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CoinDesk Crypto

Darknet’s Largest Marketplace Still Offline; Fears of Exit Scam Rise

CoinDesk Crypto
6 years 1 month ago

A top darknet site used to sell illicit goods has been offline for more than three days, with fears growing that administrators may have fled with an estimated $30 million in cryptocurrency.

  • According to a Tuesday report by Darknetstats, Empire Market, the darknet’s most popular marketplace by site traffic, was suddenly taken offline on Aug. 22.
  • Speculation is mounting over the whereabouts of the site’s administrators, who some believe have made off with an estimated 2,638 bitcoin ($30.2 million), according to John Marsh, a Darknetstats representative, speaking to CoinDesk via email.
  • However, Marsh said that figure is not certain as no large movements of funds have been identified.
  • There is plenty of speculation, but nothing “concrete” about what has happened to the site, he said.
  • An Empire Market head moderator known as “Se7en” confirmed the site was down on the darknet forum Dread late Tuesday evening.
  • Se7en suggested the incident was not an exit scam because that usually entails disabling withdrawals and accepting bitcoin for a period of weeks.
  • Marsh, however, contested this and said his publication believes it was an “unplanned exit scam,” as bitcoin withdrawals were working up to the day the marketplace went offline.
  • The darknet refers to certain sections on the internet that are only accessible with specific software and use unique communication protocols to provide access.
  • According to a tweet thread by anonymous darknet journalist “dark.fail,” the darknet has been in a “golden age of trust” but darknet users should “expect a rough year of exit scams ahead.”
  • Dark.fail added that, while it’s easy to have a sound idealogy when creating a darknet market, when thousands of bitcoin become involved “greed can defeat all good intentions.”
  • One theory raised by Se7en is that Empire Market had been the subject of an ongoing direct denial of service (DDoS) attack and the controllers had just decided to “call it quits.”
  • The site has suffered multiple such attacks since going online in 2018 and has been extorted for between $10,000 to $15,000 per week to keep the site live, according to Marsh.

See also: Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

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CoinDesk

Darknet’s Largest Marketplace Still Offline, Fears of Exit Scam Rise

CoinDesk Crypto
6 years 1 month ago

A top darknet site used to sell illicit goods has been offline for more than three days, with fears growing that administrators may have fled with an estimated $30 million in cryptocurrency.

  • According to a Tuesday report by Darknetstats, Empire Market, the darknet’s most popular marketplace by site traffic, was suddenly taken offline on August 22.
  • Speculation is mounting over the whereabouts of the site’s administrators who some believe have made off with an estimated 2,638 bitcoin ($30.2 million), according to John Marsh, a Darknetstats representative, speaking to CoinDesk via email.
  • However, Marsh said that figure is not certain as no large movements of funds have been identified.
  • There plenty of speculation, but nothing “concrete” about what has happened to the site, he said.
  • An Empire Market head moderator known as “Se7en” confirmed the site was down on the darknet forum Dread late Tuesday evening.
  • Se7en suggested the incident was not an exit scam as that usually entails disabling withdrawals and accepting bitcoin for a period of weeks.
  • Marsh, however, contested this and said his publication believes it was an “unplanned exit scam,” as bitcoin withdrawals were working up to the day the marketplace went offline.
  • The darknet refers to certain sections on the internet that are only accessible with specific software and use unique communication protocols to provide access.
  • According to a tweet thread by anonymous darknet journalist “dark.fail,” the darknet has been in a “golden age of trust” but darknet users should “expect a rough year of exit scams ahead.”
  • Dark.fail added that, while its easy to have a sound idealogy when creating a darknet market, when thousands of bitcoin become involved, “greed can defeat all good intentions.”
  • One theory raised by Se7en is that Empire Market had been the subject of an ongoing direct denial of service (DDoS) attack and the controllers had just decided to “call it quits.”
  • The site has suffered multiple such attacks since going online in 2018 and has been extorted for between $10,000 to $15,000 per week to keep the site live, according to Marsh.

See also: Online Black Markets’ Bitcoin Revenues Take a Hit Amid Pandemic

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South Korean Crypto Exchange Coinbit Seized Over Allegations of Massive Wash Trading

CoinDesk Crypto
6 years 1 month ago

Coinbit, South Korea’s third largest cryptocurrency exchange, has reportedly been seized by police over allegations it faked most of its trading volume.

  • According to a report from Seoul Newspaper on Tuesday, local police raided and confiscated the company’s Gangnam headquarters and other premises.
  • Accused of fraud, the firm’s owner, Choi Mo, and other managers are said to have artificially inflated volumes on the exchange by using “ghost” accounts to make fake trades – a practice known as wash trading.
  • In its report, Seoul Newspaper said it had been informed by insiders of corruption at Coinbit months ago and that up to 99% of trading volume was “manipulated” on the platform.
  • Police allege wash trading at Coinbit had produced over 100 billion won ($84 million) in faked income.
  • The newspaper said it had put off reporting its findings until the raids at the request of the Investigation Department of the Seoul Metropolitan Government.
  • An accounting firm had reportedly refused to work with the firm after viewing its books.
  • Seoul Newspaper said it had seen the books and that 99% of recorded trades could not be associated with deposits or withdrawals.

Also read: Executives at Korean Crypto Exchange UPbit Indicted for Fraud

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Bitwage Rolls Out Tax Calculator Tool as IRS Ramps Up Crypto Pressure

CoinDesk Crypto
6 years 1 month ago

Crypto payroll provider Bitwage and software developer Consultabit have added a new tax tool to their bitcoin investment calculator.

  • Announced Wednesday, the new tax add-on will help crypto investors stay on top of their reporting obligations by providing an estimate of federal taxes due on their bitcoin gains.
  • The calculator presents a total owed to the Internal Revenue Service (IRS) based on amounts invested, annual income and marital status.
  • Additionally, Bitwage and Consultabit have added a button allowing investors to view their gains and taxes on one-time purchases.
  • The tax calculator feature comes at a time when the IRS – the U.S.’s tax agency – is ramping up efforts to stop suspected avoidance on crypto investment tax, even against the advice of its own watchdog.
  • Bitwage and Consultabit launched the bitcoin dollar cost average calculator in January.
  • The payroll provider enables employers to pay their workers in bitcoin and several other cryptocurrencies as a way to quickly move money across borders.
  • It recently added payments in the USD Coin (USDC) stablecoin, linked to the price of the U.S. dollar, allowing users to avoid the volatility associated with other supported cryptocurrencies.

