BetByBitcoin – Best Bitcoin Casino & Betting Game Review Site Tue, 22 Jan 2019 09:22:23 +0000 en-US hourly 1 110991239 Smart Card Manufacturer Tangem Seals deal with SBI Group Tue, 22 Jan 2019 09:22:16 +0000

For Tangem 2019 has started well with securing investments from SBI Group. The latter is a Swiss-based crypto smart card manufacturer that is now working with SBI Group to achieve its goal of extending its network and making its services available to many.

SBI Group has just invested $15 million in Tangem to push its development agenda of covering other sectors which have a high potential for the digital coins industry. Although Tangem is a firm that is still in its late infancy stages the funds from SBI Group Tangem will be pumped into development and help Tangem achieve its goal. The latter primary goal is to fast track the adoption of virtual currency by making digital assets easy to spend. They released their first digital wallet in June 2018.  For Tangem making digital coins and assets available in smart cards will enable users always be able to spend their coins in their day to day endeavours.

Potential Sectors Tangem is Eyeing

Cryptocurrency is opening different sectors in various ways, and for Tangem its smart cards can be used anywhere. With the investments in place, Tangem is eyeing several areas within its reach. According to the press release from Tangem, they will now divert their attention to the digital identity sector, anti-counterfeiting, cryptocurrencies/stable coins, Initial coin offering (ICOs) and token distribution, ticketing sector, retail loyalty and promotions sectors. These are the new sectors that Tangem will be venturing in to spearhead the adoption of cryptocurrency. For them, the funds from SBI Group have come at the right moment.

“For us, 2018 was a successful year. We launched mass production of Tangem smart cards for the industry and from the way the cards were adopted we are proud of our work.” Andrey Kurennykh Tangem co-founder. “But for 2019 the funds from SBI Group will further propel us into achieving our goal of making blockchain part of our everyday life. Furthermore, in 2019, we will be able to provide our services to more people and at the same time be able to support companies with the same goal as ours.”

SBI Group is a well-established company that is making investments around the globe to spearhead the development of crypto. Through its subsidiary SBI Crypto Investment Ltd it’s expanding its presence and at the same time helping other start-ups in the crypto sector develop.

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Faking Exchanges Volumes by Two Komind Leaders Leads to Jail Sentences Mon, 21 Jan 2019 10:02:05 +0000

In January of last year, two Komind executives took advantage of their access to the exchange’s platform and manipulated transactions leading to them scamming investors. But on the 19th of January 2019 Koimid CEO known by his surname Choir and his accomplice Park Mo were found guilty and sentenced to jail. The latter was sentenced to a two jail term for his involvement in scamming investors while the former will serve three years in prison. Park Mo was the director of Komind and was found guilty of misconduct, embezzlement, and fraud.

According to information from local news outlet blockinpress, the two senior Komind leaders pulled the fraudulent scheme by setting up a nickname account at the platform. They went ahead and operated the account just like any other account, but the account didn’t hold a lot of cryptography or capital. Furthermore, besides just using the fake account files, the court showed the two might have used a bot to dupe investors. The bot was in place to create large orders automatically which in turn will fool customers. Moreover according to a statement from one of Mo Choi defendant manipulated the point balance by keying in false data in an actual password currency transactions. But to avoid suspicion, they repeated the initial orders artificially. The whole scheme was carried out by the two in January. From their activities, they were able to create 5 million passwords which helped them generated $45 million.

Choi was a Common Fraudster

The case involving the two was lodged in the South District Court in Seoul court by defendants and through the prosecutor presenting strong evidence, the two were found to be guilty. Besides sending them to jail, the judge also said;

“Choi is a serial scammer he has scammed a lot of other victims for quite some time. It’s a shame that the financial authorities have failed to stop him on his tracks. Moreover, they are failing on their legal mandate of managing the crypto industry.”

Apart from Komind executives, other executives under other platforms who have been indicted in court include two from Upbit’s executive arm. One was an Upbit employee while the other was an Upbit’s developer. The two were only charged but weren’t detained. Similarly, Bithumb exchange denied allegations that it also faked its trading volumes. The cryptocurrency sector is facing a lot of challenges be it hacking incidences, scamming or fraud but through the courts, those found guilty are jailed.

