Srp 21

UPS Files For a Patent for Blockchain-based Shipping System

Despite the fact that the overall cryptocurrency market has declined with around 70 percent since January 2018, interest in blockchain-based technology grows stronger. Yet another major company, UPS, demonstrates its serious intentions for implementing DLT in its operations.


UPS Boards the Blockchain Bandwagon

The shipping giant UPS has filed an application for a patent with the US Patent & Trademark Office.

The company seeks legal protection for a system which takes advantage of blockchain-based technology for storing different types of information within a distributed ledger network. The data includes details about the package’s destination, its actual movement, as well as transportation plans and others of the kind. The patent reads:

An exemplary method comprises receiving and storing in a distributed ledger service offers for transporting a shipment unit; receiving and storing in a distributed ledger shipment unit data comprising an origin, a destination, and transportation parameters; matching service offers stored in the distributed ledger to the shipment unit data to generate a transportation plan for transporting the shipment unit in accordance with the shipment unit data […]

 The shipping giant UPS has filed an application for a patent with the US Patent & Trademark Office.

Blockchain in the Shipping Industry

UPS is not the first major company to explore the possibilities of distributed ledgers in the shipping industry.

The Commonwealth Bank of Australia (CBA) recently shipped and tracked as much as 17 tons of almonds using distributed ledger technology, as well as smart contracts and Internet of Things (IoT). The project was carried out in collaboration with five international and domestic supply chain leaders. Speaking on the matter, CBA Managing Director of Industrials and Logistics in Client Coverage Chris Scougall said:

Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.

How do you think blockchain technology can enhance the shipping industry? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock.

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Srp 20

Three Chinese Men In Custody Over $87M Cryptocurrency Theft

Police in China has detained three men suspected of pulling the country’s biggest ever cryptocurrency heist — worth 600 million yuan ($87 million). 


Theft is China’s Biggest: Reports

As multiple outlets report quoting local news publication Huashang News on August 19, authorities concluded an investigation spanning almost six months into three men who allegedly hacked a computer for Bitcoin and Ether.

“Our bureau has not dealt with this kind of case before,” South China Morning Post quotes a police officer as telling Huashang“It’s the first virtual currency-related case in Shaanxi.”

According to Huashang, the investigation behind the arrest of the men — known as Zhang, Cui and Zhou — began in March, when the victim came forward to report a hacking of his computer. At the time, losses were thought to total 100 million yuan.

Having analyzed “30,000 pieces of information” related to the event and the alleged perpetrators, the arrests were made on Wednesday last week. Legal proceedings remain ongoing.

China Leads World in Blockchain Patent Applications

Disrupting The Bitcoin Criminal Narrative

The size of the theft is reminiscent of an increasing cryptocurrency criminal trend largely playing out in nearby Vietnam.

As Bitcoinist previously reported, a giant altcoin scam which afflicted 32,000 investors earlier this year saw organizers make off with funds worth a reported $660 million at the time. More recently in July, the CEO of a local cryptocurrency mining company suddenly disappeared and shuttered operations — leaving $35 million unaccounted for.

While Chinese police added that the use of cryptocurrency made their job more difficult, on a global level, law enforcement agencies are beginning to change the narrative that crypto assets aid and abet the success of criminals.

In an interview with Bloomberg earlier this month, Lilia Infante, an agent with the Cyber Investigative Task Force at the US Drug Enforcement Administration, said she actually hopes malicious actors will “keep using” Bitcoin and even privacy-focused altcoins such as Monero. “The blockchain actually gives us a lot of tools to be able to identify people,” she revealed. 

What do you think about China’s latest cryptocurrency theft? Let us know in the comments below! 


Images courtesy of Shutterstock.

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Srp 19

Bitcoin Price Analysis: Welcome to ‘Bitcoin Purgatory’

Bitcoin seemed on the verge of a breakout above $6,650 but a failed third attempt, followed by a lack of buying interest has given bears an opportunity to snatch back control and it looks like BTC has dropped a shelf for a bit of sideways trading in the $6,200 – $6,400 range.


