Posts by MinerAlex

    Goldman Sachs Veterans Raise $3 Million to Fight Crypto Manipulation

    telescope-surveillance.jpg

    A U.S.-based crypto surveillance startup led by former Goldman Sachs fintech engineers has just raised $3 million in seed funding.

    Solidus Labs, provider of a machine learning and artificial intelligence-powered trade surveillance platform for digital assets, announced the news on Wednesday, saying that the funding was led by early-stage investment firm Hanaco Ventures. VC firm Global Founders Capital and Wall Street veterans David Krell and Norman Sorensen also participated.

    The investment will go toward expanding the firm’s expertise in engineering and machine learning, as well as boosting its sales, marketing and customer service teams, in order to further develop its platform, Solidus Labs said.

    Solidus said that crypto exchanges are largely using “outdated” trading surveillance platforms that may work well with fiat currency, but are not well suited to the 24/7 world of cryptos. Further, traditional solutions are unable to “sufficiently accommodate” the crypto market’s operational and regulatory needs, Solidus’ founder and CEO Asaf Meir claimed.

    “Our machine learning-powered surveillance system is able to continuously learn as new patterns emerge and reveal new manipulation schemes or openings for manipulation,” said Meir. “It enables responding as things happen rather than retroactively.”

    Solidus said its web-based surveillance system is already deployed with clients including exchanges, broker-dealers, hedge funds and market makers in Europe, the U.S. and Israel. The firm also claimed to have already managed to reduce “trading manipulation false positives by 30 percent” by analyzing trading patterns and flagging anomalies in real-time.

    Lior Prosor, general partner at Hanaco Ventures, said:

    “Although it might sound cliched, the digital asset ecosystem is in dire need of good ‘picks and shovels’ rather than more end applications. We believe regulation and security are the ultimate ‘enablers’ in this space, and that regulating a market powered by groundbreaking technology requires groundbreaking compliance infrastructure.”

    The issue of crypto market manipulation is seen as one that is holding back the entry of institutional investors to the market. It’s also been raised by regulators and lawmakers as a problem to be addressed.

    Jay Clayton, chairman of the U.S. Securities and Exchange Commission, told CoinDesk last November that he doesn’t see a pathway to a cryptocurrency exchange-traded fund (ETF) approval until concerns over market manipulation are addressed.

    In September, the New York Office of the Attorney General also released a report on cryptocurrency trading platforms, saying that many are vulnerable to market manipulation (although some exchanges denied the claim).

    Aiming to address the issue, two U.S. Congressmen in December introduced a bill to prevent crypto price manipulation.

    Telescope image via Shutterstock

    Source: https://www.coindesk.com/marke…ackle-crypto-manipulation

    Major Crypto Wallet Provider Blockchain.com Opens Office in Lithuania

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    Source: https://cointelegraph.com/news…opens-office-in-lithuania

    The SEC Is Now Reviewing 2 Bitcoin ETF Proposals

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    For the first time since August, there are now multiple bitcoin exchange-traded fund (ETF) proposals sitting before the U.S. Securities and Exchange Commission (SEC).

    The VanEck/SolidX proposal filed with Cboe BZX Exchange has now appeared in Wednesday’s edition of the Federal Register, officially kicking off the 45-day clock to an initial decision. It joins another bitcoin ETF proposal filed by Bitwise Asset Management with NYSE Arca, which was published in the register last week.

    Gabor Gurbacs, director of digital asset strategy at VanEck, told CoinDesk via email that he believes a bitcoin ETF will serve the public interest if approved.

    The company has been actively working with regulators, as well as other major market participants, “to bring simplicity, transparency and professional market standards to digital assets,” he said.

    VanEck is hoping that this collaboration will let it bring a regulated product with exposure to digital assets to market going forward.

    “I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes,” Gurbacs said.

    SEC approval?

    It might not just be the proposals themselves which secure an approval. Matt Hougan, Bitwise global head of research, told CoinDesk that the crypto ecosystem is “evolving very rapidly,” which may aid in getting a product launched.

    (Hougan was speaking to his company’s specific proposal, though his remarks reflect on the crypto industry more broadly.)

    “A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here,” he noted as one example.

    And this is not the only example. A number of advances and new products have entered the space in a relatively short period of time. Hougan explained:

    “A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.”

    Moreover, he noted, this progress comes despite the broader price movements (the crypto market is currently in its longest bear market since bitcoin was first born a decade ago).

    While this progress may be “overshadowed by the price movements,” he said there remains a large amount of development within the space.

    His comments echo those of Kobre Kim attorney Jake Chervinsky, who previously told CoinDesk that he believes several more months of development within the ecosystem should see the crypto markets mature to the point where the SEC may feel comfortable approving an ETF.

    At the time, Chervinsky explained that the key points the SEC will evaluate are bitcoin’s valuation, liquidity, custody solutions and market manipulation.

    Ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.

    “The SEC has been extraordinarily clear in the Dalia Blass letter and in the Winklevoss rejection letter in what they will require before you can list a product. It’s up to folks in the industry … to meet those standards,” Hougan noted, saying:

    “All you can ask for a regulator is to lay out clear bars you have to clear before they will approve something.”

