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$3.1 million: Crypto Exchange Cashaa Hacked for 336 BTC

London-based cryptocurrency exchange Cashaa revealed it lost 336 bitcoin, at press time worth $3.1 million, to hackers who managed to access one of its cryptocurrency wallets.

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London-based cryptocurrency exchange Cashaa revealed it lost 336 bitcoin, at press time worth $3.1 million, to hackers who managed to access one of its cryptocurrency wallets.

According to a tweet the exchange published on July 11, the attackers managed to access one of its Blockchain.com wallets, and quickly transferred the funds to an address they control. From the address they went to the BTC has been through a series of hops, suggesting the use of coin mixing software to limit traceability and throw off blockchain sleuths.

Cashaa believes that the attacker may have managed to infect one of its computers with malware, and then waited for an employee to access its machine. As soon as that happened, the funds were moved out of its wallet. Reacting to the security breach, the exchange halted withdrawals and deposits and “called the board meeting to decide whether the company will bear all the losses.”

The exchange suspects the hacker is from east Delhi, India, and filed a report with the Delhi police cybercrimes department.

Cashaa also reached out to other cryptocurrency exchanges and businesses informing them of the address, in a bid to stop the hacker from cashing out. In statements provided to industry media Kumar Gaurav, Cashaa’s CEO, seemingly lashed out at trading platforms that allow hackers to cash out.

Gaurav was quoted as saying:

As of today, hackers are very confident to hack crypto addresses and move it through exchanges that are facilitating such laundering through their systems. Exchanges like these must be shut down and owners of these exchanges should be charged with money laundering facilitation crime.

CryptoCompare’s Exchange Benchmark report, as recently reported, revealed that 38% of crypto exchanges interact with high-risk entities in 25% or more of their transactions. High-risk entities are those associated with darknet markets and vendors, criminals, gambling projects, malware operators, and others.

Featured image by Kevin Ku on Unsplash

Blockchain

Bitcoin to Surpass $20,000 ATH By Early 2021 According to Raul Pal

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Former hedge fund manager and CEO of Real Vision, Raoul Pal, believes that the real impact of the COVID-19 pandemic is about to reach the financial markets. By outlining several upcoming cornerstones among traditional financial assets, he highlighted Bitcoin as the “life raft” in this situation.

Raoul Pal: Everything Has Changed

In a recent Twitter thread, the Wall Street veteran outlined the rapidly growing COVID-19 cases worldwide. The total number of infected has neared 45 million, while the death toll is almost 1,2 million.

Pal predicted that these rising numbers in Europe, the US, and Canada are about to “exert economic pressures and extinguish the Hope phase of reflation dreams.” He believes that the upcoming consequences will harm the economy even more than the early 2020 developments. A real economic recovery “will take more than a post-election stimulus in January.”

COVID-19 Cases In Europe. Source: Twitter
COVID-19 Cases In Europe. Source: Twitter

He continued by looking at several markets that have started to feel the adverse consequences and have fallen to long-term support levels. Those included the oil price, Spain’s benchmark stock market index – the IBEX 35, the EU Banks Index, the euro, the British pound, the US dollar, and more.

EU Banks Index. Source: Twitter
EU Banks Index. Source: Twitter

As such, he broached a few possible solutions – “you can buy bonds and dollars, or you can take the life raft – Bitcoin.”

“Or, to dampen the volatility of a risk-off event (we can and will see sharp BTC corrections), you can have all three for a near-perfect portfolio for this phase.” – Pal concluded.

Bitcoin Will Eat The World And Price Predictions From Pal

Pal further highlighted his positive views on Bitcoin by saying the cryptocurrency “will eat the world.” He attributed it to its performance, which is so dominant and so “all-encompassing” that it will “suck in every single asset narrative dry and spit it out.”

“Never before in my career have I seen a trade so dominant that holding any other assets makes almost no sense.”

As far as price predictions go, Pal said that $14,000 is the only resistance left in Bitcoin’s way to the all-time high at $20,000. He expects that BTC should overcome the December 2017 high by “early next year at the latest.”

Additionally, CryptoPotato recently reported an even more optimistic and long-term forecast. By using a regression on the logarithmic chart since inception, Pal brought up a model that sees Bitcoin reaching $1 million by 2025.

