Korean Exchanges Struggle with Expansion amid Uncertain Regulations

The Korean Exchanges located out of South Korea are finding it difficult to conduct business in the country. In the past months, the industry is seeing a negative trend since there is no regulatory certainty in South Korea. Many of the crypto exchanges are losing international clients. To save their businesses, they are forced to only focus on their business in their home market. One of the spokespeople for an exchange with the name Upbit said that since they are not able to offer fiat trading using the baking accounts, it is becoming difficult to offer their customers services beyond two years period. But, Upbit was one of the lucky few who have been able to find some solution to the problem. It has signed an agreement with K Bank, a digital bank that would allow fiat trading for the exchange’s local clients in South Korea.

Even though the agreement has allowed the platform to solve the issue of the clients from South Korea, it won’t serve any purpose for the users outside of the country. It is because non-Koreans cannot create their account with a digital bank located out of South Korea based on the current banking regulations. The new agreement was created as the old partnership of Upbit with the Industrial Bank of Korea is about to come to an end. Upbit had already instructed its non-Korean clients to withdraw all of their funds from the account by 24th July 2020. The Upbit further added it wanted to ensure regulatory compliance, but because the non-Korean citizens cannot use K Bank for trading was not taken into consideration when creating this partnership. Many other cryptocurrency exchanges in South Korea like Korbit and Coinone are using phone verifications to authenticate traders. They are required to register themselves using a South Korean mobile phone number, which automatically eliminates the traders from other countries and prevent them from using their services.

Upbit is also forced to take 22 percent of the total profit of the residents outside of South Korea when they withdraw funds from their platform. It was done so that the exchange could pay all the necessary taxes once the government starts to implement the tax structure that they have been planning for a while now. The Legislature has decided to impose a 20% tax on earning through cryptocurrencies, but there has been no official announcement till now. The tax scheme is almost the same as the basic tax rate in the country, but it has to be filed manually by individuals. The tax scheme once announced, will require further approval by the government. The crypto exchanges are worried that until South Korea’s Ministry of Economy and Finance does not make anything official, it will be difficult for companies in the industry to know how it will impact their business in the long run. All the crypto exchanges are waiting for an official word so that they can start offering their services to a much wider audience and ensure parity with other crypto exchanges around the world.  

Heavy Speculation as One Millionaire Gives Away Bitcoin

Bill Pulte has given away nearly $150,000 to encourage people to buy Bitcoin. The millionaire philanthropist began the giveaway on July 9th, 2019 to promote greater adoption of Bitcoin.

However, there is a lot of speculation on the giveaway as some say that it gives scammers a platform to prey on unsuspecting people and defraud them of their Bitcoin investment. Others speculate that the millionaire seeks to promote himself as a brand through these giveaways. This self-serving result manifests in the nearly 3,000,000 followers he has garnered on Twitter across the one year he has run the campaign. This number is against the 10,000 followers he had in 2019 before beginning this offer.

Pulte told his followers on July 9, 2019, that he would give away cash through CashApp to those who retweeted his posts or commented on them. True to his word, he had distributed $625 across six followers by the following day. He insists that the donations should only buy Bitcoin as he believes the cryptocurrency will only get stronger as the days pass.

Pulte is a firm believer in giving away the cryptocurrency, saying that it will go a long way to help the impoverished in society. Apart from Bitcoin revolution, the millionaire has also given away cars and cash to help out people.

The philanthropist keeps a database of the people he donates to and gives money ranging from $10 up to a cool $15,000. He inherited part of his fortune from his billionaire grandfather, William John Pulte, and reportedly owns 11 BTC currently exceeding $100,000 in value.

Bill Plutz has faced some scrutiny in the giveaway he is undertaking. His enterprise seems genuine as some high-ranking YouTubers and Donald Trump recognize him. He also does not shy away from interviews or answering questions about what he does.

The only concern about his scheme is that it allows fraudsters to exploit his giveaway and impersonate him to rob unsuspecting citizens of their cryptocurrency.

Group IB, a cybersecurity company, has studied the different ways fraudsters use to defraud people. They have found that fake cryptocurrency giveaway raffles are one of their favorite tricks.