Bitcoin Price Market Overview

Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as ‘Bitcoin Purgatory”. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said “Bitcoin is in show me mode” as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies.

Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin.

It seems the entire market is contingent on the SEC’s approval or denial of exchange-traded funds (ETFs) but there are a select few who advise caution against placing all one’s hopes in the approval of such an ETF for a variety of reasons.

Meanwhile, the world, or at least Americans, were introduced to a new Bitcoin Exchange Traded Note (ETN) from Coinshares subsidiary, Tracker One. This provides US investors with a listed (regulated) vehicle to invest in bitcoin via their US brokerages without carrying the burden of needing to secure coins, register on various cryptocurrency exchanges, pay the premium that Greyscale adds or worry about exchange hacks and re-compensation.

4-Hour Chart

BTC 00 completed the inverse head and shoulders formation but a decline in volume followed by a few failed attempts to cross the daily high set at $6,644 lead to BTC eventually collapsing below the bullish trendline and the 55-EMA and 20-day moving average.

At the time of writing, the RSI has worked its way down from bullish territory and BTC appears to have dropped down a leg to last week’s trading range from $6,200 – $6,400.

A pattern of lower lows and lower highs has begun and BTC’s drop below the 55-EMA and 20-MA could resurrect the pattern of rejection at overhead moving averages that has plagued BTC since the drop from $8,500.

A positive note is BTC rides right along the 50-MA and the Stoch has already entered oversold territory, but the RSI continues to slide down below 50 and continued descent could take BTC along with it.

The 55-EMA and 20-MA have been flat since August 16 and the constricting bollinger band indicator could be indicative of further range bound trading even though BTC has dropped back to last weekend’s trading range.

The bollinger band on the 4-hr chart is really starting to tighten up but simply waiting for further constriction may not be sufficient enough proof of an upside move as the Stoch, RSI and bull volume are descending. Currently, BTC trades in the lower band below the 20 simple moving average so traders may be forced to hold tight for an oversold bounce if or when the RSI slips to the twenties.  

A glance at the weekly chart shows BTC 00 in the process of setting a lower low on the daily chart and the RSI is fairly close to dropping below the ascending trendline of this week’s earlier divergence.

Below the 50-MA at $6,313, BTC has soft support at $6,230, $6,137 and $6,000. In the event of a drop below $6,300 to $6,200, BTC has a relatively strong support at $6,100.

Looking Ahead

A drop below the inverse head and shoulders neckline could prove problematic, as would a drop below the $6,300 support but BTC has shown relatively consistent support at $6,300 and $6,100.

Multiple low volume bounces off the $6,350 support point to declining interest from buyers and BTC could drop to $6,200 and below if the RSI continues to descend as bulls weakly defend the $6,300 support.

A move above the inverted head and shoulders neckline ($6,500) followed by a pop above $6,650 (100-MA) would be encouraging.

A move to the key resistance at $6,800 would place BTC above the 38.2% Fib retracement level and back above the descending trend line.

Depending on technical indicators, $6,100 – $6,200 could be an attractive entry point for range traders.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think the price of Bitcoin this weekend? Let us know in the comments below!


Images courtesy of Tradingview.com, Shutterstock

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Srp 18

Nvidia Calls Off Cryptocurrency Mining Production Amid Low Earnings

Graphics chip manufacturing giant Nvidia saw huge growth in late 2017 and throughout most of 2018 as demand for its high-end Graphics Processing Units (GPUs), used for cryptocurrency mining, skyrocketed. The recent bear market has caused demand for GPUs to dwindle, leaving Nvidia to readjust its strategy.


Nvidia In Its Heyday

It seems Nvidia is throwing in the towel on the development and production of its cryptocurrency mining focused graphics cards and chips.

Nvidia has seen some explosive growth over the last few years and is currently seeing a 68% increase in value in the past year alone (indicated below in yellow), although this week the stock price has slipped almost eight percent (indicated below in red).

Nvidia’s biggest rival, Advanced Micro Devices (AMD), also saw record highs recently, gaining more than 100% in just the past quarter.