Featured Image Courtesy of BusinessInsider

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Source: https://cryptopotato.com/bitcoin-to-surpass-20000-ath-by-early-2021-according-to-raul-pal/

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Coinbase Launches A Crypto Debit Card With 1% Reward on Bitcoin Spendings

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  • The largest US-based cryptocurrency exchange Coinbase announced today the launch of a Visa debit card, allowing customers to spend digital assets for everyday purchases.
  • According to the official statement, the Coinbase Card will provide clients the opportunity to earn up to 4% back in cryptocurrency rewards.
  • It will be available in nearly 30 countries, including the US, the UK, and across Europe. It will be connected to customers’ Coinbase accounts, and they can spend the funds without having to move funds to their bank accounts. 
  • The designated cryptocurrency asset spent by users will be automatically converted to US dollars prior to completing the purchase or the ATM withdrawal. 
  • The rewards will be available for US-based customers only initially and will depend on the cryptocurrency used. For instance, customers can get 1% back if they spend bitcoins and 4% back if they choose Stellar Lumens (XLM). 
  • The Coinbase app will serve as a fund manager. All spendings, reward details, and preferences will be manageable through the app. 
  • US customers can start applying to receive the card through the exchange’s app or the website. The first approved clients will be announced “this winter,” and they can start spending with a virtual card. The physical one will be delivered within two weeks. 
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Source: https://cryptopotato.com/coinbase-launches-a-crypto-debit-card-with-1-reward-on-bitcoin-spendings/

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Bitcoin-Friendly Avanti Receives License to be The Second Crypto Bank in The US

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Now the United States can boast a new crypto bank: Welcome Avanti.

Avanti Financial Group, a firm founded by the former managing director at Morgan Stanley, Caitlin Long, announced that it had been granted a license to offer banking services by the Wyoming State Banking Board.

Avanti is The Second Crypto-bank Operating in the United States

With this decision, Avanti becomes the second crypto company to receive a banking license after the crypto exchange Kraken was also authorized by the Wyoming State Banking Board.

This license allows Avanti to offer financial services in the same way that a traditional bank would, only that these are in addition to the crypto services already provided by the platform.

According to Avanti, the application in the state of Wyoming was key to meeting its expectations —just like Kraken did— as it is the only state in the country that has a regulator with a bank supervisory and regulatory program for digital assets mature enough to ensure the operations of a banking platform that offers risk-free custody services.

Currently the only type of U.S. financial institution that can provide final and simultaneous settlement of trades between digital assets and the U.S. dollar-because it is the only type currently approved to handle both within the same legal entity-is a Wyoming special purpose depository institution like Avanti.

Avanti Financial Group Logo. Image: Avanti
Avanti Financial Group Logo. Image: Avanti

Blockchain and Banking Working Together

Avanti said in a tweet that the first crypto product the company will launch will be a stablecoin pegged to the dollar and backed by physical deposits made to its bank accounts. The token will be called Avit and will be available for its customers in the first quarter of 2021.

Avanti revealed that Avit tokens will run on Ethereum – a critical blockchain for those seeking to take advantage of programmable smart contracts – and Liquid – a Bitcoin sidechain developed by Blockstream for those seeking to benefit from inter-exchange transfers for arbitrage operations.

Avanti had previously confirmed its collaboration with Blockstream to develop this token, explaining that it would not be like a normal crypto-currency and that it would be “just bank money that happens to be issued on a blockchain.” So it may look more like JPM Coin than the famous USDT.

Caitlin Long promised that Avanti “will provide products and services that do not exist in the market today. They did not refer to what they had in mind, so we can only hope.

There has been a lot of activity around cryptocurrency and financial services with blockchain technology in the United States. After MicroStrategy announced a major investment in Bitcoin, Square revealed a $50 million investment in BTC. Also, PayPal started providing support for cryptocurrencies and JP Morgan started using its own cryptocurrency commercially days after it talked about Bitcoin’s potential to triple its price.

Most of these announcements helped boosting BTC’s price. Will this have a bullish effect too?

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Source: https://cryptopotato.com/avanti-gets-banking-license/

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