Ilia Rozhnov, one of the company heads, says that celebrities and philanthropists have to monitor the use of their names in the online world to stamp out fraudster activity. Several notable cases have hit the limelight in recent years, with one such example in 2018. Fraudsters managed to get away with $59,500 when they impersonated Telegram founder Pavel Durov. They opened a fake Twitter account in his name and pretended to give away cryptocurrency in response to a genuine tweet about Telegram’s power failure.

Fraudster activity is said to have accumulated about $24 million in 2020 alone. This activity calls for a lot of vigilance to extinguish it. However, many do not have faith in Pulte as they believe he exploits his riches by dangling them in the face of those who have little to spare.

Has Trevor Noah Ever Invested In Bitcoin?

Trevor Noah is one of the most popular public figures in South Africa. He recently moved to the United States and is currently hosting a popular TV show named “Daily Show.” It has helped him gain international fame, not to mention tremendous success in showbiz as a comedian and a celebrity. However, recently he became the talk of the town not for his achievements as a comedian or a host of a highly acclaimed TV show, but because of his riches, which he supposedly made from Bitcoin Revolution System.

It appears that the South Africans are looking for the Bitcoin trading system that has helped Trevor Noah earn his millions from crypto trading. If the sound of this is tempting you to invest in this so-called revolutionary Bitcoin trading program, the first question you need to ask is whether it is legitimate or yet another scam. In this context, one should not forget that there have been many cryptocurrency-related scams happening all over the internet to dupe interested and enthusiastic first-time crypto investors and traders. It won’t be wrong to first investigate whether Trevor Noah becoming a millionaire through Bitcoin trading is just a rumor or if there is some truth in it.

If all this talk about Trevor Noah and his millions that he made through Bitcoin trading have got you excited, then we’re sorry. Why you may ask? It is because Trevor Noah has neither made his millions through Bitcoin trading, nor has he ever participated in any trading system called Bitcoin Revolution Program. It is a big scam that has been going on for quite some time in South Africa, and the country’s citizens should stay away from it by all means to safeguard their money and interests.

Now, if you’re worried about Trevor Noah, rest assured he is doing just fine. Over the years, the wealth he has made has nothing to do with Bitcoins or the Bitcoin Revolutionary Program. He has been a popular comedian for a long time in South Africa and is well-loved and respected all over the globe. In fact, it is quite possible that he hasn’t even heard about this scam that is going on by the name of the Bitcoin Revolution, which has entangled his name in the controversy as well.

Every scam needs a touch of legitimacy and fame to get going and to throttle its system, at least initially. It is for this reason, whoever ran the Bitcoin Revolution Program took the help of misleading advertisements and promotions under the name of Trevor Noah. The popularity of Trevor Noah and his following is the only reason why his name was used. When a celebrity gets associated with any financial, business, or marketing activities, it helps drive the aspirations of the masses. When the word gets out that Trevor Noah has made his millions through the Bitcoin Revolutionary Program, it was quite natural for the people to follow and invest without thinking twice.

It is a thumb rule to follow when it comes to investments or any kind of transactions involving money to do the due diligence first. Always research where you are putting your money, no matter what you hear or read elsewhere. Not everything you read online or offline is always true. The scammers in the case of the Bitcoin Revolutionary Program are trying to play with the mindset of gullible South Africans who would trust the program blindly once they hear that Trevor Noah has invested his money too.

The internet is full of reviews of people who have invested money in this program and have lost their hard-earned money. It is a get-rich-quick scheme that takes advantage of the aspirations, dreams, and vulnerability of common people. The program aims to hit the people’s weak spot by showing them dreams and making them visualize how a small deposit into their program can make them millionaires in no time. The system asks the people to sign-up and deposit $250. They will then soon start making money through its advanced system based on some Bitcoin trading algorithms. In other words, it is a hoax, and as far as Trevor Noah is concerned, he is happy doing his Daily Show and has nothing to do with this program whatsoever.

