Mastodon

AirPod: A Peek into Its Tokenization

AirPod has a revolutionary internal economic ecosystem that makes it probably the world’s most profitable and stable business opportunity. Its establishment of own cryptocurrency dubbed APOD has set the ball rolling. APOD is projected to start circulating soon among Airpod’s customers. This will, in turn, create one internal economy. Customers will then be encouraged to

The post AirPod: A Peek into Its Tokenization appeared first on NewsBTC.

AirPod has a revolutionary internal economic ecosystem that makes it probably the world’s most profitable and stable business opportunity. Its establishment of own cryptocurrency dubbed APOD has set the ball rolling. APOD is projected to start circulating soon among Airpod’s customers. This will, in turn, create one internal economy. Customers will then be encouraged to make use of APOD tokens when renting pods and thus benefit from a significant discount. This will effectively mean that companies will see the need to buy APOD tokens for their employees who travel more often.

The APOD’s Sponsorship Program

Being part of AirPod’s sponsorship program is so far one of the main benefits of getting access to APOD tokens.  Once the 400th AirPod is placed, token holders will have a change to exchange tokens and thus get a share of the profits made by AirPod units. What’s more, token holders have the option to convert their tokens into a sponsorship for AirPods already established. This is made possible through AirPod’s own web application.

Through the platform, investors will also get a chance to sponsor an individual AirPod to get access to financial analysis of every location for free and this eventually helps them decide on the best AirPod for them.

Additionally, sponsors have the option to buy a certain percentage for each sponsorship and at the same time sell it to other parties that may be interested. On the same note, additional sponsorship may be made for a given percentage of other units of AirPod. The participants will then get access to their monthly rewards through payouts made to the account already created on the sponsorship platform of AirPod.

Becoming a partner at AirPod

Apart from the ability to sponsor a specific AirPod, holders of tokens can also propose new locations for AirPod through a partnership program. At this stage of the partnership, AirPods are being “placed on demand” and this enables the setup and eventually a connection to the network. Here partners can now lease or own a specific location after registration on the platform.

Grounded Volatility

As already established, the cryptocurrency market is faced with extreme volatility at all times and this makes it ineffective in terms of creating a stable economy. However, this volatility will not affect the internal economy of AirPod, thanks to the growing and expanding network and ecosystem. This basically means that value will continue to increase and thus bring in lasting rewards for holders of its token as well as the sponsorship program’s participants. Ideally, for as long as people need to travel AirPod is at their service to accommodate their needs.

What do you think about AirPod’s move to tokenize its platform? Is this a viable business opportunity to its users? Let us know of your views in the comments section below.

The post AirPod: A Peek into Its Tokenization appeared first on NewsBTC.

Bitcoin Price Weekly Analysis – Can BTC/USD Break $8,500?

Key Points Bitcoin price surged higher this past week and broke $7,500 resistance against the US Dollar. There was a break above a key bearish trend line with resistance at $7,600 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is currently trading above $8,000 and is facing a monster

The post Bitcoin Price Weekly Analysis – Can BTC/USD Break $8,500? appeared first on NewsBTC.

Key Points

  • Bitcoin price surged higher this past week and broke $7,500 resistance against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $7,600 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently trading above $8,000 and is facing a monster resistance near the $8,500 level.

Bitcoin price is trading in a bullish zone above $7,500 against the US Dollar. BTC/USD has to move above $8,500 to extend gains in the near term.

Bitcoin Price Trend

This past week, there was a sharp upside move in bitcoin price from the $6,800 swing low against the US Dollar. The price surged higher and broke many resistances on the way up such as $7,000 and $7,500. There was also a break above the 38.2% Fib retracement level of the last decline from the $9,025 swing high to $6,450 swing low, which is a positive sign.

More importantly, there was a break above a key bearish trend line with resistance at $7,600 on the 4-hours chart of the BTC/USD pair. The pair is now trading well above the $7,000 level and the 100 simple moving average (4-hours). Furthermore, the price settled above the 61.8% Fib retracement level of the last decline from the $9,025 swing high to $6,450 swing low. However, it is facing a monster hurdle on the upside near the $8,500 level. It acted as a support earlier and the stated $8,500 will most likely prevent upsides in the near term. If BTC buyers succeed in pushing the price above the $8,500 level, there could be a test of the last swing high near $9,025.