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Taiwanese Bitcoin Scammers Indicted Sat, 19 Jan 2019 10:05:24 +0000

Per information from local news outlet Focus Taiwan seven Bitcoin crypto scammers who defrauded investors over $51 million have been indicted in a court in Taiwan. Led by 47-year old man formally known as Lin the ring was able to lure investors into their web and walk away with their investments. Over 1000 investors lost cash in the scheme. In court, the scammers will have to answer to charges of violating Taiwan’s Banking and Multi-Level Marketing Supervision acts. After careful securitizing the evidence before them, the prosecutors found out the seven were operating a fraudulent crypto investment vehicle and in the process broke various business laws and violated multiple banking laws.

Opened an Office              

To cast his net wider, the 47-year-old ring leader set up an office in the West District Taichung to lure in investors from China and Taiwan. According to files presented in court by prosecutors from Taichung District Lin and his counterparts got investors from Fujian Province in Pingtan County, Wuxi Shanghai and Fuzhou city. Moreover according to prosecutor’s documents investors were promised returns amounting to 335% annually from their initial investments. From such a deal many fell into their web with 1000 investors coming from only Taiwan. According to the Ministry of Justice investigations bureau, the group was active from October 2016. And before their web was closed down, they had $51 million in their pockets. Investor’s received their returns until February 2018 when everything came to an end. They were later on arrested on June 13 and now are facing criminal charges in court. To arrive at this point, prosecutors had to go through various pieces of evidence, bank accounts and witness testimonies to gather evidence.

Digital coins are creating opportunities for industry players but at the same are opening channels for money laundering. In a bid to curb the misuse of Bitcoin to launder money the Taiwan government passed the Money Laundering Control Act and the Terrorism Financing Prevention Act. Through the act, anyone found to be guilty will be charged. For the Taiwan government, their primary goal is to strengthen its laws and give authorities power to prosecute those using cryptocurrency to commit a crime. Unlike their counterparts in South Korea and China who placed a complete ban on crypto, Taiwan is opting to strengthen its laws which in turn tightens laws in place manning its crypto and banking sector.

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Huobi Open its Doors in Japan through a Merger with BitTrade Fri, 18 Jan 2019 09:46:23 +0000

Through a merger with BitTrade, Huobi is a proudly licensed exchange that is once again operational in Japan. The merger makes Huobi among the 17 licensed crypto exchanges in Japan who have satisfied requirements put in place by the Japanese Financial Service Agency (FSA).

To be able to complete its merger, Huobi tasked Huobi Japan Holding Ltd to persuade BitTrade administrators to accept their offer. In September last year a deal was reached, and Huobi became the major shareholder in BitTrade. Before the acquisitions, BitTrade was among 16 crypto operators to have a license issued by the FSA. Huobi Japan Holding Ltd is a subsidiary under Huobi umbrella that has enabled Huobi to resume operations in Japan.

Supported Trades

According to the press release, traders at the moment can successfully make trades against the local fiat currency Japanese Yen to buy any of the following digital coins Monacoin (MONA), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), and Bitcoin (BTC). In addition to supporting trading, Huobi users in Japan will get access to well-researched industry and market news from its Research department. Furthermore, users will also get educational information and emerging news and updates from the crypto space via Huobi Twitter account in their local language. And in a bid to usher its exchange in Japan, traders will not incur any fees when making transactions on the exchange for an unspecified period.

Exchanges Features

To be able to fulfill the FSA requirement, Huobi didn’t leave any stone unturned. Its Japan exchange has A+ ranked SSL certification the highest in the sector, countermeasure security system to prevent a Distributed Denial of Service attack (DDoS), and a specialized distributed architecture. On the other hand, its customer support channels will be open 24/7 via email to sort all challenges that customers might experience. Further on, Huobi Japan exchange security docket has highly trained security personnel to take care of all security matters.

Although Huobi was launched in China in 2013 the crackdown by the Chinese government forced the exchange to relocate to a crypto friendly environment. For Huobi Singapore was the perfect place for its exchange. Though headquartered in Singapore Huobi has offices globally. It’s just recently that Huobi entered the US market through a rebranding process that involved its firm and HBUS. With its recent acquisitions, Huobi is making a name for itself in the crypto industry.

