Financial Action Task Force (FATF) Recommendations for Virtual Asset Service Providers (VASPs). He brings in an extensive background in compliance and anti-money laundering (AML).

Wright also sits on a number of international committees and currently chairs the Advisory Council and AML Working Group at Global Digital Finance, an industry-led initiative in defining codes of conduct and best practices for the virtual asset industry.

This appointment is in addition to the leadership changes made at 100x Group last week on the back of regulatory and legal issues at BitMEX.

The co-founders, CEO Arthur Hayes and CTO Samuel Reed, withdrew from all executive management responsibilities. Another Co-Founder Ben Delo will also not hold executive positions in the 100x Group, along with Hayes and Reed. Additionally, Greg Dwyer took leave of absence from his role as Head of Business Development. It also named Chief Operating Officer Vivien Khoo as the Interim CEO.

Hayes, Reed and Delo operate BitMEX's platform through a maze of corporate entities. These entities are HDR Global Trading Ltd., 100x Holding Ltd., ABS Global Trading Ltd., Shine Effort Inc Ltd., and HDR Global Services (Bermuda) Ltd. (BitMEX).

Hayes, Reed, Delo and Dwyer are facing jail term of five years after being indicted by the U.S. Attorney for the District of New York last week on federal charges of violating the Bank Secrecy Act and conspiracy to violate the Bank Secrecy Act.

Simultaneously, Hayes, Reed, Delo and the five related entities have also been charged by the U.S. Commodity Futures Trading Commission (CFTC) for illegally operating an unregistered trading platform and for violating the anti-money laundering regulations.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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Report: Ethereum ETH Holds 96 of Total Transaction Volume in DeFi

Report: Ethereum (ETH) Holds 96% of Total Transaction Volume in DeFi

John P. Njui   •   DEFI • ETHEREUM (ETH) NEWS   •   OCTOBER 11, 2020

Summary:

  • Ethereum continues to dominate the DeFi ecosystem
  • In Q3 2020, Ethereum held 96% of DeFi’s total transaction volume
  • Dapps that account for the majority of the total transaction volume were Uniswap, MarkerDay and Curve

The team at DappRadar has released Q3’s Decentralized Finance Report in which they analyze Dapp activity on the several blockchains of Ethereum (ETH), Tron (TRX), EOS, IOST, Ontology (ONT) and Neo (NEO).

According to the report, Ethereum continues to dominate the DeFi space with 96% of the total transaction being carried out on the Ethereum network.

Q3 2020 was the best quarter for the DeFi ecosystem so far…the DeFi ecosystem transaction volume surpassed $123 billion with 96% of total belonging to Ethereum.

The Launch of UNI Boosted the Use of UniSwap

Additionally, the majority of Ethereum’s transaction volume was due to the three Daaps of Uniswap (UNI), MarkerDAO (MKR) and Curve Finance (CRV). The report further highlighted that the popularity and usage of UniSwap has spiked since the introduction of the UNI governance token.

Other Smart Contract Protocols are Joining the DeFi Hype

The report by DappRadar also points out that the three blockchains of Ethereum, Tron and EOS hold up to 97% of the daily active addresses participating in DeFi. However, the dominance of these three blockchains might soon have to contend with the entrance of other smart contract platforms into the DeFi arena.

In terms of daily active wallets, Ethereum accounts for more than 57%…EOS and TRON hold 5%, and 35% respectively. In total Ethereum, EOS, and TRON hold up to 97% of the daily active wallets.

Other smaller protocols like IOST, Ontology, and NEO have followed the DeFi trend in Q3 2020. The daily active wallets of IOST, Ontology, and NEO have increased by 357%, 1,589%, and 840% respectively.

DappRadar Begins Tracking Dapps on Binance Smart Chain

One blockchain network conspicuously missing from the Q3 report, is the Binance Smart Chain. However, the exclusion might have been due to the fact that Binance Smart Chain was launched in the middle of Q3 right when DeFi was gathering steam.

