Hackers Contribute Crypto To Charities
A hacking organization released receipts for $10,000 in charitable contributions to two groups made through bitcoin, the BBC reported.
The hackers published the contribution in addition to tax receipts for 0.88 in bitcoin (valued at approximately $10,515 as of 7:04 P.M. Eastern Time on Oct. 20) they had provided to Children International and The Water Project. They reportedly harnessed The Giving Block service that is used by numerous nonprofits globally.
The Water Project did not reply to requests for comment from the news outlet. However, representative of Children International said, “If the donation is linked to a hacker, we have no intention of keeping it.”
The Water Project aims to bolster access to clean water in Africa, while Children International helps communities, families and kids in multiple countries including Ecuador and India.
And the New York Department of Financial Services called out Twitter for its vulnerability to hacking, which allowed a crypto scam to occur, according to their report. The document came after a teenage hacker and accomplices in July got into Twitter’s network, took control of different high-profile accounts, and tweeted out a “double your bitcoin” scam.
“Given that Twitter is a publicly-traded, $37 billion technology company, it was surprising how easily the hackers were able to penetrate Twitter’s network and gain access to internal tools allowing them to take over any Twitter user’s account,” the department said in the report.
- PayPal to support Bitcoin and other crypto — but merchants must use fiat
- Abramoff-linked crypto firm says SEC has no case against it
- Bitcoin soars to new 2020 high on PayPal shift to crypto
- European Commission Opposes Crypto Fraud Compensation Fund: Victims Say Commission Cozying up to the Industry | Regulation Bitcoin News
- PayPal will allow cryptocurrency for buying, selling, shopping in 2021
PayPal to support Bitcoin and other crypto — but merchants must use fiat
PayPal is ready to let users to buy, sell, and hold Bitcoin BTC and other cryptocurrencies, according to Reuters.
PayPal chief exec Dan Schulman told Reuters the company hopes this will “encourage global use of virtual coins,” and ready its network in anticipation of digital currencies issued by central banks.
The US payments giant said it plans to allow users to actually spend their cryptocurrency with the 26 million merchants on its network starting early next year. PayPal reportedly boasts roughly than 346 million active accounts, and the service processed $222 billion worth of payments in 2020’s second quarter.
As noted by Reuters, PayPal is not the first service to support cryptocurrency. Jack Dorsey-led fintech Square already lets users handle digital assets, and so does trading app Robinhood. Still, PayPal is definitely the biggest.
[Read: What audience intelligence data tells us about the 2020 US presidential election]
And while it’s sounds bullish, there’s one big caveat: Cryptocurrency payments processed by PayPal will be settled in fiat currencies like the US dollar. This means merchants won’t actually touch incoming cryptocurrency, which to a certain degree defeats the entire purpose, doesn’t it?
Having just checked my personal PayPal account, it doesn’t look like PayPal‘s cryptocurrency support is live just yet. There’s also currently no available information as to when it will be activated, or which coins/tokens it will support in the beginning (besides Bitcoin). We’ll update this piece should we learn more.
Update 12:58 UTC, October 21: PayPal’s press release indicates it will initially support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
It also appears that users will not be able to use their digital assets outside their PayPal wallet or send crypto to other PayPal users, which effectively means all cryptocurrency on the PayPal network must stay there.
This should not surprise anyone. Easy mode from both a compliance and security perspective and will become the industry norm within a few years. https://t.co/OagJup2elX
— Matt Odell (@matt_odell) October 21, 2020
Author: David Canellis
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Participants of a $5.6 million token sale did not expect a return on investment, the NAC Foundation argued.
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Bitcoin soars to new 2020 high on PayPal shift to crypto
Bitcoin, the largest digital coin, soars after PayPal announced that it would allow customers to use cryptocurrencies.
Bitcoin surged to the highest level since July 2019 after PayPal Holdings Inc. announced it will allow customers to use cryptocurrencies.
The largest digital coin increased as much as 4.9% to $12,488 Wednesday, surpassing the previous high for the year of $12,473 set in August. Gains among so-called alt coins were even larger, with Litecoin jumping more than 11% and Bitcoin Cash surging 8%.
PayPal customers can use select cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin on the platform.
Mike Novogratz, who runs Galaxy Investment Partners, on Twitter called it “the biggest news of the year in crypto,” adding that banks will embark on a race to service digital currencies. “We have crossed the rubicon,” he said.
The news sparked an exuberant response from crypto fans who pointed to a string of recent announcements that suggest wider acceptance by old-school financial mainstays. Two public companies – Square Inc. and MicroStrategy Inc. – said recently that they invested in Bitcoin. And Fidelity Investments announced in August that it’s launching its first Bitcoin fund, adding its establishment name and star power to the often-maligned asset class.
This PayPal news is the biggest news of the year in crypto. All banks will now be on a race to service crypto. We have crossed the rubicon people. Exciting day. 🔥🔥🔥🔥🔥🔥🔥🔥 https://t.co/hXpiJEDOb3
— Mike Novogratz (@novogratz) October 21, 2020
PayPal said it plans to make the features available as a funding source for purchases at its 26 million merchants worldwide and plans to expand it to Venmo soon.
Dan Schulman, the firm’s president and chief executive officer, said in a statement that “the shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital coins, also advanced Wednesday, rising as much as 5.1%.
Bitcoin’s been on a hot streak this month, rising more than 15% in October. Still, cryptocurrency use cases remain limited. Data from blockchain researcher Chainalysis Inc. last year showed hardly anyone used Bitcoin for anything beyond speculation.
