Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency

Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency

A Chicago dealer is dealing with as much as 20 years in jail for stealing over $2 million in Bitcoin and Litecoin cryptocurrency from his employer.

Most 24-year-olds could be fairly completely satisfied to be connected to a brand new cryptocurrency unit for a serious monetary entity. That’s not a foul profession path for somebody who beforehand labored as a cryptocurrency dealer in South Korea earlier than becoming a member of Consolidated Trading LLC to turn out to be an assistant bond dealer in July 2016. A brand new division seeking to dive into the burgeoning crypto world is a good stepping stone for transferring up. That is until that individual is a degenerate gambler. Such is the case of Joseph Kim, who stole over $2 million in Litecoin and Bitcoin cryptocurrency from his employer.

Stealing Begins Almost Immediately
The cryptocurrency group was created by Consolidated in September 2017, and Joseph Kim joined the unit someday throughout that month. He had his personal private cryptocurrency accounts, which he knowledgeable his employer of, and he was instructed to stop all private buying and selling to keep away from a battle of curiosity.
However, Kim transferred 980 litecoins (price $48,000) on a weekend shortly after becoming a member of the brand new unit. When a supervisor discovered, Kim mentioned he transferred the cash to a “private digital pockets for security causes” on account of points he was having with Bitfinex, the cryptocurrency change in Hong Kong. He then mentioned that the cash had been transferred to a Consolidated pockets (which was unfaithful).
In November, the dealer then despatched 55 bitcoins (worth of $433,000) from Consolidated into an unknown account. When confronted on this switch, Kim mentioned that the switch had been blocked and that he was taking steps to unblock it. He later despatched again 27 bitcoins into the company account, leaving 28 in his possession.
The Sizes Get Bigger
Eventually, Kim transferred 284 bitcoins (price $2.8 million) from the corporate’s account into a private pockets. He later despatched again 102 of these cash into the Consolidated account, after which he then transferred the remaining 182 cash into a special account. Of that final quantity, Kim misplaced a portion of it by personally buying and selling.

When ultimately confronted over all of the transfers, Kim admitted to investing in brief future positions utilizing 55 bitcoins. He continued stealing cryptocurrency from the corporate to cowl his margin calls, losses, and private investments. After being arrested, Kim mentioned that he was a degenerate gambler and admitted to changing the stolen Litecoin into Bitcoin for funding functions.
Eventually, Consolidated managed to recuperate roughly 144 bitcoins from Kim’s numerous private wallets. The monetary firm misplaced about $603,000 total from the rogue dealer’s playing habit.
In an e-mail to his superiors at Consolidated, Kim mentioned:
It was not my intention to steal for myself. I used to be perversely making an attempt to repair what I had already accomplished. I can’t imagine I didn’t cease.
Investment playing is actual, and cryptocurrency is only a new avenue for some to indulge within the apply. The US Attorney has charged Joseph Kim with wire fraud, which might web him as much as 20 years in jail. Kim has additionally made historical past, of a form. He’s the primary individual in Chicago to be charged with wire fraud with regard to cryptocurrency.
Do you assume that we’ll see extra circumstances of merchants pilfering cryptocurrency to gasoline their playing habit sooner or later? Let us know within the feedback beneath.

Images courtesy of Pixabay and Bitcoinist archives.
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Grab Your Joystick! Atari to Create Its Own Cryptocurrency

Grab Your Joystick! Atari to Create Its Own Cryptocurrency

Atari, the enduring video recreation firm, has seen their inventory value rise after saying they might be creating their very own cryptocurrency: the Atari Token.

For players of a sure age, nothing can transport them again to their childhood quicker than by simply listening to “Atari.” The identify alone conjures up marathon gaming periods of Pac-Man or Warlords (or Yars’ Revenge, my private favourite) whereas sitting on the lounge ground in entrance of the TV. Now the enduring video recreation firm is leaping onto the cryptocurrency bandwagon by saying the creation of the Atari Token.
The authentic Atari console.
Blast from the Past
Atari is synonymous with video video games as the corporate was the one who introduced console gaming into the properties of tens of millions. Instead of getting to go to an arcade, a household might take pleasure in taking part in on their TV with the unique Atari console (later modified to the 2600) and later with the Atari 5200. While very primitive by at present’s requirements, this was a technological and cultural revolution.
Now the sport firm is becoming a member of the digital age by creating their very own cryptocurrency and getting concerned with blockchain know-how. Reports of this new transfer has precipitated their inventory to shoot up greater than 60% since February eighth. However, this crypto focus isn’t precisely what one would initially envision.
Creating a Partnership
The iconic firm isn’t precisely diving into blockchain know-how itself. It’s following within the footsteps of different entities by going into partnership with one other firm that’s dealing with all the blockchain particulars.
The video recreation firm is definitely taking a stake in an organization that’s engaged on an leisure platform primarily based upon the blockchain. For their half, they’re creating the Atari Token cryptocurrency. The firm can also be rising its partnership with Pariplay Ltd., a web based on line casino, to permit individuals to gamble with cryptocurrencies.

