Coino(CNO)

Gli ultimi aggiornamenti sulla tecnologia blockchain, annunci di finanziamenti e offerte. Per il periodo dal 14 dicembre al 14 dicembre. 20, con aggiornamenti in tempo reale ovunque.

O que há de mais recente em atualizações de tecnologia blockchain, anúncios de financiamento e negócios. Para o período de 14 de dezembro a dez. 20, com atualizações ao vivo por toda parte.

Despite the Curve Finance hacking attack, the price of CRV spiked above $5.80 on Bithumb and $3 on CoinOne.

A lawyer for the accused reportedly said he admits "the facts of the prosecution," during a May 25 trial hearing.

Projects were allegedly swayed into signing contracts with dubious market makers as consideration for listing on crypto exchange Coinone.

Miami, FL, United States, May 18th, 2023, ChainwireBorderless Capital is the manager behind this new fund. Investors include Jump Crypto, Aptos Labs, Polygon Ventures, Solana Foundation, Algorand Foundation, GSR, Arrington Capitalamong other institutionsOver twenty blockchain teams and venture funds have teamed up to launch a $50 million Cross-Chain Ecosystem Fund focused on backing and growing new startups that leverage the Wormhole cross-chain messaging protocol. The Cross-Chain Ecosystem Fund is being managed and operated by Borderless Capital, a leading venture capital firm in the Web3 space. Backed by top blockchain protocols, infrastructure providers, and institutional investors, the fund aims to support cross-chain innovations that will drive the growth and adoption of the Web3 industry. The Cross-Chain Ecosystem Fund is backed by Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Sei Foundation, Algorand Foundation, CLabs (the company behind the Celo Blockchain), the Moonbeam Foundation, Optimism, Circle, MultiCoin GP’s Tushar Jain and Kyle Samani, Arrington Capital, GSR, Floating Point Group, Chainlayer, Chainode Tech, 01Node, Staking Fund, Moonlet.io, Forbole Ventures, Syncnode, Inotel, Triton One, Strangelove, Securitize’s CEO Carlos Domingo, OtterSec among others.Navigating the Web3 landscape is becoming increasingly challenging due to the proliferation of numerous layer-1 blockchains, layer-2 scaling solutions, and specialized appchains with unique purposes and parameters. This complexity poses difficulties for users and alienates developers who are restricted from accessing a single ecosystem, hindering their growth. The Cross-Chain Ecosystem Fund seeks to unlock the full potential of a cross-chain future, aiming to redefine users' experiences and establish Wormhole as the cross-chain standard for builders to transcend the limitations of individual ecosystems.This innovation prioritizes aggregation, security, scalability, compatibility, and composability."We believe in a borderless Web3 future and are thrilled to have the support of our partners and investors who share our vision. In the same way that in Web2 the value was created through aggregating the relationship with the users we believe that in Web3 this is the natural next step" said David Garcia, CEO & Managing Partner of Borderless Capital. "Our goal is to empower builders to transcend the limitations of individual ecosystems, paving the way for blockchain applications and protocols to realize their full potential."Wormhole, the technological focus of the Fund, is a foundational protocol that enables cross-chain messaging of value and data across more than 23 high-value chains, already leveraged by influential protocols and companies like Uniswap, Circle and Base from Coinbase.“Crypto is still a nascent industry with essentially limitless growth opportunity, and we should be doing nothing but working together, regardless of which specific networks individuals may be more passionate about. It’s really exciting to see so many ecosystems come together with leading venture funds to unite on solving the interoperability challenge by supporting startups that integrate Wormhole’s cross-chain messaging standard,” said Dan Reecer, Head of Operations at Wormhole Foundation.Builders, founders and developers looking to reach across ecosystems can apply to the Cross-Chain Ecosystem fund at wormhole.com/programs. Applications will be reviewed by the fund manager, Borderless Capital, starting this month.About BorderlessBorderless is a leading investment management firm focused on Web3 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders. Borderless comprises a team of builders, partners, and investors who adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks. Since 2018, Borderless has invested in 200+ protocols/companies across infrastructure, business applications, and nascent cryptographic protocols, and has played an integral role in the development of some of the most significant and innovative Web3 communities. For more information, please visit their website.About WormholeWormhole is the industry standard cross-chain messaging protocol powering applications across Web3. Wormhole provides developers access to liquidity and users on over 20 of the leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more. Wormhole enables a growing suite of products to build on its messaging layer. Wormhole Connect is an in-app bridging widget that can be integrated in as few as 3 lines of code. The wider Wormhole network is trusted and used by teams like Circle (USDC) and Uniswap, and to date, the platform has facilitated the transfer of over 35 billion dollars through hundreds of millions of cross-chain messages.ContactBorderless [email protected]

Ledger has come under stinging criticism from its community over its latest seed phrase recovery idea, with members taking to social media to voice their disapproval. Ledger has pushed back against the criticism, stating that there are several inaccuracies. Ledger’s New Seed Phrase Recovery Service Ledger’s new seed phrase recovery service is called Ledger Recover and offers users added safeguards in case they misplace their seed phrase. The service was released in Ledger’s latest firmware wallet and is a subscription service that gives users an additional layer of protection for their private keys. Ledger Recover uses a technique that divides a user’s seed phrase into three encrypted fragments that are trusted with three custodians, namely Ledger, Coinover, and a third entity. A Ledger spokesperson elaborated on the same, stating, “Each fragment is stored by the parties on hardware security modules (HSMs) which are essentially super-powered Ledgers. It’s what we use for Ledger Enterprise. Each fragment is useless on its own and can only be decrypted on a Ledger. They are completely safe.” Users can reconstruct the original see phrase once the separate fragments are combined and decrypted. The company also stated that the service is optional and