Nvidia was especially successful riding the waves of the huge cryptocurrency boom of November and December, gaining an impressive 42% from November 2017 to its all-time high of $267 per share in June 2018 (indicated below in blue).

Demand for its highest-end GeForce series GPUs surged as the price of Bitcoin 00 shot from $5,800 to almost $20,000 in the span of 1 month — creating a buying frenzy from miners and resellers looking to cash in on the crypto-craze.

The recent market downturn, however, has left Nvidia with a lot of unexpected extra stock due to fading interest and market sentiment. Nvidia and AMD must be prepared to adapt their business models and plans to suit a prolonged cryptocurrency bear market.

Bloomberg writes in My Broadband:

Nvidia said it had expected about $100 million in sales of chips bought by currency miners in the fiscal second quarter. Instead, the total was $18 million in the period, and that revenue is likely to disappear entirely going forward.

Planning For The Future

Nvidia CEO Jensen Huang plans to trim cryptocurrency mining production out of the budget.

In a conference call yesterday, Huang spoke about moving down new avenues and focusing on Nvidia’s strengths for the remainder of the year.

“Our core platforms exceeded our expectations, even as crypto largely disappeared. We’re projecting no crypto mining going forward,” he said.

Soon, the heat from Clines setup became an issue. He describes the steps he took in order to mitigate the high-temperature conditions in his dorm room.

Although cryptocurrency mining helped give Nvidia a short-term boost in revenue and market value, the company cannot continue to keep up in competition with mining goliaths, like the Chinese-owned Bitmain. Bitmain produces and uses ASIC miners that are able to mine much more efficiently than the best Nvidia cards.

Nvidia will instead build upon their strengths, particularly in the computer gaming, artificial intelligence, and data processing sectors.

Graphics card junkies are on the edge of their seats for the upcoming Geforce 20 series chips, with new Turing chip architecture. First looks at the chips are claiming the top of the line Geforce RTX Titan can outperform Nvidia’s current top card, the 1080 Ti, by 50 percent.

Despite a small tumble this quarter, the future still seems bright for Nvidia.

What do you think about Nvidia’s exit from cryptocurrency mining production? Will the company still continue to gain value in 2018? Let us know your thoughts in the comments below!


Images courtesy of Tradingview, Shutterstock

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Srp 17

Japan’s Biggest Social Network LINE Launches $10M Blockchain Investment Fund

Yet another blockchain investment fund is set to launch in South Korea. Messaging giant Line furthers its foray into the field of cryptocurrencies and is dedicated to streamlining early-stage startup investments with a $10 million fund. Additionally, the company announced the successful listing of TRON to its cryptocurrency exchange.


South Korea Sees Serious Investments in Blockchain

Line, the Japanese messaging company harboring over 200 million users announced August 15, that is set to launch a $10 million investment fund through its Korea-based blockchain subsidiary Unblock Corporation.

Silicon Valley Philanthropists Dig Deep into their Crypto Wallets during Fundraising Event

With this initiative, LINE will become one of the very first publicly traded companies to formalize investments in tokens through a dedicated corporate fund. The fund aims to “boost the development and adoption of cryptocurrencies and blockchain technology.” Furthermore, the announcement also made it clear that the fund is “expected to expand in the future.”

Just yesterday Bitcoinist reported that the government of South Korea has budgeted upwards of 1 trillion won with a “focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the share economy.”

TRON Listed on BitBox

Earlier in June, Line announced that it will launch a cryptocurrency exchange through its Singapore-based subsidiary. The venue dubbed BITBOX is already live and has listed TRON to its lists of available cryptocurrencies.

TRON (TRX) has become the very first coin project which has managed to pass BITBOX’s review process carried out by their open-listing committee.

As a celebration for TRX’s listing on the cryptocurrency exchange, a total of 9 million TRX coins will be airdropped to BITBOX’s users in an event which runs until August 22nd.

Speaking on the matter, Youngsy Ko, CEO of LINE’s subsidiary in Singapore, which operates the cryptocurrency exchange said:

Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project. […] TRON has a solid tech platform, especially know it has joined forces with BitTorrent.