Bitcoin Price Weekly Analysis BTC USD

Looking at the chart above, the pair is positioned nicely above the $7,500 pivot level. It may continue to trade higher if it succeeds in clearing the $8,500 barrier. On the downside, supports are visible near $7,800, $7,600 and $7,500.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is placed nicely with positive signs.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 60 level.

Major Support Level – $7,500

Major Resistance Level – $8,500

The post Bitcoin Price Weekly Analysis – Can BTC/USD Break $8,500? appeared first on NewsBTC.

Heuristics are not an investment strategy

A heuristic strategy for problem-solving might otherwise be described as a ‘rule of thumb’ or ‘best guess’ approach. It’s fine for some things — like pumping up your tyres or watering plants — but it’s arguable that it has no place in cryptocurrency in…

A heuristic strategy for problem-solving might otherwise be described as a ‘rule of thumb’ or ‘best guess’ approach. It’s fine for some things — like pumping up your tyres or watering plants — but it’s arguable that it has no place in cryptocurrency investing

Asian Cryptocurrency Trading Roundup: Top Altcoin is Iota

FOMO Moments Many were expecting markets to correct this weekend following a couple of days of solid gains across the board. The good news is that they have remained above $300 billion total cap level and Bitcoin has held its ground trading just over the key $8,000 level. The big daddy of crypto has remained

The post Asian Cryptocurrency Trading Roundup: Top Altcoin is Iota appeared first on NewsBTC.

FOMO Moments

Many were expecting markets to correct this weekend following a couple of days of solid gains across the board. The good news is that they have remained above $300 billion total cap level and Bitcoin has held its ground trading just over the key $8,000 level. The big daddy of crypto has remained stable in the last 24 hours gaining just over one percent, altcoins have also stayed largely in the green and the rally is holding up for now. As usual one crypto is outperforming its brethren this morning and that coin today is Iota.

Coinmarketcap is reporting a 12% gain for Iota during the morning’s Asian trading session. Most of the other altcoins have remained at the same level for the past 24 hours but Iota continues to make gains. It is currently trading at $1.50, up from $1.36 this time yesterday. Volume has decrease though indicating that the bullish pressure may be slowing down. Over the week Iota has made around 50% from $1 this time last weekend. The monthly picture also shows solid gains of around 45% for this altcoin. Against Bitcoin Iota has increased by almost 10% to 18600 satoshis from 16900 sats this time yesterday. Over the month its gains against BTC have been even stronger at 20% from 13800 satoshis this time last month.

The Internet of Things (IoT) based crypto seems to be riding on the back of the general wave of buying pressure over the past few days. Falling to below a dollar several times over the past few weeks Iota has been viewed as a good buy. Iota developers have adopted a slightly different approach to regular blockchain cryptocurrencies and use a blockless based distributed ledger called Tangle. The team was hit with bad news back in January when $4 million in Iota was lifted in a hack that exploited the seed generation process used to access Iota wallets.

Bitfinex currently dominates all trade in Iota with around 40% of the total volume, Binance takes second place with around 35%. Total trade volume has fallen over the past 24 hours from $88 million to $53 million where it currently stands. Iota is ranked at number 10 on the market cap charts with just over $4 billion, it peaked at $5.37 (43000 satoshis) on December 6.

Total crypto market capitalization has remained steady in the past 24 hours and currently stands at $323 billion. For this to be considered a true market recovery it will need to make a new higher high above the $355 billion it reached during the rally on March 22. Other altcoins with strong growth this morning in Asia include Nem, Ontology, and Siacoin.

More on Iota can be found here: https://iota.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

The post Asian Cryptocurrency Trading Roundup: Top Altcoin is Iota appeared first on NewsBTC.

Bitcoin Cash Price Weekly Analysis – BCH/USD To Continue Higher?

Key Points Bitcoin cash price started a decent upside move and traded above $720 against the US Dollar. There was a break above a crucial bearish trend line with resistance at $720 on the 4-hours chart of the BCH/USD pair (data feed from Kraken). The pair is now back in an uptrend and it may

The post Bitcoin Cash Price Weekly Analysis – BCH/USD To Continue Higher? appeared first on NewsBTC.