    SEC image via Shutterstock

    Source: https://www.coindesk.com/the-s…g-2-bitcoin-etf-proposals

    Elon Musk: Bitcoin Has 'Quite Brilliant' Structure, Paper Money is Going Away

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    Source: https://cointelegraph.com/news…paper-money-is-going-away

    Crypto Financial Services Firm to Offer Crypto Insurance Through Lloyd's of London

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    Source: https://cointelegraph.com/news…-through-lloyds-of-london

    Cyprus Securities Regulator Calls for Adoption of EU Anti-Money Laundering Framework

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    Source: https://cointelegraph.com/news…oney-laundering-framework

    Judge Appoints Law Firms to Represent QuadrigaCX Customers

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    Canadian law firms Miller Thomson and Cox & Palmer will represent as many as 115,000 customers of Canadian crypto exchange QuadrigaCX in the coming weeks.

    Nova Scotia Supreme Court Judge Michael Wood ruled Tuesday that the firms would get the nod after nearly a week’s worth of deliberations.

    The firms vied for the position against fellow Canadian law firms Bennett Jones/McInnes Cooper and Osler, Hoskin and Harcourt/Patterson Law during a hearing last week in Halifax.

    In his ruling, Wood explained that both Miller Thomson and Cox & Palmer have “extensive insolvency and [Companies’ Creditors Arrangement Act] experience,” while Miller Thomson also has experience with cryptocurrency-related proceedings.

    He also noted that the firms’ proposal was “thought out carefully with a view to minimizing costs.”

    Miller Thomson is now tasked with collecting information about each of the possible creditors, including contact information and claim amounts. While the firms will not be immediately filing a class-action lawsuit due to a stay of proceedings granted at the beginning of the month, they can lay the groundwork for any future lawsuit.

    The stay of proceedings is currently set to expire on March 7, with a hearing planned for March 5 to update the court on what progress Quadriga and its court-appointed monitor, Ernst & Young (EY), have made in their attempts to recover or otherwise raise $196 million – the total amount the exchange owes its users, according to various court filings.

    It is possible that Quadriga and EY will file for an extension to the stay, though it is unclear whether Judge Wood will approve it.

    Background

    QuadrigaCX first hinted at signs of trouble last month, when it announced its founder and CEO, Gerald Cotten, died of complications from Crohn’s disease in December 2018.

    The exchange later explained that Cotten was the only individual to know the private keys to Quadriga’s cold storage wallets, meaning no one could access $136 million in cryptocurrencies stored offline.

    The exchange filed for creditor protection, giving it a brief reprieve to try to recover its missing cryptocurrencies, unlock a further $53 million in fiat held by payment processors and possibly even sell its trading platform.

    So far, Quadriga has not had any success in recovering the frozen crypto, and even lost another 100 bitcoin earlier this month when it “inadvertently” sent them to cold wallets it cannot access. The exchange did not explain how this happened.

    While blockchain analysis has hinted at some of the wallet addresses the exchange is using, neither Quadriga nor EY has confirmed which addresses actually belong to Quadriga.

    “`

    Quadriga Fintech Solutions … by on Scribd

    “`

    Nova Scotia Supreme Court image by Nikhilesh De for CoinDesk

    Source: https://www.coindesk.com/judge…sent-quadrigacx-customers

    Ethereum Mining Pool Receives Mysterious $300K Blockchain Payout

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    Ethereum mining pool Sparkpool received a payout of over 2,000 ETH (worth $300,000) just for mining one block on the ethereum blockchain Tuesday – a figure that’s about 600 times the network’s standard block reward.

    Miners who secure blocks are programmed to be awarded 3 ETH (about $500) for every new transaction block added to the ethereum blockchain. On top of this, there is also a small payout attached to transactions incentivizing miners to validate and include new transactions into a mined block.

    Yet, with only 210 validated transactions, Sparkpool received 2,103.1485 ETH at block number 7,238,290, according to data from ethereum block explorer Blockscout.

    As highlighted on Twitter by Jimmy Zhong – co-founder of decentralized application platform IOST – the strange activity could be seen as a random fluke, with one ethereum user (or perhaps multiple) accidentally attaching abnormally high transaction fees to their payments.

    Alternatively, it could be seen as a sign of goodwill from an anonymous supporter of the ethereum mining community, which in recent days has been divided over a contentious proposal to change which type of mining chips can be employed by miners seeking to compete for rewards.

    Others suggested it could be a less altruistic attempt to “wash” money through the ethereum blockchain, obfuscating that it might have been illegitimately acquired.

    But if past crypto history is any indicator, the likelihood of an innocent human error is not as outlandish as one might assume. Back in July 2014, one bitcoin user attached 30 bitcoins worth of transaction fees to a 38 bitcoin transaction due to an accidental error in typing, an error that despite enhancements in UX, is not altogether uncommon in the industry at large.