Earlier this week, the team at DappRadar announced that they started tracking Dapps on the Binance Smart Chain.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Report: Expect Ethereum To Lose the 2 Spot to Tether USDT in 2021

Report: Expect Ethereum To Lose the #2 Spot to Tether (USDT) in 2021

John P. Njui   •   THEREUM (ETH) NEWS • DEFI   •   OCTOBER 9, 2020

Quick take:

  • The team at Bloomberg has predicted that Ethereum could lose the number 2 spot to Tether (USDT) by next year
  • Increasing demand and adoption of stablecoins is the major force behind Tether’s rise
  • Stablecoins are a precursor of CBDCs and will most likely be more enduring than altcoins
  • Ethereum has had a relatively stagnant market cap since 2017 when compared to Tether

The team at Bloomberg has released the October crypto outlook report in which they predict that Tether (USDT) will most likely edge out Ethereum from the number two spot according to market capitalization.

The report explains that there is a growing demand for both Bitcoin and crypto-assets that resemble the dollar. If this trend prevails, USDT will definitely continue to grow. Additionally, the increased adoption of stable coins is also a strong signal that Central Bank Digital Currencies will be launched in the near future.

Expect Bitcoin #1, Tether #2 in 2021 If Trends Remain the Same.

Indicating demand for a digital version of gold (Bitcoin) and a crypto-asset like the dollar, if current trends prevail, the market cap of Tether may surpass Ethereum next year.

Increasing adoption of stable coins is likely a precursor for central bank digital currencies and promises to be more enduring than alt-coin speculative excesses. The rapid rise in the market cap of stable coins indicates that central bank digital currencies (CBDCs) are a matter of time, in our view.

Ethereum’s Market Cap has Stagnated Since 2017

With respect to the popularity of the stablecoin of Tether (USDT), the report went on to explain that it would take a mega event to halt the increasing adoption of Tether which is on a path to edge out Ethereum in terms of market cap.

Furthermore, ETH’s market cap has more or less stagnated since 2017 thus providing Tether with an opportunity to take the number 2 spot.

It should take something significant to stall the increasing adoption of Tether, the top stable coin, which ison pace to match the capitalization of Ethereum in a bit less than a year, based on the regression trend since the start of 2019.

Our chart depicts the stagnant market cap of Ethereum since 2017 vs. rapidly rising Tether, which jumped to a new high of almost $16 billion at the start of October.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Bitmex’s Arthur Hayes Samuel Reed Step Down From CEO and CTO Roles

Bitmex’s Arthur Hayes, Samuel Reed Step Down From CEO and CTO Roles

John P. Njui   •   BITCOIN (BTC) NEWS • WALLETS AND EXCHANGES   •   OCTOBER 8, 2020

Quick take:

  • Bitmex’s Arthur Hayes and Samuel Reed are stepping down from their roles as CEO and CTO respectively
  • The move comes a week after the US CFTC and DoJ charged them with illegally operating a derivatives exchange and violating the Bank Secrecy Act
  • Vivien Khoo, Chief Operating Officer of 100x Group, will become Interim CEO
  • Ben Radclyffe, Commercial Director at Bitmex, will have enhanced responsibility for client relationship handling and oversight of financial products

The team at Bitmex has announced that Arthur Hayes and Samuel Reed are stepping down from their CEO and CTO roles effective immediately. The announcement by the team at Bitmex further clarified that all founders, including Ben Delo, will step back from all executive management responsibilities.

Founders Arthur Hayes and Samuel Reed have stepped back from all executive management responsibilities for their respective CEO and CTO roles with immediate effect.

With fellow Founder Ben Delo, they will not hold executive positions in the 100x Group. Additionally, Greg Dwyer will take a leave of absence from his role as Head of Business Development.

The move by the founders of Bitmex to step down comes a week after the US CFTC and Department of Justice charged them with illegally operating a derivatives exchange and violating the Bank Secrecy Act.