Tron’s Justin Sun acquired BitTorrent on June 11.

What do you think of Line’s increased interest in the field of cryptocurrencies? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock

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Srp 16

CoinHive In-Browser Software is ‘Mining’ $250K Per Month, Research Finds

New academic research released by RWTH Aachen University has discovered that cryptocurrency miner CoinHive is very profitable. In fact, it’s generating over $250,000 worth of Monero profit every month by hi-jacking internet users’ CPUs. One of the users could have easily been you. 


The research itself provides a broad overview of browser-mining activity across the Web. It reveals that Monero accounts for 75 percent of all browser-based cryptocurrency mining. The organization CoinHive is behind most of it. Thus, it is no wonder that security and investigation reporter Brain Krebs warns readers by claiming:

Multiple security firms recently identified cryptocurrency mining service Coinhive as the top malicious threat to Web users.

What is CoinHive?

CoinHive offers an in-browser, JavaScript-based miner for the Monero Blockchain. People can embed the mining script into a website. Then, when a user visits the website, the script will run the miner from the user’s browser. It will then mine XMR. Whoever embeds the code receives the mining profit.

CoinHive also offers a ‘shortlink solution’. This works much like a regular link — except that, to reach the destination, the user’s machine must perform some hashes (the number of which is set by its creator).

CoinHive argues that these services create the possibility for “an ad-free experience.” In actuality, it has created a new cyber-threat. Users are now paying other people through their CPU power — and they can be completely unaware.

CoinHive Set to Make $1,000,000 in Annual Revenue

The university researchers found that CoinHive is very profitable. Its ad-hoc browser-mining botnet is responsible for 1.18 percent of the entire Monero network. Moreover, the analysis suggests it is generating over 300 XMR (approximately $24,000) per week.

In the research, they note:

If we sum up the block rewards of the actually mined blocks over the observation period of [four] weeks, we find that Coinhive [sic] earned 1,271 XMR. Similar to other cryptocurrencies, Monero’s exchange-rate fluctuates heavily, at time of writing one XMR is worth 200 USD, having peaked at 400 USD at the beginning of the year. Thus, given the current exchange-rate, Coinhive [sic] mines Moneros worth around $250,000 per month […]

CoinHive keeps 30 percent of all mined XMR for itself. That’s $75,000 a month, or almost a million dollars in annual income.

Only 10 Users Dominate CoinHive’s Short Link Service

By scraping through CoinHive’s link database, the research found that there are almost two million active short links. Essentially, they force users to undertake Monero mining. Most of these links lead to video streams or filesharing sites. Yet, what’s more alarming is that most of the profit goes to only 10 users:

Coinhive’s [sic] link forwarding service is dominated by links from only 10 users. They mostly redirect to streaming videos and filesharing sites. We find that most short links can be resolved within minutes, however, some links require millions of hashes to be computed which is infeasible.

That some links are never set to resolve is significant — it highlights how malicious this new service can become.

Bitcoinist has already reported on 200,000 routers in Brazil being injected with modified CoinHive code. Because the code was injected into the router, users were mining Monero in the background of literally every page they visited.

It’s becoming clear that alongside rapid innovation, the blockchain industry is also bringing new threats. Unsuspecting in-browser mining is a pertinent threat that is worrisome. Fortunately, there are some attempts to solve this problem already. For example, security researcher Troy Mursche recommends the browser extension minerBlock. It uses JavaScript detection and a blacklist to limit the possibility of users mining cryptocurrency unexpectedly.

It seems like we are now at war with a new cyber-threat, and it’s turning out to be very profitable.

How will the war on in-browser cryptocurrency mining play-out? Let us know in the comments below!


Images courtesy of Pexels.

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Srp 15

New Transport Layer bloXroute Promises to Solve Bitcoin’s Biggest Problem

bloXroute Labs and a team of Northwestern University students believe Bitcoin’s biggest problem, scalability, can be solved without affecting its chief virtue — decentralization.

