The top news in the last 24 hours are shown below:
Mt. Gox CEO Mark Karpelès to Spend 10 Years in Prison for Bitcoin Embezzlement
On Friday, Mark Kapelès, the CEO of now-defunct cryptocurrency exchange Mt. Gox is facing a litmus test. The Tokyo court will announce its verdict as Karpelès is most-likely to face a 10-year jail term on charges of Bitcoin embezzlement. Also, Karpelès is facing charges of manipulating exchange data and siphoning $3 million of client’s funds to his own account.
PwC’s Strategy& Report: A Whooping $20B was Collected via Over 1132 ICOs and STOs in 2018
In total, in 2018, over $19.7 billion was raised by 1,132 ICOs and STOs. Two projects raised over $5.8 billion of the volume. They are the EOS Foundation that is known to have conducted the largest ICO in history with over $4 billion raised in June 2018 and Telegram messenger that managed to raise $1.7 billion.
Gatecoin Crypto Exchange to Shut Down on Court’s Orders
Hong Kong-based cryptocurrency exchange Gatecoin will shut down and enter liquidation after an unsuccessful attempt to recover funds lost in a dispute with a former payment services provider. The team stated:
“Even after we managed to mitigate our loss by replacing that PSP with more reliable alternatives to process our clients’ transfers in September 2018, the situation did not improve because that PSP retained a large part of our funds.”
Late Quadrigacx CEO Used Personal Funds to Fulfill Withdrawals
Jennifer Robertson, the widow of late Quadrigacx chief executive officer Gerry Cotten, has revealed that customer withdrawals were processed using personal funds in a statement published yesterday. The document also indicates that law firm Stewart McKelvey has withdrawn from representing Quadrigacx during the Companies’ Creditors Arrangement Act process due to “potential” conflicts of interest.
Quoine Found Liable for Wrongfully Reversing BTC Trades in Singaporean First
In the first Singaporean legal dispute involving BTC, Singapore-registered cryptocurrency exchange Quoine has been found to have wrongfully reversed seven trades placed by market maker B2C2 during April 2017. The ruling has been made following four months of proceedings.
Thailand’s Stock Exchange Plans to Roll Out Digital Asset Platform in 2020
The Stock Exchange of Thailand (SET) plans to roll out its digital asset platform in 2020, according to an official statement released on March 13. Following recent reports purportedly revealing the plans, the SET has confirmed that it will build a digital asset platform as a part of its three-year strategic plan from 2019 to 2021.
Cross-Platform Blockchain Project Cosmos Launches First Hub After $17 Million ICO
Blockchain platform Cosmos, which is set to work as a mediator between different blockchains, has officially launched the first hub of its ecosystem on Wednesday, Mar. 13. The Cosmos initial coin offering (ICO), held in April 2017, raised a little more than $17 million.
German Bank Association: New Regulation for DLT-Based Securities May Be Necessary
The Association of German Private Banks (Bankenverband) foresees that a need for new regulation may arise from the emergence of distributed ledger technology (DLT)-based securities. The association expressed its concerns in a post on its official website on March 11, Cointelegraph auf Deutsche reported.
Spain: Stock Exchange Operator Pilots Collateral Pledges Digitization on Blockchain
Major Spanish stock market operator Bolsas y Mercados Españoles (BME) has completed its first blockchain pilot for electronic certificates of collateral pledges, according to an official press release published on March 15. Implemented along with Renta 4 Banco, which is the only investment services firm listed on the BME, the new pilot intends to eliminate the use of physical certifications by digitizing all processes and providing network participants with real-time access to data.
Cryptocurrency Community Eyes Tether After Website Dilutes USD Backing Claims
Developers behind stable coin Tether (USDT) have drawn scrutiny today, March 14, after social media users noticed they had removed previous claims that United States dollars fully backed the altcoin. On Reddit, commentators immediately took issue with backing by anything other than USD, which they suggested compromises the entire coin’s legitimacy.
Token 2049: Vitalik Buterin Says Non-Financial Blockchain Use Cases Are a ‘Harder Pitch’
Ethereum (ETH) co-founder Vitalik Buterin says that blockchain applications outside of finance face more difficulty gaining traction, as the primary added value they offer is decentralization. Buterin made his remarks during a speech at crypto event Token 2049 in Hong Kong on March 13.
“The problem is that decentralization is basically their value add. With finance you’re competing with banks that take five days to do something interesting. With anything that’s not financial, chances are there is some internet thing that does what you want, that’s just centralized. So it’s a bit of a harder pitch.”
New York Times Posts ‘Blockchain Exploration’ Job Listing, Removes It Hours Later
United States news giant the New York Times (NYT) has evidently been hunting blockchain talent to develop a proof-of-concept (PoC) that will implement the tech in news publishing. The development was revealed in an NYT job posting on job listings site Glassdoor today, March 13.
Post-Trade Market Infrastructure Giant DTCC Publishes Guidelines for Tokenized Securities
The Depository Trust & Clearing Corporation (DTCC), a global post-trade market infrastructure giant, has published a white paper outlining guiding principles for the post-trade processing of tokenized securities. News of the white paper was announced in an official DTCC press release on March 13. DTCC proposes that:
“The market for trading crypto assets that are security tokens where the post-trade processing uses distributed ledger technology (DLT), has created a need for safety, security and reliability around these transactions to protect market stability.”
Vonage Subsidiary Receives Patent to Secure Voice Communications With Blockchain
A telecoms firm owned by American cloud communications company Vonage has been awarded a patent for using blockchain technology to secure communications and recordings. The patent was published by the United States Patent and Trademark Office on March 12.
Coinbase Custody Conducts First OTC Trade From Cold Storage
Coinbase Custody, the custodial tool of United States-based crypto exchange Coinbase, has completed its first over-the-counter (OTC) trade from cold storage, according to a blog post published on March 13.
Canadian Police Asks for Public Assistance to Identify Bitcoin Fraudsters
Canadian police are seeking information on individuals alleged to be involved in defrauding Bitcoin (BTC) ATMs (BTMs), according to an announcement published by the Toronto Police Service on March 13.
IBM Publishes Patent for Resisting Replay Attacks in Permissioned Blockchains
Multinational computing giant IBM is adding to its arsenal of blockchain patents with an application for improving the security of permissioned blockchain networks. The patent, first filed in October 2016, was published by the United States Patent and Trademark Office on March 12.