BetByBitcoin – Best Bitcoin Casino & Betting Game Review Site Thu, 23 May 2019 12:43:13 +0000 en-US hourly 1 110991239 Traders Fraud 55,000 Brazilians Worth $200m Of Forged Cryptocurrency Thu, 23 May 2019 12:43:03 +0000

A Brazilian cryptocurrency firm has been closed down due to frauding 55,000 traders worth $200m.

According to the local news reports, Correio Do Povo. The fraudsters hoaxed the traders by demanding to offer 15 percent returns on digital assets they will invest in the firm.  The cryptocurrency fraudsters operated the financial institution illegally because Brazil’s central bank had not officially permitted it to conduct its business.

By February 2019, The Federal Revenue Service affirmed that the fraudsters who were trying to become investors had swindled an increment of R&850 this is around ($210 million). Though, the government doubted that this was not the actual figure but it almost amount to(R$1 billion) which was around ($248 million).

The cryptocurrency firm was located in Novo Hamburgo where the fraudsters were conducting their illegal business. The Federal Revenue Agency and the Brazilian Federal Police decided to work together in this operation to pin the criminals down. Operation Egypto decided to fully carry out 10 arrest warrants, 25 search and seizure orders across eight Brazilian cities.  The unification of the two entities was to get rid of the illegal business.

Eduado Dalmolin Boliis who is in charge of Federal Police Office of Corruption and Financial Crimes according to the reports, emphasized that using digital assets as a medium of exchange is not  against the law but it is illegal to conduct such businesses without  approval from the authorities and that was where the so called company committed offense.

The cartels  were not investing  in the digital assets, but were working together to protect their own interests by increasing their collective profits by means of price fixing, limiting supply, and other restrictive prices and spending the swindled money extravagantly on items such as expensive cars, real estates, jewelry and other  non-essential things. This was according to the analysis conducted by Egypto’s principles.

The law enforcers have taken possession of the illegal company’s financial assets, properties consisting of lands and houses, 36 number of expensive cars and a large sum of money which was yet to be revealed. The cartel was charged for criminal offenses like, misappropriation of funds, falsifying of financial information, concealment of illegally obtained money, planning and executing the offenses.

The police also confiscated   mining equipment worth R$250,000 ($63000) during the investigation process. This was not the first cryptocurrency crime in Brazil, but earlier this year the Brazilian law enforcers had apprehended a criminal involved in drug trafficking and counterfeit money using bitcoin.

Brazil is not the only country that has experienced cases of fraud in the cryptocurrency industry, but also countries using crypto exchanges due to lack of high standard financial security systems.

]]> 0 2683
Central Bank Of Lao PDR Warns Against Use Of Digital Assets Wed, 22 May 2019 12:48:02 +0000

The Central Bank of Lao PDR has cautioned   its citizens, investors and traders not to use digital assets as medium of exchange because it is unlawful to do so.

Regardless of being cautioned on publicizing digital assets on social media, digital assets like Bitcoin, Ethereum and Litecoin were still being posted on social media platforms which was deemed unlawful by the Central bank of Lao PDR. The Transaction System Management Department had earlier announced against the use of cryptocurrency exchanges as unlawful.

As stated by a specific publication at the Central Bank, in October last year. The department told the companies dealing with financial and monetary transactions composed of banks, investment dealers, trust and insurance companies to adhere to the specified rules in the publication.

The publication mentioned that there was no safety guaranteed  in the use of digital assets as a medium of exchange due to lack of high standards of cyber security system to safeguard the client’s digital assets. This has been happening recently in most countries where hacking of cryptocurrencies has led to loss of digital assets of customers.

The agreement between the buyer and seller to exchange goods and services in cryptocurrency is decentralized, without a central bank or single administrator that is sent from user to user on peer to peer network without the need for intermediaries making it hard for authorities to manage them. This leads to financial criminal activities because money can be exchanged without being linked to a real identity.

Reports indicates that there are some groups posting use of digital assets as a medium of exchange through commercial banks attracting customers by claiming that they will earn money which is not genuine as affirmed by the authorities.

In the October publication, the central bank warned Financial Institutions of involving themselves in the use of cryptocurrency as a medium of exchange. A digital asset uses encryption techniques to control creation of monetary units and verify transfer of funds.

The use of cryptocurrency as a medium of exchange for their own gains through financial Institutions has been declared illegal by use of cryptocurrency as a means of exchange of goods and services, acting as intermediaries in the exchange among their customers and supporting their clients to invest in cryptocurrency.