Northwestern and bloXroute Labs Are Working to Solve Scalability Issue

Critics have always identified the limited number of transactions that Bitcoin’s 00 network can process as its most significant problem. They point out that this is what has prevented Bitcoin from becoming the most effective form of payment in the world.

Several techniques have been and are currently being implemented to address the issue of scalability and high transaction fees. Nevertheless, they are not good enough to compete today with Visa, for example.

bloXroute Labs identifies the problem that affects Bitcoin and other cryptocurrencies’ networks, as follows:

Specifically, they employ a trustless P2P network model to propagate transactions and blocks, which does not scale as the volume of transactions increases, a fact research has shown time and again. Indeed, if blocks and transactions were to be instantly propagated, immense blocks could have been mined at a rapid pace, until the limitation of designated processing units and flash storage arrays was reached.

Now, a team comprised of bloXroute Labs engineers and students and academics of Northwestern University believe they have found a trustless scheme to overcome this scalability bottleneck.Now, a team comprised of bloXroute Labs engineers and students and academics of Northwestern University believe they have found a trustless scheme to overcome this scalability bottleneck. According to Watch Market:

The Northwestern University proposal attempts to address some of those issues by creating an infrastructure that compresses the information on the blockchain before sending, with the propagation being it will go faster.

In this regard, bloXroute Labs proposes bloXroute, a transport layer that would run underneath, allowing Bitcoin and all cryptocurrencies to scale to thousands of chain transactions per second.

According to the whitepaper entitled bloXroute: A Scalable Trustless Blockchain Distribution Network,”

“bloXroute allows to safely increase the block size and to cut down the time interval between blocks, without increasing the risk of forks, and provides real-time support for immediate transactions with zero-confirmation (0-conf).”

The whitepaper stresses that by using bloXroute, the network becomes even more decentralized because it requires neither consensus nor a protocol change beyond adjusting system parameters.

Technological Advances Are Fueling Bitcoin Optimism

Novel technological initiatives that include SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning, and new features in Bitcoin Core 0.16.0, are also promising to help to address Bitcoin’s scalability issue.

For example, Lightning Network is growing and enabling faster transactions among nodes. As of this writing, Lightning Network boasts over 3,000 nodes, with a capacity of about 82 bitcoins.

The Northwestern University team started working in this project in March 2018, and claims to be moving forward to solving the scaling issue. According to Sarit Markovich, professor of strategy at Kellogg School of Management at Northwestern University,

“We are scaling at 100 times better than what Bitcoin 00 is doing now. And we are hoping for 1,000.”

Do you think the newest technological innovations are helping to solve cryptocurrencies’ scalability issues? Let us know in the comments below!

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Images courtesy of Pixabay, Wikimedia/by Rdsmith4

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Srp 14

Crowdfunding Campaign Aims to Discover Where in the World the Real Satoshi Is

Satoshi Nakamoto’s true identity has been a well-kept secret. Many are still on the hunt. A new crowdfunding campaign has been launched in order to hire detective agencies who will scour the globe in a public-funded search for Satoshi.


The hunt for Satoshi Nakamoto still carries on. Over the past few years, a variety of online publications and individuals have hunted the trail of the person (or people) synonomous with Satoshi.

There have been a number of theories about Satoshi’s identity, and the cryptocurrency community has always been incredibly interested when someone steps forward with something new.

Back in 2016, the virtual currency world was in a frenzy when BBC published a report concerning Dr. Craig Wright, saying he provided “technical proof” he was the elusive Bitcoin 00 creator.

Back in 2016, the virtual currency world was in a frenzy when BBC published a report concerning Dr. Craig Wright, saying he provided “technical proof” he was the elusive Bitcoin creator.

Many were skeptical of the purported evidence, and there have been a number of nuanced, and light-hearted swipes, at Wright’s claims.

Other people, like Tesla creator Elon Musk, have spoken out to quell rumors about being Satoshi. The CIA even responded to a Freedom of Information Act (FOIA) request saying they could “neither confirm or deny” the existence of documents relating to Satoshi. Some took the response as evidence the agency could possess files on the Bitcoin creator.