See also: US Lawmakers Don’t Want Proof-of-Stake Networks to Get Overtaxed

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Australian Payments Firm Sues Ripple for Use of PayID Trademark

CoinDesk Crypto
6 years 1 month ago

A major Australian financial services firm is suing U.S. blockchain company Ripple Labs over allegations of copyright infringement.

  • In a court document filed last Friday in the Federal Court of Australia New South Wales Registry, New Payments Platform Australia (NPPA) claims Ripple breached Australia’s Trade Marks Act (1995) and the Australian Consumer Law with the unauthorized use of its brand and trademark “PayID.”
  • NPPA asserts that the PayID brand was launched in Australia in February 2018 backed by an AU$3.3 million advertising campaign, and that it has worked since to develop the brand.
  • However, in June 2020, NPPA CEO Adrian Lovney found Ripple had launched a similar PayID-branded service in Australia as part of its Open Payments Coalition (OPC) with 40 partners globally.
  • Three out of the 40 companies in Ripple’s OPC are based in Australia: FlashFX, BTC Markets and Independent Reserve, per the filing.
  • Lovney claims there is evidence that the three exchanges “incorrectly believed” there was an association between services offered by the NPPA and those offered by Ripple under the PayID trademark.
  • PayID is used by NPPA to identify the its service and the account proxies that form part of its inter-banking services.
  • It enables customers to create their own unique identifier that can be linked with their financial institution by an email address, mobile number or Australian Business Number.
  • NPPA said 5 million PayIDs had already been registered and that it already comprises an important part of Australia’s NPP – a payments platform developed and operated by NPPA.
  • Justice Stephen Burley ruled Friday that NPPA may serve Ripple notice outside of Australia.
  • NPPA is a joint venture public company mutually owned by 13 of Australia’s largest financial institutions including the Reserve Bank of Australia, ANZ Bank, Westpac and Commonwealth Bank among others.

See also: Blockchain-Based Trademark App Can Boost Australian Economy, Says Minister

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Crypto Exchange Coincheck to Launch Japan’s First IEO

CoinDesk Crypto
6 years 1 month ago

Coincheck, one of the largest crypto exchanges in Japan, announced Tuesday that it would support a domestic company to launch the country’s first Initial Exchange Offering (IEO) and raise funds via a token sale.

  • Hash Palette, a platform that distributes content such as Japanese graphic novels (manga), anime and music, aims to raise about 1 billion yen ($9.4 million) through a token sale on Coincheck, CoinDesk Japan reported.
  • IEOs are one of the emerging ways for companies to find an alternative to traditional fundraising processes. A crypto exchange creates a platform for such companies to issue and sell tokens to investors who have accounts on the exchange.
  • Coincheck, which is now part of the Monex Group, has had to win over the trust of Japanese financial authorities after the exchange suffered a $500 million hack in 2018, one of the largest hacks in crypto history.
  • The company plans to issue and list Palette Token (PLT) by March 2021 and claims that it would be the first IEO in Japan.
  • Hash Palette is a joint venture between manga app company Link-U and HashPort, a blockchain consulting firm. 
  • The capital raised through the token sale will be used for development and operation of the blockchain platform “Palette,” and the company expects most tokens to be sold to fans of Hash Palette content.
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Crypto and Fintech Investor Ribbit Capital Files to Raise $350M for ‘Blank Check’ IPO

CoinDesk Crypto
6 years 1 month ago

Ribbit Capital, a major investor in fintech startups including cryptocurrency and blockchain ventures, is seeking to raise $350 million for a “blank check” company that would make acquisitions.

  • The special-purpose acquisition company (SPAC), Ribbit LEAP Ltd., filed a prospectus with the Securities and Exchange Commission late Tuesday.
  • As a SPAC, Ribbit Leap has no operating business – it was created to find and buy one. “We have not selected any business combination partner and we have not … initiated any substantive discussions with” any candidates yet, the prospectus notes.
  • Unlike traditional publicly traded companies, where major acquisitions are subject to shareholder approval, a SPAC asks for wide latitude to make purchases (hence the term “blank check”).
  • “Our shareholders may not be afforded an opportunity to vote on our proposed initial business combination, which means we may complete our initial business combination even though a majority of our shareholders do not support such a combination,” warns the risk factors section of the Ribbit Leap prospectus.
  • JPMorgan Chase is the sole bookrunner for the initial public offering (IPO) of stock.
  • The underwriter has the option to issue as much as 15% more shares than planned, which would bring total proceeds to $402.5 million.
  • The prospectus mentions cryptocurrency only twice in passing, in passages that describe Ribbit Capital’s range of investments, which also include companies in mainstream financial services and technology sectors.
  • Ribbit Capital is a founding member of the Libra Association, the consortium set up last year by Facebook to develop a global digital currency (which later curtailed its ambitions to mainly issuing stablecoins tied to fiat).
  • In the blockchain space, the investment firm led a seed round for Bobby Lee's Ballet crypto wallet startup in 2019. It has also invested in Coinbase, Revolut, Robinhood, Xapo, Chainalysis, Figure Technologies and CRB Group (parent company of crypto-friendly Cross River Bank).
  • Former U.S. Undersecretary of the Treasury Sigal Mandelkar, who spearheaded crypto-related sanctions efforts against individuals and warned crypto firms to comply with anti-money-laundering (AML) and know-your-customer (KYC) laws, joined Ribbit Capital as an advisor this year. She is named as a partner in Tuesday’s prospectus.
  • Other Ribbit Capital portfolio companies include Affirm, Brex, Coalition, CreditKarma, MercadoLibre, Next Insurance, Nubank, Root, Sea Limited, Upgrade and Zillow.

While it’s unclear how much Ribbit Leap will focus on crypto or blockchain acquisitions, the filing comes at a time of renewed exuberance in the sector. Aside from the bull run in coin prices, fledgling exchange INX Ltd. has launched an on-chain regulated IPO, and heavyweights Coinbase and Ripple are reportedly eyeing public listings.