Coinbase Wallet Users Targeted By New Android Malware

A recently identified Trojan, the Alien, is an assault on Android applications like Coinbase, Blockchain.com, and Luno. This latest malware strain is based on the infamous Cerberus Trojan that has created havoc in the Google Play Store (NASDAQ: GOOGL) before the team in charge is secured. The lack of continuous delivery made it possible for Google Play Safe to remove Cerberus almost entirely by August 2020.

It was clear from the outset that malware coders were involved with considerable experience, as TrickBot was the malware strain with many sophisticated features right from start to finish.

Over time, TrickBot ‘s capacity to hit online banks has spread from one country to Australia every month.

Alien is based on 226 Android users, primarily for banking. As well as stolen user credentials, malware will install and uninstall apps and even intercept alerts from the infected device:

Coinbase and Blockchain.com are two of the famous crypto applications. Their preference is understandable. It is less apparent why the hackers were targeting a much smaller Luno exchange (recently taken over by the Digital Currency Group). Even other giants such as Binance have been ignored (as far as we know). The main reason behind this step is unknown and considered as a big threat in the future.

The allegedly created “Automatic Transfer Mechanisms,” developed by malware developers to speed up and scale theft by activating auto-fills of payment fields for legal Android apps to malicious re-route hackers’ transfers, can be troublesome.

The program is intended to release a host of “internet fakes” that resemble legit applications for consumers’ confidential details — targeting clients with as many as 32 different crypto apps in particular. The malware is used to automate counterfeits’ uploading and cause auto-fills transactions through means of push alerts using valid icons.

Reported to be first held in April 2018 at hacker forums, Group IB found that Gustaf was planned to service foreign corporations, particularly outside Russia, by a Russian-speaker cybercriminal “Best offer.”

Community IB urges Android users to download applications from Google Play Store exclusively and keep an eye on file extensions downloaded.

As reported in February, the decentralized MetaMask software was recently removed from Google Play following a backdoor impersonation by researchers to steal device cryptography.

With the Accessibility Service mechanism, the tropics will circumvent Google’s security policies adopted in recent Android OS models. Also, Gustuff knows how to detach Google Defense, which is 70% usable, according to the Trojan creator.

The update of August was as juicy as the two months before. TrickBot has a section on the setup of its sampling files, which advises the user to overlay a false login page if the user goes to Coinbase.com in his browser, according to samples found by Forcepoint security researchers.

Coinbase is one of the leading web-based wallet providers today. With the price of Bitcoin rising past $5,000 on Friday for a couple of minutes and since then only $4,500, rewards for stealing the credentials of a Coinbase are simple, as Bitcoin or other crypto-monthly funds can be moved to themselves from stolen Coinbase account.

Hong Kong Authorities Have Arrested Three Bitcoin ATM Thieves Who Robbed Around 30,000 USD

In recent times, officials took 3 men in custody as they were accused of stealing $226000 in “Hong Kong Dollars” from Bitcoin (BTC) ATMs.

The Specific Details on The Theft

The group of three men whose age range is from 26 to 55, has reportedly robbed from six respective BTC ATM machines to grab hold of the Hong Kong dollars that is equivalent to 30000 USD approximately. This was published in the “South-China Morning Post” on the 15th of August. They carried out around 11 transactions in order to take out that much money. The “South-China Morning Post” news also said that the arrested scammers make up a portion of a bigger villain operation.

Other Information Revealed by Wilson Tam to South-China Morning Post

Reports have also revealed that two individual crypto exchanges tipped officials off to the devilish works before the authorities arrested the culprits. The superintendent of the cybersecurity and technology crime bureau of Hong Kong Wilson Tam did not really reveal the exact way how the theft was done by those three.

However, the cybersecurity and technology crime bureau mentioned two ATMs that were harmed during this event along with the tips and tricks on high-quality powerful security measures.

Wilson Tam Says that This is A Big Mishap to Occur

The “South-China Morning Post” published a statement given by the superintendent that it was the very first time they came face to face with such a scam that is straight-up attached with the bitcoin (BTC)  ATMs. Reports reveal that in June 2020 the total count of the BTC ATM machines reached 8000 all across the globe.