Key Points

  • Bitcoin cash price started a decent upside move and traded above $720 against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $720 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now back in an uptrend and it may continue to trade higher towards the $850 level.

Bitcoin cash price is trading nicely in a bullish zone against the US Dollar. BCH/USD is likely to gain traction for a run towards the $850-900 zone.

Bitcoin Cash Price Trend

There was a decent support base formed near the $600 level in bitcoin cash price against the US Dollar. The price started an upside wave this past week, and moved above a few hurdles such as $650 and $700. The upside move was very strong as the price was able to close above the $720 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $1,079 high to $600 low.

More importantly, there was a break above a crucial bearish trend line with resistance at $720 on the 4-hours chart of the BCH/USD pair. The pair is now trading well above the $700 level and the 100 simple moving average (4-hours). The upside drift stopped near the 38.2% Fib retracement level of the last decline from the $1,079 high to $600 low. However, the downside is limited by the $700-720 support area. It seems like the price is now well supported above the $700 level for more gains.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart above, a break above the $775 level could open the doors for more gains. The next major barrier for buyers above $775 is near $850.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slightly in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Level – $700

Major Resistance Level – $775

The post Bitcoin Cash Price Weekly Analysis – BCH/USD To Continue Higher? appeared first on NewsBTC.

On the Money Prognosticator Draper’s Bitcoin Price Prediction: $250000 by 2022 – Bitcoin News (press release)


Bitcoin News (press release)

On the Money Prognosticator Draper’s Bitcoin Price Prediction: $250000 by 2022
Bitcoin News (press release)
The well-known venture capitalist and cryptocurrency investor Tim Draper has revealed his four-year prediction after holding back his statements in a few interviews some weeks ago. Now Draper, who correctly predicted bitcoin’s price would surpass $10
Experts Expect Bitcoin Price to Hit $250,000 by 2022, Here’s Why …newsBTC
Venture capitalist bullish on bitcoinSan Mateo Daily Journal

all 14 news articles »


Bitcoin News (press release)

On the Money Prognosticator Draper's Bitcoin Price Prediction: $250000 by 2022
Bitcoin News (press release)
The well-known venture capitalist and cryptocurrency investor Tim Draper has revealed his four-year prediction after holding back his statements in a few interviews some weeks ago. Now Draper, who correctly predicted bitcoin's price would surpass $10 ...
Experts Expect Bitcoin Price to Hit $250,000 by 2022, Here's Why ...newsBTC
Venture capitalist bullish on bitcoinSan Mateo Daily Journal

all 14 news articles »

On the Money Prognosticator Draper’s Bitcoin Price Prediction: $250,000 by 2022

Tim Draper's Four Year Bitcoin Price Prediction — $250K by 2022The well-known venture capitalist and cryptocurrency investor Tim Draper has revealed his four-year prediction after holding back his statements in a few interviews some weeks ago. Now Draper, who correctly predicted bitcoin’s price would surpass $10,000 USD per coin by 2018, believes in just four years the price will be $250,000. Also read: Coinsecure Announces Repayment […]

The post On the Money Prognosticator Draper’s Bitcoin Price Prediction: $250,000 by 2022 appeared first on Bitcoin News.

Tim Draper's Four Year Bitcoin Price Prediction — $250K by 2022

The well-known venture capitalist and cryptocurrency investor Tim Draper has revealed his four-year prediction after holding back his statements in a few interviews some weeks ago. Now Draper, who correctly predicted bitcoin’s price would surpass $10,000 USD per coin by 2018, believes in just four years the price will be $250,000.

Also read: Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins

‘Serious Winds of Change’

Tim Draper's Four Year Bitcoin Price Prediction — $250K by 2022Tim Draper is a venture capitalist who has a whole lot of money tied up in technology-based investments. Draper is a strong believer in cryptocurrency solutions and blockchain technology. The man has been a pretty popular figure among the bitcoin community for quite some time. Back in 2014, Draper predicted four years before it happened that by 2018 the price of bitcoin would be above $10K. Further, Draper put his money where his mouth is, and purchased 30,000 BTC for an undisclosed price at the U.S. Marshals Silk Road bitcoin auction. The spot price of those coins were worth $19 million at the time, and today that investment should be worth at least $239 million.

