Circle-the crypto finance company released the third official verification of the USDC stabelcoin dollar reserves according to the official statement making its way into our blockchain news today.
By reading the report carefully, you can notice that as of December 31, 2018, at exactly 11:59, 251,211,149 USDC tokens were issued. The company has about $251,211,210 in their custody accounts and plus $61 surplus in dollar reserves. Circle issued a statement:
“As of the Report Date and Time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts.”
USDC is a stablecoin that is based on the Ethereum (ETH) ERC20 token which was first announced in May 2018 after Circle successfully raised $110 million from investors. The CEO of Circe Jeremy Allaire explained more about USDC by saying:
“It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.”
Circle’s third audit attestation on the stablecoin, shows that the company has a surplus of US dollar reserves that are able to back the circulating coins. The first one was published in November 2018.
Also, back in December, the USDC stablecoin was added to one of the largest crypto exchanges in the world-Binance after getting listed on Huobi and OKEx both in October.
Nicholas Truglia, the 21-year old American from New York, is in our crypto news today after being accused of stealing millions of dollars worth of crypto by using the SIM swapping method.
The plaintiff Michael Terpin who is a long-time crypto investor, filed a lawsuit back in August last year against AT&T accusing the company of negligence by allowing the suspect to take control over the plaintiff’s phone and steal more than $24 million in crypto.
SIM-swapping is basically theft of a cell phone number which allows the thief to hijack all of the online financial data from social media accounts and other financial accounts since many companies now use automated messages to handle customer authentication.
Terpin explained that his legal team has already identified the primary suspect who is actually Nicholas Truglia.
Truglia has been arrested before also for a similar SIM swap criminal charges by allegedly stealing more than $1 million in crypto from Silicon Valley executives. He is currently in prison in Santa Clara County, California.
In the evidence presented, there are plenty of statements and text messages that were sent by Truglia on the same date when Terpin got all of his accounts attacked, saying to his friends that he had stolen a crypto wallet with more than $20 million in it. In one of the texts, he even brags saying he is a millionaire. He also confessed to friends that that particular theft was his largest.
Terpin’s filed complaints including charges against Truglia under the Racketeer Influenced and Corrupt Organizations.
UpStake, an exciting cryptocurrency project officially launched last year, is all set to take the global crypto community by storm. Unlike hundreds of crypto ventures that fail to make any impression, UpStake is dedicated to delivering a stable digital currency that will pave the way for mass adoption around the world.
London, UK – Jan 16, 2019
London-based crypto startup UpStake is well on its way to revolutionising the global cryptocurrency industry by eliminating many of the limitations that have stifled growth for years. Launched in 2018, this promising initiative is focused on ensuring mass adoption of cryptocurrency by providing a usable, stable form of digital currency to the crypto and blockchain communities across the globe.
This proposed blockchain ecosystem is built around UpStake tokens (UPS), the platform’s proprietary token. UpStake asserts that these tokens have been designed to increase in value over time, and set the stage to build great products and services which result in better user experiences.
In order to ensure continuous increase in value of UPS over time, UpStake has built a Proof-of-Burn model that burns a certain percentage of tokens sold through their exchange. This model helps create the value that contributes to the ever-growing price point of the token. It not only enables the token price to increase every hour, but also keeps it well protected from market volatility.
Highly volatile and unregulated markets have so far obstructed the path of mass cryptocurrency adoption. In order to eliminate this concern and enable mass adoption, UpStake relies on token features such as limited circulation, hourly increase of value, proof of burn, and anti-exchange manipulation.
Having developed a product that is immune to market-related uncertainties, UpStake is confident in bringing about a paradigm shift in the crypto world’s operations. Individuals and businesses using UpStake can now gain access to an asset with a store of value that can be safely used in day-to-day transactions. This will undoubtedly play a critical role in bringing cryptocurrency to conventional shopping, employee payroll, gaming, online gambling, network marketing, and much more.
“Knowing the future token price doesn’t create value,” said UpStake global influencer manager Seth Fontaine. “It creates a platform of transparency, and a foundation to build great products and services with an even better user experience than traditional fiat/banking.”
The UpStake platform also includes useful features such as its own exchange designed to combat market manipulation, a micro-networking investing product known as Edge, an affiliate program, and upcoming projects such as a dedicated UpStake marketplace and peer-to-peer transfer capabilities.
