Another Class Action Against Block.​One Alleges Dirty Dealings During EOS ICO

Per a May 18 complaint, more investors are looking to recoup funds invested in the record-breaking initial coin offering for EOS — which netted a total of $4 billion in cryptocurrency. Lawyers for the plaintiffs are calling over $200 million of that money illegally raised.  Conflict with U.S. securities law and investors The complaint alleges that EOS was an unregistered security offering by block.one. Block.one is the development firm that spearheaded the ICO for EOS, which many saw as a form of investment in the company.  Language in the purchase…

Time Is up for Crypto Firms to Register in the Netherlands Under New AML Rules

The deadline is here: On May 18, unregistered Dutch crypto firms could face penalties if they do not fall into line with the Netherlands’ new anti-money laundering (AML) laws, passed by the Dutch Upper House on April 21. According to the Anti-Money Laundering Directive, companies offering crypto-to-fiat or custodial services should have registered by today. In contrast, those offering only crypto-to-crypto services are exempt. The Dutch Bank (DNB), the body in charge of regulating financial activities in the Netherlands, will be obliged to comply with the mandates of the Dutch…

CZ May Have Pulled An Elon Musk-Style Gaffe On Twitter

In a recent tweet, Binance (BNB) CEO Changpeng Zhao (CZ) may have inadvertently admitted his involvement in the management of the recently acquired CoinMarketCap (CMC). Following in Elon Musk’s footsteps? Zhao’s tweet from May 14 seemingly admits his involvement in managing CMC: Source: Twitter If he is not involved in the managerial decisions of CMC, including the configuration of various metrics, then it raises the question — why is the CEO of Binance making public statements that suggest otherwise? At the very least, this resembles public pressure on CMC’s management.…

Catering to ‘The 1%’ Was Not the Plan

Earlier this month, pioneering decentralized finance (DeFi) lending application Celsius surpassed 50,000 in total Bitcoin (BTC) deposited to the platform. In an interview with Cointelegraph, Celsius founder and VoIP pioneer, Alex Mashinsky, discussed the milestone, articulating that it was never his plan to cater to ‘the one percent’ of society. Despite 50k BTC deposited, Celsius falls short on plan On the topic of Celsius surpassing 50,000 BTC in user deposits, Mashinsky described the milestone as both “a good thing and a bad thing.” “We’re not ahead of our plan on…

Austrian Bank Raiffeisen Works on National Digital Currency Pilot

While global jurisdictions are progressing with central bank digital currencies, private institutions also work on digitizing national currencies. Raiffeisen Bank International (RBI), a major Austrian bank, is working on a new form of national currency tokenization using blockchain technology. RBI is extending its collaboration with Polish-British fintech firm, Billon, following a successful test of end-to-end digitized national currency transfers. RBI Coin is designed to speed up cross-border transactions As announced on May 18, RBI and Billon are working on initial stages of an RBI tokenization platform, currently dubbed RBI Coin.…

SoftBank Loses Alibaba’s Jack Ma and Posts Worst Losses in History

Alibaba co-founder Jack Ma is stepping down from the board of Japanese tech giant and major blockchain backer SoftBank. After 13 years of close involvement with SoftBank, China’s richest man leaves the board amid SoftBank posting its worst operating losses in its history. According to a May 17 report by Japanese publication Nikkei, Ma’s departure announcement amid Softbank’s Vision Fund reporting record-breaking losses of 1.8 trillion yen ($16.7 billion). Softbank’s total annual losses accounted for 1.36 trillion yen ($12.7 billion) for the year ending March 31, the company reported. China’s…

McAfee’s Privacy Coin Ghost Is Plagiarized, PIVX Developers Claim

John McAfee’s anonymity-oriented Ghost project has largely plagiarized its whitepaper, according to developers of privacy coin PIVX. “After a detailed investigation, it is obvious the GHOST whitepaper was plagiarized extensively from an outdated 2018 PIVX whitepaper,” PIVX tweeted on May 17. PIVX developers went on to conclude that “at least 20 of the 26 total pages” of the Ghost whitepaper “contain material directly plagiarized from the 2018 PIVX whitepaper,” attaching a number of screenshots to back their claims. “PIVX is a MIT licensed, open-source project,” a representative for the blockchain…

Is 3 Confirmations Still Enough if F2Pool Can Mine 6 Consecutive BTC Blocks?

Questions about Bitcoin’s security cropped up on May 18, when the F2Pool mining pool mined six consecutive blocks on the BTC blockchain, covering block numbers 630804 to 630809. With many exchanges and other Bitcoin-related services relying on just three confirmations before extracting funds, some asked whether this is still secure enough. Is mining hash power becoming centralized? As Cointelegraph reported, since last week’s Bitcoin halving event, hashrate on the network has dropped 30%. This is largely due to the reduced reward for miners, making mining unprofitable on older machines or…

COVID-19 Is Changing the Way the World Sees Money

Technology has always been one of the main drivers that has boosted social changes. Of course, there have been other reasons: wars, natural cataclysms and disasters, plague pandemics and more. Speaking of such, the current COVID-19 situation, being a once-in-a-century type of pandemic, has come at an inconvenient time. But the time is never right. However, what happened in late 2019 made an impact on various industries to a level that can hardly be estimated at the current moment. The losses and negative aftermaths are imminent, and the use of…