Over the past couple of months, Draper has avoided giving his next four-year prediction while being interviewed by the media. But on Friday the 13th of 2018, Draper revealed his forecast over the social media platform Twitter.

“Serious winds (of change) at our block(chain) party last night,” Draper writes to his followers on Twitter.

I predict $250K by 2022

Many Luminaries and Moguls Predict New All-Time Highs This Year, But Draper Has Had a Deep Conviction for Cryptocurrencies for Years

Tim Draper is not the only investor who’s bullish about bitcoin’s price reaching new highs. Fundstrat advisor and co-founder Tom Lee still believes bitcoin will outpace last year’s all-time high by the year’s end. Lee had also predicted bitcoin would rally to $10K by the end of 2017 and his forecast came true. This week the well-known hedge fund Pantera Capital detailed that $6,500 was bitcoin’s low and expects the price to touch $20,000 by the end of 2018. Lastly, the founder and chairman of investment firm LDJ Capital, David Drake, believes bitcoin’s price will top $30,000 by the end of the year.

Tim Draper's Four Year Bitcoin Price Prediction — $250K by 2022

Although Draper’s prediction comes from a person who has had a deep conviction for digital currencies and bitcoin for a long time. In fact, Draper declared that digital currencies will dominate fiat currencies in five years time at the 2017 Web Summit. The investor stated during the summit:  

In five years, if you try to use fiat currency they will laugh at you — bitcoin and other cryptocurrencies will be so relevant — there will be no reason to have the fiat currencies.

Following 2017 Web Summit, Draper explained in an interview this year that he believes “bitcoin is the future currency.” The venture capitalist explains, “People ask me, ‘Are you going to sell your bitcoin [for fiat]?’ and I say, ‘Why would I sell the future for the past?’”

It’s safe to say the man’s faith in cryptocurrency is also well represented throughout the many blockchain startups Draper Associates invests in as well as his entrepreneurship ‘crash course’ school Draper University. $250,000 per bitcoin by 2022 would definitely be some ‘serious winds of change,’ but due to Draper’s last forecast coming true four years later, people are taking his predictions very seriously.

What do you think about Tim Draper’s prediction that bitcoin will be $250,000 by 2022? Do you think that it is possible for it to reach that price range? Let us know your thoughts on this subject in the comments below.


Images via Twitter, Draper University, and Wiki Commons.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post On the Money Prognosticator Draper’s Bitcoin Price Prediction: $250,000 by 2022 appeared first on Bitcoin News.

Switzerland Risks Losing Cryptocurrency Haven Status Over Increasing Regulation

Switzerland, a country renowned for its safe-haven status in capital markets, may have missed the opportunity of becoming a top jurisdiction for initial coin offerings. Tim Draper, a high-profile bitcoin enthusiast and early investor of Tesla, SpaceX, and Skype, has crossed the country off the map after the government allowed regulation to dissuade startups from launching

The post Switzerland Risks Losing Cryptocurrency Haven Status Over Increasing Regulation appeared first on NewsBTC.

Switzerland, a country renowned for its safe-haven status in capital markets, may have missed the opportunity of becoming a top jurisdiction for initial coin offerings. Tim Draper, a high-profile bitcoin enthusiast and early investor of Tesla, SpaceX, and Skype, has crossed the country off the map after the government allowed regulation to dissuade startups from launching ICOs there.

Switzerland Risks Losing Blockchain Haven Status Over Growing Regulation

The Crypto ICO summit took place in Zurich in late March. Tim Draper, the billionaire Bitcoin investor, addressed the audience by Skype as he explained his investment experience in Switzerland-based blockchain startups. One of the projects he has backed is Tezos, a new decentralized blockchain that governs itself by establishing a true digital commonwealth. The venture came under fire from both outsiders and insiders over allegations of false marketing and mismanagement shortly after its initial coin offering. The bitter feud between its authors, Arthur and Kathleen Breitman, led Tezos President Johann Gevers to resign.