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FTX Exchange’s $150M Deal for Mobile-First Blockfolio Is a Retail Trading Play

CoinDesk Crypto
6 years 1 month ago

Cryptocurrency derivatives exchange FTX has acquired Blockfolio, the market’s leading mobile news and portfolio tracking app, for $150 million. The price was paid in cash, crypto and equity, the companies told CoinDesk.

Formally announced Wednesday morning in Asia, the deal is a strategic play for FTX, whose clientele consists largely of quants and professional traders, to attract more retail customers.

  • FTX isn’t “just acquiring the intellectual property,” FTX CEO Sam Bankman-Fried told CoinDesk. “It’s an ‘acquire for the synergy and scale up’ sort of deal.”
  • The combined company aims to “build a new standard for quality in retail trading experiences,” said Blockfolio CEO Ed Moncada.
  • Thanks to the resources and expertise coming from FTX, the deal positions both teams to “open the door for more of a mainstream, mobile audience” in the cryptocurrency industry, said Paul Veradittakit, Blockfolio board member and co-investment officer at Pantera Capital. His firm was a co-lead on Blockfolio's Series A round.

Nine months ago, the companies began discussing plans to build a retail-focused cryptocurrency product together. Those discussions eventually morphed into merger talks.

  • “FTX checked every box we were looking for in a partner,” Moncada told CoinDesk. “They understood the vision of what we wanted to build.”
  • The acquisition was primarily negotiated by Moncada and Bankman-Fried, who also runs quant trading firm Alameda Research.
  • Santa Monica, Calif.-based Blockfolio was advised throughout the process by Spartan Group, a boutique advisory firm specializing in blockchain and related industries, and Mike Novogratz’s merchant bank Galaxy Digital, Moncada told CoinDesk.

Related: ConsenSys Acquires JPMorgan’s Quorum Blockchain

Even as one of the newest exchanges, FTX has grown at warp speed since its founding last year.

  • The exchange, based in the Caribbean state of Antigua and Barbuda, ranks first by order-book liquidity and seventh by 24-hour volume, according to CryptoWatch.
  • Founded in 2014, Blockfolio boasts more than 6 million cumulative downloads. Its news and portfolio tools average more than 150 million impressions each month.

The deal appears to be the sixth-largest acquisition in crypto sector history.

  • It ranks ahead of the Tron Foundation’s acquisition of BitTorrent ($125 million) and behind Lightyear.io’s merger with Chain, the deal that formed Interstellar ($350 million).
  • Binance reportedly paid $400 million for CoinMarketCap, which, if true, would put it in a three-way tie for first place with Circle’s 2018 takeover of Poloniex and NHMX’s purchase of an 80% stake in Bitstamp.
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IRS, Ignoring Its Own Watchdog, Sends Letters About Crypto Taxes Once Again

CoinDesk Crypto
6 years 1 month ago

Undeterred by its own watchdog’s warnings, the Internal Revenue Service has once again begun sending crypto “soft letters” of disputed legality to American taxpayers.

  • The letters, which broadly inquire about unpaid or incorrectly filed crypto taxes, appear to have been sent out en-masse to an unknown number of taxpayers on Aug. 14, according to multiple copies of the letter reviewed by CoinDesk.
  • They’re part of what the IRS calls a “soft letter” campaign: a call-to-action meant to spur taxpayers to fix alleged discrepancies in their tax filings before the IRS escalates the situation to a full inquiry – an audit.
  • Crypto holders in particular face reams of sometimes still developing tax guidance over how to treat hard forks, report capital gains, account for crypto transactions and other more commonplace issues, like neglecting to file.
  • But when the IRS first rolled out crypto soft letters last September, it may have gone too hard, too fast, according to the Taxpayer Advocate Service.
  • The internal watchdog recently alleged that one particular letter variant (6173) “undermines” taxpayer rights by demanding a statement of facts and a detailed trading history accounting for years outside the statute of limitations. Letter 6173’s “disturbing” tone also elicited criticism from the Advocate.
  • Taxpayer Advocate Erin Collins alleged in a report to Congress that letter 6173 violated laws governing IRS conduct and called upon the agency to make changes. The IRS refused.
  • It now appears that 6173 is back in nearly identical fashion. A copy of the letter shared with CoinDesk parrots its predecessor’s tone and demands. The IRS did not immediately respond to a request for comment.
  • The taxpayer who shared his letter with CoinDesk indicated that he received the letter because he had not yet filed his 2019 returns.

Read more: IRS Violated ‘Taxpayer Bill of Rights’ With 2019 Crypto Letters: Watchdog

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Market Wrap: Bitcoin Dips to $11.1K; Ether Mining Difficulty at Year High

CoinDesk Crypto
6 years 1 month ago

Bitcoin is looking bearish while Ethereum miners are reaping more fee revenue than ever before.

  • Bitcoin (BTC) trading around $11,298 as of 20:00 UTC (4 p.m. ET). Slipping 3.8% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,102-$11,786.
  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

Read More: ‘Bitcoin Rich List’ Reaches All-Time High

Bitcoin’s price declined to as low as $11,102 on spot exchanges such as Coinbase Tuesday, wiping out long derivatives traders on BitMEX. In just one hour, up to $5.6 million in leveraged positions were automatically liquidated, the crypto analog to a margin call. 

Related: First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads

Daniel Ladinsky, trader at quantitative trading firm Efficient Frontier, worries that if price stays beneath $12,000 per one BTC for too long it may signal a larger downward trend. “BTC has been hovering below $12,000 for quite some time, which is a crucial zone,” Ladinsky told CoinDesk.

Read More: Istanbul or ‘Coinstantinople’? Inside Turkey’s Bitcoin Bull Market

Michael Gord, CEO of cryptocurrency brokerage firm Global Digital Assets, sees Tuesday’s price dip as temporary profit-taking by some investors. ”Institutional traders take profits the whole way up to hedge their risk,” he said. ”We are now seeing more institutional traders take some of that profit and reallocate it into ‘riskier’ low- to medium-cap altcoins.” 

One interesting development: Bitcoin locked in decentralized finance, or DeFi, is down a little bit after it had previously doubled in August, according to data aggregator DeFi Pulse. 

