Corporate Communications through Blockchain: Banks Smell Opportunity

JPMorgan Chase Bank is planning the new Interbank Informations Network (INN) cross-bank payment platform, while PNB Paribas Security Services and Tata Consultanty Services are developing Corporate Event Connect (CEC) to optimize corporate communications.

Optimized Bitcoin profit at JPMorgan

The Reuters bank wants to launch JPMorgan Chase in New York in cooperation with the Australian ANZ and the Royal Bank of Canada INN. The network will be based on Bitcoin profit technology, the etherum-based blockchain that was launched last autumn.

Although JPMorgan’s CEO Jamie Dimon was still extremely negative about Bitcoin, the bank now wants to invest in the technology underlying the crypto currency.

Colleague Emma Loftus, Head of Global Payments at JPMorgan, said in a statement that INN would enhance the customer experience by reducing the time it takes for transactions to be delayed. The blockchain technology could also enable critical information to be exchanged and procured between banks.

Facilitated exchange of Bitcoin profit information

The handling of global payments is a complex matter. The verification and processing of Bitcoin profit transactions often requires a high level of communication and coordination. By using blockchain technology, the INN is able to reduce large amounts of information.

The Royal Bank of Canada and New Zealand Banking Group Limited, which join the INN, have a particularly high number of international bank transfers. Further correspondent banks are expected to join in the coming months.

The trading volume of J.P. Morgan Treasury Services is currently estimated at $5 trillion a day in more than 100 countries. The company has aggressively invested in technology to enhance its customers’ end-to-end experience.

Corporate Event Connect: Announcing corporate events through blockchain technology
Elsewhere too, efforts are currently being made to improve corporate communications. IBN Paribas Securities Services has teamed up with the Indian IT company Tata Consultancy Services (TCS) for a new platform called Corporate Event Connect (CEC). The aim is to enable customers to announce corporate events quickly and securely.

The aim is to reduce inefficiencies and errors in the flow of information between customers through different channels. Asset servicing also processes a large amount of information, which is passed on to investors through various intermediaries.

TCS BaNCS for Corporate Actions collects data from 90 markets, including 27 local official sources within BNP Paribas. They will later be translated into seven languages using deep learning technologies.

The correct management and dissemination of such data through sources of error has long been a weak point for the industry, says Gerald Noltsch, Head of BNP Paribas Securities Services Germany. The technology proved to be extremely useful for the project.

With TCS’s Quartz Blockchain technology, BNP Paribas can capture, archive, verify, and quickly forward this data to customers. The decentralization, immutability and transparency guaranteed in the blockchain protects the information from external manipulation and node failures.

JPMorgan, BNP & Co. are just a few of many other companies and countries that have discovered the benefits of blockchain technology to improve communication.

The biggest MLM scams in the Bitcoin world – and what’s left of them today

Some are in jail, others in a villa in Dubai: Scammers had a great time in the crypto scene in 2017. Many of the rip-offs at that time spread via multi-level marketing (MLM) and the promise of quick profits. But what happened to the biggest MLM scam coins of that time? And where are their former operators today? We collect the fragments of some of the biggest of these rip-offs and take a look at their methodology.

Bitcoin news from the unattractive side effects of the crypto currency hype

OneCoin, the alleged mother of all Bitcoin news Scams 2017. The name OneCoin has become the epitome of Scams in the crypto range according to the Bitcoin news. As is typical for such rip-offs, it linked multi-level marketing with digital currencies. OneCoin actually bought training in the crypto area. This was accompanied by customers receiving mining rights for the crypto currency, which was not yet publicly tradable. As soon as OneCoin was listed on a crypto exchange, profits would skyrocket, according to the promise. The customers earned additional money by recruiting new partners. However, the listing never took place.

“In reality, the OneCoin crypto currency was the cover for a system whose sole aim was to accommodate new consumers, according to the new Tiroler Tageszeitung in an investigative report about OneCoin.

After about two years the spook came to an end: After numerous warnings from financial supervisory authorities all over Europe and various police investigations OneCoin was exposed as a snowball system. In April 2017, BaFin imposed a business ban in Germany.

In many cases, the initiators of companies with fraudulent intentions do not act as liable CEOs, but merely as popular sponsors or management consultants. But not so in the case of OneCoin: The whereabouts of former CEO Dr. Ruja Ignatova, after she had been arrested and released on parole in the meantime, is currently apparently unclear. Some voices claim that she lives under a false name in Ukraine. It seems, however, that police authorities in Europe are still searching for her.