that Ledger users don’t have to use the service should they not wish to. “You don’t have to use it and can continue managing your recovery phrase yourself if that’s why you bought a Ledger.” So Where Is The Problem? While Ledger seems excited about the new update, the community reaction has been quite the opposite. This is because to use the service, users have to provide a national identity card or passport to use the service, and the users’ seed phrase would have to be trusted with “external custodians.” Several prominent crypto community members and Ledger wallet owners have taken to social media to criticize Ledger for what some users called a “disaster waiting to happen.” One Reddit user explained, “This is a disaster waiting to happen. I can’t actually believe what I’m reading; this seems absolutely crazy for a hardware wallet provider to encourage you to back up your seed phrase online AND give them your Passport/ID—especially one that has previously suffered a data breach!” Ledger suffered a serious data leak in 2020, which exposed the phone numbers and physical addresses of over 300,000 customers. The breach also included the email addresses of over a million users. Others, such as investor Chris Dunn and crypto investor DCinvestor also referenced the infamous data leak while criticizing Ledger’s new Seed Phrase Recovery Service. Dunn stated, “First, they exposed mailing addresses, phone numbers, and email addresses of their customers… And now they’ve put a back door into seed phrases. It’s time to say goodbye to @Ledger.” DCinvestor also did not hold back, stating, “Reminder that several years ago, Ledger leaked the name and home addresses for all of their customers via a data breach. [T]he absolute last thing you want on their servers is your private key.” Polygon chief information security officer Mudit Gupta called it a horrendous idea and urged Ledger to refrain from enabling the new feature. In a Twitter thread, Gupta explained that the encrypted keys would be sent to three corporations that could reconstruct the private keys, leading to major security issues. Binance CEO Changpeng Zhao replied to Gupta, adding, “So the seed can leave the device now? Sounds like a different direction than “your keys never leave the device.” Tech lead triager at ImmuneFi, Adrian Hetman, called the new feature a bad security posture, stating, “Exposing your seed phrase and then allowing anyone with your ID or Passport to regain access to the locked funds is a bad security posture. ID theft is common, and that would expose crypto users to a new form of attack.” Ledger Pushes Back Against Criticism Ledger has pushed back against the barrage of criticism against its new service, stating that there were “lots of inaccuracies” in the criticism it was facing and that there was no backdoor or security vulnerability. In response to Hetman, Ledger stated that the government ID is only one part of a complete process and does not pose a security risk. “We also have full liveness detection, where you use your camera, and it gives you randomized prompts that can’t be faked or pre-recorded. This is reviewed by technology and also by humans to ensure a match before the recovery process is initiated. So, someone stealing your ID will not be able to recover your [Secret Recovery Phrase] SRP.” Ledger called the new service a highly secure service that its Donjon team had tested. The Donjon team had previously detected breaches in a number of wallets, including TrustWallet. “If you want more peace of mind or find recovery phrase management a barrier, you now have a highly secure service, tested by our Donjon team, which exposed breaches in TrustWallet and many other wallets, both software and hardware.” The company also added that the new service is optional and that if a user does not wish to use it, they can choose not to enable it. It added that those wishing to use the service would have to initiate an approval process that uses the secure display of their Ledger wallet. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

“Highly Flexible and Adaptable Platform Ensures Alignment with Rapidly Changing technological advancement” Impact Marketing, a leading independent media agency in the Cryptocurrency niche, has launched its new machine learning Crypto Asset trading platform, which enables the collection of large amounts of crypto market data in real-time. The software is capable of analysing Terabits of data combined with predefined trading strategies to derive useful and actionable metrics or conclusions called Trading Signals. BUY and SELL orders follow soon thereafter, in actual crypto markets. Hence, they induce either a Profit or a Loss. Impact Marketing has explicit directives that mandate transparency and visibility into customers’ crypto-trading activities. These are considered theirflagship features toward mitigating regulatory compliance conflicts. Impact Marketing’ Crypto Asset trading solution fully integrates with CySEC’Regulated Brokers and assisted by highly professional Account Managers for a legally consistent user experience across multiple digital asset classes. Impact Marketing’ recent marketing survey thoroughly examined the fusion between Cryptocurrency trends & Machine learning / Bulk data analysis. On the matter of how artificial intelligence can benefit financial trading decisions, 67% of respondents said they already rip the benefits of using such an exceptional powerhouse creation that affects their bottom line directly. " As international regulators and authorities continue to crack down on the cryptocurrency landscape, Impact Marketing wanted to offer its clients a solution that would allow them to set up guardrails to protect their investments while delivering a straightforward, frictionless crypto-trading experience." saidR&D team leader at Impact Marketing. "Through years of covering innovativecrypto trading solutions across financial industries, Impact Marketing' product not only simplifies the process by improving profitability for its crypto trading customers but also has the technical agility to adapt with the ever-changingtechnological advancements." Key benefits of Bitcoin Oracle AI Asset (Coin) trading platform include: - Fully Automated, Clear-Cut Decision-Making trading Technique - Custom trading strategy based on personal & financial profile. - High Probability of Success - Trading Multiple Cryptocurrencies Simultaneously - Firewall Security & SSL Certification - Full Transparency - Speedy Deposits & Withdrawals - 24/7 Online Customer Support Service - No Licensing Fees - Demo Account Trading Feature - Future-ready to quickly adapt to shifting paradigms in the crypto trading arena - Exponential Earnings - refers to the trading practice of increased earnings over