Tim Draper had some words of advice for Swiss authorities as recent regulatory moves endanger the country’s blockchain haven status;

“You had the tiger by the tail, everyone was going to do their ICOs through you, and all you had to do was make it easier for everybody. Instead, the regulatory bodies got in there, they made it tougher, they put more and more barriers up, so people went to Singapore and Gibraltar and Cayman and to other places. Switzerland had an enormous opportunity and I think they have lost their opportunity. If you have heavy regulation, you lose your business. Maybe they can bring it back by being more regulatory light. Governments now have to compete for us. We can move, we can go from country to country”, Tim Draper said.

Peter Schnürer, Chief Digital Officer of Inventx AG, quoted Tim Draper saying that he would choose Liechtenstein, among others, for an initial coin offering. Draper, however, did not go into detail about which Swiss regulation is hurtful for the cryptocurrency fundraisers. FINMA has published ICO guidelines in February 2018 stating there will be no “catch-all” regulation as each ICO will be judged independently.

The new regulation in Switzerland defines three types of tokens. Payment tokens, which provide a means of payment and must comply with existing anti-money laundering legislation. Utility tokens, which provide access to an application or service and will not be regulated. And asset tokens, which fall under securities legislation as they represent assets in a more traditional sense, and also fall under civil law requirements.

 

Image from Shutterstock

The post Switzerland Risks Losing Cryptocurrency Haven Status Over Increasing Regulation appeared first on NewsBTC.

Bitcoin Has Now Forked Almost 70 Times – Bitcoin News (press release)

Bitcoin News (press release)Bitcoin Has Now Forked Almost 70 TimesBitcoin News (press release)Forking bitcoin used to be a rarity. Then it became the norm. And then it became a meme, with anyone and everyone forking bitcoin on a weekly basis. There hav…


Bitcoin News (press release)

Bitcoin Has Now Forked Almost 70 Times
Bitcoin News (press release)
Forking bitcoin used to be a rarity. Then it became the norm. And then it became a meme, with anyone and everyone forking bitcoin on a weekly basis. There have now been a total of 69 bitcoin forks plus another 18 altcoin forks. Holders of bitcoin ...

and more »

Bitcoin Has Now Forked Almost 70 Times

Bitcoin Has Now Forked Almost 70 TimesForking bitcoin used to be a rarity. Then it became the norm. And then it became a meme, with anyone and everyone forking bitcoin on a weekly basis. There have now been a total of 69 bitcoin forks plus another 18 altcoin forks. Holders of bitcoin, monero, ethereum, and litecoin can claim almost 80 additional […]

The post Bitcoin Has Now Forked Almost 70 Times appeared first on Bitcoin News.

Bitcoin Has Now Forked Almost 70 Times

Forking bitcoin used to be a rarity. Then it became the norm. And then it became a meme, with anyone and everyone forking bitcoin on a weekly basis. There have now been a total of 69 bitcoin forks plus another 18 altcoin forks. Holders of bitcoin, monero, ethereum, and litecoin can claim almost 80 additional coins for free. Whether it’s worth their time to do so, however, is another matter.

Also read: Russian Court Bans Telegram, Founder Pavel Durov Defiant

Fork All the Things

Bitcoin Has Now Forked Almost 70 TimesIt’s widely known that ever since bitcoin cash launched, the quality and value of subsequent forks has been deteriorating. What’s not so widely known is just how many forks there’s been. The likes of Bitcoin Coral, Bitcoin Sudo, and Bitcoin Star aren’t exactly household names. Nor will they ever be. Like most of the bitcoin forks to be found on Forkdrop.io’s exhaustive list, these coins don’t have exchange listings.

For anyone with a passing interest in forks, and who’s considering claiming some of these coins, Forkdrop.io’s resources include guides to claiming them and sections on passive and active airdrops. For those who aren’t particularly tech-savvy, there are sites that will help you claim your free coins – in return for a cut. Whether these coins are worth claiming, with or without a commission attached, is debatable.

Bitcoin Has Now Forked Almost 70 Times
The only bitcoin forks that are currently tradable

How Much Are Your Forked Coins Worth?

Of the 69 bitcoin forks to date, just 10 are tradable on exchanges. Combined, these have a value of  $941, or around 0.12 BTC. Take bitcoin cash out of the question and you’re left with only $206 or 0.026 BTC. Unless you’re sitting on a trove of bitcoins, claiming these forked coins simply isn’t worth it. And for those who are blessed with a bountiful supply of BTC, moving them, and risking exposing your private key on a third party site, to claim an additional 2.5% of BTC simply isn’t worth it.

