Japanese social messaging app LINE announced the creation of a $10 million blockchain venture fund Wednesday, August 15, as part of its expansion into the cryptocurrency market.Launched via Hong Kong-based subsidiary unblock corp., the fund contains funds from fellow LINE sister outfit LVC Corporation. “Additionally, unblock ventures’ token fund is expected to expand in the future, according to the growth of the blockchain market,” the company commented in a press release, adding: “By launching this new corporate token fund, LINE is aiming to boost the development and adoption of cryptocurrencies and blockchain technology.” The move, it claims, makes LINE “one of the first publicly traded corporations to formalize token investments through a corporate fund.” The Japanese giant has presse
by Trent RhodeIn part 1 and part 2 of this series, we explored why ICOs are failing in advancing principles of decentralization, fairness and equal opportunity in international investment and finance, and how Security Token Offerings (STOs) – aka decentralized digital securities – may hold promise for inspiring such an evolution. Although STOs hold a lot of potential, if they are to herald a new way of organizing the world’s financial resources, they still have a long way to go, and many challenges to overcome. One of the biggest dangers is that large investors will dominate and suppress decentralized finance, blocking attempts at meaningful crowd funding networks. Another danger is that the market will be flooded with larger, more experienced investors who tend to take advantage of smalle
The cryptocurrency market promises apparently a fabulous profitability, but trustful investors and traders often make incorrect trading decisions. One such story occurred with a trader from Abu Dhabi. Reddit user under the nickname Crypthomie telled his story about how he lost almost all his investments in cryptocurrencies. Now he has to pay back his loan to a bank, and it will take three years more to climb out of the debt pit. A 32-year-old trader from Abu Dhabi took a loan in Emirates Islamic Bank for 338,000 dirhams ($1,265,000). He was supposed to pay back to bank $147,200 including interest. He invested recieved loan in cryptocurrencies, but not in bitcoin. He decided to make investments in altcoins, such as NEO, Stellar, Litecoin, Ethereum and “some shitcoins that
Hackaton, launched by eccentric IT entrepreneur John McAfee, turned a test for their courage for a group of hackers who managed to crack the Bitfi cryptocurrency wallet, developed by the company founded by McAfee. The group of hackers under nickname Cybergibbons reported that they were able to crack the Bitfi cryptocurrency hardware wallet and send a transaction from it. According to their statements, they managed to get full access to the wallet and send private keys and seed-phrase to the remote server using Netcat. They noted that Bitfi keeps in touch with the company's servers. After that, the ambiguous message appeared in the Bitfi Twitter account: "...but did you guys ever bother to look into who you picked fight with & the resources these people ha...
Kaspersky Lab recorded a massive outbreak of phishing attacks in messengers and social networks at the end of the first half of the year. Phishing attacks resulted in theft of$ 2.3 million in cryptocurrencies. Kaspersky Lab notes the growing popularity of such a fraudulent way to steal cryptocurrencies, like phishing. With the help of fraudelent sites imitating crypto wallets and exchanges, scammers managed to steal cryptocurrencies worth $2.3 million. "The most popular cryptocurrency for phishers currently is Etherium (ETH). According to the calculations of Kaspersky Lab (based on data from more than a thousand ETH-addresses used by cybercriminals), in the second quarter of 2018, using fraudelent ICOs sites, scammers were able to blow away more than $2 million fr...
While the cryptocurrency market has tanked in recent months, many cryptocurrency advocates remain unfazed, with some claiming that the adoption rates will only continue to swell. Critics may classify this sentiment as unwarranted optimism, but Coinbase CEO Brian Armstrong has recently disclosed figures that allude to the fact that the cryptocurrency market is set on growing.Coinbase Signs Up 50,000 Users A DayCoinbase has long been at the helm of the cryptocurrency market, holding the business of 25 million consumers to its name. But as this year’s correction hit crypto investors square in the gut, many pessimists began to speculate that it was the beginning of the end for exchanges. Bloomberg reports that this is far from the case, with Brian Armstrong, the CEO and co-founder of Coinbase,
Venezuelan President Nicolás Maduro has announced that the national oil-backed cryptocurrency, the Petro, will be used as a unit of account within the country, news outlet ABC International reported August 14.Nicolás Maduro reportedly announced in a television address, that the state oil company PDVSA will use the Petro as a unit of account. Additionally, the government will introduce a new salary system and a pricing system for goods and services that are anchored to the Petro. ABC quotes Maduro: “As of next Monday, Venezuela will have a second accounting unit based on the price, the value of the Petro. It will be a second accounting unit of the Republic and will begin operations as a mandatory accounting unit of our PDVSA oil industry.” According Maduro, the implementation of a new Pet
The Jamaica Stock Exchange (JSE) has selected Canadian fintech company Blockstation to facilitate the trading of digital currencies and tokens on the JSE, according to an August 14 press release.Upon implementation of the project, JSE will provide trading, quotes, execution, and settlement services for cryptocurrencies and tokens. Kirk Brown, Head Trader for a broker member of the JSE, underlined the importance for investors “to be able to invest in digital assets through their traditional financial institutions.” Marlene Street Forrest, Managing Director of the JSE said: “We are very comfortable moving forward based on the training and support provided by Blockstation, and because their trading platform incorporates familiar compliance rules to ensure a fair marketplace.” Prior to the d
A crypto enthusiast who took out a six-figure loan to purchase cryptocurrencies has seen them lose almost 85% of their value.Investment Lost with NEO, Stellar, Litecoin, Ethereum, and OthersOn Monday, Reddit user “Cryptohomie,” a 32-year-old living in Abu Dhabi, UAE, posted a photo of his bank repayment schedule to the cryptocurrency subreddit, according to News.com.au.The photo shows a document from Emirates Islamic Bank that lists monthly repayments of 8,194 dirham ($3,067) until December 14, 2021. The original loan is listed as 338,000 dirham ($126,500) with a total outstanding amount of 393,296 dirham ($147,200) including interest.“Here is my bank installment related to the loan I took to invest in crypto,” Cryptohomie wrote. “Still three-and-a-half years to go until I’m freed. Until t
Beverly Hills-based Playboy Enterprises is suing Canadian firm Global Blockchain Technologies (GBT), claiming that it failed to integrate blockchain technology into Playboy’s online media channels, the Los Angeles Times reported August 14.Playboy Enterprises reportedly filed a lawsuit in Los Angeles County Superior Court, accusing the Canadian company of fraud and breaching a contract, which the two companies drew in March. Per the terms of the agreement, GBT would integrate the Vice Industry Token (VIT) on Playboy’s media sites. Playboy said that the blockchain firm not only failed to fulfill the requirements, but also omitted a payment of $4 million it promised in the agreement. Now, Playboy is seeking compensation, the amount of which has not been disclosed. GBT dismissed the lawsuit as