Related: Jerome Powell’s Coming Inflation Speech May Weigh on Dollar and Boost Bitcoin: Analysts

Efficient Frontier’s Ladinsky says traders continue to see more alluring profit opportunities in DeFi, which might help explain the decline. “Recently, the market has been quiet for BTC and most of the attention and hype is on the DeFi front, where coins are surging very hard,“ he said.

Read More: Aave Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited

Ether mining difficulty at 2020 high

The second-largest cryptocurrency by market capitalization, ether (ETH), was down Tuesday, trading around $379 and slipping 5.9% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Read More: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads

Ethereum’s mining difficulty has hit a 2020 high, at 2,820 terahashes, its highest level since Dec. 13, 2019. 

The amount of gas, or the fee required to successfully conduct a transaction or execute a contract on the Ethereum blockchain, is at an all-time high, meaning the resources used per block are increasing. This means more miner revenue coming from fees and, as a result, more machines being turned on, causing mining difficulty to increase. 

Smart contract developers in the ecosystem like Jun Dam, who is working on a DeFi project based on the competing EOS platform, tell CoinDesk the Ethereum fee situation may be helping miners, but it isn’t benefiting anyone else. “ETH gas fees are not user- or developer-friendly,” Dam said. 

Read More: Ethereum Tokens Worth $1B Vulnerable to ‘Fake Deposit Attack’

Other markets

Digital assets on the CoinDesk 20 are mostly in the red Tuesday. One notable winner as of 20:00 UTC (4:00 p.m. ET): 

  • nem (XEM) + 1.5%

Read More: Bitcoin Miner Overstated Industry Vet’s Involvement in $50M Series A Pitch

Notable losers as of 20:00 UTC (4:00 p.m. ET): 

Read More: Hacker Stole 1,000 Traders’ Data From Crypto Tax Reporting Service

Equities:

Read More: ConsenSys Acquires JPMorgan’s Quorum Blockchain

Commodities:

  • Oil is up 2.2%. Price per barrel of West Texas Intermediate crude: $43.35.
  • Gold was flat, in the red 0.05% and at $1,927 as of press time.

Read More: Crypto Derivatives Exchange BitMEX to Block Ontario Traders

Treasurys:

  • U.S. Treasury bonds all climbed Tuesday. Yields, which move in the opposite direction as price, were up most on the 10-year, in the green 3.4%.

Read More: Powell’s Coming Inflation Speech May Weigh on Dollar and Boost Bitcoin

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Forthcoming Yield Farming Project Dispenses With Governance

CoinDesk Crypto
6 years 1 month ago

Everyone may be talking about governance on Ethereum, but the yet-to-launch stablecoin startup Liquity is taking a contrarian view: zero governance. 

That doesn’t mean it won’t offer a yield farming option, though, because there’s no good reason not to deploy the popular growth hack when it’s working so well elsewhere.

Liquity has started running ideas for farming schemes by its early supporters, including organizing a public Zoom session on the topic on Aug. 19.

Related: First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads

The startup is making a stablecoin mint that works much like MakerDAO, lending against collateral with a low-volatility token. It has many major differences from the original decentralized finance (DeFi) project, however. Most notably, Liquity’s smart contract will adjust as needed (a governance committee of token-holding people will not be needed).

Read more: One Billion, Two Billion, Three Billion, Four? DeFi’s Knocking on TradFi’s Door

“All of the system parameters are automatically controlled by the algorithms,” Robert Bauke, CEO of Liquity, told CoinDesk in a phone call. This takes it a little further than Reflexer Labs, which is also a twist on MakerDAO that takes a governance-minimized stance.

It all means Liquity won’t have a governance token but is still planning on using liquidity mining to stimulate early adoption: It is offering a “growth token” (GT) that will continuously earn holders small amounts of revenue from Liquity fees.

Related: Aave Becomes Second DeFi Project to Overtake MakerDAO for Most Crypto Deposited

Just which behaviors Liquity will reward with its GT remains a bit of an open question discussed on the recent call. The founders don’t plan to actually release their system until early next year. In the meantime, they are gathering feedback on just which behaviors to incentivize.

Liquidity mining is a very specific category of yield farming, the one that has generated most of the excitement here in 2020 for DeFi. The idea is that people who entrust their crypto to some protocol will get some new token in return as an incentive. So far, that has generally been a governance token, one that gives holders the right to make decisions about a protocol. Governance tokens also carry a price, of course, so the allure of “free money” also serves as an effective incentive.

Read more: ETH Lite: Reflexer Labs Raises $1.7M to Build a Somewhat-Stable Coin for DeFi

The danger of eschewing governance is that mistakes can only be fixed with a fork, but allowing a broad user base to change a project carries its own risks. “Auditors are somewhat very wary of upgrade patterns,” Richard Pardoe, the core developer of Liquity and a co-founder, told CoinDesk.

Right now Liquity’s founders are looking at models for how to reward users for getting in early

On a conference call to discuss the pros and cons of different incentives, Nicola Santoni of Lemniscap, a blockchain fund, said rewards can be “like a drug in the DeFi space, very addictive.”

How it works

Liquity allows users to stake ether (ETH) and borrow a stablecoin against it, currently called LQTY. It’s like MakerDAO in that way. Users stake ETH into what’s called a “trove” and then they can borrow against the value of that ETH (much like MakerDAO’s “vaults”).

The advantage of Liquity to users is it allows for a collateralization ratio for lending of 110%, most of the time. In other words, it generally won’t liquidate a loan unless collateralization falls below that ratio. That said, it also enforces an overall ratio across the protocol of 150%; if the average collateralization falls below that figure, it could start incentivizing users to top up their ETH deposits.

Liquity is able to offer lower collateralization because it has brought liquidations right into the smart contract. Users have an incentive to stake LQTY to its stability pool. Liquity will use this pool of tokens to retire troves that have fallen below the minimum collateralization. In exchange, everyone in the pool will share the ETH taken from the retired trove.

As a backup, if the stability pool runs out of LQTY, Liquity actually redistributes the ETH and the debt to everyone else in the system. Generally speaking, CEO Bauke explained, this should mean that most users end up with more in new ETH than they do in new debt.

Liquity’s liquidity mining

Last week, about 20 or so supporters showed up on a Zoom call to discuss different incentive schemes for earning GT.

