Cybersecurity Analysts Find Tether Double-Spending Vulnerability

Chinese private cybersecurity firm SlowMist has found a double-spending vulnerability in Tether (USDT) today, June 28. SlowMist states in a tweet that they were able to send USDT to an unnamed exchange without correct field values on the transaction. This means that individuals may be credited for tokens without actually having sent them, leading to a double spend. Following the tweet from SlowMist, a founder of OmniLayer, the platform on which USDT was created, offered an explanation to the error: “[I]t appears that what happened here is that an exchange…

Bitcoin’s Lightning Network Still Unsuitable for Large Payments, Research Suggests

A recent report published by cryptocurrency research firm Diar suggests that Bitcoin’s Lightning Network, a second-layer solution touted as the answer to the cryptocurrency’s scalability problem, is still unsuitable for large payments. According to the report, the network only ensures a 100 percent success rate for payments of $0.03 or less. The chance of successfully sending payments drops as the amount increases, to the point there’s only a 51% chance of being able to send $5.52. Payments of $306 or more only have 1% success rate. Source: Diar Diar’s research…

Korea’s Kakao Corp. Considers Private Placement to Raise Funds for Blockchain Subsidiary

South Korea’s messaging app operator Kakao Corp. is considering offering a private placement to attract investors to develop their blockchain subsidiary, Bloomberg reports today, June 28. Kakao Corporation’s blockchain initiative, the Tokyo-based Ground X, was announced at the end of March as part of the messaging app operator’s new Kakao 3.0 business plan aimed at the wider Asian markets. Bloomberg writes that Ground X aims to release a test version in September, with the blockchain platform going live by the end of 2018. Jason Han, Ground X’s CEO, told Bloomberg…

Germany’s SolarisBank to Serve Blockchain and Crypto Companies

Crypto and blockchain companies from the European Economic Area (EEA) can now conduct business through the fully licensed German solarisBank, Cointelegraph auf Deutsch reports Thursday, June 28. With its ‘Blockchain Factory,’ solarisBank offers its customers a so-called ‘blockchain company account’, which can only be opened in fiat currencies. These accounts are intended for the banking needs of blockchain companies, which are still not met by most German banks, according to Cointelegraph auf Deutsch. In addition, with the ‘automated trust account’, the banking platform provides a service to facilitate the purchase…

Bank of England Crypto Opinion

Bank of England crypto opinion: Earlier this year financial and political institutions in the United Kingdom decided to respond to claims that the crypto industry has risks attached to it. This would not be the first time the UK spoke on this topic. On Thursday, June 28th, the Bank of England was the latest institution in the country to address crypto risks. Bank of England Crypto Opinion: Risk Warning In March of this year, the UK Central Bank discussed the topic of cryptocurrencies at a conference in Edinburgh, Scotland. The gist…

South Korean Financial Watchdog Releases Stricter AML Guidelines for Virtual Currencies

South Korea’s top financial regulator has released a set of revised anti-money laundering (AML) guidelines for virtual currencies, according to a press release published this week. The press release notes that the Financial Services Commission (FSC) conducted on-site inspections of three domestic banks – Nonghyup, Kookmin, and Hana Bank – the results of which prompted the update to AML guidelines. The new guidelines note that cryptocurrency exchanges must conduct Customer Due Diligence (CDD) and Enhanced Customer Identification (EDD) to ensure the trade purposes and funding sources of users are legitimate.…

Augur Price Scales the Charts as Mainnet Launch Looms

The augur price embarked on a double-digit percentage rally on Thursday as the project gears up for its mainnet launch in early July. Augur Price Posts Double-Digit Rally It was another day of sideways trading for the cryptocurrency markets, with the ecosystem’s total market cap adding about $400 million over the past 24 hours. Nevertheless, there were a few standouts on this otherwise-placid day, the most notable of which was augur (REP). The augur price rose more than 12 percent against the dollar for the day, bringing it to a…

Silk Road’s Ross Ulbricht Denied Review of Prison Life Sentence by Supreme Court

The U.S. Supreme Court has denied the review of the life sentence of Ross Ulbricht, also known as the “Dread Pirate Roberts” of the Silk Road darknet marketplace, according to a court order released today, June 28. Twitter account @free_ross tweeted the news today, calling the court’s decision “devastating:” “SCOTUS denied #RossUlbricht cert petition this morning after holding it pending Carpenter. This is a NO on internet privacy and Ross’s case. Devastating. #freeross” Ulbricht had been arrested and sentenced to life in prison in 2015 for his involvement in the…

Crypto Markets Budge Little, Bear Trend Shows Scant Signs of Reversal

Crypto markets are seeing little momentum today, June 28, as data from Coin360 shows, with price fluctuations of within a 2 percent range among all of the major cryptocurrencies. Market visualization from Coin360 Bitcoin (BTC) is trading around $6,099 at press time, down just a fraction of a percentage point over the 24-hour period. Earlier this week, on June 24, BTC plummeted to $5,833, its lowest price level in 2018, and a price point it had not hit since October 2017. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index The leading cryptocurrency…

Deputy Governor Warns Financial Institutions of Crypto Asset Risks

A Bank of England deputy governor has written a letter of warning Thursday, June 28, to CEOs of financial institutions about the risks of exposure to crypto assets. Sam Woods, the Deputy Governor and CEO of Prudential Regulation Authority (PRA), began the letter by reminding the institutions of their obligations to PRA rules, including acting in a prudent manner, having effective risk management systems and strategies, and cooperating with regulators. Wood notes that crypto-asset market products have “grown quickly” and “exhibited high price volatility and relative illiquidity” in their “short…