Bitcoin formula – The scam among the top 20 crypto currencies

Another prominent coin that followed a similar scheme was Bitconnect. Unlike OneCoin, Bitconnect was a popular coin on Coinmarketcap.com, and in the meantime even made it into the top 20 coins by market capitalization. Bitcoin formula operated a trading exchange and its own crypto currency. There were horrendous profit promises; once you lent the crypto currency over the platform, you got up to 120 percent profit a year. The minimum profit outlook was 40 percent interest plus 0.25 percent profit on the deposit per day. In addition it spread – who would have thought it – by recommendation marketing. Whoever brought new participants into the system could earn even more.

Right from the start, the Bitconnect system was suspected of being a Ponzi. The intervention of various financial supervisory authorities then brought confirmation. Bitconnect crashed at the beginning of 2018 and in September the last crypto exchange stopped trading the digital currency.

As so often it became dirty for the former operator – his wife was allegedly murdered and today the FBI is investigating him for his business.

Superlative project: World’s largest mining farm to be built at Itaipu power plant

Paraguay is becoming a crypto-promoter. In cooperation with the South Korean “Commons Foundation”, the world’s largest mining farm is to be built on a total area of 50,000 square meters.

Bitcoin news: Investors can secure a share in the profits by participating in an Initial Exchange Offering (IEO)

According to Bitcoin news, the Commons Foundation had already secured the rights to build a mining farm in Paraguay on 6 November. The Paraguayan government is providing a total of five locations of 10,000 square meters each for the realization of the large-scale project. Here is the Bitcoin news review.

The Commons Foundation plans to build the farm near the Itaipu hydropower plant, which is located on the border to Brazil. With an annual production of 103.1 terawatt hours (TWh), the power plant is considered to be one of the most powerful power plants in the world; the farm is therefore largely immune to energy bottlenecks.

“Paraguay consumes only ten to twenty percent of the electricity produced in the Itaipu hydropower plant itself. More than 80 percent is exported. We will build the largest mining farm in Paraguay and use the clean energy [from the power plant] for it, announces Choi Yong-Kwan, President of the Commons Foundation.

According to the press release, the financing will take the form of an IEO. Investors can participate in the financing of “Golden Goose”, as the project is called, by purchasing security tokens in advance.

Approximately 30 percent of the profits generated from mining will then be distributed proportionately to the buyers. According to the report, the Commons Foundation is relying on the rather unknown crypto currency MicroBitcoin (MBC).

Crypto exchange also planned Bitcoin formula

In addition to the mining farm, the Bitcoin formula also plans to set up a crypto exchange. In the press release, one superlative is chasing the next, because one day the Exchange will also be “the largest in the world”. It remains to be seen whether the planners will be able to keep their mouths shut at this point and whether the project will actually pass Binance by.

Choi Yong-Kwan, however, is confident:

“With the Golden Goose Project, we will create a new world-class ecosystem under which the world’s largest crypto-currency mining farm and the world’s largest crypto-market will operate,” he says.

Whether the Foundation is ultimately right is irrelevant. However, it is clear that the project is an important step for the further development of the crypto ecosystem in South America.

Bitcoin formula plans aggressive market entry in Japan

Despite the bear market, the crypto exchange Huobi continues to expand diligently. This time through an investment in Japan. And this despite bear market. An analysis.

The Bit Trade crypto exchange announced in a press release on September 12 that Huobi has acquired a majority stake in Bit Trade. The goal behind the investment is to expand further (to Japan).

Huobi’s investment is also important for Bitcoin formula

The first remarkable thing about the investment is the Bitcoin formula. Even if we are in a bear market, the companies will not be deterred by it. So is Huobi. After an expansion to San Francisco, Huobi reports in April that it is considering opening an additional branch in London. Huobi also opened its Huobi Pro branch in South Korea in April. The move to Japan is now a further step in Bitcoin formula market expansion.

The Importance of Huobi and Bit Trade
Secondly, the importance of Huobi and Bit Trade in the cryptoscene is important. Both are very important. On the one hand, Huobi is one of the oldest trading platforms with its foundation in 2013. On the other hand, it is one of the largest stock exchanges in terms of trading volume (at the time of publication it was the third largest in terms of 24-hour trading volume). It seems that Huobi intends to continue to expand this position.