passing time. The earnings you choose to keep available in your trading account can be used to generate even more profits. This new, highly adaptable, fully automated analysis tool is capable of making informed, calculated trading decisions independently, in real time while simultaneously executing those trades successfully to ensure positive ROI based on personal and financial profile. Human supervision and intervention, however, in some cases, are essential to reach optimal outcome. The collaboration of both strategies yields the highest probability of success. About Impact Marketing Impact Marketing is an independent media agency in the Cryptocurrency niche. It is trusted globally for providing free, self-help tools for information purposes only. Impact Marketing' future-ready cryptocurrency trading platform (Bitcoin Oracle AI) strives to deliver the most accurate and applicable information to predict future crypto coins’ prices. Sources include news sites, social media, crypto market architects, etc. The closer the price is to the forecast, the higher the rating, as the desired outcome magnifies profits for its customers. The company is famous for its’ multi-jurisdictional integrity and maintainsactionable intelligent tools which identify and monitor conflicts while reducing overall risk. Check out Impact Marketing intuitive crypto trading platform that delivers multi-layered protection to all its’ applicants in order for them to trade with ease and with confidence: https://bitcoinoracle.ai SOURCE: Impact Marketing Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

South Korea’s central bank, the Bank of Korea, has been given the green signal to probe crypto firms and operators of virtual assets operating in the country. This go-ahead will allow the bank to access data related to cryptocurrency transactions from exchanges operating in South Korea. A Landmark Development The go-ahead given to the Bank of Korea is viewed as a landmark development, given that the central bank holds differing views with the country’s financial regulatory authority, the Financial Services Commission (FSC). The Korean Central Bank and the Financial Services Commissions have been at loggerheads regarding jurisdiction over crypto. Crypto regulation has been under discussion in the National Assembly, with the Financial Services Commission submitting that it accepted granting the Bank of Korea authority to probe cryptocurrency firms operating in the country. At Loggerheads The National Assembly is currently accepting opinions regarding the Virtual Asset Act from the government. The central bank’s authority to request data submissions from crypto firms is also being explored in the act. The Financial Services Commission is set to express its official position regarding the matter at the bill’s first subcommittee, which is scheduled to meet on the 25th of April. This could pave the way for the faster implementation of the Virtual Asset Act. The Bank of Korea, in its submissions, has stated that it holds the authority to request for data on crypto firms and other digital and virtual asset issuers, specifically for stablecoins. The Bank of Korea stated that it is logical for it to regulate crypto since any potential risk from digital assets could spread to the traditional financial system. Meanwhile, the Financial Services Commission does not want crypto to be viewed on par with the traditional financial system. It added that if the central bank was given the authority to govern crypto and crypto firms, it could send out the message that digital assets were financial assets. In its submission, the Financial Services Commission stated, “If the Virtual Asset Act specifies the inspection right of the Financial Supervisory Service, it will cause the general public to misunderstand that the virtual asset market/business operator is treated the same as the financial market/institution.” The Financial Services Commission Chair has repeatedly stated that he does not view cryptocurrencies and digital assets as financial instruments. Crypto Legislation In Limbo The South Korean government has repeatedly tried to push legislation around cryptocurrencies and crypto firms operating in the country. However, the turf war between the Bank of Korea and the Financial Services Commission has proved to be a major stumbling block. Kim Han-gyu, the Democratic Party lawmaker that proposed the Crypto Assets Act, has stated, “The Financial Services Commission admits that it is necessary for the Bank of Korea to have the right to request data, but it is refusing to include it in the bill.” The Financial Services Commission has also come under fire from officials of the Political Affairs Committee, a division of South Korea’s State Affairs Commission. Officials from the committee have accused the Financial Services Commission of trying to monopolize its position as a crypto regulator. South Korea’s Crypto Struggles The crypto space in South Korea has faced several issues over the past year. The problems began with the spectacular collapse of the Terra ecosystem and its associated stablecoin. Terra founder Do Kwon was recently arrested in Montenegro, along with another suspect, Hon Chang Joon. Both South Korea and the United States have requested their extradition. More recently, several staff members from the cryptocurrency exchange Coinone were taken into custody amidst allegations of bribery, breach of trust, and other criminal acts. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The much-awaited Shapella upgrade is live on the Ethereum mainnet. Let’s find out more about the upgrade and other noteworthy events that happened in crypto, blockchain, and the web3 space this week. Bitcoin Bitcoin and many of the top-performing cryptocurrencies are heading toward breakout zones. Will they break up or break down? Bitcoin has broken to the upside and is now establishing itself above the $30,000 level. Is this the beginning of the bull market? As the fiat monetary system flounders and cash in the bank buy less and less, more investors are flocking to Bitcoin, which might have started its bull market. Lightspark, a newly-founded crypto infrastructure firm, has officially launched its Bitcoin Lightning Network implementation designed for enterprise-grade use cases. Ethereum Ethereum activated the Shanghai hard fork on April 12 at 22:27:35 UTC combining key changes to the blockchain's Engine API, performance, and initialization improvements to the execution layer (in Shanghai), as well updates to the consensus layer (for Capella). Etherscan recently announced a new implementation that will no longer display token transfers without any value through its blockchain explorer interface. DeFi In the early hours of April 9, a bug in a smart contract