While the market is in a bearish trend, QTUM, a leading cryptocurrency, won the battle against the bull and experienced a massive surge.
According to CoinMarketCap, at press time, the coin was trading at $2.65 with a market cap of $263.95 million. It recorded a trading volume of $395.08 million, with a hike of over 36% in the past one-hour and over 47% in the past seven days.
More so, the price movement of the coin in the past 24 hours was pictured to be 37% upwards. This has also pushed the coin ahead in terms of market cap placement, as it was seen in the 25th position rather than its usual 30th position.
The highest trading volume for the cryptocurrency was pouring in from LBank for QTUM/ BTC trading pairs. The second was also recorded on the same exchange but for QTUM/ETH trading pairs. The other top exchanges on the list were UEX, ZB.com, and UpBit.
The price of the coin could have gained momentum because of its recent announcement pertaining to QTUM integration on Zeux Payment platform.
The blog statement read:
The blog also stated that Zeux “reduces the friction” in terms of using QTUM in the real world, and that it “sticks to the nature” of cryptocurrency by enabling zero-fee transactions. This integration would allow QTUM users to use their tokens on any store available on Apple Pay or Samsung Pay.
Miguel Palencia, Chief Information Officer at Qtum Foundation said:“We’re excited that Zeux has added QTUM to its app. This adds a tremendous amount of additional utility for our valued community who can now use QTUM for all point-of-sale payments with merchants that accept Apple Pay, and Samsung Pay […]”
British Hacker to Hand Over $1M in Crypto for Phishing Attacks 1348
A British judge has ordered the confiscation of $1.1 million worth of cryptocurrency from a hacker who used phishing attacks to steal personal data and sell it on the dark web.
As The Telegraph reported on Aug. 23, judge Joanna Korner of Southwark Crown Court ruled that the police could confiscate $1.1 million worth of digital currency from Grant West.
In his cyber attacks, West allegedly operated under the online pseudonym “Courvoisier” and used phishing emails to steal customers’ personal data — including financial data, as well as credit and debit cards details — before selling it on the dark web with cryptocurrency.
78 million individual usernames
West targeted companies including Sainsbury’s — the second largest retail chain in the United Kingdom — general merchandise retailer Argos and Uber. During the investigation, the police seized an SD card containing 78 million individual usernames and passwords, and the information of 63,000 credit and debit cards.
West was reportedly sentenced to ten years for conspiracy to defraud and possession of criminal property in May. At the time of West’s arrest, the value of the cryptocurrency was around $1.96 million, but price volatility made it difficult for authorities to determine the exact value of the confiscation, according to prosecuting barrister Kevin Barry.
The seized digital currency is set to be sold and West’s victims will be compensated for damages.
In July, a gang of masked men raided a Bitcoin (BTC) exchange in the English city of Birmingham, sparking a police investigation. On that occasion, the group had reportedly attempted to steal a Bitcoin automatic teller machine using a rope attached to their car.
According to blockchain security company CipherTrace, outright thefts, scams and other kinds of misappropriation of funds from digital currency holders and trading platforms resulted in around $4.3 billion in losses throughout 2019.
Hybrid stablecoins such as Facebook’s Libra could lose benefits offered by centralized, decentralized assets
One of the main drawbacks associated with the cryptocurrency market is its highly volatile price activity. The volatility was and still is, considered a major hindrance when it comes to the mass adoption of virtual assets. The introduction of stablecoins was meant to tackle this associated crypto-volatility. However, not all stablecoins operate the same way or are based on the same principles of work.
Linda Xie, Co-founder and Managing Director at Scalar Capital Management, recently spokeabout the future of stablecoins, on the basis of their contrasting credentials.
Xie classified the stablecoins industry as being centralized and decentralized assets, while also having dissimilar functionalities.
Speaking about centralized stablecoins, Xie took the example of USDC which is pegged 1:1 by USD in a bank. The advantage of a centralized stablecoin, she said, is the existence of a centralized entity that is responsible if anything goes wrong in terms of financial capacity. However, accessibility is limited to certain places and it will only be available if the individual resides in an area of “supported jurisdictions.”
Xie mentioned the case of DAI as a decentralized stablecoin, explaining that its major disadvantage in the market was its significant complexity and low stability, when compared to centralized stablecoins. The absence of potential censorship is also a plus point. However, the fact that no one central body would be liable if major issues surfaced with the asset is a price to pay.
“The lack of collateral and reliance solely on algorithms to get the price to be stable means a well funded, motivated individual or institution could attack the system and cause people to lose confidence in the stability of the model. This could then lead to a death spiral and the collapse of the stablecoin.”
Finally, Xie spoke about the inception of Hybrid stablecoins; Libra being a prime example, where the social media giant is trying to develop an asset-backed by a plethora of fiat currencies. Xie largely dismissed the idea of such stablecoins as they lose the “benefits” of both centralized and decentralized assets.
Xie concluded her analysis with the belief that centralized stablecoins will evolve over time, suggesting that the likes of USDC and DAI could co-exist in the ecosystem.
Recently, European Central Bank [ECB] had also shed light on the matter, stating that it did not consider virtual assets as a “threat to the financial stability of Europe.” The ECB believes that stablecoins had great potential as they were considerably less volatile than other assets like BTC, LTC, etc.
However, centralized assets have had their share of problems with Tether recently accused of not having their virtual assets completely backed 1:1 with fiat. Tether is one of the few regulated centralized stablecoins and the disputed allegations attached to it impacts the stablecoin market too.
Preston Byrne, Attorney at byrnestorm, had remarked back in 2017,
“A stablecoin that is collateralized by itself is a complex and fragile Nakamoto Scheme doomed to fail. A stablecoin that is collateralized by real assets and structured correctly is not a stablecoin, but a unit trust.”
John McAfee’s cryptocurrency trading platform launches Shadow Trading feature
Eccentric crypto-proponent, tech security expert and U.S Presidential candidate, John McAfee, today announced the introduction of a Shadow Trading feature on his latest cryptocurrency trading platform, McAfee Magic.
McAfee’s tweet read,
https://t.co/5jRN3sAXvG Shadow Trading is now functional. Give it a try.
— John McAfee (@officialmcafee) August 23, 2019
On the FAQ section of the webpage, a statement read,
“Trade Portal is your place for all your manual or automatic magic trades. Shadow Portal allows you to copy trading operations executed by professional traders.”
Dubbed “McAfee Magic,” the trading platform’s Shadow Portal is meant to cater to amateur traders. The platform allows novice traders to ‘shadow’ trading experts, with the ease to shadow multiple professionals simultaneously. According to the official website, the “magic” factor in the latest roll-out is that newbies are not required to fund trader accounts, despite retaining control over their funds at exchanges -“Your keys, your crypto.” Essentially, while using McAfee Magic’s platform, the funds are stored on the users’ exchanges and “only funds on the platform are used to fuel the trades.”
Shadow trading allows users to diversify their trading operations and manage risks better by enabling users to follow up to three professional traders at a time. Shadow portal fees are determined by the trader that the users’ are shadowing. The McAfee Magic team will be reviewing and approving all professional traders.
However, shadow trading isn’t something that has emerged out of the blue. The general industry-accepted term is “social trading,” wherein a new trader with a lack of industry expertise chooses to follow an experienced trader[s] on the platform.
According to a research published in July, eToro is the most popular social trading platform, followed by ZuluTrade and Shrimpy.