Vivien Khoo as Interim CEO and Ben Radclyffe to Oversee Financial products

In terms of filling the void left by the founders of Bitmex, Vivien Khoo, the Chief Operating Officer of 100x Group, has been named Interim CEO. The current Commercial Director, Ben Radclyffe, has been given ‘enhanced responsibility for client relationship handling and oversight of financial products’.

The Chairman of 100x Group, David Wong, explained that the changes were meant at maintaining focus on Bitmex’s core business and to further push for the completion of Bitmex’s User Verification Program.

These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients through the BitMEX platform, whilst maintaining the highest standards of corporate governance.

We have an exceptional senior leadership team who are well-placed to continue the growth and development of the 100x Group, including completion of the BitMEX User Verification Programme. It is business as usual for us and we thank all clients for their continued support.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Pennsylvania Man To Pay 74 Mln To Settle Bitcoin Fraud Charge

Pennsylvania Man To Pay $7.4 Mln To Settle Bitcoin Fraud Charge

By RTTNews Staff Writer | Published: 10/7/2020 10:24 AM ET

The Commodity Futures Trading Commission, or CFTC, has reached a settlement with a Pennsylvania man in a multi-million dollar Bitcoin fraud case. The CFTC announced that U.S. District Court for the Southern District of New York entered a consent order against Jon Barry Thompson, imposing injunctive relief and restitution of approximately $7.4 million.

The order resolved a CFTC enforcement action in which the CFTC charged Thompson with knowingly or recklessly making false representations to two customers in connection with their purported purchase of Bitcoin worth over $7 million.

According to the order, Thompson induced two customers in 2018 to send a combined total of over $7 million to fund the purchase of Bitcoin after making false representations that he or the escrow company he was affiliated with, had the Bitcoin in hand and the customers' money would be safeguarded.

Thompson took the customers' money and failed to provide any Bitcoin. He then lied to the customers about the location of the Bitcoin, the reasons the transaction was not completed, and the status of the customers' money, the order stated.

The order requires Thompson pay $7.43 million in restitution to the two customers, and enjoins him from any further violations of the Commodity Exchange Act or CFTC regulations, as charged.

The order also permanently bans Thompson from registering with the CFTC, from trading any commodity interests, and from trading Bitcoin for any account in which he has a direct or indirect interest.

This case was brought in connection with the CFTC Division of Enforcement Virtual Currencies Task Force. Thompson was charged in September 2019.

Simultaneously, U.S. District Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York accepted Thompson's plea of guilty to one count of commodities fraud. Thompson will be sentenced on January 7, 2021.

Last week, the CFTC had charged cryptocurrency derivatives exchange Bitcoin Mercantile Exchange or BitMEX, for illegally operating an unregistered trading platform and for violating the anti-money laundering regulations. A civil enforcement action was filed in the U.S. District Court for the Southern District of New York.

For comments and feedback contact: editorial@rttnews.com

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Ethereum’s ETH Mean Hash Rate Hits New All-Time High Thanks to DeFi

Ethereum’s (ETH) Mean Hash Rate Hits New All-Time High Thanks to DeFi

John P. Njui   •   DEFI • ETHEREUM (ETH) NEWS   •   October 6, 2020

In brief:

  • Ethereum’s mean hash rate has hit a new all-time high of 250 Terahash per second
  • Ethereum’s hash rate has grown by 80% since the beginning of the year
  • This is as a result of increased interest in DeFi
  • MetaMask also hit a new milestone of 1 Million monthly active users thanks to DeFi

High user activity on Ethereum (ETH) has resulted in the network’s mean hash rate reaching a new all-time high of 250 Terahash per second. The team at Glassnode highlighted this milestone via Twitter and explained that the popularity of DeFi was the major contributor. Furthermore, Ethereum's mean hash rate has grown by 80% since the beginning of 2020.

MetaHash Celebrates 1M Monthly Active Users

The popularity of DeFi has also assisted MetaMask in hitting a new all-time high of 1 Million monthly active users. The milestone was shared by the team at MetaMask via the following tweet.