To find out more, please visit https://upstake.com/
About UpStake: UpStake is an exciting cryptocurrency project focused on delivering a stable digital currency that will pave the way for mass crypto adoption around the world. UpStake accomplishes this feat with a Proof-of-Burn model that periodically burns a certain percentage of tokens sold through their exchange.
The latest Bitcoin news show that the most dominant cryptocurrency is kind of idle when it comes to fast growth. Over the past few days, it managed to go in the green and in the red with less than 1% movements, holding firmly above the $3,600 mark.
Bitcoin has stayed above the $3,600 threshold for some time now, while its highest price point over the past 24 hours was $3,707. Currently, BTC is at $3,637 with a loss of 0.32% overnight. The total market capitalization is down from $122 billion yesterday to $121 billion today – and down by more than $2 billion from the intraweekly high of $123..2 billion.
Ripple (XRP) is slightly down as well, trading at $0.32 and falling by one cent compared to yesterday’s numbers. Ethereum (ETH) also declined by 0.64% and is still at $122. EOS managed to surge by 0.68% overnight and is now trading at $2.44.
While most of the top 10 is green, only EOS (EOS) and Tron (TRX) managed to rise. TRX rose to $0.024 with a 0.94% growth just like EOS and its sub-1% movements.
The biggest growth overnight was initiated by Cardano (ADA) and Binance Coin (BNB). While ADA surged by 2.71% to a new price of $0.045, BNB managed to climb to $6.20 rising by 2% overnight.
As it is right now, the cryptocurrency market definitely needs some movement on the green side. However, the idle movements can continue as well, proving that another bear market is here.
One of the leading online content management systems and the platform behind more than 40% of the websites out there, WordPress, has decided to launch a new publishing platform backed by Google and the Ethereum development studio ConsenSys among other partners. The platform is in the latest cryptocurrency news only because it has blockchain tools in it.
Announced on Monday, the new product – called Newspack – is described as an “inexpensive” platform that offers technology and support for small as well as medium-sized news organizations.
Google was the main backer with a $1.2 million investment, while ConsenSys contributed with $350,000. The Lenfest Institute for Journalism and the John S. and James L. Knight Foundation also took part in the investments, giving $400,000 and $250,000 respectively.
A ConsenSys rep confirmed the investment yesterday, adding that newsrooms accessing Newspack will be offered the option to use blockchain based features made available through ConsenSys and its partner Civil Media.
“The plugin will also act as a portal that will walk newsrooms through how to join the Civil Registry, the hub of community-vetted and -approved newsrooms,” the rep added, saying that the plugin will also offer access to a “discovery portal” for consumers seeking news.
Even though Civil was known for having some issues such as a failed token-based fundraiser which had to be relaunched, it apparently assisted a news site in archiving its entire article base on the Ethereum blockchain in December last year.
The World Wildlife Fund – Australia (WWF-Australia) has officially announced the launch of a supply chain tool that uses blockchain in order to allow businesses and consumers to track food in a new way.
This cryptocurrency news was first echoed in a tweet today (January 17th) in which WWF announced the platform, dubbed OpenSC, as a product of a partnership between WWF and BCG Digital Ventures (BCGDV) which is a global corporate venture, investment and incubation arm of the US-based Boston Consulting Group.
As one post on the WWF site unveils, the system will allow businesses to track products that they produce – but also consumers to view the origins of said products through a “unique blockchain code at the product’s point of origin.”
The platform is designed to distribute QR codes to products made by client corporations signing up to the scheme, which are later linked to a blockchain platform and allow consumers to check the origins and lifecycle of any specific product.
The aim is to empower consumers with the knowledge of exactly what they are buying as they purposely make an ethical choice. As the CEO of WWF Australia commented in an accompanying press release:
“Through OpenSC, we will have a whole new level of transparency about whether the food we eat is contributing to environmental degradation of habitats and species, as well as social injustice and human rights issues such as slavery.”
Open-SC will reportedly start operating at the World Economic Forum event in Davos, where it will be presented to world leaders. In the future, the plan is to extend beyond food to tackle areas as diverse as palm oil and timber, according to Reuters.
In the latest crypto news, we are focusing on a smart move done by the Binance team recently, with which the leading exchange managed to freeze some of the funds that were stolen from the crypto exchange Cryptopia during the high-profile hack which occurred earlier this week.