When it comes to altcoins, the returns are every bit as poor. Forkdrop.io lists 18 altcoin forks, although many more have forked by cloning the code and then adding their own twist. Verge, for example, is a fork of dogecoin, but was never made available on a 1:1 basis to doge holders. Forkdrop’s altcoin section lists six ethereum forks, three litecoin forks, and six monero forks plus a couple of others. Only three of these forks are tradable, with a combined value of just $20. You don’t even need to punch the numbers in to appreciate that claiming forked altcoins is a pointless exercise, unless they’re automatically distributed by an exchange, sparing holders from having to move a muscle.

Bitcoin Has Now Forked Almost 70 Times
Forkgen makes it easy for anyone to fork bitcoin

Free Coins – But at What Price?

Forking bitcoin is easy. Tools like Forkgen will do all the hard work for you. Using the mantra “Fork it till you make it”, they guide noobs through a simple process which concludes by hitting the blue button marked “Generate New Altcoin”. As the developers of such forks as Bitcoin Minor, Bitcoin King, and Bitcoin Boy are discovering, though, after forking from BTC, the hard work is only just beginning. As Jimmy Song put it:

Bitcoin will continue to be different because unlike centralized coins, it’s market driven, immutable and unseizable. These happen to be the properties of a great store of value and this gives Bitcoin a utility that no other token has.

One coin that isn’t listed on Forkdrop is Bitcoin Private. It was a little different from the rest in that it forked simultaneously from zclassic and bitcoin. BTCP started trading at around $80, but has dropped four-fold in under a month. It seems it doesn’t matter what you fork from, how, or why, the fact remains that everything since bitcoin cash has been destined for irrelevance. Forked coins might be fun, but on the evidence so far, they aren’t worth claiming.

Have you bothered to claim any of the forked coins available to you? Let us know in the comments section below.


Images courtesy of Shutterstock, and Forkdrop.io


Need to calculate your bitcoin holdings? Check our tools section.

The post Bitcoin Has Now Forked Almost 70 Times appeared first on Bitcoin News.

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins – Bitcoin News (press release)


Bitcoin News (press release)

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins
Bitcoin News (press release)
… are currently investigating the case. The exchange has filed a theft report with the Delhi Cyber Crime Cell under Section 66 of the IPC and the IT Act. According to News18, “the company’s servers have been seized to get information about [the] hack
$3.5 Million in Bitcoin Missing From India’s Coinsecure ExchangeBitcoin Magazine
A cryptocurrency exchange had $3.5 million stolen — and thinks its security chief ran off with the moneyCNBC
$3 Million Bitcoin Heist Reported by India’s CoinsecureBloomberg
Wall Street Journal –Investor’s Business Daily –Economic Times –CryptoCompare.com
all 101 news articles »

Bitcoin News (press release)

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins
Bitcoin News (press release)
... are currently investigating the case. The exchange has filed a theft report with the Delhi Cyber Crime Cell under Section 66 of the IPC and the IT Act. According to News18, “the company's servers have been seized to get information about [the] hack ...
$3.5 Million in Bitcoin Missing From India's Coinsecure ExchangeBitcoin Magazine
A cryptocurrency exchange had $3.5 million stolen — and thinks its security chief ran off with the moneyCNBC
$3 Million Bitcoin Heist Reported by India's CoinsecureBloomberg
Wall Street Journal -Investor's Business Daily -Economic Times -CryptoCompare.com
all 101 news articles »

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins

Coinsecure Announces Repayment Plan and Bounty for Stolen BitcoinsIndian exchange Coinsecure has announced its plan to repay customers for stolen bitcoins as well as a 10 percent bounty to anyone who helps recover them. The exchange claims it was an inside job, and suspects its chief security officer of playing a role in siphoning off the money. Also read: Japan’s DMM Bitcoin Exchange Opens for […]

The post Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins appeared first on Bitcoin News.