on the decentralized finance protocol SushiSwap led to losses amounting to over $3 million. SushiSwap has revealed that it has managed to recover 100 ETH, worth around $186,000, following the exploit. In a big blow to Canadian users, dYdX announced that its decentralized derivatives exchange would no longer be accessible to users in Canada. Technology MetaMask, a decentralized wallet firm backed by ConsenSys, has announced the launch of a new fiat-to-crypto ramp for its Portfolio dApp. Business Coinbase has been awarded $470,000 in restitution in its insider trading lawsuit against the brother of a former employee. Coinbase’s head of exchange, Vishal Gupta, is reportedly leaving the company. Gupta plans to exit the crypto exchange but intends to remain in the crypto space. According to multiple reports, cryptocurrency exchange Gemini has received a $100 million loan from two of its co-founders, Tyler and Cameron Winklevoss. Regulation The Binance crypto exchange has decided to delist the TRON token ($TRX) 3 weeks after the SEC charged SEO Justin Sun and his companies. Both Robert F. Kennedy Jr. and Ron DeSantis have expressed their displeasure against the Federal Reserve’s upcoming payments system, FedNow. This year's G7 Summit, which will be held in Hiroshima, Japan, is set to discuss policy for crypto and digital assets, with a focus on the standards for global implementation of CBDCs. South Korean authorities have detained several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts. NFT The NFT collective Proof is launching a new collection, in partnership with artists like Beeple, exclusively for Moonbird collectors. Reddit has launched its third-generation (Gen 3) NFT collection, featuring more artists working on the theme of futuristic realities. Solana has recently announced the introduction of state compression technology to significantly reduce the storage costs associated with NFTs on its network. Web3 Gaming hardware firm Razer has announced the establishment of zVentures Web3 Incubator (ZW3I), a new initiative aimed at funding Web3 gaming projects and bringing them to mainstream audiences. Bluzelle, a blockchain for GameFi, has just released Capella, an NFT marketplace tailored to blockchain-based web3 games. Security South Korean cryptocurrency exchange GDAC was the target of hackers on April 9, with the platform losing nearly $13 million during the attack. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

South Korean authorities have taken several staff members of the cryptocurrency exchange Coinone for breach of trust and other criminal acts. Coinone Under The Scanner High drama took place at Coinone after it emerged that the exchange’s executives could go to prison. Prosecutors in South Korea have claimed that the executives in question had received billions to list specific cryptocurrencies on their platform. As a result, authorities detained several employees of the exchange. Coinone is one of the leading cryptocurrency exchanges in the country, often counted among the Big 4 crypto exchanges in South Korea. The arrest warrants were issued by Seoul Southern District Court Chief Judge Kim Ji-Sook, who stated that the employees in question could escape and deemed it necessary to detain them. According to the authorities, the head of Coinone’s listing division, Kim Mo, broke the Concealment of Criminal Proceeds Act. He also faced allegations of breach of trust, along with another individual, Hwang Mo. Details Of The Fraud As a listing broker, Hwang allegedly paid 2 billion won ($1.5 million) to Kim. These transfers were bribes in exchange for Kim listing specific cryptocurrencies on the Coinone platform. Authorities stated that the ex-director of Coinone, Mr. Jeon, also received payments to facilitate listing certain assets and circumvent listing procedures outlined for the exchange. Investigators claimed that one of the coins listed on the exchange could also be tied to a possible murder. “Furever Coin” listed on the exchange was tied to a possible murder in a case that involved the kidnapping of a 48-year-old individual from the Gangnam District of Seoul. Authorities suspect that the murder was in retaliation to a major crypto investment on Coinone that did not go as planned. One Of The Big 4 Coinone was founded in 2014 by Kevin Cha with the goal of serving crypto users based in South Korea. The exchange soon expanded to other countries, such as Indonesia, by 2017. Along with other exchanges such as UPbit, Bithumb, and Korbit, Coinone is part of South Korea’s infamous Big 4 crypto exchanges. Together, the four platforms handle over 90% of the crypto trading volume in the country. South Korean regulators had recently mandated several stricter rules that exchanges operating in South Korea needed to abide by. Coinone, along with a few other platforms, had fulfilled these requirements. South Korea was in the spotlight earlier in the week as well, following the GDAC hack. The platform lost nearly $13 million, which accounted for nearly 23% of the assets it had under its custody. GDAC has blocked deposit and withdrawal methods and has reported the issue to the relevant authorities. No Repeat Of The Do Kwon Saga South Korean authorities are keen to avoid a situation similar to the collapse of Luna/UST. As a result, authorities are far more determined to tackle crime and fraud when it comes to the cryptocurrency ecosystem in South Korea. Investors and agencies have blamed Kwon for being the mastermind behind the collapse of Luna and insist he faces the law. However, Do Kwon did not cooperate and went into hiding, with several counties such as Singapore, Russia, Mauritius, and Dubai mooted as possible destinations. A notice issued by the South Korean authorities and Interpol had no effect, and his whereabouts continued to remain unknown, with speculation that he was hiding in Serbia. Do Kwon was finally arrested in Montenegro and was charged by American prosecutors with commodities fraud, securities fraud, and conspiracy. However, it remains unclear if Do Kwon will face these charges in the United States of America or his homeland. South Korean authorities have come down heavily on cryptocurrency exchanges in the past as well. In February, authorities arrested the de-facto owner of Bithumb, the country’s largest cryptocurrency exchange, on charges of embezzlement and stock manipulation. Other executives of the exchange were also on the radar of the authorities. In January, authorities targeted another crypto exchange, V Global, arresting several executives after regulatory authorities filed a case. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Several Coinone executives might go to prison for supposedly accepting bribes to list digital currencies on the platform.