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MineHub and IBM to Develop a Supply Chain Solution on Blockchain Technology Thu, 17 Jan 2019 10:36:58 +0000

Blockchain technology is still revolutionizing how we do business and this time around IBM and MineHub have joined hands to work a supply chain management solution for the mining sector. Through blockchain, the firms will get rid of the challenges that come with processing papers manually. With the two firms working towards the same goal their combined efforts will ensure the success of the solution.

News of the firms working together reached the public domain through a press release from IBM. From the alliance, the two firms hope to leverage each other’s expertise and experience in their respective fields to bring transparency and accountability to the mining sector. And through a distributed ledger on blockchain, the challenges that come with paper trails will be a thing of the past. The new blockchain solutions will be based on IBM’s blockchain platform but will be powered by Linux Foundations Hyperldeger Fabric.

Benefits Brought Shared Ledger

The primary goal of the solution is to get rid of the inefficiencies such as the lack of transparency, too much paperwork brought about by processing of data manually. Moreover, the supply chain solution is set to reduce the costs significantly and improve overall financing and logistics. And through digitization access to information and in return increase data flow between the parties who have access to the ledger. Furthermore, the new blockchain solution will improve the speed at which metals will reach the market, reduce reliance on mediators and fast track the level of automation.

Deployment of the Ledger

To kick start the whole deployment process the supply chain solution will be first used on MineHub platform to process data from Goldcorp’s Penasquito Mine. The mine located in Mexico mines ores and the solution will be used to manage data such as ethical practices and sustainability from the mine to the market. Apart from Goldcorp Inc. other companies that will leverage the benefits of the solutions include Wheaton Precious Metals Corp, Ocean Partners USA Inc., Kutcho Copper Corp and ING Bank.

Besides the above companies waiting to utilize the new solutions IBM blockchain platform is already in use in the mining sector. Through working with China’s Huayou Cobalt, South Korean cathode producer LG Chem, and motor company Ford leveraging its platform to manage data from cobalt mines in the Democratic Republic of Congo. Similarly Chow Tai Fook a jewellery retailer from Hong Kong is also storing its data on a blockchain platform.

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Japan SBI Group Makes an Investment in Breadwinner AG Wed, 16 Jan 2019 12:41:07 +0000

Through its subsidiary, SBI Crypto Investment SBI Group has made another investment in Breadwinner AG. The latter is the firm behind BRD wallet, a mobile crypto wallet that has gained traction for its crypto wallet. Although the amount injected into Breadwinner AG is unknown, rumor has it to be a significant amount.

Breadwinner AG is a Switzerland based crypto company that has a presence in 170 countries worldwide with its users been IOS and Android users. Currently, BRD mobile app prides itself in having 1.8 downloads, and with SBI Holding investing in BRD wallet, the funds will be channeled to expand its development. Moreover, the funds will help bring crypto to the people by making it easy to access financial services available at the palm of their hands. For SBI Holdings, its success in the crypto sector is proving to be beneficial to the whole crypto industry with SBI Holding making investments in several firms. SBI success is evident in its six months financial report released recently, where its revenue amounts to 176 yen which loosely translates to USD1.6 million.

Other Investment made by SBI

Besides SBI Crypto Investment, the subsidiary behind the above investment SBI Savings Bank another subsidiary has formed a partnership with Dayli Intelligence. Dayli Intelligence is an artificial intelligence company in Korea but has many blockchain projects. The partnership agreement was signed in September 2018. Besides working with Dayli Intelligence, a blockchain firm SBI is also working with R3 the firm behind Corda blockchain to promote its usage in Asia. But before the September partnership, the previous month SBI made its second investment in LastRoots further increasing its stake. LastRoots operates a virtual currency exchange platform. Similarly, SBI Group is also working in partnership with Ripple which launched an international remittance money platform.

Besides channeling funds to other crypto firms, SBI Group is also making developments within its firm. As reported on Cointelegraph in December 2018 Vctrade started accepting deposits in Ripple (XRP), Ethereum (ETH), and Bitcoin (BTC). SBI Group is a global company that is at the forefront of pushing the adoption of crypto, and through investing in such firms, it’s achieving its goal of increasing the adoption of crypto. And with its investment in Breadwinner AG SBI Group is pushing the adoption of crypto to the masses. Besides helping BRD with funds SBI Group will also offer support and its expertise where needed.