There’s no actual phrase on what the Atari Token will likely be used for. The solely data at present floating round is that this little bit of corporate-speak by Atari Chairman and Chief Executive Officer Frederic Chesnais, who stated:
Blockchain know-how is poised to take a vital place in the environment and to rework, if not revolutionize, the present financial ecosystem, particularly within the areas of the video recreation business and on-line transactions. Our goal is to take strategic positions with a restricted money threat, to be able to finest create worth with the property and the Atari model.
In essence, evidently the sport firm is licensing their identify to different firms to be able to get a foot within the crypto sphere and generate some income. Associating oneself with cryptocurrency has labored to artificially increase an organization’s inventory value, corresponding to what occurred with the Long Island Iced Tea Corp. and Kodak. I suppose my hopes for a Yars’ Revenge 2 is up in smoke.
Do you suppose the transfer by the enduring model is only a solution to create curiosity and generate some optimistic money move? Did you will have an Atari rising up? Let us know within the feedback under.

Images courtesy of Flickr/@Scott, Wikimedia Commons/@Doug Kline, and Shutterstock.
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Ripple Signs Major Deal with Saudia Arabia’s Central Bank

Ripple Signs Major Deal with Saudia Arabia’s Central Bank

Ripple, the third largest cryptocurrency by market cap, has been on a tear these days, and it has now signed a major take care of Saudi Arabia’s central financial institution.

Ripple Rapidly Gaining Traction
Ripple continues to make inroads into the normal monetary sector. It has not too long ago introduced an enormous take care of the UAE Exchange and a significant partnership with Lianlian International. Additionally, Banco Santander is about to roll out Ripple funds in Q1, and simply immediately got here the information that Western Union will start testing XRP transfers.

According to experiences, Saudi Arabia’s central financial institution has penned a take care of the San Francisco-based cryptocurrency firm, which goals to assist banks within the oil-rich kingdom settle instantaneous cross-border funds utilizing blockchain software program. Specifically, Saudi Arabia will make the most of xCurrent, Ripple’s enterprise software program answer facilitating such funds with end-to-end monitoring.
Saudi Arabia’s take care of the cryptocurrency firm is the primary such blockchain-utilizing pilot program launched by a central financial institution. Dilip Rao, Ripple’s world head of infrastructure innovation, says:
Central banks around the globe are leaning into blockchain expertise in recognition of the way it can rework cross-border funds, leading to decrease boundaries to commerce and commerce for each corporates and shoppers.
Saudi Arabia’s partnership with the digital forex firm comes after Gulf regulators have expressed considerations over Bitcoin and the cryptocurrency market’s lack of regulation. Thus, Ripple has, unsurprisingly, confirmed itself to be a sexy provide.

Unlike Bitcoin and different cryptocurrencies which might be largely based on the premises of deregulation and decentralization, Ripple has brazenly marketed itself as a blockchain answer for conventional monetary establishments. In flip, the cryptocurrency has lengthy come below criticism for undermining what some contemplate to be the very foundations of cryptocurrency and blockchain expertise.
Drawing additional skepticism from buyers is the truth that the overwhelming majority of XRP tokens are owned by Ripple’s mother or father firm, thus making it technically able to regulating the value of stated tokens.
XRP noticed highs round $3.84 on January 4th however has since fallen as little as $0.59. It is at present buying and selling at $1.12.
In December, UAE central financial institution governor Mubarak Rashed al-Mansouri additionally informed Reuters that the central banks of each Saudi Arabia and the United Arab Emirates are working collectively in hopes of issuing a digital forex that might assist facilitate cross-border transactions between the 2 international locations.
What do you consider Ripple’s efforts to repeatedly signal main offers with monetary establishments? Do you assume Ripple undermines cryptocurrency’s foundations? Let us know within the feedback under!