Why so? This is just because Bitcoin has become much more prominent and mainstream and is still continuing to do so and thus it has been gaining much fame every day since the time it stepped out in the economy. This is also a very big reason why Bitcoin ATMs, or Bitcoins alone, are becoming a much easily reachable target for the scammers and robbers out there.

So, that was all you needed to know regarding the 30000 USD theft from 6 different BTC ATMs with 11 transactions. This is really something big and awful to occur in the crypto world. The security systems should be made much sturdier to avoid such mishaps and to help in the growth of Crypto.

Warren Buffet Buying Gold May Push Bitcoin to $50k, Investor Say

Buffett’s move to exit Berkshire’s position on Goldman Sachs matches the bank’s 2nd-ever best quarter trading income of $13.3 billion. This means that in the long run, Buffett is not happy investing heavily in the financial business.

Alternatively, Buffett acquired a single stake of Barrick Gold, which price through much of 2020 has mirrored those of gold. The business is a Canadian-based copper mining corporation that has posted a year-to-date growth of 45 percent. Regarding Berkshire’s acquisition, with an after-hour market capitalization grew by 8.11 percent.

Warren Buffet’s Explanation

He said only the excellent mood about gold suggests a greater supply for Bitcoin, which is found to be digital gold. Warren Edmund Buffett is an American businessman, social activist, and new CEO of the multinational corporation investment firm Berkshire Hathaway. Warren is among the world’s wealthiest men, with a net wealth of $84 billion. Warren Buffett is regarded as a trade figure and is one of the company’s most prominent people. The strategic guidance of Warren Buffett is of considerable value to businessmen and creditors, and his annual results are an awaited occurrence in the field of trading. Warren Buffett’s opinions on transactions in Bitcoin are incredibly critical.  He doesn’t even find Bitcoin as an option since it doesn’t allow any useful products. However, Buffett does not claim that his degree of expertise in blockchain-based technology is extreme and acknowledges he may be mistaken about them as well their potential.

The Correlation between Bitcoin & Gold

While Bitcoin has outclassed gold since April, there has been some link in the price pattern between gold and BTC. Skew results indicate the two investments have risen in parallel over the previous four months. After the international market downturn in late March, the parallel surge between Bitcoin and gold indicates that more buyers are beginning to consider BTC as a store of interest. Just significantly, Bitcoin’s $250 million amount was acquired by MicroStrategy, a $1.4 billion technology company. The organization said that BTC would serve as the main treasury commodity for the business, seeing Bitcoin as a security market and a possible protected-haven currency.

There seems to be continuing debate and research about financing the creation of open-source frameworks that don’t require the conventional private equity path and adequately balance the needs of different stakeholders, from creators to customers. Knowing where venture money is heading in the room will offer a gauge of investor expectations about business developments and high-growth opportunity regions.

Peer-to-peer Crypto Exchange Holds A Torch For Africa Through Online Events

To make the clients and companies from Africa knowledgeable about Bitcoin, a peer-to-peer cryptocurrency exchange is organizing six different online sessions. Interesting, isn’t it? Well, let’s go through more stuff regarding the matter.

The global pandemic caused by the deadly Coronavirus has actually turned out to be one of the biggest curbs to help any sort of meeting or conference related to crypto departments. However, online sessions are being a little assisting at a time like this. There is one firm that is adamant in carrying out providing education to the businesses and clients regarding the potentials of Bitcoin.

Paxful

The firm mentioned here is called Paxful which is initiating a bunch of online sessions, 6 to be very specific, that majorly focus on the African clients and businesses. Each online session would be held for one hour and it would proffer a spellbinding insight into the world of cryptocurrencies, mainly to the ones who have very little knowledge regarding this realm.

Besides that, there are various companies well known in the continent that is also taking a major part in this event series.

Details on Each Online Session

The first event would consist of an “Ask Me Anything” session where Artur Schaback and Ray Youssef, the two Paxfl co-founders, would be present. The second event would provide a bunch of significant points regarding the cryptocurrency realm along with the plus points it holds in the economy of Africa.

The next one aims at how Bitcoin is capable of delivering a new income source for the younger generation.