Financial Institutions were cautioned to be watchful, by ensuring clients not to use their accounts in the transaction of cryptocurrency, be on the lookout for criminals using their personal information to post on social media on the use of cryptocurrency and to prohibit clients in using fake credit cards as a medium of exchange.

]]> 0 2680
Cryptopia Hack: Ethereum And Erc20 Tokens Stolen And Transferred To Top Exchanges Tue, 21 May 2019 13:51:38 +0000

The major problem in the cryptocurrency exchange has been the data leakage by hackers. Most of the well-known crypto exchanges have fallen victim of data leakage. Binance is one of the world’s largest cryptocurrency exchange in terms of trade volume, was one of the victim exchanges. It lost 7000 BTCs in the process. One of the most disputable hack of the year is the cryptopia hack where the New Zealand-based exchange lost most of Ethereum holdings to hackers.

A report by Elementus, an analytical company for blockchain revealed another hack in mid-January 2019 where the cryptopia exchange lost $ 16 million to the first hack worth of Ethereum and ERC20 tokens. Some of the coins largest amount hacked included Everus, DAPS, Dentacoin, Bytom, Pillar, Cappasity, LINA, Osyter Pearl, Mothership, Lisk ML and Enjin Coin

Coinfirm reported that a great quantity of the hacked cryptopia was transferred to the uppermost cryptocurrency exchanges. This was according to the tweet by AMLT Token and Network which read as Ethereum in cryptopia is being stolen, most tokens are being transferred to topmost cryptocurrency exchanges. This became clear to the people on the cryptopia hack.

Coinfirm also stated that out of the 30790 hacked coins, 10ETH were transferred to major cryptocurrency exchanges which were not mentioned. When Grant Thorton announced the insolvement of the company, that it could not pay its obligations’ when due. Most of its clients were shocked because they thought despite the hack things were proceeding well.

Before launching Cryptopia, the clients had been assured of their tokens highly secured. Furthermore, cryptopia exchange never gave a warning that such matters would arise and the development of the situation that was going on before ending the business and distributing its assets to the claimants. The liquidation process was a shock to the claimants.

Cryptopia exchange declared that withdrawal services for their customers will not take place in the distribution of its assets to claimants because the services will be under maintenances and this was to take several months to come to an end. The unplanned maintenance services was misleading to the claimants.

It is clear that cryptopia leaked data information or they paid the hackers to hack the exchange. Cryptopia brought the business to an end through the liquidation process to lie to the clients making them believe all is well but the higher authorities are the ones involved in stealing from them. This is why cryptopia don’t follow the legal procedure of being able to protect digital assets of investors and traders. Exchanges need to be transparent and enforce high cyber security standards.

]]> 0 2674
Crypto Petitioners Urges India Reserve Bank to Review the Bitcoin Ban Fri, 17 May 2019 13:24:30 +0000

The Financial Technology industry in India has urged the bank regulators to review the cryptocurrency ban. Entrepreneurial ventures and the industry’s association groups have petitioned Reserve Bank to integrate enforcement regulators for Fintech startups that are not protected by current regulations.

The regulatory sandboxes are being used in the technology industry. They are used to test cryptocurrency and blockchain systems to ensure regulatory compliance and security checks for financial operations. The Sand boxes are important in the technology system because they will bring growth especially in Fintech startups.

The regulatory bodies of cryptocurrency will ensure strict financial regulations enabling the growth of Fintech industries in a way that it does not affect the industry by choking it with so many rules and also protect customers using the digital financial services from losses.

The process of collecting important, identifying information about the user of the service will be done by RBI’s sandbox which will begin with 10-12 selected organizations based on digital KYC where financial services are available to meet their needs and deliver in a responsible and sustainable way. The process should be completed within six months where the units will run at different periods and time.

The RBI will be an essential direction to the regulations that will provide new opportunities for customers, risk management and increased efficiency in the digital financial system while the regulatory sandbox will be used to measure bond’s price, sensitivity to changes in interest rates.

It is extremely unreasonable for India’s regulatory system on cryptocurrency, where it banned the use of digital currency and we are in an era of the digital world, where emerging industries provide financial services by making use of software and modern technology.

A Nasscom spokesperson from one of the lobbying groups in the Bitcoin ban in India said that the intention not to include cryptocurrency and initial coin offerings into the regulatory sandbox is in question because crypto coins and tokens are important components of the blockchain technology. Testing smart contracts to provide stakeholders with quality product and service information was not to be eliminated in the draft regulations.

