Users of Nigeria-Based Crypto Wallet Lose $1M in Alleged Exit Scam

Nigerian crypto wallet Satowallet has allegedly pulled off a $1 million exit scam, while the firm cites an unexplained OVH data server error that has kept user funds in limbo. Multiple versions to delay withdrawals After users first reported withdrawal issues in April 2019, Satowallet has been citing different versions of events to account for their failure to withdraw over $1 million in crypto, according to a report by the Financial Times (FT) on Sept. 25. Following the first complaints, Satowallet reportedly cited technical reasons as the source of a…

Medici Bank Launches Private Beta Testing in October: Report

Puerto Rico-based Medici Bank, founded by a direct descendant of the Italian Medici dynasty, launches private beta testing in October. Medici Bank will be piloting digital onboarding procedures, application programming interface and web portals with five global firms, two or three of which represent crypto businesses, Coindesk reports Sept. 26. Crypto clients Medici Bank CEO Ed Boyle elaborated that those firms are expected to demonstrate the bank’s ability to scale to accommodate trading volumes. According to the report, Boyle pointed out the high-performance nature of crypto-related companies, revealing that the…

Libra Launch Date in Doubt Following Comments From Mark Zuckerberg

Libra’s proposed 2020 launch date has been thrown into doubt after Facebook CEO Mark Zuckerberg refused to put a definitive timeframe on the project. Contradicting Reports on Libra Launch Speaking to Nikkei, Zuckerberg was asked about the expected launch date of Libra, to which he replied: “Obviously we want to move forward at some point soon [and] not have this take many years to roll out, but right now I’m really focused on making sure that we do this well.” Despite coming in for heavy criticism since being announced in June, Libra…

Altcoins Continue to Tumble, With Top-20 Showing a Sea of Red

Thursday, Sept. 26 — After Tuesday’s sudden crash, altcoins seemingly entered a consolidation phase yesterday and for the better part of today, until signs of a new downward price trend reared its ugly head. Cryptocurrency market daily overview. Source: Coin360 Altcoins are still reeling from Tuesday’s painful correction, which saw double-digit losses. Bitcoin SV (BSV) took the lead with a massive hit of up to 34%, while several other major altcoins were recording multi-month lows. Yesterday’s markets calmed down and seemingly entered another consolidation phase. However, today’s prices show us…

StrongSalt Raises $3M in Seed Round to Develop Encryption Platform-as-a-Service

Advisory firm Valley Capital Partners has invested $3 million into encryption platform-as-a-service StrongSalt. Per a Sept. 26 press release, StrongSalt raised $3 million from Valley Capital Partners in a seed round to further develop its encryption platform designed for developers and enterprises. The startup aims to build an encrypted ecosystem, allowing individuals to keep personal data private and to defend against theft and fraud. StrongSalt claims to be the first firm that provides an application programming interface (API) platform for developers to make existing applications and workflows privacy-enabled. The company…

Venezuelan Central Bank is Considering Holding Bitcoin and Ether

Venezuela’s central bank is exploring the possibilities of holding Bitcoin (BTC) and Ether (ETH) in its coffers, according to anonymous sources who reportedly have direct insights into the matter. Can the central bank store Bitcoin and Ether? According to a Sept. 26 Bloomberg article, the central bank of Venezuela is taking a closer look at whether they have the possibility to store cryptocurrencies.  The state-run oil and gas company, Petroleos de Venezuela SA (PSDV), had requested the central bank look into the matter after the oil producer ran into difficulties…

Bitcoin Price Fear & Greed Index Turns Blood Red Under 8K — Time to Buy?

Bitcoin (BTC) price dropped out of the descending triangle, causing a level of extreme fear to spread throughout the entire crypto market.  Bitcoin price remains bearish since the top at $13,800, as the price has been trending downwards in a channel. However, is the price of Bitcoin bearish overall or only short term?   Crypto market sentiment registers extreme fear Crypto Fear & Greed Index. Source: Alternative.me The Crypto Fear & Greed Index currently shows that there is extreme fear in the market. The index is based on volatility (25%), market…

10,000 Nodes Are Running BTC Lightning Network in New All-Time High

The number of Bitcoin (BTC) Lightning Network (LN) nodes has reached 10,000 for the first time, according to real-time LN statistics site 1ML. According to 1ML, the number of nodes on the LN has grown by 3.17% over the past 30 days to reach a record high of 10,003 network nodes at press time. At the same time, the number of nodes with active channels is 5,975 out of total of 36,246 channels at press time, with just a 0.34% growth over the past month.  The LN is a second-layer…