Japan as an important Bitcoin trader market

Bit Trade was founded in 2016 and is therefore much younger, but only one of the 16 stock exchanges approved by the Japanese Financial Supervisory Authority (FSA). And the Bitcoin trader are very interested in Japan. In August, Bitcoin.com reported that some 160 exchanges had applied for an FSA license. Of these, however, only ten percent received a license. These regulations have their origin in the coincheck hack of January this year. After Coincheck stole about 430 million Euros worth of this NEM token, the FSA has started with its strengthened regulations. These showed their first effects in March. First, the FSA (temporarily) banned two crypto exchanges from trading. A little later, five more exchanges withdrew their application for an FSA license. In September, the FSA additionally strengthened the requirements for Bitcoin trader.

Huobi’s market entry strategy: Acquisition instead of bureaucracy
Finally, Huobi’s market entry strategy is also remarkable. Instead of going the arduous route of licensing, Huobi avoids this bureaucracy by acquiring a licensed platform. A similar strategy is pursued, for example, by Rakuten. At the end of August, Rakuten (one of the world’s largest Internet companies, whose portfolio includes Viber-Messenger, among others) acquired everybody’s bitcoin, a stock exchange also approved by the FSA. It seems that Japan is developing into a highly competitive market for crypto exchanges.

Crypto-Hacks: Lazarus Group alleged to have captured 571 million US dollars

According to the Russian IT security company Group-IB, hackers of the Lazarus Group have managed to steal assets from crypto exchanges with a total value of 571 million US dollars since the beginning of 2017. The attacks are attributed to the North Korean government.

According to the annual report “Hi-Tech Crime Trends 2018” of the Moscow IT security company Group-IB, Lazarus is apparently the most successful hacker group when it comes to attacking crypto exchanges around the world to tap their digital assets. Since the beginning of last year, the hackers controlled by the North Korean government have allegedly stolen wallets of various crypto currencies with a total value of 571 million US dollars. That is the equivalent of around 495.43 million euros. The cyber criminals have their sights set on the online trading centres in South Korea and Japan. The report is not yet publicly accessible. However, the news portal TNW already reported in advance that in 2017 and 2018 together, a total of 882 million US dollars worth of assets were stolen. The Lazarus Group is said to be responsible for the lion’s share of these virtual thefts.

Phishers stole 56 percent of all captured ICO wallets shown in the Bitcoin trader review

Hackers in this sector mostly use traditional methods such as spear phishing, social engineering and malware. With Spear Phishing, the targets are Bitcoin trader review. These look as if they came from a trustworthy source. In reality, the e-mails are used to lure victims to fake websites. There the target Bitcoin trader review computers are infiltrated with the help of the malware implemented in the pages and then completely taken over. To achieve this, the cybercriminals alternatively send infected PDF documents by e-mail, Group-IB reports.

After taking over the PCs, the hackers try to search the entire network of a company. The computers and servers containing the data of the crypto currency wallets are located. The perpetrators using phishing are said to be responsible for 56 percent of the stolen ICO assets. The report states that in the last year and a half about ten percent of all ICO wallets have been stolen. The phishing hackers should be able to collect about one million US dollars a month. The aim, however, is not only to attract the operators of crypto trading centres, but also an increasing number of people and companies that are involved in crypto mining. There is also a lot of money to be raised there.

Particularly perfidious: social engineering and the crypto trader review

In so-called social engineering, the private and professional environment of an employee is researched in order to later mislead him. The messages of the perpetrator, who pretends to be the contact person, are intended to create crypto trader review trust. The person (often a colleague or superior) then asks the victim to disclose passwords or other sensitive information like this https://www.geldplus.net/en/crypto-trader-review/. The hacker can maintain his deception until the person concerned has the idea of contacting the contact person elsewhere (e.g. by telephone). In this case, the fraud is discovered immediately. Of course, social engineering is much more successful with trusting or authority-hungry target persons than with skeptical people who are not afraid to make themselves unpopular with their superiors, e.g. through their control call.

Lazarus Group – or covert operations under false flag?
Even if there is no discernible reason for a Russian company to make false accusations in the direction of North Korea, such accusations must always be treated with caution. The secret services or leading corporations that act on their behalf often leave false traces. The aim is to distract from one’s own identity. Experts speak of “false flag operations”. This refers to covert operations by military or intelligence organizations under false flags. This approach has always been common practice in information technology.