Gaming hardware and peripherals firm Razer has announced the establishment of zVentures Web3 Incubator (ZW3I), a new initiative aimed at funding Web3 gaming projects and bringing them to mainstream audiences. With its considerable brand recognition and vast user base of roughly 200 million gamers, Razer has the potential to significantly influence the future of Web3 gaming. ZW3I aims to help bring Web3-enabled games to mainstream audiences, and will select developers for its incubator program who possess “a strong track record in creating successful games." Razer has not made any disclosure as to the scale or amount of funds allocated for ZW3I, citing its private company status. However, it is worth noting that zVentures had a $30 million fund when it launched sometime in 2016. Razer's interest in venture capital and commitment to crypto and Web3 is evident through its existing investments in crypto and blockchain firms Monsoon Digital, Forte.io, TripleA Finblox, Coinomo, and Web3 gaming firm Animoca Brands. According to Lawrence Lin, Razer's Director of Blockchain, the incubator intends to provide marketing support and accommodate up to 36 projects, including mobile games, despite Razer's traditional focus on PC gaming. “Presently, numerous blockchain games prioritize the use of blockchain technology over creating an engaging and entertaining gameplay experience, leading to a dearth of player attraction and retention,” Lin shares. Razer acknowledges that first-generation Web3 games have not managed to captivate mainstream audiences, and emphasizes the importance of understanding gamers' motivations and behaviors to make progress in this area. Builders (or BUIDLers, in Web3 lingo) in the space believe that the next generation of Web3 games will be better able to reach traditional gamers by emphasizing compelling gameplay and satisfying social experiences over token reward systems. Razer envisions such "immersive" and "engaging" experiences to come to fruition with ZW3I. “The gaming experience is the most important aspect of any successful game launch. With blockchain technologies and support from companies with strong gaming knowledge, we are certain that Web3 will revolutionize this experience for all,” Lin shared in a statement. This contention resonates with the ideas of game developers who argue that early crypto games were too focused on financial aspects rather than richer gameplay mechanics, intensely appealing graphics. Consequently, some in the emerging Web3 gaming industry have rejected terms such as "play-to-earn" and "GameFi," which emphasize financial gain, sometimes forgetting the core of what gaming is all about: enjoyment. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Seoul Southern District Court Chief Judge Kim Ji-Sook issued a warrant for the arrests on Monday, saying "There is concern about escaping."

One user claims they were defrauded out of more than $50,000 by the website, which authorities are now referring to as an “alleged cryptocurrency exchange.”

Now that you understand the basics of Bitcoin, the next logical step is to actually get some. But how? This brief guide will teach you all you need to know. At present, Bitcoins are either bought directly from other people through marketplaces, or purchased at a Bitcoin exchange. They can be paid for in a number of ways, from cold, hard cash, to debit and credit cards, to a wire money transfer, and even using other cryptocurrencies. It largely depends on where you live and from whom you’re buying your Bitcoins. How can I buy Bitcoins? Despite the popularity of Bitcoin as the world’s leading cryptocurrency, and the serious discussion of it at many financial centres around the globe, it remains surprisingly difficult to use PayPal or your credit card to purchase Bitcoins, depending on the jurisdiction in which you live. Of course, the reason has less to do with Bitcoin, and more to do with the transaction methods themselves. These sorts of purchases can be easily reversed with nothing more than a telephone call to the card company, or by raising a report with PayPal. When you’re talking about the transfer of Bitcoins, it is difficult to prove that any goods have actually changed hands. This is the reason most private sellers, and almost all Bitcoin exchanges, do not accept credit cards or PayPal for such transfers. That said, the options have recently grown for consumers in certain countries. Where do I keep my Bitcoins? Before you think about buying Bitcoins, you’re going to need to get a Bitcoin wallet. Though ‘wallet’ is the accepted terminology, you’re better off thinking of it as a sort of bank account, specifically for your Bitcoins. As with any such set-up, there are different wallets you can choose from depending on the level of security you require for your funds, with some of the higher-specification wallets attracting a higher fee to initialise and run. Some wallets act like a regular spending or current account, and can be reasonably compared to a regular leather wallet. Other accounts include the sort of encryption and security that would not seem out of place in a major financial centre, or even in the military. There are four main types of Bitcoin wallet: • A software wallet, which remains stored on your computer’s hard drive • A web-based, online wallet • A vault wallet, which protects your Bitcoins by keeping the wallet offline • A multisig (that is, a multiple-signature) wallet, which requires the use of a number of keys in order to protect the account. It is important to note that none of these options is entirely invulnerable to hacking or other forms of online theft, and each has its own downsides as far as security is concerned. How can I buy Bitcoins with a credit or debit card? If you’re based in the United Kingdom, there are three main providers who offer the opportunity to make a Bitcoin purchase with your credit or debit card – Coinbase, CoinCorner and Bittylicious. All three accept 3D secure-enabled debit and credit cards, so long as they are on the MasterCard or Visa networks. How can I buy Bitcoins with cash? This is where face-to-face (FTF) or over-the-counter (OTC) transactions come into play. The easiest way to acquire Bitcoins, provided you live somewhere that allows you do so, is to make a FTF trade with a local Bitcoin seller. It allows you to avoid any potential hassle with the banks and offers a certain amount of anonymity to you as a buyer. It