“Early adopters will get more than latecomers. I think that’s fully in line with how most projects are doing yield farming,” Bauke said in the intro to the conference call.

Founders, advisers and investors will all get an allocation of GT, too, but the precise proportions are still undecided.

Liquity is also awarding some amount of GT to companies that set up frontends for Liquity, because it’s not going to make one. Many crypto companies have encouraged others to build atop them (such as Dharma and Compound or Veil and Augur), but it’s unusual for one not to make a frontend at all.

Read more: Crypto Lender Dharma Pivots to Stablecoin Savings Accounts

Other behaviors that Liquity might want to incentivize include: depositing into the stability pool, borrowing LQTY and contributing it to decentralized exchanges, such as Uniswap. Then, of course, it can do some combo of all these things.

“We don’t want to create incentives that are forcing people into a behavior that isn’t continuously helping the system,” Ashleigh Schap, a member of the Uniswap team who’s helping Liquity with business development, said on the call. For example, she pointed out, if there is too much reward for the stability pool, no one will actually use LQTY in the world.

“The system only needs to be protected so much,” she said.

Nicola Santoni of Lemniscap encouraged Liquity to try to find a way to make incentives shift with time. Early on, the team might need to attract one set of participants, whereas later the needs could change. 

“When you find your market, you might need to incentivize something else,” he cautioned.

However, he noted this is challenging with a no-governance model.

Nothing was settled on during the call so interested parties with strong opinions about how to structure liquidity mining can still weigh in on Discord, where they can also find out about future community calls. There may not be any governance once it goes live, but Liquity seems to be unusually open to feedback until then.

The point is still to make a system that actually works for users with a real need to borrow. 

“The system needs to work without incentives,” Bauke said.

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Coinbase Taps Marcus Hughes as New Eurozone Chief

CoinDesk Crypto
6 years 1 month ago

Coinbase is shuffling the top of its European operations: Marcus Hughes is in as chief, and Zeeshan Feroz is out.

  • Hughes, a two-year veteran of the crypto exchange who had taken over Coinbase’s international legal team earlier this month, will replace Feroz, according to a Tuesday blog post.
  • Coinbase said Hughes will oversee its continued scaling in Europe. That means more product rollouts and more exchange features, Coinbase said. It secured an all-important Irish e-money license in October.
  • Feroz, who had run Coinbase UK and Ireland (effectively acting as eurozone chief) since 2017, is not exiting completely, however. He is staying on as a “strategic consultant” for Coinbase, the blog post said.

See also: Coinbase Snags Lyft Engineering Executive Manish Gupta

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Brazilian Lawmaker Proposes Crypto Regulations for a Country Devoid of Any

CoinDesk Crypto
6 years 1 month ago

A Brazilian lawmaker has proposed a series of cryptocurrency business laws that would, if passed, bring long-sought legal clarity to Brazil’s oft-ostracized and wholly unregulated crypto scene.

  • Senator Soraya Thronicke, a member of Brazil’s Social Liberal Party, outlined on Monday rules for “virtual asset” businesses, custodians and issuers, consumer protections, crypto taxation, criminal enforcement and industry oversight in Brazil.
  • Brazil’s central bank, securities watchdog, tax agency and financial oversight board would all take on concrete supervisory roles for the nascent industry. Until now, their respective crypto actions have been scattershot at best.
  • Pyramid schemers and crypto fraudsters would face new heat, too. Thronicke’s draft law outlines stricter punishments and proposes amending Brazil’s existing financial crimes laws to apply to crypto as well.
  • Thronicke told Agencia Senado that her rules would effectively “extend the protection model already in force” for electronic currency services to cryptocurrencies.
  • Brazilian cryptocurrency businesses have suffered from a lack of comprehensive crypto regulation, perhaps most notably through the banking sector’s refusal to work with them.
  • The legislation’s passage “would mean a lot toward ‘legalization and regulation’ of the crypto economy” in Brazil, said Fernando de Magalhães Furlan, a former regulator who now lobbies for Brazil’s crypto firms.

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BitGo Weighs Building a Sidechain for WBTC as Ethereum Fees Climb

CoinDesk Crypto
6 years 1 month ago

Historic fee pressure plaguing the Ethereum blockchain is forcing one of decentralized finance’s (DeFi) hottest projects to consider swapping tires while driving.

Digital asset trust company BitGo is in the process of “reaching out” to community partners to build an Ethereum sidechain due to heightened fees, according to CTO Ben Chan in an email exchange. 

BitGo’s premiere product wrapped bitcoin (WBTC) is an ERC-20 token with a 1-1 peg to bitcoin. It currently secures some 46,000 BTC worth just north of $500 million through a custodial patchwork. 

Related: Ethereum Tokens Worth $1B Vulnerable to ‘Fake Deposit Attack’

“During the time the white paper was written, we wanted to consider potential solutions to rising fees. What we’ve seen this year is that WBTC traction has been largely thanks to the highly composable DeFi industry,” Chan said. “We will reach out to the community partners to see if they are interested in embarking upon a sidechain together.”

Read more: Decentralized Finance Frenzy Drives Ethereum Transaction Fees to All-Time Highs

Ethereum fee pressures have continued to escalate over the last six months, reaching all-time highs on Aug. 13. A general technical fix remains months to years away.

As for timing, Chan said BitGo is not “committed to anything in 2020.” He said the most difficult part of the undertaking is not technical but organizing community developers. (It’s worth noting that the definition of a general-purpose sidechain remains a hotly contested question in developer circles.)

Related: BitGo Applies to Be Regulated Custodian in New York State

“Community building and operational overhead is what we predict will take up more of this time, and this is difficult to estimate,” Chan said. 

DeFi going to other blockchains?

DeFi, Ethereum’s latest runaway hustle, has led many competing blockchains to play catch-up. For example, the Tezos community launched a wrapped bitcoin project of its own last April.

Read more: DeFi Traders Are Gaming Ethereum for Higher Profits, Researchers Say

But at least three larger blockchain players are coming for Ethereum’s crown from a more technical angle: baselayer interoperability.

For NEAR Protocol, Polkadot and Cosmos, composability with Ethereum’s Virtual Machine (EVM) could allow established billion-dollar DeFi projects such as Compound or Aave to jump ship.