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South African Cricket Board Twitter Account Hacked Tue, 15 Jan 2019 08:42:01 +0000

At 4:20 AM Indian Time Zone the twitter account of the South African Cricket board was at the center of a scheme to fleece South Africans of their BTC by hackers. After taking over control of the South African Cricket twitter account, the hackers tried to lure South Africans to participate in a bitcoin lottery.

Through the following tweet “@OfficialCSA is partnering with@lunomoney for the first South African Bitcoin Lottery. To stand a chance to win over 20BTC send 0.01 BTC to 13My18T92DCzGdrtiCgRuS32T6rFLjnG56, and your wallet address will be entered into the lottery for the 20BTC.” With that, the hacker had set the web to fleece crypto enthusiasts in South Africa looking to become millionaires overnight. 20BTC amounts to more than R1million in local fiat currency and targeting a sport followed by many the hacker’s web was in place at the right place. Further on, the hacker closed his tweeting session with date and time of entering the lottery with participates urged to join the lottery by 15th January before 10 PM. Besides the above, there were more tweets until 9 AM.

ICC Acted Quickly

After noting their account was compromised ICC the World Crocket body acted quickly and notified its users through a tweet asking users to stay away from its Twitter account. Furthermore, users were urged not to click on any links within its wall. Security measures in place were enacted and the security department came in place to rectify the issue. Immediately after the ICC tweet, the Digital Content Manager Alistair Hogg tweeted

“Our account was hacked overnight, but we have already reached out to Twitter to regain control of our account.”

By 11:23 AM IST Cricket South Africa was back in control and informed the masses through a tweet. “We are back apologies to our lovely fans. Hackers took control of our official twitter account overnight but thanks to our friends @ICC we are back in control. And are ready to entertain you with the events of the Day 4 of Test cricket.”

With the hacking incidence aside, things are back to normal, and the South African cricket team will have to show their prowess on Monday in the third test, as they play against Pakistan in Johannesburg. Furthermore, Pakistan got into the fourth day playing but to win, they need 228 runs. On the other hand for a clean sweep Proteas must get seven wickets.

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Future of Digital Coins in Malaysian Unclear Mon, 14 Jan 2019 11:43:36 +0000

The cryptocurrency industry has in the past found favor in several South Asian countries but for Malaysia, the situation is unclear to date. As its neighbors continue to forge alliances with the crypto community to leverage opportunities that come with it Malaysia isn’t doing anything.

According to Khalid Abdul Samad Minister for Federal Territories, the state of the crypto industry is unclear since the government hasn’t come out to say where it stands. He explained more and said;

“Many people have reached out to me and asked are digital currencies Bitcoin and the likes legal in Malaysia? And my answer is it’s neither illegal nor legal. At the moment it’s unclear where we are heading concerning this industry. I’m a crypto enthusiast and have participated in the launching of Harapan Coin. However, I wasn’t appointed the minister of finance instead I’m in the federal territories docket.”  Minister Samad stated the uncertainty surrounding the crypto industry in Kuala Lumpur during a charity event in the city. Information is as reported on local news outlet Malay Mail.

Minister Samad Pushed For the Adoption of Crypto

As a crypto enthusiast, Samad tried his best to push for the country to adopt digital currency and explore the opportunities that come with it, but his efforts didn’t bore any fruits. He even approached the Bank of Negara together with Dr. Mahathir Mohamad Malaysian Prime Minister to use Harapan Coin for all government transactions. But didn’t succeed. While finishing off commentating on the issue Minister Samad said his hands are tied because the matter in discussion doesn’t fall under his jurisdiction.

While the situation on the ground remains unclear, Malaysia’s neighbors are putting legal frameworks in place to control the crypto sector in their countries. Hong Kong, Singapore, and Thailand all South East Asian countries have regulations in place and are crafting paths for the development of the virtual currency sector. One can argue that the Malaysian authorities are not even trying to analyze the sector and see the opportunities. Unlike them, their counterparts in Thailand took their time to understand the sector, and now have proper regulations in place. And their efforts can be seen in the recent issuing of licenses to crypto operators in Thailand. For Malaysia, it’s missing in action and is greatly affecting the growth of the sector. Moreover, the uncertainty is causing frustrations to the investors eagerly waiting to invest in the cryptocurrency sector in Malaysia.