should be stated up-front that you will still need a Bitcoin wallet, and that you should be very wary of a local seller who advises otherwise, or who says that they will set one up for you. Just as you would not trust another person with your bank account details, nor trust them to set one up in your name, you should make sure that the only person with the details of your Bitcoin wallet is you. There are online services, such as LocalBitcoins, where you can arrange your transaction and agree a price before meeting up with the seller. The purpose of this is to ensure that a cost of the trade can be set prior to making the payment. LocalBitcoins also operates an escrow facility (in which the funds are deposited with them to be paid out to the seller, and vice versa – the site essentially acting as a middleman for the trade). This adds a further layer of protection to the trade. Face-to-face is a slight misnomer. It is entirely possible never to meet the seller. If an amount is agreed, you can make a cash transfer from your account into theirs, or you can go to their local bank and make a cash deposit into theirs, and then provide them with a receipt. Once they have this, the seller should deposit the Bitcoins with you, for storage in your Bitcoin wallet. However, genuine face-to-face trades, where you meet the individual concerned, can and do take place, every day. As with any cash transaction involving a person you don’t know, you should have consideration of your own personal security, particularly if you are looking to trade a sizeable amount. First of all, you should always arrange to meet in a busy public place. The flip-side of this, but worth repeating, is that you should never arrange to meet in a private home, no matter how good a deal you’re getting. If the seller tries to give you some reason as to why this has to happen (that his Bitcoin wallet security is set-up in a way that it has to be operated from his home machine, for instance), then politely walk away and find another seller. The potential gains for your Bitcoin portfolio are not worth the attendant risks. In short, you should take all the precautions you would normally expect to take when walking around with a large amount of cash. Now, it’s possible that the seller will not need an actual cash transaction. An online bank transfer might be entirely acceptable to them, but they want you do do it there and then, so they can see the money going over, before they reciprocate with sending you the Bitcoins. Some sellers might even allow you to make a payment via your PayPal account, though most would be understandably reluctant to do so, preferring a non-reversible method of payment, for all the reasons mentioned earlier in this piece. If you hope to pay by PayPal, ensure that you confirm that this is OK with the seller before meeting up, to avoid embarrassment and wasting one another’s time. Depending on the person you are trading with, they might impose a premium of between 5% and 10% on top of the current Bitcoin exchange price, to allow for the convenience and privacy of a face-to-face trade (and to compensate for their time in meeting you to conduct the transfer). Any reputable trader should be willing to set the price before you meet, but many will institute a window of opportunity for whatever deal you strike, not wanting to wait for too long, just in case the value of Bitcoin takes a sudden and dramatic shift. It should go without saying that, if you're meeting someone for a face-to-face Bitcoin sale, you will need some way of accessing your Bitcoin wallet. If this involves bringing along your tablet, smartphone, or laptop, then so be it, but don’t forget the other essential component: a live and active internet connection to be able to confirm the transfer. A word of caution When considering a face-to-face purchase of Bitcoins, you would be well-advised to check that such a trade is legal in your area, before agreeing to meet. There is little reason why it shouldn’t be but, since the laws for such transactions differ from one jurisdiction to the next, it is best to be sure ahead of time. Also, there is a risk you might excite the interest of local law enforcement if you’re exchanging large sums of cash with another person in a public place. While unlikely, and easily explained, there is always the chance that a passing police officer might suspect you of trading in something a bit more illicit that cryptocurrency. Bitcoin Meet-ups Of course, one-to-one trades might not be your cup of tea, and that’s understandable. A popular form of direct trading in Bitcoins is the meet-up group. You can use a website like meetup.com and see if there is such a thing in your local area. The principle is the same as a face-to-face exchange, but in a group setting that allows for a greater feeling of safety among the individual attendees, and also allows you to learn more about the Bitcoin market from other members of the group. Bitcoin ATMs This is a relatively new concept, but Bitcoin ATMs are increasing in both number and availability across the UK. Several vendors have either released, or are experimenting with these machines: BitAccess, Genesis Coin, CoinOutlet, Robocoin and Lamassu to name but a few. The principle is simple – a Bitcoin ATM serves the same function as a face-to-face transaction, only with a machine instead of another human being. You insert your cash into the ATM and then (depending on the vendor) you either receive a paper receipt containing the relevant codes you’ll need to load your new Bitcoins into your wallet, or you receive a QR code that you will be able to scan with your mobile phone. The rate of exchange has been seen to vary wildly with these machines, and many of them add a fee for the convenience of the service, which can be as high as 8% of the transaction cost. Other ways to purchase Bitcoins Consumers in the States who are classed as underbanked (that is, they don’t have sufficient access to the sorts of mainstream products and financial services usually offered by retail banks), can use expresscoin, who have recently emerged to cater to this very market, accepting wire transfers, personal cheques, and money orders to pay for Bitcoins. No such service exists in the UK at this moment in time. What countries can I buy Bitcoins from? Bitcoin is expanding rapidly into many different markets, and it is not only possible, but expected, that a Bitcoin trader will want