    Ethereum image via Shutterstock

    Source: https://www.coindesk.com/ether…us-300k-blockchain-payout

    Japan's Central Bank Examines Central Bank Digital Currencies in New Report

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    Source: https://cointelegraph.com/news…-currencies-in-new-report

    Bitcoin Again Tests $4K Amidst Anticipation of US and China Trade Deal Finalization

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    <\>","active":1,"created_at":"2015-01-22 09:14:30","updated_at":"2018-11-02 15:30:19","deleted_at":null,"default_language_id":1,"timezone":"Europe\/London","robots":"User-Agent: *\r\nDisallow: \/embed\/post-sidebar\/ \r\nDisallow: \/embed\/post-recomend\/\r\nDisallow: \/adbutler\r\nDisallow: \/marketcap\r\nDisallow: \/search?query=*\r\nSitemap: https:\/\/cointelegraph.com\/sitemap.xml ","in_menu":null,"domain_url":"cointelegraph.com","game":0,"default_language":{"id":1,"title":"English","short":"en","name":"English","code":"en","date_format":"%b %d, %Y","locale":"","flag":"\/assets\/img\/flags\/languages\/16\/English.png"},"region_contacts":[{"id":1,"operator_id":14763,"email_main":null,"facebook_url":"https:\/\/www.facebook.com\/cointelegraph","twitter_url":"https:\/\/twitter.com\/cointelegraph","google_plus_url":"","linkedin_url":"","vk_url":"","active":1,"region_id":1,"language_id":1,"created_at":"2015-03-20 09:21:29","updated_at":"2018-11-21 11:51:45","deleted_at":null,"youtube_url":"https:\/\/www.youtube.com\/channel\/UCRqBu-grVX1p97WaX4d-OuQ","tumblr_url":"","soundcloud_url":"","telegram_url":"https:\/\/telegram.me\/cointelegraph","subscribe_facebook_url":"https:\/\/www.facebook.com\/cointelegraph","subscribe_twitter_url":"https:\/\/twitter.com\/cointelegraph","subscribe_google_plus_url":null,"subscribe_linkedin_url":null,"subscribe_vk_url":null,"subscribe_youtube_url":"https:\/\/www.youtube.com\/channel\/UCRqBu-grVX1p97WaX4d-OuQ","subscribe_tumblr_url":null,"subscribe_soundcloud_url":null,"subscribe_telegram_url":"https:\/\/telegram.me\/cointelegraph","subscribe_rss_url":null,"baidu_url":null,"weibo_url":null,"wechat_url":null,"qq_url":null,"line_url":null,"subscribe_baidu_url":null,"subscribe_weibo_url":null,"subscribe_wechat_url":null,"subscribe_qq_url":null,"subscribe_line_url":null,"count":4,"socials":{"subscribe_facebook_url":{"icon":"ct-icon ct-icon_social-facebook-f","title":"Region facebook url","gtm-class":"gtm-icon-fb-news","gtm_class":"gtm-icon-fb-news","url":"https:\/\/www.facebook.com\/cointelegraph"},"subscribe_twitter_url":{"icon":"ct-icon ct-icon_social-twitter","title":"Region twitter url","gtm-class":"gtm-icon-tw-news","gtm_class":"gtm-icon-tw-news","url":"https:\/\/twitter.com\/cointelegraph"},"subscribe_youtube_url":{"icon":"ct-icon ct-icon_social-youtube","title":"Region youtube url","gtm-class":"gtm-icon-yt-news","gtm_class":"gtm-icon-yt-news","url":"https:\/\/www.youtube.com\/channel\/UCRqBu-grVX1p97WaX4d-OuQ"},"subscribe_telegram_url":{"icon":"ct-icon ct-icon_social-telegram-plane","title":"Region telegram url","gtm-class":"gtm-icon-tg-news","gtm_class":"gtm-icon-tg-news","url":"https:\/\/telegram.me\/cointelegraph"}}},{"id":2,"operator_id":2,"email_main":null,"facebook_url":"https:\/\/www.facebook.com\/cointelegraph","twitter_url":"https:\/\/twitter.com\/cointelegraph","google_plus_url":"","linkedin_url":"","vk_url":"vk.com\/cointelegraph","active":1,"region_id":1,"language_id":3,"created_at":"2015-03-20 09:25:58","updated_at":"2015-03-20 09:25:58","deleted_at":null,"youtube_url":null,"tumblr_url":"","soundcloud_url":"","telegram_url":"","subscribe_facebook_url":null,"subscribe_twitter_url":null,"subscribe_google_plus_url":null,"subscribe_linkedin_url":null,"subscribe_vk_url":null,"subscribe_youtube_url":null,"subscribe_tumblr_url":null,"subscribe_soundcloud_url":null,"subscribe_telegram_url":null,"subscribe_rss_url":null,"baidu_url":null,"weibo_url":null,"wechat_url":null,"qq_url":null,"line_url":null,"subscribe_baidu_url":null,"subscribe_weibo_url":null,"subscribe_wechat_url":null,"subscribe_qq_url":null,"subscribe_line_url":null}]}>\>

    Source: https://cointelegraph.com/news…a-trade-deal-finalization