Images courtesy of Shutterstock and Bitcoinist archives.
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A Lite to Guide Us — LitePay, Lcash Helps Litecoin Lead the Crypto Recovery

A Lite to Guide Us — LitePay, Lcash Helps Litecoin Lead the Crypto Recovery

Litecoin has dominated the cryptocurrency market this week. The fifth largest cryptocurrency by market cap has surged upwards of 50 p.c from Tuesday morning to the time of this writing, arguably bringing the remainder of the market with it. Litecoin is at the moment buying and selling at $233.81, after buying and selling as little as $153.51 earlier this week.

Let There Be LitePay!
The cryptocurrency’s dramatic worth improve has largely been pushed by the announcement that LitePay — an instantaneous cost processor permitting distributors to immediately convert Litecoin transactions into fiat foreign money — will launch on February 28th.

We began as a result of the folks requested @Bitpay to just accept LTC. They wouldn’t, so we took the problem. Infrastructure for LTC February 26 #PayWithLitecoin #LitePay
— LitePay, Inc. (@LitePayInc) February 13, 2018

According to Palwasha Saaim, a analysis analyst at Lombardi Financial, LitePay is ready to redefine the “foreign money” facet of cryptocurrencies. Saaim explains:
Litecoin customers will be capable of convert Litecoins to dollars and vice versa by way of their Visa-compatible LitePay playing cards, which shall be usable in any respect ATMs or companies that help Visa funds.
LitePay’s potential is critical, to say the least. Cryptocurrencies have largely been hindered by restricted use circumstances and minimal acceptance. The means to make use of VISA-powered Litecoin debit playing cards to conduct transactions may certainly be a sport changer for the cryptocurrency house — and traders are possible shopping for into that hypothesis.

The announcement of LitePay was additionally adopted by an announcement from main cryptocurrency market Coinbase, which has launched a brand new service affording retailers the flexibility to just accept Bitcoin, Bitcoin Cash, Ethereum, and Litecoin funds.
Cash Me Outside
The digital foreign money has additionally obtained an additional increase due to a deliberate weekend forking of Litecoin into Litecoin Cash. Not completely dissimilar to Bitcoin Cash’s forking from Bitcoin, Litecoin Cash claims to be higher than its predecessor — although there’s little proof to help such a declare.
The fork is scheduled to happen on Sunday and can award Litecoin holders free Litecoin Cash. For each one Litecoin, traders will obtain 10 Litecoin Cash.
Charlie Lee, the founding father of Litecoin, has referred to as the proposed fork a “rip-off”, tweeting:

PSA: The Litecoin crew and I usually are not forking Litecoin. Any forks that you simply hear about is a rip-off attempting to confuse you to assume it’s associated to Litecoin. Don’t fall for it and positively don’t enter your personal keys or seed into their web site or shopper. Be cautious on the market! https://t.co/qXbiIxp5Al
— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018

Lee isn’t the one one with a damaging view on forks, which have turn out to be considerably of a nuisance in cryptocurrency as of late.
Many view Litecoin Cash as simply one other try and get wealthy fast by using a widely known model’s likeness to confuse inexperienced traders. However, a consultant for Litecoin Cash informed CNBC:
Charlie Lee is completely proper to be skeptical and to warn the group about potential scams […] in the end, what’s good for miners is nice for the community.

Regardless of 1’s opinion of Litecoin Cash, hypothesis and the will at no cost cash has undoubtedly helped drive the value of Litecoin even greater.
Are you excited in regards to the potential for instantaneous Visa-powered Litecoin transactions by way of LitePay? Do you assume Litecoin Cash is a rip-off? Let us know within the feedback under!

Images courtesy of AdobeStock, Twitter/@SatoshiLite, Twitter/@LitePayInc, and Bitcoinist archives.
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Ripple and Western Union Testing XRP Transfers

Ripple and Western Union Testing XRP Transfers

San Francisco-based Ripple has not had the most effective of begins to 2018. Its cryptocurrency, XRP, has been on a downward slide for the reason that first week of January and has misplaced nearly 70% of its worth. However, issues might be about to show round for the corporate as Western Union is now take a look at driving its switch know-how.

The record of banks and monetary establishments which can be utilizing and testing Ripple’s merchandise is rising by the week.  Fortune has reported that world funds big Western Union could be added to that record this week. CFO Raj Agrawal advised media that efforts had been in a ‘testing part’ and there was nothing to this point within the course of that might be a ‘huge unlock.’