Partly it’s due to its wild price swings. The coin is up about 70% this year but is still around $8,000 away from its all-time high of about $20,000 set in December 2017. In March, during a coronavirus-induced selloff, it fell 31%.
Author: By Vildana HajricBloomberg
European Commission Opposes Crypto Fraud Compensation Fund: Victims Say Commission Cozying up to the Industry | Regulation Bitcoin News
The European Commission (EC) is opposing the creation of the crypto crime victim superfund to be financed with $0.0001 per dollar on all cryptocurrency transactions occurring within the EU. The Commission says that it does not have the competence to set up and administer such a fund. It also argues that most crypto crimes occur outside the EU jurisdiction.
The EC made the remarks in response to a petition lodged with the European Union Parliament (EUP) by a consortium of crypto fraud victims. In their petition, the victims insist that the EC, which is one of the largest bureaucracies, is ideally placed to administer the proposed fund.
In its response to the EUP, the Commission, which has previously turned down the petition, says victims must instead “continue to pursue their respective cases through national law enforcement agencies.” According to the EC, victims can “seek compensation through existing channels or with the legal persons responsible for their loss.”
The Commission also clarifies that “EU rules on compensation may be applicable in cases of intentional violent crime.”
Meanwhile, the victims have assailed the EC’s tepid response and accused the Commission of taking an “anti-consumerism” stance. In a statement, the victims’ lawyer Jonathan Levy says:
The EU Commission pleads a lack of competence to assist victims of crypto crime even while promulgating a union-wide regulatory scheme for crypto assets. The Commission administers billions of Euros in grants and credits every year and has one of the most expansive and well-trained bureaucracies in the world but cannot administer a simple victim fund which is self-replenishing through a virtually unnoticeable .0001 cent per Euro transaction fee.
The lawyer reveals that the Commission has invested over $110 million in blockchain innovation awards and investments. However, pointing out that the EC’s claims that it lacks the ability to administer the superfund ring hollow, Levy says the Commission “must have some competency in overseeing crypto assets unless it simply distributes the Union’s funds with no hope of oversight.”
With the EUP estimating that at least $5 to $5.5 billion in crypto-asset fraud occurs annually in the EU, the lawyer suggests that by failing to take action, the EC will be seen as abetting crypto criminality. Levy, whose clients have suffered losses exceeding $44 million, adds:
“The EU Commission itself remains a host to crypto criminality in a major way with the European Commission delegated ccTLD .EU being a continuing host to the One Coin/One Life pyramid scam which has defrauded victims (including my clients) of well over $4.4 billion.”
The Onecoin crypto pyramid scheme, which recently had its scam warning alert dropped by the Financial Conduct Authority, remains operational despite the arrests and disappearance of some of the masterminds.
Meanwhile, in an expert opinion lodged with the EU Parliament Petitions Committee on October 20, technical expert Michael K McKibben, says he found “that the distributed ledger nodes already charge a node transaction or relay fee on much of the $110 billion daily crypto asset trading volume.”
The technical expert agrees with the petitioners that the addition of an “unnoticeable .0001 cent per $ insurance fund fee would provide for a victim superfund.” The expert concludes that since crypto assets are currently uninsurable, therefore “the proposed EU superfund would provide much-needed relief for victims of Ponzi schemes, hacks, fraudulent ICOs and extortion that utilize or involve crypto assets.”
McKibben, an American software engineer, also gives his opinion on why he thinks the superfund is viable:
Many nodes are actually slave units with no independent discretion thereby making the addition of an EU insurance fund fee to a distributed ledger system relatively simple to implement.
After failing to get redress via national courts, victims of crypto fraud are now pushing for EU authorities to help set up the self-replenishing superfund. However, in the wake of the Commission’s response, the EUP will continue to seek input before deciding the next step. Meanwhile, Levy says other stakeholders can still come forward and give their opinions to help bolster the petition.
What do you of the EC’s latest response to the petitioners? Tell us what you think in the comments section below.
Crypto asset, Crypto Fraud, european, european commission, European Union Parliament, Financial Conduct Authority (FCA), ico fraud, Michael K. McKibben, One Coin, Onecoin Pyramid, Ponzi Schemes
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PayPal will allow cryptocurrency for buying, selling, shopping in 2021
PayPal announces it will allow cryptocurrencies through their 26 million merchants in early 2021 in buying, selling, shopping.
Published Wed, Oct 21 2020 7:56 AM CDT
The world is going through some major changes right now because of COVID-19, but PayPal allowing cryptocurrencies across their merchants in 2021 is some major news.
Reuters reports that PayPal Holdings Inc will allow its customers to use cryptocurrencies in order to buy, sell, and hold bitcoin and other cryptocurrencies using your PayPal wallet. PayPal President and Chief Executive Dan Schulman said in an interview: “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role”.
Schulman said that PayPal hopes to see its new cryptocurrency service to kick start the use of cryptocurrencies around the world, and prepare its network for new digital currencies that may be developed by central banks and corporations.
It’s a big deal because there are 346 million active PayPal accounts that process $222 billion in payments in Q2 2020 alone, so you can see how it makes sense for PayPal to be interested in cryptocurrency. Cryptocurrency payments on PayPal will be settled using fiat currencies, so it won’t be a crypto-to-crypto payment from customer to merchant.
Instead it will be crypto from your wallet, into USD for example, and then to the merchant. So if you’re holding a particular coin at the time, you can pay the fiat dollar amount for it — and have it taken from your crypto wallet.
PayPal will start with bitcoin, ethereum, bitcoin cash, and litecoin in 2021.
Author: Anthony Garreffa