Naveen Surya, the chairman of Payments Council of India (PCI) is one of the petitioners that are pushing the move to consolidate cryptocurrency in Financial Technology sandbox. He said that the dialogue was on how to come up with an open framework alternatively to the present subset of laws, making the new innovative system impossible due to stated uncertain rules.

]]> 0 2670
Belfast (Northern Irish Capital) Launches Local Bitcoin Thu, 16 May 2019 13:36:15 +0000

Belfast the capital city of Northern Ireland has launched local Bitcoin for exchange of local goods and services. Scientific investigation is taking place before introducing, which the council expects to attract more investors.

Belfast Bitcoin Motivates Spending Less

Colu an Israel firm introduced the Belfast cryptocurrency for local citizens to spend and generally contribute to the local economy. Acquiring the local coin will attract locally-owned businesses like shops, restaurants and other services.

Belfast local cryptocurrency is deemed inferior compared to Bitcoin because the focus is on the local economy of its environs. It will be actually less in terms of network effect, hash rates and decentralization.

The local bitcoin will be accessible through a mobile phone app, once it is introduced at the end of the year. The residents will get bonuses by buying goods and services locally like shopping, volunteering and participating in civic activities.

The local bitcoin of Belfast developed through the resilient programs around the world that share best ideas and practices that the residents participated in. This was done by connections of other local authorities widely.

Grainia Long, Belfast’s Russia Commissioner for disaster and management explained the city’s plans and strategies for the new development. He said that launching the local cryptocurrency will increase locally-owned businesses profits and help in the achievement of strategies, plans and manage environmental aspects of emergencies by encouraging locals to embrace the new development.

He also expected the project to bring the locals and investors together to rebuild the communities and the opportunity to increase in their businesses and bring a positive change in the society through local cryptocurrency connections bringing growth and development.

Tide Of Crypto-Idea Turned Again

According to the last reports, Liberstad and its city coin, which was a local market state compared to large states tried to come up with the local coin but this led to fall of prices in the market.

The local and international communities used to come up with such plans. In the beginning of year 2017, Colu launched Local Liverpool Pound (LLP) which attracted 3000 users in the first month. In 2018 its market prices had fallen leading to incompetent of digital currency. Only a small town in Russia was well known supported also the development of local currency which was later banned by the state. The use of local currency was certainly considered not important but continued to exist and not widely used. This means the introduction of local cryptocurrency in Belfast will lead to its revival, and development of other digital currencies.

]]> 0 2667
German Develops European Blockchain Institute Wed, 15 May 2019 13:26:44 +0000

Germany is a powerful country and has strong economy, ranked fourth in the world by its economic output. An order from government financial system allows buying goods and service with digital currency without taxation. This creates conducive environment to set up new businesses related to cryptocurrency.

In a press release dated May 13th, German state North Rhine-Westphalia (NRW) announced plans to launch European Blockchain Institute to Research Blockchain Technology. Blockchain technology will enable the existence of cryptocurrency, a digital medium of exchange with encrypted technique. This will aid in peer review, elections, and other types of democratic decision-making, audit trails and personal identification.

The European Blockchain Institute will be located in the city of Dortmund in the end of the year, in Fraunhofer Institute for Material Flow and Logistics (IML), this was said by Andreas Pinkwart, the NRW Economic Minister.

Pinkwart addressed the concerns over the amount of energy consumed by mining bitcoin (BTC) by the Blockchain critics. Bitcoin mining creates new bitcoins by making new parts of the Blockchain but it’s possible to buy them. Mining includes peer to peer net work without the need for intermediaries.

The network uses encryption technique to control the creation of money units and verify the transfer of funds. Every single transaction is recorded in a public list called the blockchain. Miners are only rewarded 12.5 Bitcoins for every new part of the coin. She praised the importance of Blockchain technology that it’s safe, decentralized, less use of energy and cheaper.

According to the press release, the USA has a developed technological structure and economy relative to Europe which is behind the USA in blockchain advancement. Due to its high economy, cryptocurrency is widely used to conduct businesses. It is legal to use Bitcoin in the US, and payments are subject to the same taxes and reporting requirements as any other currency.

Reported by Coin telegraph, Ryan Zagone, Ripple’s Director of Regulatory Relations, on May 14th at the 2019 consensus conference that technology in cryptocurrency and Blockchain needs to be a national issue to deal with.

 He said that Washington around 5G is dominated by foreign firms of crypto and Blockchain technology expertise. They should put it as part of future infrastructure because it is important for national security and the economic perspective in which the U.S is leading.