NEAR describes itself as a more developer-friendly, EVM-compatible alternative to Ethereum, while Polkadot continues to market itself as a “protocol for protocols” and has at least one Ethereum/Polkadot bridge in the works.

Cosmos, on the other hand, now has one project running. On Monday, developer houses Chainsafe and Tendermint released Ethermint, an EVM-compatible project built on a variant of the proof-of-stake (PoS) consensus algorithm called Tendermint.

Composability means the project natively “supports solidity smart contracts and assets from Ethereum,” Cosmos core developer Federico Kunze said in a private message.

The point was not lost on ShapeShift CEO and founder Erik Vorhees in a Monday tweet.

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CoinDesk

Wave of Bitcoin-Seeking Bomb Threats Sparks Probe by Austrian Police

CoinDesk Crypto
6 years 1 month ago

Austrian police say they are investigating a surge in bomb threat extortion attempts after numerous companies received bitcoin-seeking blackmail emails Tuesday morning.

  • Companies got an email ultimatum: pay $20,000 in bitcoin in the next 80 hours or risk detonation of a hidden plastic explosive. Instructions on how to buy bitcoin were also included in the email, according to Austrian media.
  • Austria’s Federal Criminal Police responded with vehicle patrols in Vienna and Tyrol but found no evidence of bombs. They assume the anonymous senders are international.
  • Police said bitcoin bomb threats are a “well-known mass phenomenon,” even if Tuesday’s reports represented an unusual uptick.
  • The incident is a stark reminder of cryptocurrency’s appeal to criminals, owing to the irreversibility of transactions and the absence of any third party who can veto them. The flip side is the public audibility of blockchains can help law enforcement track down perpetrators after the fact.
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Blockchain Bites: Bitcoin’s ‘Rich List,’ Ethereum’s Volatility, DeFi’s Shakeup

CoinDesk Crypto
6 years 1 month ago

There are more addresses than ever as part of Bitcoin’s “rich list,” the Federal Reserve is looking to change tack on inflation and another firm is putting its cash reserves into bitcoin, not a bank account.

You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here. 

Top shelf

Rich list
The “Bitcoin Rich List,” or the number of wallets with at least 1,000 BTC (~$11.5 million), is at a record high. There are approximately  2,190 rich list addresses, surpassing the previous record of 2,184 set Sept. 28, 2019. This could reflect increased interest in bitcoin from institutions and high-net-worth investors, CoinDesk’s Muyao Shen reports. The total amount of bitcoin held in accounts of 1,000 or more was 7,868,823 as of press time. That amounts to $92.2 billion.

Related: First Mover: Ether Price Swings Make Bitcoin Look Tame as DeFi Speculation Spreads

Inflation watch
U.S. Federal Reserve Chair Jerome Powell is expected to signal tolerance for higher inflation during his keynote speech at the Jackson Hole Economic Policy Symposium on Thursday. According to analysts speaking to CoinDesk, that could ultimately lead to further drops in the dollar and greater buying power for bitcoin traders and investors, CoinDesk’s Omkar Godbole reports. The central bank has mostly missed its 2% inflation target since 2012. “The major impact for crypto out of this symposium would be a change in monetary policy and further depreciation of the U.S. dollar, which could propel bitcoin higher,” said Matthew Dibb, co-founder of Stack.

Company breach
A hacker has stolen data on more than 1,000 users from CryptoTrader.Tax, an online service used to calculate and file taxes on cryptocurrency trades. Breaking into a customer service employee’s account, on April 7, the hacker downloaded a file containing 13,000 rows of information, including 1,082 unique email addresses as well as names, payment processor profiles and messages sometimes containing cryptocurrency incomes. Screenshots of this information were later posted to a dark web forum.

BTC over banks
Ottawa-based software startup, Snappa, said it will move 40% of its cash reserves into bitcoin, citing concerns of inflation, global economic uncertainty and the inferiority of traditional bank accounts. The initial 40% allocation is only the beginning for the seven-person startup, CoinDesk’s Zack Voell reports. “We’re still accumulating coins, and we don’t plan on selling anytime soon,” said co-founder Christopher Gimmer. “If we’re right about where bitcoin is heading then our allocation could get very high.”

Blockchain. Governments?
Chinese tech conglomerate Huawei has set up a blockchain-based platform for the Beijing government to better track and manage its citizens’ data in everything from medical records and property registration to real-time vehicle parking status. This is part of China’s larger “New Infrastructure Initiative” to transform digital governance with blockchain by making data immutable and transmissible. The Beijing government’s project aims to leverage the blockchain platform to make data shareable among more than 50 agencies within the municipality, CoinDesk’s David Pan reports.

Quick bites At stake

Related: Blockchain Bites: Aave’s Advance, BitMEX’s Block, Turkey’s Bitcoin Trot

Layer1, the U.S. bitcoin mining startup backed by high-profile investors including Peter Thiel, has misdescribed the role of a supposed core team member in a recent pitch deck, according to that team member.

The U.S. startup boasts a mission of not just building top-notch bitcoin mining facilities but also launching the U.S’s first proprietary mining chips to compete with Chinese miner makers.

Its deck – which was shared with CoinDesk by an investor who received it from Layer1 around June – shows a management team slide in which Layer1 told potential investors that Liu Xiangfu, co-founder and a former director of Chinese bitcoin miner maker Canaan, is its Head of Supply Chain. 

However, when reached for comment, Liu said he is not involved in Layer1’s business. “I introduced some of my friends to them. … That did help them when they [came] to China. But I’m not a shareholder [and do] not work for them,” Liu said via WeChat messages. 

The discrepancy came to light as Layer1 has been working to raise $50 million in senior secured debts since June, according to a separate term sheet seen by CoinDesk and confirmed by Layer1. 

It appears only a relatively small part of the raised fund came from external investors at the time, as the recent pitch deck shows that “Layer1 founders have contributed over $23 million of [their] own capital so far to this Series A financing.”

Market intel

Volatile assets
Investors are expecting more volatility in ether (ETH) compared with bitcoin (BTC), according to a key metric, CoinDesk’s Omkar Godbole reports. The three-month spread between ether’s volatility and bitcoin’s has risen to 29%, the highest level since Feb. 23, according to data source Skew. “Investors are focused on DeFi and mindful of a potential big move in ETH,” said Skew’s CEO Emmanuel Goh. Implied volatility does not tell us anything about the direction of the next big move.

