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BMW Rolls Out Blockchain-powered Token Rewards Platform in South Korea

BMW Rolls Out Blockchain-powered Token Rewards Platform in South Korea

BMW Korea has launched a blockchain-powered “way of life” platform that rewards South Korean automotive house owners with tokens they will redeem towards flight tickets and upkeep funds.

Per Aju Kyungjae, BMW Korea acknowledged that the platform, named BMW Vantage, can be “launched on the worldwide market” after its South Korean debut.

The motoring firm acknowledged that it might supply prospects as much as 900,000 “BMW Coin” tokens for automobile buy, providing double token payouts at some stage in October on chosen BMW fashions – with bigger payouts for newly launched automobiles.

The agency added that even South Korean non-BMW house owners may earn tokens “by collaborating in occasions or video games” on the BMW Vantage app.

The corporate mentioned its cash can be utilized “for all paid providers” on its app, in addition to with affiliate companions together with the nationwide air provider, Korean Air.

And the agency claimed that the brand new platform lets prospects guide and pay for official BMW providers such because the BMW Driving Middle’s packages, upkeep providers, airport providers and different promotions – along with “reductions offered by quite a lot of associates.”

The rollout follows a profitable pilot for chosen automotive house owners, particulars of which have been revealed in summer season this yr.

Final yr, the carmaker additionally mentioned that it was working with quite a lot of rival motor companies on a blockchain-powered automobile identification platform, with a worldwide blockchain initiative for autonomous automobiles and different tech advances additionally within the pipelines.
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Spanish Prosecution Office Investigating Alleged Bitcoin Pyramid Scheme: $1 Billion in Investor Funds Reportedly Missing | News Bitcoin News

Spanish Prosecution Office Investigating Alleged Bitcoin Pyramid Scheme: $1 Billion in Investor Funds Reportedly Missing | News Bitcoin News

Spanish Prosecution Office Investigating Alleged Bitcoin Pyramid Scheme: $1 Billion in Investor Funds Reportedly Missing

The Spanish Prosecution office says it is investigating Arbistar for allegedly running a bitcoin trading scam with preliminary findings suggesting $1 billion in investors’ funds cannot be accounted for. The disappearance of investor funds has affected 32,000 families that are failing to access their savings that are invested with Arbistar, a suspected pyramid scheme masquerading as a bitcoin trading platform.

Problems for Arbistar investors started after the bitcoin trading platform abruptly froze investor accounts before ceasing operations in September. At the time, executives at Arbistar claimed an error on one of its crypto trading bots caused the bitcoin trading platform to pay more in profits than were actually due. In a statement soon after freezing investor accounts, Arbistar said the error, which went undetected for close to a year, left the trading platform in a financial hole.

Now according to Spanish media reports, the police in Tenerife, where Aribistar has its tax headquarters, has “already opened investigations into the company.” The police also want to “know the destination of the (missing) funds.”

Meanwhile, some of the investors affected by Arbistar’s freezing of accounts insist the bitcoin trading platform is a pyramid scam. Nevertheless, the director and owner of Arbistar, Santiago Fuentes disputes this characterization as he defends the blockade on investor accounts:

It is just a computer error that we have to settle, liquidate and continue with our businesses.

Fuentes, who earned the nickname “Spanish Madoff” after his prosecution and subsequent acquittal in another scam case, agrees that about 32,000 families are affected. Interestingly, Fuentes confirms that he is in hiding at an undisclosed location in Tenerife for “security reasons.” However, he denies accusations that he has disappeared.

On the other hand, when asked about the actual figure of bitcoins that cannot be accounted, the Arbistar director again denies that nearly $1 billion worths of coins are missing. Instead, he claims that the actual value “does not reach even a tenth of what is speculated by some of those affected.” According to Fuentes, the actual figure of bitcoins that cannot be accounted for “could be around 10,000 bitcoins” which he says translates to almost $103 million.

Finally, Fuentes says he hopes that the scheduled launch of Arbistar 2.0 will “ensure those affected will recover their investment in six or twelve months.”.

