A New Approach to Thwarting “Selfish” Bitcoin Miners

Selfish mining is an attack on the Bitcoin network that has been known to be possible for several years. By propagating new blocks slowly (on purpose or by accident), a loophole is opened for miners to unfairly increase their profits in relation to other miners. However, researchers Cyril Grunspan and Ricardo Pérez-Marco claim that by broadcasting the presence of orphan blocks, selfish mining can become a thing of the past. Grunspan, a professor at Paris’ ESILV graduate school of engineering, and Pérez-Marco, the director of research at the National Center…

After the Fork: Here’s How Exchanges Are Dealing With Bitcoin Cash

The smoke is still clearing from Bitcoin Cash’s hard fork, but exchanges have already moved in to add support for the products of the skirmish. On November 16, 2018, what was intended to be a routine hard fork upgrade of the Bitcoin Cash blockchain became a struggle for hashing power and chain dominance as Bitcoin Satoshi’s Vision (SV), led by Craig S. Wright, attempted to wrestle control over the Bitcoin Cash blockchain from its original client, Bitcoin ABC. Bitcoin ABC (thus far) has strong-armed Bitcoin SV with its mining power…

ICO Issuers Settle Registration Charges With SEC

The U.S. Securities and Exchange Commission (SEC) has agreed to settle charges with two startups that sold tokens through Initial Coin Offerings (ICOs) in 2017. The companies were charged by the SEC for running their ICOs after the regulator clearly defined such offerings as unlicensed securities in its DAO Report of Investigation. The startups indicted by the SEC are Boston-based Airfox, which sold $15 million worth of tokens, and Paragon Coin, which raised $12 million selling tokens.  “We have made it clear that companies that issue securities through ICOs are…

Progress Report: Lightning Network Surpasses $1M BTC Capacity, 4,000 Nodes

The Lightning Network continues to post steady growth. According to data from 1ML, the network is now supported by roughly 4,070 nodes, which house just over 12,500 payment channels, an average of 10.91 channels per node (at time of publication). Most of this growth has come in the later half of 2018, as the average age of each node is just 137 days old. With infrastructural growth, the network is also seeing an uptick in liquidity. At the time of writing, the network’s collective capacity now stands at 223.65 BTC, which, at…

“We Did This With Gold”: Could VanEck Be Bitcoin’s Best Bet for an ETF?

Gabor Gurbacs is confident that the approval of a bitcoin exchange traded fund (ETF) is inevitable. And he’s optimistic that the VanEck SolidX Bitcoin Strategy will be the first to deliver one to the world. The director of Digital Asset Strategy at VanEck/MVIS, Gurbacs, as of late, has become a leading voice on the space’s ETF pursuit at a time when industry chatter on the topic has never been louder. If you haven’t found him extolling the benefits of a bitcoin ETF on Twitter, you may have come across his…

“Bitmain Is Restructuring,” But Jihan Wu Still a Board Director: Source

Bitmain has denied reports that its CEO Jihan Wu was ousted as the mining firm’s board director while confirming that the board has undergone restructuring. Setting the record straight, Nishant Sharma, international marketing manager of Bitmain Technologies Limited, told Bitcoin Magazine that, instead of losing his position, Wu will continue on as a co-director of the board amidst a wider reorganization. “As is standard listing practice, Bitmain is restructuring its board and group structure, to ensure it meets regulatory requirements on its road to IPO. This is to simplify the…

Canadian Court Takes Custody of Crypto Exchange’s Frozen Funds

The Ontario Superior Court of Justice has recently moved to take custody of a large sum of assets from a crypto exchange currently frozen in accounts at the Canadian Imperial Bank of Commerce (CIBC). According to a recent court document, the CIBC had frozen several accounts of some disputed assets at the crypto exchange QuadrigaCX, including $25.7 million CAD and $69,000 USD. The bank was allegedly unable to identify who the exact owner of these accounts was along with millions that were deposited by the exchange’s various clients, so it…

IMF Head Makes Case for Central Bank Digital Currencies In Recent Speech

With contributing reporting from Jimmy Aki. Christine Lagarde, head of the International Monetary Fund (IMF), suggested a new course of action for central banks around the world: turn their fiat currencies digital. The IMF chair gave a speech at the Singapore Fintech Festival on November 14, 2018, titled “Winds of Change: The New Case for Digital Currency.” In it, Lagarde stated, “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy.” She continued to…

Target and Google Official Twitter Accounts Hacked, Used for Crypto Scams

In what is becoming an emerging trend, Twitter accounts of popular brands are being hacked in an attempt to scam unsuspecting users out of their cryptocurrencies. Target and Google are two high profile targets that have seen their accounts taken over by hackers who, in turn, have used them to scam followers by advertising fraudulent crypto giveaways. Target’s Twitter account, which is followed by nearly 2 million users, posted a tweet, confirming the hack which occurred on November 13, 2018. The retailer stated: “Early this morning, our Twitter account was…

New York Department of Financial Services Issues 14th BitLicense

Today, November 14, 2018, the New York State Department of Financial Services (DFS) announced that it has approved the application of NYDIG Execution LLC, a subsidiary of NYDIG LLC, for a virtual currency license and a money transmission license. The approval of this so-called “BitLicense” or “Virtual Currency License” application is the 14th of its kind and is required under New York State law in order for a company to engage in “any Virtual Currency Business Activity.” Under the BitLicense, NYDIG Execution LLC is allowed to offer secure custody and…