This calls attention to the growth of cryptocurrency and Blockchain industry in US and Europe to keep the economy of the country high. This move has made German not to lack behind but to develop European Blockchain Institute that will make learning transparent, easy and efficient by use of Blockchain technology.

]]> 0 2664
2.4 Million Dollar Hackers Bribed Carrier Workers In Sim Robbery Tue, 14 May 2019 13:18:25 +0000

According to CCN reports: Millions of dollars have been hacked using SIM, which has become an attractive way of stealing crypto. This has exceeded the amount of millions missing over the past years.

This refers to the recent case where nine individuals took part in the hacking crypto over worth 2.4 million dollars, who have now been forced to face the the law at the Attorney’s office for the Eastern District of Michigan in US. The prosecutor of the case said they will be penalized according to the crime committed either by aiding or participating in the crime.

The nine committed different offences, six of them were involved in planning, executing financial fraud and more serious by using dangerous weapons. Three were penalized for aiding in the planning and execution of financial fraud by use of telecommunication or information Technology.

0.3 Million Dollars Hacked In Each Attack

The amount was hacked seven times, amounting to more than 345,000 dollars for each attack. This was reported by the United States Attorney’s Office Eastern District of Michigan.

According to press release of Justice Department, exchanging of SIM by the community hacking group, of which six of the nine hackers belonged was always done by bribing cell phone carriers. In the incidence of SIM robbery, hackers activate their victim’s mobile number that they have stolen without physical contact. This usually is done by criminals who conspire with influential people in the organization and have access to confidential Information.

The community used the victim’s SIM card to hack in their victim’s accounts, once they got hold of it. In this case three of the nine criminals namely, Robert Jack, Fendley Joseph and Jarratt White were cell phone carriers and others not named.


The US extradited Cornor Freeman an Irish who was one of the five members of the community hacking group, while Ricky Handschumacher, Colton Jurisic, Reyad Gafar Abbas, Garret Endicott and Ryan Stevenson were US citizens arrested last week. This helped authorities identify other hackers, where the first arrest according to The Journal was in May last year.


Ryan Stevenson hails from Connecticut, a cyber security researcher turned out to be one of the members of the hacking group. He was given $1,000 for identifying a problem on T-Mobile’s website which led to accessing clients accounts PINs and home addresses.

Investigative reports by Krebs on Security claimed, Stevenson has been involved in so many cyber crimes. In November last year, he was collecting T-Mobile’s bug bounty and selling online identifying services to cell phone carriers in US.

]]> 0 2661
Ethereum Develops Cent Payments Via Communication System Fri, 10 May 2019 09:35:03 +0000

Cent has developed a new Blockchain application that allows its clients to transact digital currency through communication system. The system generates exponential profits and accessible via a simple application.

Reporting on Wednesday, Cent CEO Max Brody told Coin Desk that you can just log on with an email, password and phone number without using MetaMask browser extension which turns Google chrome into an ethereum browser.

Amentum Capital reports, Steven Mckie a n investor in cent said that Cent provides a user friendly interface digital wallet for users to exchange token assets compared to  face book messenger using MetaMask .He added that the team aims at coming up with  an easier way of communication to utilize web3 which was a decentralized web.

Cent investor Jake Brukhman of CoinFund was impressed by the new development by telling CoinDesk that Cent has developed a long-term project and advised that people should come develop new concepts of digital financial systems that enable them to earn digital money.

Most authors are coming up with content on cryptocurrency applications to lure the investors from journalism network Civil to the XRP-powered platform Coil. Apart from Cent offering applications that are well protected against fraudulent activities, they are also providing services which are accessible to many people.

Cent uses peer to peer blockchain applications to reach many people as possible.  Example when a blogger is given an additional  dollar beyond the service worked  worth ether by the follower on their post, a quarter of the  crypto will go to the writer while the rest is divided to those who uploaded  already downloaded content.

Cent CTO Cameron Hejazi told CoinDesk that investors who invest large amount of money in the system get an additional amount of money which encourages its users to widely share the contents because the more they participate in it, the more they get gratuity.

Brody said that 3,000 users paid via chat with ether through Cent over the past one month. During that time Mckie being its leader was among the top 10 bloggers who had gained profit, earning $128-$399 generally. It meant that Cent had already gained popularity among its users.

Brody also added that those farmers who make food through internet and don’t earn well will benefit from Cent a lot.

Hejazi concluded that Cent is a wide spread system of transaction, that operates like photos, podcasts and video blogging. This improves the user experience and attracts services and opportunities in the social and financial system.