The CEO of Binance, Changpeng Zhao, has announced this news in a tweet on Wednesday, saying the following:
Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic
Zhao also questioned why do attackers keep on sending the stolen funds to Binance, mostly because the word spreads quickly and the crypto exchanges are not shy about halting the flow of stolen funds.
As Cryptopia tweeted, on the other hand, the breach occurred on Monday and caused the exchange to suffer from “significant losses.”
In numbers, this translates to at least $2.4 million worth of Ethereum (ETH) moved to several unknown wallets – as well as about $1.2 million worth of Centrality (CENNZ). Even though it is still unclear who is behind the hack, some people believe that Cryptopia may have made the transfers for security reasons.
The exchange commented:
We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.https://t.co/9uMiKQwb6u
What’s most interesting in the case is that one day before this hack, Zhao posted a message on Twitter where he advised crypto holders to store their holdings on exchanges instead of personal storage devices such as USB drives or hardware wallets.
The tweet was not that well received by the audience, giving Zhao comments about the risk of storing cryptocurrency on “reputable” exchanges like Binance.
The automotive giant Ford is in the featured news on our DC Forecasts crypto news site today – mainly for its plan to fight child labor with blockchain. One of the oldest car manufacturers out there has recently entered a partnership with IBM, Huayou Cobalt and LG Chem in order to build a blockchain platform that will monitor the supply of cobalt from the Democratic Republic of Congo as part of a new attempt that will see Ford ensuring that no child labor makes part of its supply chain.
First announced on Wednesday, this project will be managed by the global responsible-sourcing consultant RCS Group – and will use IBM’s proprietary blockchain platform to monitor the cobalt supplies that are used in the production of lithium-ion batteries.
In times when other primary production industries are tapping into blockchain technology as a potential solution for effective supply chain tracking, Ford is definitely interested in tracking metals but has a problem with child labor which is being tackled with the deployment of blockchain technology.
What’s also important to note are the many challenges for tracking metals. Speaking of, they present an altogether different challenge for the monitoring project because they are often smelted together, at which point it becomes almost impossible to identify what came from where.
However, the main challenge that Ford is ready to solve is the one posed by artisanal miners and unregistered local panhandlers using children for labor – mainly dealt with by bringing them into a blockchain network of validated participants so that the labor is transparent and everyone can see where cobalt supplies are coming from.
According to the latest Exchange Security Report conducted by the ICORating analysts, 16% of all the major crypto exchanges in the world got rated with A or A- but surprisingly enough neither of them got rated A+. Let’s find out why in the latest blockchain news below.
The report shows that Kraken and Robinhood were rated A, and Poloniex was rated A- as top three most secure trading platforms worldwide.
More than 135 crypto trading platforms were assessed which their daily trade value exceeds $100,000. They were rated for registrar and domain security, web security, DoS attack protection, and user account security.
More than 50 percent of the exchanges got rated with B+ or B- and the remaining with C- or C+. There was not a single exchange that got A+.
All of the categories were divided into sub-categories for more transparency. For example, for the user security category, password security and two-factor authentication were assessed where only 22 percent met all the criteria.
For domain and registrar security, the sub-categories consisted of six-month expiration window for the high-profile domains and only 3 percent satisfied the criteria.
All of the exchanges turned out to be protected from MITM attacks and Heartbleed attacks and 37 percent of the exchanges were found to be using HSTS header.
ICORating’s data shows that Coinbase PRO has A- rating on number nine, BitMEX on the fourth position with A- and HitBTC ranking 13th with A-.
On the other hand, Binance which is the world’s largest exchange by daily trade volumes was ranked 34th with B+ and Gemini was ranked 84th with B-.
Over the past day, the crypto market recovered from its previous position and reached $123 billion as Bitcoin also managed to avoid another drop below the $3,600 mark. In the latest crypto news, we take a look at some analysis from multiple crypto technical analysts.
Some analysts think that because of the high sell-off intensity in the previous period, there is a strong chance for the price of BTC and other altcoins to drop even further below their support levels in the short-term. Also, they believe that Bitcoin will even decline as low as $3,100 by the end of the bear market before recovering by the end of 2019.
Crypto technical analyst Eric Thies said that Bitcoin might start a strong movement upwards by the end of 2019:
“Similar to 2015, 2019 may be the year of accumulation.’’
Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’
Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.