Now an international group of digital currency enthusiasts are raising funds to conduct an international search for Satoshi.

We Need To Find Satoshi

Posted on crowdfunding site Boomstarter.ru, the campaign is looking to order a search for Satoshi from “several independent detective agencies located in the US and Japan, as well as Europe.”

The creators said the hired agencies would have to conduct a “public and transparent account of their activities,” and mentioned that three locations were chosen because of Satoshi’s purported affiliation with these areas.

According to the creators, people have the “right” to know the identity of Satoshi. They write the need to “declassify it ourselves,” if Satoshi “does not want publicity.” However, the group explains how they pledge not to disturb the person (or persons) if Satoshi turns out to be someone “ordinary” who is “afraid of publicity.”

‘Be Sure Bitcoin Is Not A Global Deception’

The crowdfunding campaign creators list a couple of reasons why finding Satoshi is not just a “trivial curiosity.”

According to the campaign, discovering the identity of the mysterious Bitcoin 00 creator could help with its further development, while possibly solving some of the questioned assumptions behind the digital currency.

The crowdfunding campaign creators list a couple of reasons why finding Satoshi is not just a “trivial curiosity.”

The crowdfunding group also believes cryptocurrency enthusiasts should be able to know the identity of a figure with more than “1 million coins in his wallet,” and a figure who could “overthrow the market overnight” by executing transactions.

At the time of writing, the campaign was 47% funded, having raised roughly 7,103,400 Russian rubles ($104,952 USD) from 1,543 backers. Donors are able to receive a variety of rewards, including an “I Find Satoshi” pin, t-shirts, and hoodies.

The highest reward category, which was limited to one person, was already reached by press time. For 500,000 Russian rubles (roughly $7,390 USD), the donor will have a week-long tour of the country where “Bitcoin Satoshi Nakamoto will be found.”

Do you think this campaign will be even remotely successful in unmasking the identity of Satoshi? Let us know in the comments below!


Images courtesy of Bitcoinist Archives, Unsplash.

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Srp 13

Soaring ICO Failure Rate Sees Investors Flock to ‘Bigger Players’

ICO failure rates are increasing. However, there seems to be a trend of fewer projects receiving bigger sums. Due to regulatory pressure, ICO bans, and a bear market, investors seem to be taking a new strategy to funding blockchain projects.


ICO Failure Rates Surge

There is new evidence to suggest that one in two Initial Coin Offerings (ICOs) failed in Q2 of 2018, while those that succeeded suffered huge loses. This is according to the agency, ICORating, whose data suggests 55% of ICO’s failed to complete in Q2 of 2018.
Last Call for 3 Must Buy ICO’s in 2018

The difference in returns between Q1 and Q2 is significant. In Q1, ICOs enjoyed an average return of almost 50%. In Q2, returns equaled -55%.

According to Michael Spencer, Editor of Future Sin, this as a sign of blockchain projects deteriorating in quality. But, he believes there is more than meets the eye. Other factors are at play. In particular, regulatory pressure from the SEC, ICO bans, and the Bitcoin price slump.

“While ICOs exploded from almost nothing to be a multibillion-dollar market in 2017, however in 2018 they appear even more speculative, risky and dangerous to the layperson investor,” Spencer writes

Less Projects, More Money

But while the failure rate is increasing, investment is not. In fact, the amount of money pouring into ICO tokens is rising. In fact, Business Insider notes that out of a total 827 ICO projects, investment totaled $8.3 billion in Q2 and $3.3 billion in Q1.

At the same time, fewer projects are attracting bigger sums, suggesting that bigger players are entering the market. Spencer also interprets this is a pivot towards private blockchain projects. He explains:

It spells a movement towards bigger players that we are seeing in the larger space; where private instead of public blockchains might be more the order of the day as bigger players enter the space: e.g. Bakkt. Bakkt’s focus on digital assets was wildly acclaimed by crypto insiders and the media as being potentially disruptive.