Also embedded in the tweet, is a chart demonstrating the increment of monthly users with time. From the chart, it can be observed that at the end of Q4 last year, MetaMask had 250,000 active monthly users. This value is a quarter of the current 1 Million thus pointing out that monthly active users have grown by a factor of four in 12 months.

The team at MetaMask pointed out that DeFi was once again behind the explosion of monthly active users as explained below.

…over the last twelve months, significant growth in the adoption of DAOs, Web3 games and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve.

This 2020 curve parallels the trend in DeFi adoption, indicating that new users are coming to MetaMask specifically to participate in the decentralized finance revolution

It’s not just the ability to buy and store Eth that’s powering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow. They want to use sites like Uniswap, Yearn, Curve, Maker and Aave to get that job done. MetaMask is simply the connective tissue.

MetaMask recently launched MetaMask Mobile which is available on both Android and iOS. The mobile version of the wallet has gathered traction with a majority of its users residing in the four countries of the USA, India, Nigeria and the Philippines.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Fraudsters are switching from credit cards to Bitcoin says consumer protection company

Fraudsters are switching from credit cards to Bitcoin, says consumer protection company

Scammers are taking advantage of one of Bitcoin's strengths, as once lauded by Satoshi Nakamoto.


Image courtesy of CoinTelegraph

            OCT 05, 2020

Fraudsters are taking advantage of the irreversible nature of crypto transactions, says MyChargeBack’s vice president of global operations, Michael Cohen. When Bitcoin (BTC) was first envisioned, one of its selling points was the fact that it was offering better protection to retailers than credit cards. In one of his earliest emails — from November 10, 2008, Satoshi Nakamoto parried a complaint from an early adopter James A. Donald, who lamented the fact that Bitcoin transactions are not instantaneously final:

“Instantant non-repudiability is not a feature, but it's still much faster than existing systems. Paper cheques can bounce up to a week or two later. Credit card transactions can be contested up to 60 to 180 days later. Bitcoin transactions can be sufficiently irreversible in an hour or two.”

According to Cohen, in some cases, credit card chargebacks are possible 18 months after the transaction date. There are two classifications of credit card chargebacks: unauthorized use (when a criminal gains access to one’s credit card) and authorized (where a cardholder authorized the transaction but is not satisfied with the outcome). Cohen said that when it comes to crypto, consumers may have a chance of recovering funds only in the case of unauthorized transactions, as credit companies like MasterCard and Visa exclude certain industries like crypto and gambling from the second category. Cohen opined that the ubiquity of scammers who use crypto as a tool hampers mass adoption:

“Unfortutenley, it's a very nice tool for a scammer to have as a means to collect funds. I think it serves in the disinterest of those who are looking to promote the general and universal usage of crypto. I think it is at this point. It is somewhat of a stumbling block because of all of the people who are getting scammed. I mean, they're not going to be the ones who are going to be promoting the usage.”

Cohen said that one of the most typical tropes of scammers involves them offering some product or service (the most common tend to be related to forex trading) to an unsuspecting customer. Then at the last moment, the scammer convinces the unsuspecting victim to pay for the service or fund their supposed-account using cryptocurrency. According to Cohen, not all is lost for the victims, however; there may be potential avenues for redress.

Cohen’s company helps the victims identify scammers by tracing their movements on the blockchain. Typically this leads to a crypto exchange where the criminals deposit the proceeds of their crimes before cashing out. Cohen said that many crypto exchanges have been receptive and are truly eager to stamp out users who engage their services for nefarious purposes.

Recently, two offices of the U.S. Department of the Treasury have issued advisories to the crypto companies, primarily exchanges, about processing malware attack payouts. A few days later, the U.S. government went after BitMex and its founder for operating an unregistered trading platform. As crypto regulation tightens around the world, it appears that cashing out of ill-gotten proceeds could become increasingly more difficult for the criminals.

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Original article posted on the CoinTelegraph.com site, by Michael Kapilkov.

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