‘Negative connotation’
CoinDesk’s First Mover further dives into the volatility conundrum. The three-month spread between ether’s implied volatility and bitcoin’s has increased to 29%, the highest in six months, they write. As recently as June 28, the spread was as low as -2.8%, meaning bitcoin had the higher implied volatility at that point. Volatility often carries a negative connotation because traders often consider it a barometer of risk. In this case the rising spread appears to indicate a wide range of expectations in how DeFi might ultimately affect usage of the Ethereum network and demand for the ether. Get the full story by subscribing here.

Tech pod

Aave overtakes
DeFi credit market Aave has pulled ahead of stablecoin mint MakerDAO for the title of most collateral staked on Ethereum, according to DeFi Pulse. Aave now has $1.47 billion worth of different crypto assets staked for credit lines, while MakerDAO has $1.45 billion in total value locked (TVL). This is only the second time that a project has had more “total value locked” (TVL) than MakerDAO, as measured by DeFi Pulse. In the recent surge of interest in DeFi, four projects have now broken $1 billion in assets as measured by DeFi Pulse at different times: MakerDAO, Compound, Aave and Curve, CoinDesk’s Brady Dale reports.

Op-ed

DeFi’s demise?
Donna Redel, a board member of New York Angels and Adjunct Professor of Law at Fordham Law School, and Olta Andoni, Adjunct Professor at Chicago-Kent College of Law and Of Counsel at Zlatkin Wong, think DeFi is playing a dangerous game. Drawing illusions to the initial coin offering boom, these prominent crypto lawyers see the industry’s “hottest” sector is flirting with regulatory violations. “We believe that, at a minimum, the industry needs self-regulation. Without it, it is on a trajectory to serious regulatory scrutiny and reputational risk… Calling a project an “experimental game” or an ‘innovation’ is not sufficient to take it out of the regulatory ambit,” they write.

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CoinDesk

North Korean Hacker Group Targeted Crypto Firm Using LinkedIn Ad: Cybersecurity Report

CoinDesk Crypto
6 years 1 month ago

The North-Korea based Lazarus group of hackers that has been linked to attacks on the central banks of Ecuador, Vietnam and Bangladesh, appears to have targeted a crypto firm in an attack last year, according to a report by cybersecurity firm F-secure. 

  • The report said F-Secure’s investigators found operational similarities between this attack and other efforts that have been associated with the Lazarus group. 
  • Carried out as a phishing attack, the hackers used a LinkedIn message to send over a fake job offer document to a systems administrator at the crypto firm that when downloaded allowed the attackers to get in through the back door. 
  • Once in, the hackers used backdoor network implants and malware to extract information from the infected computers. According to the report, the attackers also employed Mimikatz, a tailored form of malware used to extract crypto wallet information or bank account details. 
  • “The evidence also suggests this is part of an ongoing campaign targeting organizations in over a dozen countries,” Matt Lawrence, the Helsinki-based F-secure’s director of detection and response, said in a blog post on the firm’s website. 
  • Earlier in March, the U.S. Treasury Department announced sanctions against two Chinese nationals who had helped hackers from the Lazarus group launder proceeds from an attack on crypto exchange in 2018. 
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CoinDesk

Ethereum Tokens Worth $1B Vulnerable to ‘Fake Deposit Attack’

CoinDesk Crypto
6 years 1 month ago

Over $1 billion worth of tokens on the Ethereum blockchain are missing a software standard released in 2017, setting them up to be hijacked and drained from trading exchanges, according to new research.

The software vulnerability, called a fake deposit exploit, was pinpointed in 7,772 issuers of ERC-20 tokens, according to research from Peking University, Beijing University of Posts and Telecommunications, Zhejiang University and the University of Queensland. 

The research states that by manipulating code in the smart contracts, or programming scripts, of ERC-20 tokens listed on cryptocurrency exchanges with deficient transaction verification methods, a hacker can fraudulently siphon exorbitant amounts of funds at nearly no cost. The fake deposit attack could then crash the exchange, causing holders of the ERC-20 tokens and other cryptocurrencies to lose their funds.

Related: 0x Price Hits Two-Year High on Hopes Falling Ethereum Fees Will Spur DEX Trading

Read more: How Do Ethereum Smart Contracts Work?

Some holders could also have trouble accessing utilities purchased with the ERC-20 tokens, which are increasingly tied to goods and necessities such as energy, real estate and insurance.

“If the fake deposit attack is carried out, it is for sure a great disaster for the token,” one of the researchers, said Haoyu Wang, Beijing University of Posts and Telecommunications associate professor of computer science. “Worst case, the token has to be reissued.”

Possible fixes

Because smart contracts are permanent on the Ethereum blockchain and cannot be reversed, the onus falls on cryptocurrency exchanges to fix ERC-20 token procedures already prone to the fake deposit attack. Fabian Vogelsteller, the Ethereum developer who created ERC-20 coins, said cryptocurrency exchanges can blacklist malicious token contracts.

Related: First Mover: Wacky Bitcoin-to-DeFi Crypto Markets Might Be New Home of Capitalism

Read more: Token Sales Are Back in 2020

Zhejiang University cyber-science Associate Professor Lei Wu, a second member of the research team, also suggested releasing so-called proxy smart contracts to keep open the option of replacing old Ethereum smart contracts. However, some Ethereum developers have avoided writing proxy smart contracts because they carry their own security risks.

For ERC-20 tokens in the works, the Ethereum Foundation recommends Ethereum blockchain developers implement the protective smart contract software standard as a failsafe against inattentive cryptocurrency exchanges, Wang and Wu said.

How it works: Transaction duping

An ERC-20 smart contract without the Ethereum blockchain software standard EIP-20, introduced in 2017, relies on what is known in computer science as a conditional programming statement to check for insufficient token balances. The conditional statement outputs a “return false” statement that blocks a token transaction from being terminated. This “return false” statement becomes the basis for the fake deposit attack on cryptocurrency exchanges that do not perform security checks after the programming functions “transfer” and “transferFrom” are called.

