Blockchain Is Part Of China’s Master Plan for New Competitor Island to Hong Kong

Chinese authorities have released a master plan for turning southern island province Hainan into a free trade port, Xinhua news reports on June 1. A trade port system will focus on facilitating free trade, investment and cross-border capital flows in the whole island. Government institutions reform The master plan encourages government institutions to use blockchain and other technologies to reform government function. Authorities hope the new modern technologies will help build a comprehensive, scientific, standardized and effective free trade port governance system. They added that:  “We should give full play…

Ransomware Group Threatens Auction of Madonna’s Legal Data

The ransomware gang REvil has launched an auction feature on the dark web in the past 24 hours, starting with the stolen data from a Canadian company and threatening to auction off information hacked from famous singer Madonna next.  Cointelegraph accessed information from the first auction campaign conducted by REVil, who detailed that the Agromart Group is the “first batch” of data to be put up for auction, which is the data stolen after a ransomware attack. Madonna’s data auction threat At the bottom of the list, the ransomware gang…

Massive Bitcoin Plunge Nothing More Than Traders Being Traders, OKCoin Exec Says

Bitcoin (BTC) dove more than $1,000 on some exchanges on June 2, although the event seems to be the result of simple trading activity, according to OKCoin’s head of market development Matthew Ficke.  “Price movement like we saw yesterday typically attracts short-term traders trying to position for a larger break higher,” Ficke said of the day prior, when Bitcoin surged notably past $10,000.  Bitcoin pumped and then dumped  Bitcoin’s price surged up past $10,400 from $9,450 on June 1, only to fall back down to $9,275 on the following day.…

South Korean Prosecutors Freeze Crypto Wallets of Suspected Child Porn Ring Chief

On June 2, a South Korean court ordered a freeze on all the cryptocurrency wallets, securities deposits, and stocks account owned by Cho Ju-bin, the suspected head of Nth Room. Nth Room is a Telegram channel under investigation for circulating child pornography. According to KBS Korea, the Seoul Central District Court Criminal Settlement Division 30, led by Judge Lee Hyun-woo, accepted the request from prosecutors in the South Korean capital to freeze 15 cryptocurrencies wallets that reportedly belong to Cho. The funds within the confiscated are suspected of clarifying the…

Uptrend in Mainstream Crypto Interest Started Last Fall, MIT Startups Says

Cryptocurrency has seen a rise in mainstream attention starting last fall — before COVID-19 measures took off, according Floating Point Group, or FPG, an algorithmic trading technology startup conceived at MIT. “An increasing portion of our inbound prospects are established industry participants coming from FX, equities and derivatives markets,” FPG co-founder Kevin March told Cointelegraph on May 28 after confirming the presence of increased mainstream crypto trading interest.  Cryptocurrency opportunity knocking Abiding with U.S. regulation, FPG offers institutional players a number of tools, APIs and other tech for trade automation. March…

‘I Don’t Live in Vitalik’s Mind’

Charles Hoskinson does not know why his fellow Ethereum (ETH) co-founder Vitalik Buterin will not acknowledge the existence of Cardano (ADA) while speaking enthusiastically about other blockchain projects. Ignore fetish In a recent Cointelegraph interview, Hoskinson lamented Buterin ignoring Cardano. Hoskinson said that this ignorance of Cardano’s achievements hurts Ethereum, as everything that Cardano does is open source and could be borrowed by the rival. Ethereum has been plagued by delays in the development of its second generation proof-of-stake platform. When asked directly about about the crux of this tacit…

Ethereum Second-Layer Scalability Still Needs Work, Says Starkware CEO

Uri Kolodny, co-founder and CEO of blockchain firm StarkWare, told Cointelegraph that Ethereum second-layer scalability solutions still need some work. Ethereum co-founder Vitalik Buterin claimed on June 1 that the blockchain’s layer-two scaling initial deployment has “basically” succeeded. Kolodny — on the other hand — told Cointelegraph that he is not as convinced: “I wouldn’t pop the champagne bottles just yet, as many of these proposed solutions have at this point been deployed only on Twitter, not on Ethereum Mainnet.” Kolodny admitted that there are many promising developments when it…

An Inside Look Into the Surprisingly Friendly Rivalry Between Ledger and Trezor

Trezor and Ledger, two of the most prominent hardware wallet manufacturers, have long been locked in a rivalry. As part of Cointelegraph’s interview with Charles Guillemet, the CTO of Ledger, he revealed that the relationship is more complex than it may seem at first. Despite the rhetoric, cooperation and respect can be found as well. A collaborative rivalry Guillemet said that he doesn’t know who started the rivalry, as it goes back to the “very beginning of the Ledger and Trezor companies.” “I think things got more serious when I…

Don’t Get Overconfident About the Bitcoin Price, On-Chain Metrics Show

After a relatively long stagnation phase, volatility has returned, and Bitcoin has done nothing but shoot up. Several indexes suggested that a price breakout was imminent. But nobody would have thought that the $10,000 resistance level will break so easily. The recent price action sent investors and market participants alike into “greed,” according to the Crypto Fear and Greed Index. Greed, however, is not necessarily a positive sign as one of the most successful investors in the world, Warren Buffett once said: “Be fearful when others are greedy and greedy…

The Public-Private Solutions Needed for Adoption

On May 26, Tommaso Mancini-Griffoli, a representative from the International Monetary Fund, stated that moving forward, the best way to harness the potential of central bank digital currencies would be by fostering synthetic partnerships between the private and public sectors. Further expounding his views on the matter, the deputy division chief of the IMF’s monetary capital and markets department stated that the vision behind CBDCs being completely under the control of a central bank is now an outdated one and that the entry of private players could help spur innovation.…