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins

Indian exchange Coinsecure has announced its plan to repay customers for stolen bitcoins as well as a 10 percent bounty to anyone who helps recover them. The exchange claims it was an inside job, and suspects its chief security officer of playing a role in siphoning off the money.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

A 10 Percent Bounty

Coinsecure has announced a bounty of approximately 20 million rupees, worth approximately US$306,722 at press time, “to anyone who helps them recover the lost bitcoins,” the Economic Times reported on Saturday.

Coinsecure Announces Repayment Plan and Bounty for Stolen BitcoinsThe exchange confirmed that it lost 438.31859715 BTC on April 8, worth approximately Rs 20 crore or US$3,067,220. The coins were stolen from an offline wallet holding users’ funds, the news outlet detailed. While the exchange has about 2 million users, “Some 11,000 customers are said to be affected by the reported theft which is the biggest cryptocurrency theft in India,” the publication added. The exchange subsequently halted all deposits and withdrawals.

A statement was issued by the company on Friday, clarifying:

We are also seeking help from the Bitcoin community and all our users who can help us identify the hacker or give us any information that could lead us to recover funds…We are happy to issue a bounty of 10% to the community for help rendered for [the] recovery of BTC.

Where Did the Coins Go?

Coinsecure revealed that the address where stolen bitcoins were transferred to is 1BaEJquitskdXcTj53Uy6PuUtJ5a8ETWpA. At the time of this writing, there have been 973 transactions through this address and the final balance is 139.42094629 BTC.

Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins

The stolen coins were “transferred to the hacker’s wallet over a span of two days in small tranches” and then sent to multiple addresses, the news outlet described, noting:

The exchange claims an insider job in the theft and suspects its chief security officer, Amitabh Saxena, of playing a role in siphoning off the money. Coinsecure also requested Delhi police to seize Saxena’s passport, fearing that he may leave the country.

Coinsecure Announces Repayment Plan and Bounty for Stolen BitcoinsThe police are currently investigating the case. The exchange has filed a theft report with the Delhi Cyber Crime Cell under Section 66 of the IPC and the IT Act. According to News18, “the company’s servers have been seized to get information about [the] hack…Many senior officials of the company have [also] been called for questioning.”

Moreover, the news outlet wrote, “Coinsecure tried to track the hackers, but the wallet was stolen, their data log was erased. For this reason, there was no clue about the transfer of bitcoins.”

Repayment Plan

The company announced on Saturday that “should we be able to recover all of our BTC, all our customers’ BTC holdings will be refunded as per the balance they held with Coinsecure.” However, the exchange warned that:

If recovery of siphoned BTC is not possible, then we will apply the lock in rates as of the 9th of April, 2018. 10% of the coin holding balance will be refunded in BTC and 90% will be returned in INR.

“Details on procedures to be followed will be issued sometime next week, as we are planning on how we can go back online and help with withdrawals of INR and BTC balances, and are waiting for the go-ahead from the authorities,” the exchange elaborated.

What do you think of Coinsecure’s bounty and repayment plan? Do you think it was an inside job? Let us know in the comments section below.


Images courtesy of Shutterstock, Blockchain, and Coinsecure.


Need to calculate your bitcoin holdings? Check our tools section.

The post Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins appeared first on Bitcoin News.

Cannabis and blockchain Pt II: The future of commodities

In terms of a zeitgeist shift, the change in sentiment towards cannabis and the distrust towards institutional financial powers is at a fascinating juncture. Individually, both fledgling industries are huge potential disruptors of many industries, but …

In terms of a zeitgeist shift, the change in sentiment towards cannabis and the distrust towards institutional financial powers is at a fascinating juncture. Individually, both fledgling industries are huge potential disruptors of many industries, but what could they do together?

Bitcoin And Cryptocurrency: Unsuitable At Any Speed – Forbes

ForbesBitcoin And Cryptocurrency: Unsuitable At Any SpeedForbesTo "invest" in Bitcoin is then simply to speculate, nothing more, nothing less. It is for that reason utterly impossible for an investment advisor or broker-dealer to create anyth…


Forbes

Bitcoin And Cryptocurrency: Unsuitable At Any Speed
Forbes
To "invest" in Bitcoin is then simply to speculate, nothing more, nothing less. It is for that reason utterly impossible for an investment advisor or broker-dealer to create anything like a long-term plan for their customer to invest in Bitcoin, and ...

and more »