The third session would be shining light on the way other cryptocurrencies along with bitcoin are able to return to communities. Other seminars are also about to take place in the same month.

On the 11th of June, a discussion panel held by Paxful itself in order to talk about the hurdles of accomplishing “Know Your Customer” checks in Africa along with what the highlighting brands do for overcoming them in the realm of cryptocurrency.

The session of the 16th of June was important for the ones to know very little regarding crypto and this session was titled as the “Back to Basics”. The last session held till now on June 18 taught about the top crypto influencers.

An Eye Opener

All the 6 sessions were free of charge and it raised a very high awareness in the mindset of the African clients including many African industries. Nothing is better than this.

Three Female Binance Award Nominees Get Blocked From Instagram

Welcome to the most buzzing news from the field of bitcoins and cryptocurrency.

As per the latest report, three female Binance award nominees were banned from using the internet. The news gained the limelight when one of the female nominees, Rachel Siegel, revealed the news on public platforms.

What’s the matter?

Three female Binace award nominees, including Rachel Siegel, claimed that they were barred from using Instagram after they made stern criticism about the lack of representation of women in the Blockchain industry. The other two women who were banned from using Instagram include TechWithCatalina and GirlGoneCrypto.

Rachel Siegel has been pretty vocal about the underrepresentation of women in the blockchain industry. She alleged that she and two other women from the industry were de-platformed after they made the criticism. Rachel Siegel has been pretty vocal about the subject, and as per reports, she said that there is a large scale under-representation of women in the Blockchain world, and it is evident from the fact that she is the only woman who has been nominated out of 25 people for Binance Award.

About Binance awards

The Binance award is an award provided by the cryptocurrency agency called Binance. The company supports trading of different cryptocurrencies on its platform. They come up with the Binance award to encourage and appreciate influencers in the field of bitcoins and cryptocurrency.

Why the buzz?

Rachel Siegel, in an online interview, commented that she is a feminist, and she believes in equal opportunity for women in the crypto world. She also said that she has been vocal about the issue for too long, and she can see the gender disparity all around her. Rachel Siegel said that people in the cryptocurrency world don’t pay much attention to the feminist values, and if anyone talks about it, they are shut.

Many reports say that people who did not agree with the views of Rachel and the other two women might have reported Instagram about the issue. The Instagram accounts are not blocked until a large population or group of people do not complain or report about the violation. Thus, there is a possibility of the involvement of different dominant people from the Bitcoin world in blockage of Rachel and two other women bitcoin influencers.

How are the nominees for the Binance award chosen?

The Binance award nominees are chosen by the individuals as well as the Binance community. The award representation includes a 60% vote from the individuals and 40% vote from the Finance team. Till this blog was written, we received no information or comments from the Binance team.

Rachel and the other two women often collaborate on different platforms to provide information and insights about the Cryptocurrency world to audiences around the world.

The step taken by Instagram to block Rachel can be seen as a ban on the rights of women.

We can’t wait to look at the next step taken by the Crypto world. While people all over the world are investing in Cryptocurrencies, it is important to have a representation of men as well as women.

Binance Is Stopped From Offering Crypto Derivatives In Brazil Anymore

Binance must be a commonly heard term if you are very much into dealing with cryptocurrencies. So, Binance is a cryptocurrency exchange platform that provides a highlighting platform to deal with various cryptocurrencies. Did you hear that it has cut its ties from offering crypto derivatives in Brazil completely?

The Brazilian Stocks along with the Exchange Payment (CVM) recently made the popular cryptocurrency exchange Binance to halt all the provision of all crypto by-product objects in the whole country. Well, here you will get to know about this news in detail.

Derivatives Signify Securities

As per the CVM, derivatives that make any sort of reference with cryptocurrencies or any fundamental assets are always considered as securities. Binance should be getting an allowance from the controller in case it desires to project out such offers in the nation. Binance has to put a halt in the provision of the offers, and the reason behind this is the firm does not possess any statutory license that would work as a safety mediator.