Meanwhile, in another twist to the story, one blockchain intelligence firm, Whitestream claimed it has uncovered “massive withdrawals from Arbistar Ponzi wallets into Wirex and Coinbase.” This occurred in February.

The Spanish Prosecution Office Investigating Alleged Bitcoin Trading Pyramid Scheme: $1 billion in investor funds reportedly missing

In a Twitter post on October 4, the Whitestream team said:

“An estimated 272.6 BTC were sent to, and 272.1 BTC sent to during this month (February). More large amounts of BTC were sent to other exchanges.”

To support the claims, Whitestream provides data (Bitinfocharts) that appears to show “cash outs” at exchanges immediately after investor fundraising activities.

The blockchain intelligence firm’s CEO, Itsik Levy tells News.bitcoin that after analyzing Arbistar activity on the Blockchain, they determined that:

In that period of time Arbistar had an estimated 18,000 Bitcoin addresses that represent their customer deposits, they were involved in 17,500 transactions. Between July 2019 to March 2020 Arbistar received around 2,600 BTC $26,000,000.

The Spanish Prosecution Office Investigating Alleged Bitcoin Trading Pyramid Scheme: $1 billion in investor funds reportedly missing

However, after the large cashouts in March 2020, Levy says they observed that Aribistar “changed the Blockchain wallets infrastructure in order to gain more privacy on the blockchain, the new wallets infrastructure is active until today – October 2020.”

Still, the CEO says they “are currently analyzing the new wallet structure of the company in order to understand where the lost funds are.”

What do you think of Fuentes’ remarks about the missing bitcoins? Share your views in the comments section below.

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Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

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Author: News by Terence Zimwara



Crypto Markets Collapse $ 10 Billion As Trump Completes Pandemic Relief Talks
Global stock markets and cryptocurrency markets have plummeted.

Amid a remarkably rapid recovery from the virus that has claimed more than 210,000 American lives, President Donald Trump abruptly ended talks with Speaker Nancy Pelosi and Democratic leaders over new economic aid packages.
Total market capitalization has dropped by about $ 10 billion in the last 24 hours. Markets fell from $ 335 billion to just under $ 325 billion as a result of the move, according to

Former CEO Chris Larsen says Ripple is close to leaving the US
Former Ripple CEO Chris Larsen does not expect to see a favorable regulatory regime in the US.

In an October 6 interview with Fortune reporter Jeff John Roberts, former Ripple CEO Chris Larsen revealed that the $ 10 billion blockchain payments company was close to leaving the US due to regulatory enmity.

Ethereum hash rate surpasses ATH after DeFi boom
DeFi craze sparks a surge in transactions on the Ethereum network

The hash rate of Ethereum exceeded 250 terahashes per second for the first time in blockchain history. This new record was achieved after nearly 80% continuous growth since January 2020.

What cryptocurrency will become the main one in a year?

Japanese LINE launches cryptocurrency lending service
LVC is launching a service that allows users to provide cryptoassets in exchange for BITMAX.

Israeli government investigates failed hack targeting Crypto CEOs
According to Haaretz, Israel’s intelligence community is investigating a mysterious but unsuccessful burglary attempt.

The executives reportedly lost access to their Telegram and email clients and, as a result, their personal data was stolen in a likely SMS spoofing incident that appears to have only affected users of the telecommunications giant known as Partner.

Best Ethereum MetaMask Wallet Reaches Milestone Despite DeFi Slowdown
The Ethereum decentralized finance market has received strong opposition in recent weeks.

One analysis by a renowned cryptanalyst shows that the average DeFi coin, including Ethereum, has dropped 60.5% from their local highs. Even the most successful manufacturer, Maker, has lost an astounding 30% since its peak.

Google Cloud joins the EOS blockchain community
A former Goldman Sachs executive named Martin Chavez will chair the company’s advisory board.