Ex-Visa CEO joins Cryptto-start-up Crypterium

The start-up Crypterium, which was founded in Estonia in 2017, has set itself the goal of simplifying payment with crypto currencies. Now it has landed a big fish: The former CEO of Visa in Great Britain and Ireland, Marc O’Brien, has joined the start-up as CEO.

Crypterium wants to integrate payment with Bitcoin and Ether into everyday life. To this end, it hopes to cooperate with Visa or MasterCard to introduce crypto currency cards. With the new CEO Marc O’Brien, who headed Visa in Great Britain and Ireland from 2008 to 2014, the start-up has taken a big step towards its goal. Last year, Crypterium collected 53 million US dollars with its ICO.

Information about the Bitcoin code review

Crypterium’s motto “Whatever you can do with your money, you can now do with your crypto” already sounds very ambitious and can be seen here: https://www.geldplus.net/en/bitcoin-code-review/. But they seem to be on the right way. So the new CEO with a visa background is just the beginning. The start-up company plans to hire an entire team of experienced financial service providers in the near future. In this context, they have already hired a recruiter. The Crypterium team currently consists of three Bitcoin code review representatives in London and ten in Moscow. O’Brien told Business Insiders that offices in New York, Singapore and Miami are now planned. The company is currently seeking extensive legal advice on this in order to obtain all the necessary licenses. O’Brien revealed:

“They are very good at recognizing that they were the right team for the concept and execution of the ICO, but now that they are entering the operational model, they need to bring in experienced, professional staff who are familiar with large-scale projects and global operations.

Currently, payment with cryptos is still quite complicated. In order to simplify this process, Crypterium wants to develop a card that can be integrated into the existing wallet. If the user wants to make a transaction over it, Crypterium receives a corresponding request and, after successful verification of the credit, gives the green light for the payment. “You can stand in a shop and all of this can be done in a fraction of a second,” O’Brien stresses.

“Secret Sauce” of the Bitcoin code scam

How the start-up will deal with the extreme volatility of the Bitcoin code scam shown by onlinebetrug, however, is not known. According to O’Brien, this is the “secret sauce” of the company, intellectual property regarding these details is “carefully protected”. However, the new CEO points out the advantages that are particularly important for high inflation markets such as Argentina or Turkey: “We have a unique opportunity to provide some degree of safety for consumers in these countries.

Crypterium is currently in discussions with potential partners. However, it intends to publish its first products in the autumn of this year.

With the Blockchain for a free world – impressions of the Blockstack event

The Blockchain company Blockstack organized an event with well-known speakers such as Nick Szabo and Edward Snowden. In addition, it was presented which projects are currently being pursued on the platform developed by Blockstack. A report about a day for decentralization.

The Axica Congress Centre is internally very futuristic. The auditorium in which the Blockstack Berlin event took place is reminiscent of a spaceship. Of course, the crypto aficionado was immediately forced into the “to the moon” association.

Empowerment through block stack

At the event organized by Blockchain company Blockstack, however, neither Lambos nor Bubbles were on the agenda – the topic of “price” played a subordinate role, if any, in all the presentations. Only in a panel discussion on investment in decentralized ecosystems moderated by William Mougayar was this the topic.

The central theme of the event was rather “freedom”

The topic was data ownership, privacy and empowerment of the individual. Accordingly, Peter van Falkenberg, moderator of the event and research director of Coincenter, ushered in the day with a quote from the recently deceased John Perry Barlow:

“To shape the future, it helps to foresee it. And so I foresaw Utopia. I had hoped that this would give freedom a small edge over Moore’s and Metcalfe’s laws. These eventually brought what Ed Snowden calls turn-key totalitarianism.”

John Perry Barlow was not only a member of The Grateful Dead, but also an important person in the Cypherpunk and Hacktivism movements with the declaration of independence of cyberspace. He told Bitcoin developers to be careful: “They are currently building the technology of future freedom and slavery. This is the goal that the various projects on this day have dedicated themselves to.

A glance at the list of speakers shows that going into each presentation would go beyond the scope of the conference. A special focus was the presentation of projects developed on the basis of the Blockstack platform. Blockstack is presented in detail in a separate article, in short the interface reminds of Google Apps, but without the centrality. Graphite, for example, is a Google Docs based on Blockstack. In the afternoon, various projects were presented in short pitches and projects from decentralized social networks to a censorship-free podcast platform and new decentralized organizational models could be demonstrated. Many of these can already be tested on the Blockstack platform.