This was something that automatically raised the interest of the investors in marketing derivatives that let the traders lay money on the cryptocurrency prices without real delivery. Derivatives products are built up to make cryptocurrencies remain as the basal assets. This helps traders to lay money on crypto costs without dealing in real cryptocurrencies.

Crypto derivatives are something that became quite well known just for their allowance of traders to lay bets on the prices of crypto. Now, the caution comes in because various prominent platforms of cryptocurrency have shown up with some ideas to start the offering of their very own crypto derivatives. If you look for any such instance, look at BitMEX, it is one of a big trade that is catching sight of an entrance in this zone.

The Union of Binance with By-products

Binance has accomplished the leverage at just 3X by taking a very orthodox procedure in the starting phase. Although, it has already rolled margin dealing with features. The exchange is copying the conventional markets in terms of the infrastructure.

It plans to introduce a brand new blow of adoption of crypto. It is completely targeted on offers of structural financing products having their values joined to a fundamental crypto asset or markets.

The Bottom Line

Brazil is handing out a rewarding chance for Binance. It is because the nation possesses a crypto market full of success. Brazil has become one of the most highlighted nations in both regulatory and adoption terms in the region that covers Latin America.

For all that, what the CVM did? Yes, it put a complete restriction on the regulated investment fundings from exchanging digital benefits. In 2019, the parliament of Brazil developed a new commission to scrutinize the matter as Brazil is already turning out the highest yield in the area. Calculation says that it would be growing larger with the entrance of new players.

Akon Plans to Launch Blockchain Hub in Kenya

Akon, a world-renowned artist, who has been famously supporting blockchain technology for long, has decided to set up a blockchain hub in Kenya. Referred to as “Kenyan Opportunity Hub,” it is primarily meant to help the Kenyans understand blockchain and Artificial Intelligence technology through education while opening employment opportunities. It is a joint venture between Akon’s own blockchain startup Akoin and Effect.AI, powered by EOSIO. The African blockchain hub is slated for launch in the fourth quarter of 2020 and is first of its kind technology hub in Africa. The entire project would be reportedly handled by the philanthropic wing of Akon, the Akon Foundation.

The Kenyan Opportunity Hub would be among the first of many such opportunity hubs that Akon-Effect.AI is planning to launch in the near future. These hubs would provide people with education related to blockchain and artificial intelligence as well as provide self-employment opportunities that would be paid for in cryptocurrencies on the Effect.AI’s own blockchain platform. The announcement made by the respective firms in the joint venture indicated that the hub would be situated near the project run by KE International, a United States engineering firm, around Mwale Medical and Technology City. The chosen location is important as it can open up many job opportunities for the students at the hub, including medical record translation powered by AI tech. The hub is expected to be completed within the next couple of years.

Effect.AI is already running such an opportunity hub that it started in Rustavi, Georgia. The experience of running such an operation would help the Kenyan Opportunity Hub greatly. The opportunity hub in Georgia was launched in 2019 in collaboration with United Nations Development Program. It is aimed at promoting tech knowledge among the masses, especially the youth, and generates skill-based job opportunities. Effect.AI is primarily a decentralized AI network that has its headquarters in the Netherlands and runs on EOS blockchain.

The news of opening up Kenyan Opportunity Hub coincides with Akon being awarded $6 billion contracts from the Kenyan government to build a cryptocurrency centered city in Senegal. The city is aimed to be completely cryptocurrency oriented, featuring Akon’s Akoin cryptocurrency. The plans of Akon, pushing towards the mass adoption of blockchain technology and cryptocurrency in Africa are aimed at bringing a crypto-revolution in the continent. Akon is also planning to launch his own cryptocurrency that can be used in lieu of mobile phone credits, which are commonly used in the form of currency in Africa.

The cryptocurrency based token of Akon, Akoin would be launched on the Stellar blockchain platform. It is aimed at helping startups, and entrepreneurs get the tool they need to engage with other developing nations in Africa and beyond. The Stellar’s website remarked that Akon is not only a renowned singer and musician but also a change-maker and innovator, who want to empower Africa with modern and innovative technologies for a brighter future. One of his other ambitious projects includes building Akon City in Africa, which would be cryptocurrency-powered as well.