ICO Investment Dependent on Project Location

As the blockchain market continues its rapid development, investors are adapting as the country of registration is becoming an important factor. In other words, the country in which the company’s legal entity is registered at the time of the ICO.

North American startups attracted the bulk of funding, according to the ICO Rating report, with 64.6% of the total raised in the quarter. But smaller countries are increasingly hosting projects that are attracting larger sums.

The total amount of ICO funding per country presents an interesting picture:

  • Malta: 8 projects raised $113M
  • Cyprus: 8 projects raised $124.7M
  • Isle of Man: 2 projects raised $37M

This is compared to $393.7M and $301M raised in the US and UK, respectively. Put simply, projects within countries that have less red tape and friendlier regulatory frameworks tend to raise more capital per ICO.

In any case, as blockchain technology develops and regulations play catch up, ICOs appear to also be adapting to this borderless new industry.

Is the ICO space experiencing a cool-down? Or is it only getting started? 


Images courtesy of Shutterstock

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Srp 12

Man Visits KuCoin’s Hong Kong Office To Find That It Does Not Exist

A Hong Kong man skeptical of the cryptocurrency exchange KuCoin, paid a visit to its registered address in Hong Kong, only to find that it doesn’t actually exist.


Communication Breakdown

In a recent post on Medium, Jackson Wong from Hong Kong wrote about his experience visiting the KuCoin offices in Hong Kong — or rather not visiting, as he found barely a trace of the company in its registered HK location.

The search was prompted by concerns Wong voiced in a previous post in January of this year, in which he warned readers that KuCoin was not actually operating out of Hong Kong like they had claimed. This came after finding out that KuCoin’s registered operating address was in mainland China.

The search was prompted by concerns Wong voiced in a previous post in January of this year, in which he warned readers that KuCoin was not actually operating out of Hong Kong like they had claimed.

This was important at the time because of an announcement by the People’s Bank Of China (PBOC) stating that it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites, which would include affecting the KuCoin exchange.

Wong warned users of the KuCoin exchange to “Get out right now before it is frozen and KuCoinShares (KCS) drops to $0.”

Increasing Suspicions

Fast forward to Wong’s most recent post in which he details his increasing suspicions leading him to go searching for a physical location or individual representing KuCoin in Hong Kong.

Wong explains his long-time suspicions of the KuCoin exchange stemming from never seeing any coverage of the exchange or company in the media, despite claiming a Hong Kong operating address. He also voiced concerns that KuCoin had no registered license to trade cryptocurrency in Hong Kong and that none of the KuCoin team had Hong Kong names or listed a Hong Kong residential address.

Wong’s suspicions finally got the better of him and he decided to go and see if he could find the KuCoin office that was listed in Hong Kong.

Fast forward to Wong's most recent post in which he details his increasing suspicions leading him to go searching for a physical location or individual representing KuCoin in Hong Kong.

Wong documents his journey to the listed building address with photographs. After arriving he takes a photo of a board listing all of the building’s operating businesses. The board had no mention of KuCoin. When Wong went up to the 20th floor he did see a sign reading “Smart Team International Business Ltd.,” which was similar to a secretarial company KuCoin previously registered called “Smart Team Secretarial Ltd.”

Upon further inquiry, Wong was told by a company sharing the 20th floor, that no employees from STIB Ltd. were there because they had moved out years before.

Upon further inquiry, Wong was told by a company sharing the 20th floor, that no employees from STIB Ltd. were there because they had moved out years before.

After arriving he takes a photograph of a board listing all of the building's operating businesses. It had no mention of KuCoin.

Wong ends with a warning to anyone who has funds in KuCoin stating:

Since KuCoin is completely in stealth, and you couldn’t find them in their registered ‘office’, nor is there even a single person in their ‘office’, if KuCoin decides to exit scam on us — either by withholding our withdrawals or simply by shutting down their entire exchange and run with our money —we will have absolutely no recourse.

What do you think about the KuCoin exchange? Are Jackson Wong’s concerns exaggerated? Let us know your thoughts in the comments below!


Images courtesy of Bitcoinist Archives, Medium.

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