]]> 0 2658
Zebpay spreads its wings to Australia Wed, 08 May 2019 10:52:47 +0000

According to PRNewswire, on May 8, 2019, Zebpay which is the leading cryptocurrency exchange came up with a new way of its product services in Melbourne, Australia. Zebpay was India’s most prominent cryptocurrency exchange as it was the easiest way to buy and sell many cryptocurrencies.

Zebpay played a pioneering role as a crypto exchange in India, till Sept 2018 when it closed down due to regulatory and banking problems. Zebpay has over 131 connections nationwide and adding Australia to its growing list, made it better known worldwide.

Zebpay has over 3 million users across five continents. Coming up with this new product in Australia, enabled crypto users in Australia to buy and sell cryptocurrencies using android app. The app provides a secure wallet that can be used to instantly transfer crypto assets.

It has expanded its connections to Australia. Enabling Australia to withdraw and deposit while trading cryptocurrencies. Australian investors, will have the easiest way to buy and sell, Bitcoin, Ethereum, litecoin, Bitcoin Cash and Ripple by getting instant support to all their trading enquires within the app.

Using zebpay is cheaper because there’s no additional fee for deposit and withdrawal. It also provides secure wallet that can be used to instantly transfer crypto assets and take extreme measures to ensure the safety of assets stored. It will use the industry leading practice to maintain majority of crypto customers’ offline, offering a seamless mobile trading on the go.

With Mr. Sandeep Khurana, the new Australia Director, Zebpay has grown its connections by establishing a new office in Melbourne. He has  a strategy of coming up with business incubators that uses technology to improve financial services, allowing consumers to have more influence on their financial outcomes in APAC over the last 18 years making the company to grow in its networks.

Mr. Ajeet Khurana, the CEO of Zedpay said that in the beginning of 2019, Zedpay was established in 20 top rank markets in the world. Now they were happy that their connections are growing by adding Australia on their list of crypto-economies. Making the company to prosper.

The reason for them to come up with Zedpay products in Australia is because Australia embraces use of cryptocurrency and is not illegal to use the platform. It also has genuine technology industries, improving their financial services.

Zedpay is a trusted crypto exchange in the world; it’s registered and has a license with AUSTRAC and a member of (ADCA) Australian Digital Commerce association. Zedpay has significant and internal control to ensure data privacy and security leading to transaction of business meaningful in the cryptocurrency exchange.

]]> 0 2654
Moscow Student Councils Plan to Pilot Blockchain E-Voting In June Tue, 07 May 2019 10:48:52 +0000

Russian New Agency (TASS) Reports on May 6th that the Moscow Authorities were planning to come up with an experimental trial of blockchain-based electronic voting in late June 2019 in University Student Council elections.

This experiment was done in preparation for the main upcoming city’s mayoral elections. The study was conducted by the Moscow Department of Information Technology (DIT) and the Moscow City Election Commission (Mosgorizbrkom).

Artem Kostyrko stated that the Department of Information Technology will announce in public when the program will start operating once the commission approves the précised requirements. He also added that the experimental programme of using blockchain based voting system will be approved in mid-MAY at Mosizbirkom.

The Moscow City Duma plans to keep the experimental results of e-voting programme safe and secure using the blockchain technology. The City Council of Moscow had early in February submitted a bill that started to use distributed ledger technology in voting. The Russian Duma passed a bill in late April, Permiting the Moscow City Duma to use the electronic voting system on Sept.8. Elections.

The electronic voting process that uses the blockchain technology had been set in motion in the month of March by the United Russia which is the ruling party of the Russian Federation.

President Vladimir Putin, the Russian President set a deadline on July 1, 2019 for the state to embrace the use of blockchain in electronic voting. Before, the blockchain technology and the crypto industry were not regulated by the Russian government and now the government had to intervene in the process for efficiency and transparency.

The Russian government use of Blockchain electronic voting in Moscow Students election council was a short-term preliminary study to evaluate feasibility, time, cost, adverse events, prior to the main upcoming state elections that will also help learn how the process will work in practice when time for state elections arrives.

Similarly, Cointelegraph reported last week about the government of Singapore launching the blockchain technology in the new project of Digital OpenCerts for the new graduates from 18 Singaporean educational institutions in the year 2019.

The government of Singapore used blockchain technology to issue Digital OpenCerts because this was to make different companies or employers to detect the original and the fake certificates by using encryption techniques which makes information safe, secure and permanent and cannot be altered or tampered with.

]]> 0 2651