to buy in one market and sell in another, as the different exchanges offer different rates. With third-party organisations like CoinBase available to assist the transactions, buying Bitcoins from a different country is now easier than ever. While the spread of Bitcoin is hardly universal at this stage, every major financial centre currently operates at least one Bitcoin exchange, and analysts predict that this growth will continue into developing markets. At present, the following countries all have a trade in Bitcoins: Asia: Singapore Australasia: Australia Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Republic of Ireland, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom North America: Canada, United States of America As with any international financial transaction, it is important to make yourself aware of the various laws and conditions that might impact on your transfer, be it your payment to the seller, or your receipt of Bitcoins from them. If in doubt, it may be worth your time speaking to, or hiring, a dedicated Bitcoin broker to make the exchange on your behalf, for a fee. In conclusion Buying Bitcoins is certainly not as easy as many newcomers suspect, although the ways and means by which to do so are increasing and developing all the time. As Bitcoin continues to make its presence felt in the global marketplace, the process of making Bitcoin transactions will become ever more simple, as a way of enticing developing markets, new investors, and new consumers to the currency.

Now that you understand the basics of Bitcoin, the next logical step is to actually get some. But how? This brief guide will teach you all you need to know. At present, Bitcoins are either bought directly from other people through marketplaces, or purchased at a Bitcoin exchange. They can be paid for in a number of ways, from cold, hard cash, to debit and credit cards, to a wire money transfer, and even using other cryptocurrencies. It largely depends on where you live and from whom you’re buying your Bitcoins. How can I buy Bitcoins? Despite the popularity of Bitcoin as the world’s leading cryptocurrency, and the serious discussion of it at many financial centres around the globe, it remains surprisingly difficult to use PayPal or your credit card to purchase Bitcoins, depending on the jurisdiction in which you live. Of course, the reason has less to do with Bitcoin, and more to do with the transaction methods themselves. These sorts of purchases can be easily reversed with nothing more than a telephone call to the card company, or by raising a report with PayPal. When you’re talking about the transfer of Bitcoins, it is difficult to prove that any goods have actually changed hands. This is the reason most private sellers, and almost all Bitcoin exchanges, do not accept credit cards or PayPal for such transfers. That said, the options have recently grown for consumers in certain countries. Where do I keep my Bitcoins? Before you think about buying Bitcoins, you’re going to need to get a Bitcoin wallet. Though ‘wallet’ is the accepted terminology, you’re better off thinking of it as a sort of bank account, specifically for your Bitcoins. As with any such set-up, there are different wallets you can choose from depending on the level of security you require for your funds, with some of the higher-specification wallets attracting a higher fee to initialise and run. Some wallets act like a regular spending or current account, and can be reasonably compared to a regular leather wallet. Other accounts include the sort of encryption and security that would not seem out of place in a major financial centre, or even in the military. There are four main types of Bitcoin wallet: • A software wallet, which remains stored on your computer’s hard drive • A web-based, online wallet • A vault wallet, which protects your Bitcoins by keeping the wallet offline • A multisig (that is, a multiple-signature) wallet, which requires the use of a number of keys in order to protect the account. It is important to note that none of these options is entirely invulnerable to hacking or other forms of online theft, and each has its own downsides as far as security is concerned. How can I buy Bitcoins with a credit or debit card? If you’re based in the United Kingdom, there are three main providers who offer the opportunity to make a Bitcoin purchase with your credit or debit card – Coinbase, CoinCorner and Bittylicious. All three accept 3D secure-enabled debit and credit cards, so long as they are on the MasterCard or Visa networks. How can I buy Bitcoins with cash? This is where face-to-face (FTF) or over-the-counter (OTC) transactions come into play. The easiest way to acquire Bitcoins, provided you live somewhere that allows you do so, is to make a FTF trade with a local Bitcoin seller. It allows you to avoid any potential hassle with the banks and offers a certain amount of anonymity to you as a buyer. It should be stated up-front that you will still need a Bitcoin wallet, and that you should be very wary of a local seller who advises otherwise, or who says that they will set one up for you. Just as you would not trust another person with your bank account details, nor trust them to set one up in your name, you should make sure that the only person with the details of your Bitcoin wallet is you. There are online services, such as LocalBitcoins, where you can arrange your transaction and agree a price before meeting up with the seller. The purpose of this is to ensure that a cost of the trade can be set prior to making the payment. LocalBitcoins also operates an escrow facility (in which the funds are deposited with them to be paid out to the seller, and vice versa – the site essentially acting as a middleman for the trade). This adds a further layer of protection to the trade. Face-to-face is a slight misnomer. It is entirely possible never to meet the seller. If an amount is agreed, you can make a cash transfer from your account into theirs, or you can go to their local bank and make a cash deposit into theirs, and then provide them with a receipt. Once they have this, the seller should deposit the Bitcoins with you, for storage in your Bitcoin wallet. However, genuine face-to-face trades, where you meet the individual concerned, can and do take place, every day. As with any cash transaction involving a person you don’t know, you should have consideration of your own personal security, particularly