The attack first works by issuing an ERC-20 smart contract to a cryptocurrency exchange and transferring one ERC-20 token to an exchange account. On a decentralized exchange, the programming function “depositToken” can then tell the “transferFrom” function to deposit however many tokens into the attacker’s account. On a centralized exchange, the “transfer” function is instead called, with the smart contract’s “_to” and “_value” fields set to the attacker’s account address and desired token amount. 

Which ERC-20 tokens are at risk?

The vulnerable tokens with the most trading volumes on decentralized exchanges, CloudBric, MovieCredits, BullandBear, LOVE and EtherDOGE, have had little, if any activity, according to the research. These ERC-20 tokens are circulating on three decentralized exchanges, IDEX, DDEX and Ether Delta, which patched the vulnerability this month, according to the study’s researchers.

Read more: Decentralized Exchange Volumes Rose 174% in July, Topping $4.3B and Setting Second Straight Record

In contrast, 7,716 of the ERC-20 tokens vulnerable to the fake deposit attack – 99.2% of those identified – are listed on centralized exchanges such as Binance, Coinbase, OkEx and Kraken. Affected tokens on centralized exchanges, where the bulk of the standard-missing ERC-20 tokens are trading, were valued at more than $1.1 billion in April. 

Baer Chain’s BRC token, the Brave privacy web browser’s Basic Attention Token (BAT), the Huobi Chinese cryptocurrency exchange’s HPT token, the Rocket Pool Ethereum app service’s RPL token and the Power Ledger electrical grid blockchain’s PWR token had the highest recorded market capitalizations of the vulnerable tokens held on centralized exchanges. Approximately $391,000 in 87,000 BRC, $388,000 in 305,000 BAT, $63,000 in 1,000 HRT, $39,000 in 3,000 RPL and $28,000 in 50,000 PWR were affected, the research said.

Limited identification

When asked, the computer scientists declined to identify the affected Ethereum coins besides those with the top five volumes on decentralized exchanges and the top 5 market capitalizations on centralized exchanges. The researchers also did not determine which centralized exchanges have not undertaken recommended Ethereum token security procedures. 

“For the vulnerabilities and attacks we identified, some of them have been confirmed,” Wang said. Neither the researchers nor PeckShield, a blockchain security company that collaborated with the research team, are choosing to publicly identify vulnerable tokens other than the 10 that are known, Wang said.

Yan Zhu, Brave Software chief information security officer, said the vulnerability is not linked to the Brave browser wallet, and that the affected Basic Attention Tokens were deployed without proxy smart contracts before Ethereum blockchain standard EIP-20 was modified in 2017 to integrate the software implementation that prevents the fake deposit attack.

Read more: Gemini Crypto Exchange Integrates With Privacy-Focused Brave Browser

Power Ledger, on the other hand, deployed its affected ERC-20 tokens even after the Ethereum Foundation released the updated EIP-20 software implementation. For now, John Bulich, Power Ledger technical director, advises Power Ledger customers to “hold their own crypto assets in their own secure wallets” and “not trust centralized exchanges with anything more than their current trading stock.”

The five known issuers of the tokens affected on centralized exchanges did not respond to queries as to whether they have checked with cryptocurrency exchanges about the vulnerability.

Huobi, Baer Chain and Rocket Pool did not respond to requests for comment.

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CoinDesk

Another Bitcoin Lightning Startup Is Working With Visa to ‘Fast Track’ Card Payments

CoinDesk Crypto
6 years 1 month ago

Last month, Bitcoin Lightning startup Strike announced  it would be working with the world payment giant Visa. Now, another startup in the same vein, LastBit, which just launched its app in beta, will be going through the same Visa Fast Track program. 

This partnership will eventually make it possible for users to pay for items priced in U.S. dollars – but using bitcoin (BTC). LastBit founder Prashanth Balasubramanian told CoinDesk the company will also be releasing an app that works with euros in “a few weeks.”

Read more: Lightning Startup Zap Raised $3.5M for Bitcoin App Ahead of Visa Deal

Using bitcoin for ‘day-to-day’ payments

Related: Ready to Wumbo: LND Enables More, Larger Bitcoin Transactions on Lightning

LastBit’s end goal is to allow users to make Lightning payments to pay for just about anything. The user pulls up the LastBit app, loads bitcoin into it, then has instant access to a digital debit card for sending bitcoin payments. When the user sends a bitcoin payment, the vendor gets euros or dollars on the other side. 

Bitcoin’s Lightning Network helps make bitcoin payments faster and cheaper. A few shops here and there accept Lightning payments, but they’re still not nearly as widely accepted as normal bitcoin transactions. 

Read more: What Is Bitcoin’s Lightning Network?

Ultimately, LastBit wants to allow bitcoin users to walk into any shop and make a purchase with bitcoin, regardless of whether or not the merchant accepts it.

Related: Bitcoin DeFi May Be Unstoppable: What Does It Look Like?

“We simply want to see the masses using bitcoin on a day-to-day basis. To do this, we have engineered arguably the most seamless interoperability between bitcoin and fiat, on top of the Lightning Network, that caters to the needs of both new and experienced users alike,” Balasubramanian told CoinDesk.

European and US expansion

Toward that goal, they’re working in both Europe and the U.S. to open up the possibility of sending bitcoin payments to vendors.

Funded by Litecoin creator Charlie Lee, crypto exchange Binance and database creator MongoDB, among others, the startup cut its teeth in the University of California, Berkeley’s accelerator program. 

Now, as a “small company without millions in the bank,” LastBit has found Visa’s Fast Track program to be a good fit, said Balasubramanian.

Read more: This Visa Card Gives Bitcoin Rewards on Dollars Spent

“The Visa FastTrack program appeared to solve these problems for us to get to market faster and this was why we applied to their program despite being below their ‘minimum funding requirement’ of $1 million,” Balasubramanian said.

While LastBit is working with Visa for U.S. payments, it already has approval to get going in the European Union from MasterCard. That’s the focus for now, with the hopes of proving the product works.

“With a solid product, partnerships and notable investors […] behind us, we’re going to roll out our Bitcoin, Lightning and EUR interoperable payments layer in the EU to prove that this actually works and that a small company without millions can pull off a complex payments product to push for Bitcoin adoption,” Balasubramanian said.

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