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Huobi Expands Its Presence in the US Market through Adding Its Partner into Its Wings Sat, 12 Jan 2019 10:21:52 +0000

Through rebranding the fourth largest crypto exchange per trading volume, Huobi has just increased its global footprint through a rebranding process between Huobi and HBUS Holdco Inc. the latter was based in San Francisco USA.

Through a press release, Huobi announced the ending of its partnership with HBUS and the opening up of a new door for its firm. With the rebranding already underway HBUS will shed off its old domain address and become But for Huobi Global its domain address will remain the same Trading operations will continues as usually with former HBUS Holdco users having to content will accessing the platform via the new domain address. When the final process concerning the rebranding procedure is done, business will resume usually. But for HBUS they are in for a treat. Huobi brings in years of experience as a leading crypto exchange. Through the partnership, they will benefit enormously from the technology, security and years of expertise in the cryptocurrency sector.

“Huobi is a leading firm in the crypto sector, especially in Asia. They are a powerful brand in the digital asset sector with their names representing dependability, flexibility, and security.” Frank Fu HBUS CEO “Through the partnership, we will be taking advantage of Huobi expertise and propel the platform to match with Huobi excellence.”

The rebranding comes With Gifts for Traders

Through a press release, HBUS announced its offering promotions for new users in form of discounts and rebates available for all users. Besides that, HBUS is working extra hard to attract new traders through offering lower fees and other benefits.

Huobi is Achieving its Expansion Dream

Although Huobi had to walk out of the Chinese market, it didn’t hold back on its expansion plan. Within 2018 Huobi settled in Singapore set up its main offices and proceeded to open up other subsidiaries to handle businesses in various regions. And the success of the subsidiaries is evident in last year’s turnover exceeding the $1 trillion mark. Some of the offices set up in 2018 include Huobi London’s office, purchase of stocks from BitTrade and in a firm listed at Hong Kong Stock Exchange, setting up a crypto trading platform in Australia, and also setting up an office through its subsidiary to handle business operations in Japan and Hong Kong. With Huobi continuing to expand it will likely surpass other players and dominate the sector.

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South Korean Government Security Audit Shows Exchanges are Vulnerable to Hacks Fri, 11 Jan 2019 09:21:24 +0000

A security audit conducted by two ministries in South Korea shows only a third of the exchanges are safe from hackers. On the other hand, two-thirds of the crypto exchanges examined are vulnerable to hacking due to having poor security measures in place. The security audit was conducted in September and came to an end in December 2018 resulting in the above results.

The Ministry of Economy and Finance together with their counterparts over at the Ministry of Science and ICT were the ones who did the security analysis. With only four months, they examined security measures in 21 virtual currency exchanges. From the 21, only seven passed the 85 point security inspection making up a third of the total. The seven are Huobi Korea, Hanbitco, Coinone, Korbit, Gopax, Bithumb and Upbit. Per information from the Ministry of Economy and Finance, the remaining 14 crypto exchanges failed to pass the inspection. From the overall security check, the remaining two-thirds exchanges security faults can be summarized into poor installation and management of security systems in place.

85 Security Checkpoints

To be able to analyze the exchanges extensively, the two ministries came up with 85 security tests that checked the exchange security system in place. From the 85, the main checkpoints were wallet management, backup database checks, network security and overall operational security checks and lastly administrative aspect of the exchanges. Each security check enabled the ministries to examine the security measures in place extensively.

South Korea Hacking Incidences

The South Korean crypto exchange industry has been mannered with hacks leading to huge loses. For instance, hackers disappeared with over $70 million from only Bithumb and Coinrail exchange. The losses are devastating but haven’t caused any major hitches in the growth of the cryptocurrency industry in South Korea. Although the hacking incidences are blamed mainly on Lazarus a hacking group from North Korea, it hasn’t deterred the growth of the sector. The market has over 100 crypto exchanges in place. Besides carrying out an extensive security check on crypto exchanges within its borders, the South Korea government has put in place stringent measures to control the sector. With the help of its watchdog, the government is doing its best to protect investors and also give the industry a conducive environment to grow. Although the above report shows crypto exchanges lack proper security measures such security audits are calls for action to be taken.

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