Expanding Partnerships
Regardless, it’s nonetheless an enormous enhance for the blockchain firm that has seen the value of its cryptocurrency plummet in latest months. On Tuesday, CEO Hikmet Ersek advised analysts that Western Union is experimenting with Ripple and XRP for settling transactions and for capital optimization. The transfer comes a month after Ripple’s dealings with rival firm Moneygram, which was additionally testing XRP transfers.
Ripple has made extra progress with companions than some other cryptocurrency. Just final week, it signed a cope with overseas trade big UAE Exchange, and it has additionally made strikes into the Chinese on-line procuring market. The Asian arm of the corporate, SBI Ripple Asia, has made quite a lot of headway with Japanese and South Korean banks in adopting blockchain options for cash transfers.

Ripple Providing the Products
Ripple has two main merchandise: xCurrent, which over 100 monetary establishments are at present utilizing, and xRapid, which relies on XRP. This is the one which Western Union is now testing. A Ripple spokesperson tells Yahoo Finance:
We’ve been testing totally different merchandise with Western Union for some time. We’re enthusiastic about our work in direction of a pilot implementation of xRapid, which makes use of XRP in cost flows.
Western Union CTO Sheri Rhodes advised media:
We proceed to discover potential blockchain purposes for our enterprise, and we’re piloting some settlement checks with Ripple for sure corridors. For blockchain normally, we’re areas comparable to transaction processing and settlement, working capital optimization, regulatory know-how, and digital identification.
XRP is up 10% prior to now 24 hours however has but to take off on the information and is at present buying and selling across the $1.15 mark. Almost 50% of the worldwide commerce is in South Korean received on main exchanges within the nation. Market capability is $45 billion, and it’s the third hottest cryptocurrency.
Is XRP about to shoot to the moon on this information? Share your ideas within the feedback under. 

Images courtesy of Flicker/@David Weekly, Shutterstock, and Bitcoinist archives.
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Salon to Mine Monero with Ad-Blocking Readers’ Computers

Salon to Mine Monero with Ad-Blocking Readers’ Computers

If you’re vulnerable to operating ad-blocking software program, don’t be stunned to listen to your laptop’s followers begin kicking it up a notch. Major web sites like Salon are actually seeking to begin borrowing your computational energy in change for an ad-free shopping expertise.

Ad-blockers have been hurting web sites’ advert income for years now, however they could have discovered an answer.
On Monday, media web site Salon started testing a brand new paradigm, during which it makes use of ad-blocking readers’ laptop energy to mine cryptocurrency. Explained one spokesperson:
For our beta program, we’ll begin by making use of your processing energy to assist assist the evolution and progress of blockchain know-how and cryptocurrencies.
That’s PR communicate for “we’re going to eat up your spare energy to mine crypto.”

If all goes in response to plan, those that go to Salon whereas operating an ad-blocker will face a pop-up, permitting readers a selection — flip off their ad-blockers or select to “suppress advertisements.” Choosing the second possibility grants Salon the power to harness your computational energy, at some point of your go to, with a view to mine the favored Monero cryptocurrency through the mining software program, Coinhive. According to Salon CEO Jordan Hoffner:
We noticed a enterprise downside, we noticed a possible approach out—potential being the important thing phrase—and we took it.
The determination comes at a time when ad-blocking software program has considerably hindered many web sites’ advert income. According to the Salon staff, advert blockers “create a extra one-sided relationship between reader and writer.” Now, web sites would relatively increase the price of admission by including to your electrical energy invoice.

The determination additionally comes at a time when Coinhive and Monero aren’t precisely essentially the most respected names within the cryptocurrency house. Coinhive has beforehand been utilized by hackers seeking to harvest unsuspecting customers’ computational energy for distant mining, and Monero carries a fame as a most popular “privateness coin” for potential felony exercise.
Nevertheless, Hoffner isn’t involved, merely stating:
These issues will straighten themselves out over time […] We are incomes one thing once we have been incomes nothing. We simply wish to proper now gather cash and see what occurs.
Assuming all goes in response to plan, anticipate to see many web sites comply with swimsuit.
What do you consider Salon’s plan? Do you may have points with lending web sites your laptop’s energy to mine cryptocurrency? Let us know within the feedback beneath!

Images courtesy of Shutterstock and Bitcoinist archives.
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