Google Cloud has joined the EOS blockchain community with the intention of becoming a block producer. This will require approval from the EOS community. The company’s press release quoted Google Cloud developer and advocate Allen Day as confirming that his company is embarking on the process of becoming a block producer:

BNP Paribas and Curv Introduce a Secure Method of Transferring Security Tokens
Proof of Concept Security Token Transfer featuring BNP Paribas and Curv.

Securities provider BNP Paribas has completed a Proof of Concept with cloud-based crypto wallet provider Curv to demonstrate a highly secure way to transfer security tokens.

CEO of Hedgeye Risk Management Sells All His Bitcoins
Energetic CEO Says He Sold All His Bitcoin

Keith McCullough, CEO of Hedgeye Risk Management cashed out bitcoins. McCullough, an outspoken bitcoin commentator since 2017, announced the news to his 189,000 Twitter followers.
McCullough did not give a reason for selling all of his bitcoin, but retweeted a comment by Luca Balstrieri, who said McCullough “understands correlations and is not a permanent member.”
Keith McCullough Sells All Her Bitcoins

OKEx derivatives exchange targets small investors by providing real-time data
Cryptoexchange partners with Skew data analytics website.

The largest cryptocurrency derivatives exchange OKEx has announced a new initiative aimed at making its cryptocurrency derivatives more transparent and more accessible to ordinary investors.

The bitcoin derivatives exchange Bitnomial attracts $ 11.6 million from investors.
The bitcoin derivatives market Bitnomial has attracted $ 11.6 million from investors.


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On-Chain Analyst: Bitcoin’s Price Not Accurately Reflecting Fundamental Strength

On-Chain Analyst: Bitcoin’s Price Not Accurately Reflecting Fundamental Strength

Home / Bitcoin / On-Chain Analyst: Bitcoin’s Price Not Accurately Reflecting Fundamental Strength

Bitcoin’s price action as of late has done little to offer investors with insight into its mid-term outlook. BTC has been trading squarely between the lower and upper boundaries of its long-held trading range between $10,200 and $11,200.

Its lack of momentum has struck a serious blow to investor sentiment, causing many investors and analysts to expect its consolidation to end in a sharp move lower.

Despite this perceived bearishness, one analyst explained that the cryptocurrency couldn’t be stronger from a fundamental perspective, adding that he believes its price is acting as a lagging indicator for its underlying strength.

He even goes so far as to note that on-chain metrics indicate that BTC is fully in “moon mode,” whiles its price remains mildly bearish.

As such, he believes that significantly further upside could be right around the corner and that the market will grow keenly aware of its strength in 2021.

Bitcoin’s dwindling volatility may stem from a confluence of traders being less keen to use platforms like BitMEX following the CFTC’s crackdown on unregulated derivatives platforms, coupled with a lack of spot BTC existing on exchanges.

These factors have had a noticeable impact on the cryptocurrency’s volatility, which has declined greatly over the past few weeks.

Willy Woo – a prominent on-chain analyst – explained that the massive decline in the balance of BTC on exchanges is a “very macro bullish” sign that indicates that upside could be imminent.

“When coins on spot exchanges drop, it’s a sign that new buyers are coming in to scoop coins off the markets and moving them into cold storage HODL, we are seeing new HODLers right now. Very macro bullish.”


Image Courtesy of Willy Woo. Data via Woonomic.

Woo further went on to note in a separate tweet that now is one of the few times he has ever seen such a striking divergence between Bitcoin’s price and its fundamental strength.

“This is one of the few times in my Bitcoin career where the fundamentals (on-chain data and metrics from infrastructure players) are in moon mode, yet the market is not woke to it. They will be by 2021. This is an opportunity I’ve not seen since mid-2016.”

Based on the low balance of Bitcoin on exchanges and massive buying pressure from new market participants, this fundamental strength could send its price significantly higher.

Featured image from Unsplash.

Bitcoin’s price action has been creating significant fear amongst investors, with analysts and traders widely …


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BMW Rolls Out Blockchain-powered Token Rewards Platform in South Korea

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