if you are looking to trade a sizeable amount. First of all, you should always arrange to meet in a busy public place. The flip-side of this, but worth repeating, is that you should never arrange to meet in a private home, no matter how good a deal you’re getting. If the seller tries to give you some reason as to why this has to happen (that his Bitcoin wallet security is set-up in a way that it has to be operated from his home machine, for instance), then politely walk away and find another seller. The potential gains for your Bitcoin portfolio are not worth the attendant risks. In short, you should take all the precautions you would normally expect to take when walking around with a large amount of cash. Now, it’s possible that the seller will not need an actual cash transaction. An online bank transfer might be entirely acceptable to them, but they want you do do it there and then, so they can see the money going over, before they reciprocate with sending you the Bitcoins. Some sellers might even allow you to make a payment via your PayPal account, though most would be understandably reluctant to do so, preferring a non-reversible method of payment, for all the reasons mentioned earlier in this piece. If you hope to pay by PayPal, ensure that you confirm that this is OK with the seller before meeting up, to avoid embarrassment and wasting one another’s time. Depending on the person you are trading with, they might impose a premium of between 5% and 10% on top of the current Bitcoin exchange price, to allow for the convenience and privacy of a face-to-face trade (and to compensate for their time in meeting you to conduct the transfer). Any reputable trader should be willing to set the price before you meet, but many will institute a window of opportunity for whatever deal you strike, not wanting to wait for too long, just in case the value of Bitcoin takes a sudden and dramatic shift. It should go without saying that, if you're meeting someone for a face-to-face Bitcoin sale, you will need some way of accessing your Bitcoin wallet. If this involves bringing along your tablet, smartphone, or laptop, then so be it, but don’t forget the other essential component: a live and active internet connection to be able to confirm the transfer. A word of caution When considering a face-to-face purchase of Bitcoins, you would be well-advised to check that such a trade is legal in your area, before agreeing to meet. There is little reason why it shouldn’t be but, since the laws for such transactions differ from one jurisdiction to the next, it is best to be sure ahead of time. Also, there is a risk you might excite the interest of local law enforcement if you’re exchanging large sums of cash with another person in a public place. While unlikely, and easily explained, there is always the chance that a passing police officer might suspect you of trading in something a bit more illicit that cryptocurrency. Bitcoin Meet-ups Of course, one-to-one trades might not be your cup of tea, and that’s understandable. A popular form of direct trading in Bitcoins is the meet-up group. You can use a website like meetup.com and see if there is such a thing in your local area. The principle is the same as a face-to-face exchange, but in a group setting that allows for a greater feeling of safety among the individual attendees, and also allows you to learn more about the Bitcoin market from other members of the group. Bitcoin ATMs This is a relatively new concept, but Bitcoin ATMs are increasing in both number and availability across the UK. Several vendors have either released, or are experimenting with these machines: BitAccess, Genesis Coin, CoinOutlet, Robocoin and Lamassu to name but a few. The principle is simple – a Bitcoin ATM serves the same function as a face-to-face transaction, only with a machine instead of another human being. You insert your cash into the ATM and then (depending on the vendor) you either receive a paper receipt containing the relevant codes you’ll need to load your new Bitcoins into your wallet, or you receive a QR code that you will be able to scan with your mobile phone. The rate of exchange has been seen to vary wildly with these machines, and many of them add a fee for the convenience of the service, which can be as high as 8% of the transaction cost. Other ways to purchase Bitcoins Consumers in the States who are classed as underbanked (that is, they don’t have sufficient access to the sorts of mainstream products and financial services usually offered by retail banks), can use expresscoin, who have recently emerged to cater to this very market, accepting wire transfers, personal cheques, and money orders to pay for Bitcoins. No such service exists in the UK at this moment in time. What countries can I buy Bitcoins from? Bitcoin is expanding rapidly into many different markets, and it is not only possible, but expected, that a Bitcoin trader will want to buy in one market and sell in another, as the different exchanges offer different rates. With third-party organisations like CoinBase available to assist the transactions, buying Bitcoins from a different country is now easier than ever. While the spread of Bitcoin is hardly universal at this stage, every major financial centre currently operates at least one Bitcoin exchange, and analysts predict that this growth will continue into developing markets. At present, the following countries all have a trade in Bitcoins: Asia: Singapore Australasia: Australia Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Republic of Ireland, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom North America: Canada, United States of America As with any international financial transaction, it is important to make yourself aware of the various laws and conditions that might impact on your transfer, be it your payment to the seller, or your receipt of Bitcoins from them. If in doubt, it may be worth your time speaking to, or hiring, a dedicated Bitcoin broker to make the exchange on your behalf, for a fee. In conclusion Buying Bitcoins is certainly not as easy as many newcomers suspect, although the ways and means by which to do so are increasing and developing all the time. As Bitcoin continues to make its presence felt in the global marketplace, the process of making Bitcoin transactions will become ever more simple, as a way of enticing developing markets, new investors, and new consumers to the currency.