QuadrigaCX CEO Apparently Feated For His Life Former Colleague Says
The QuadrigaCX controversy seems not to have an end. This time, a former colleague and friends, said that the CEO of the platform, Gerald Cotten, feared for his life due to the large number of funds he exclusively controlled. The information was released by Global News on April 19.
QuadrigaCX CEO Feared For His Life
As per the colleague, Cotten mused to him about being kidnapped due to the large fortune controlled. Adam O’Brien explained that it was difficult to know how seriously Cotten’s references were. O’Brien is the owner of a cryptocurrency business.
On the matter, O’Brien commented:
“Gerry was holding, we know, over $100 million, almost $200 million dollars in funds. That makes people do some pretty crazy things. And I think Gerry was aware of that, and I think he was kind of worried that something might happen.”
At the moment, the funds that people held in the QuadrigaCX exchange are locked and cannot be recovered. Mr. Cotten, who passed away back in December 2018, was the only person that knew the private keys of the wallets where the funds were stored.
O’Brien mentioned that he was shocked about Cotten’s death and that he doesn’t believe in conspiracy theories that suggest that Mr. Cotten faked his death. At the same time, he mentioned that he does not believe that customers will recover their funds.
As O’Brien explains, it will be good for Bitcoin and the industry to have one leg up in a dead man’s switch. A dead man’s switch would allow the funds to be moved to another address if the users do not enter their wallets for a specified amount of time. At the same time, the switch activates by itself and it sends the encryption codes to someone that the user designates before.
At the moment, there is an ongoing investigation related to the funds lost by QuadrigaCX. Nonetheless, there is no information about the funds lost.
Chainlock makes Dash immune to 51% attacks, claims Ryan Taylor
Dash was recently in the news for the implementation of Chainlock, a protocol which helps the Dash network become immune to 51% attacks or a chain re-org.
Ryan Taylor, Dash CEO, was recently featured in an interview where he spoke extensively on Chainlock, New InstantSend and more. Taylor first spoke of how Dash is different from other cryptocurrencies and how it was focused on making “Point-of-sale” for users a more seamless process.
With the implementation of Chainlock on the Dash network, it can now settle payments instantly and can quickly be re-spent without any risk to the receiver.
In the interview, Taylor also spoke about the issues Proof-of-Work-based chains face. According to him, these chains follow the block that has “the most work associated with it,” and always go with the first block they see, even when there are two potential blocks. The validity of a block is confirmed only after the next few blocks are formed in the network.
He then spoke of projects using a checkpoint system, a system that carries its own cons. Taylor said that Dash had solved these issues. Dash has created a network that votes by itself on the blocks created. It does so through developed layers of a network called “Master Nodes.” These master nodes then randomly select 400 nodes to form a “Quorum,” members of which then vote when a block is sighted. The purpose of the voting is to term a block valid for it to be added to the network.
A block is only valid if 60% of the members agree to it. Later, a message is sent via the network and mentions the details of a block at a particular height, while also informing about any other block which is rejected.
When asked about the importance of Chainlock and reducing the chance of a 51% attack, Taylor said,
“The cost of attacking the Dash network for an hour isn’t just rent some hashrate like it is for all other cryptocurrencies, you also have to control 20, 25 percent of the coin supply before you could even attempt it. That makes Dash, probably, the most secure cryptocurrency, even more so than Bitcoin.”
Binance CEO Hosts Fifth Live AMA On Company’s Latest Objectives For Futures And Smart Contracts
Binance head CZ sat down for his latest edition of his famous AMA where he addressed numerous rumors and questions around Binance.
He said that while the arrival of institutional demand is one of the most cited reasons by cryptocurrency proponents for this year’s rally, individual investors are still playing a key role in driving the dramatic price gains. While both institutional and retail trading is growing at Binance, individual investors account for about 60% of trading volume which is the same proportion as the last year. This growth comes in part thanks to greater availability of margin trading.
Expanding on this, CZ said:
“So far, there’s more than $15 million borrowed for margin trading, so clearly there’s a very strong demand for that, and we’re happy to finally push the product out, and have more people use it.”
He even said that there is a possibility of a Future launch:
“The simulation market price will roughly follow the real Bitcoin price, which is the real contract price. We will do a simulation first. Then, in 10 to 20 days, we’ll make the futures testnet live.”
He was proud of the fact that the Binance DEX has been received with open arms by the crypto community.
“I think Binance DEX offers many many advantages. I mean in terms of technology, it is faster, cheaper etc, etc but also in terms of economics, when a project is on Binance, we help it market and provide a lot of service around it, which also helps promote the growth of our Binance DEX.”
Binance team is all set to burn off all the BNB tokens that were allocated to them in order to burn a mountainous 100 million BNB in total. CZ said that rather than linking BNB with market projects or holding BNB buybacks, the Binance team will be burning all of their tokens first, all the 2.4 billion USD.
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Justin Sun invites Donald Trump to Warren Buffet lunch
Just Sun has invited U.S President Donald Trump to the $4.6 million lunch that will be held with American business magnate, investor, speaker and philanthropist who serves as the chairman and CEO of Berkshire Hathaway, Warren Buffet later this month.
The invitation from Sun comes hours after Donald Trump lambasted the cryptocurrency space, stating that “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…”
Trump’s tweets were met with plenty of resistance from crypto twitter who reacted to the comments by Trump. One of them being Tron and BitTorrent CEO Justin Sun.
Sun is set to have lunch with Warren Buffet later this month and will look to change the perspective on cryptocurrencies that Buffet holds. Buffet has also criticized the crypto space in the past.
While the offer in very generous and would be a great step forward, it is unlikely the president will actually attend.