A FIFA World Cup gambling ring has been busted by officials in China which had reportedly took in bets worth more than 10 billion yuan or $1.5 billion in cryptocurrency bets. The authorities are said to have arrested six individuals linked to a web-based crime syndicate that’s connected to the dark web. Cryptocurrencies worth more than 10 million yuan were found in their possession and seized.
It’s not uncommon for cryptocurrency exchanges to get hacked and the losses often run into tens of millions of dollars. Whenever something like this happens, the bitcoin price tends to take a hit as a result and that’s precisely what has happened after Coinrail, an exchange based in South Korea confirmed that it was hacked and that hackers made off with $40 million worth of tokens and altcoins.
Bitcoin and other cryptocurrencies have been on a wild ride over the past few months with significant price volatility that may have made some people a lot of money but it would have certainly cost a lot of people money as well. The U.S. Justice Department and the Commodity Futures Trading Commission feel that something’s not quite right which is why they have started investigating possible price manipulation in the […]
As Twitter prepares to come down on cryptocurrency scams on its platform, the company’s co-founder and CEO Jack Dorsey remains optimistic about the future of one major cryptocurrency. Dorsey predicted in a recent interview that bitcoin is going to become the world’s “single currency” in a decade from now. He believes that the world and the internet will eventually have a single currency and that currency will be bitcoin.
It is no secret that mining for cryptocurrency like Bitcoin will require a lot of electricity, which is why sometimes it has been suggested that sometimes it might not necessarily be worth all the energy and money spent setting up a mining rig as the operational costs could cost more. That being said, those in New York will soon have to start paying more.
One has to be careful when dealing in digital currencies given the number of scammers operating who are simply looking to make a quick buck. Apple co-founder Steve Wozniak personally experienced bitcoin fraud when he was scammed out of $75,000 worth of coins. He had seven bitcoins stolen from him through fraud. “The blockchain identifies who has bitcoins… that doesn’t mean there can’t be fraud though” he said at a […]
The IRS requested Coinbase, a popular digital currency exchange based in San Francisco, in November 2016 for data on all of its users who bought Bitcoin from 2013 to 2015. The IRS wanted to find out traders who had evaded cryptocurrency taxes. Coinbase tried its best to fight the summons but it ultimately had to comply when a San Francisco court ruled in November 2017 that it had to hand […]
The price of bitcoin and other cryptocurrencies has fallen down significantly over the past few weeks due to several factors, one of them being rumors about South Korea placing a blanket ban on cryptocurrency trading. That, coupled with news of increasing regulation and government oversight, hammed cryptocurrency prices. However, they’ve staged a brief rally today amid reports that South Korea might not ban cryptocurrency trading at all.
People dealing in cryptocurrency aren’t really fans of government regulation and oversight of the digital asset class. Cryptocurrency values often take a beating when it seems like some major countries might impose stricter rules on digital assets like bitcoin and others. According to a new report, lawmakers in the United States are moving to consider new rules that could allow stricter federal oversight of cryptocurrencies.
Bitcoin is one of the most popular digital currencies in the world and while it’s a long way from completely replacing the real currencies we’ve known forever, it’s now accepted in a lot more places than it was just a few years ago. Could you use bitcoin to pay your taxes? Lawmakers in Arizona are debating that very question and might end up allowing residents to pay their taxes in […]
Mining for cryptocurrencies like bitcoin requires a lot of processing power, particularly as the process of mining continues to grow more complex. Those who are seriously into mining spend tens of thousands of dollars on special rigs to mine bitcoin. One can only imagine how useful a supercomputer would be for this purpose but perhaps it would be best to shun the thought if you happen to work at a […]
A T-Mobile customer has sued the carrier, blaming Magenta’s lack of security that enabled hackers to steal cryptocurrency from his account last fall. The lawsuit alleges that T-Mobile’s lackluster security didn’t prevent the hackers from gaining access to his wireless account and then transferring it in order to steal his cryptocurrencies worth tens of thousands of dollars.