2gether, a Spanish cryptocurrency trading platform, has been hacked for about $1.4 million, and company executives claim that they do not have the money to repay customers.

In a continuous set of several tweets, the Chief Executive Officer Ramon Ferraz Estrada announced that on July 31 occurred a breach that seriously affected a considerable amount of crypto investment accounts, and their user private keys got exposed, causing serious damage in the security wall.

A lack of financial capability is expressed as the main concern. The stolen funds cannot be repaid but company officials offered customers the bourse’s native 2GT token as compensation for the damage done.

Two days after the attack, the company has been working on finding enough funds to cover the essential positions.  2gether said this in a public statement. “More specifically, and until a few minutes ago, we’ve been working with an investment group with which we sadly haven’t been able to reach an agreement,” added the company in the statement.

€1.18 million ($1.4 million) is the amount stolen by hackers on July 31 in the trading platform cryptocurrency investment

€1.18 million ($1.4 million) is the amount stolen by hackers on July 31 in the trading platform cryptocurrency investment. This amount is the equivalent of 27% of 2gether total funds; the damage done is unimaginable. The company has not revealed how the attack took action against it.

“We want to compensate the amount of stolen cryptocurrency (26.79% of your position before the attack) with a volume in 2GT equivalent to the issuance price of 5 cents,” Said the company during its statement

.

 They also added, “On top of that, we commit to keep looking, at top capacity and as soon as possible, for additional funds to make up for every single one of your cryptocurrencies”. 2gether’s token allows for in-house exchange transactions only.

The exchange is planning an Ask-Me-Anything (AMA) session on Reddit, so they can attend the entire customer’s questions; give some new updates, and highlights the case. The whole situation will also be explained and shared on social media when the time is right.

 Europe is being targeted by cyberattacks

This is not the first platform based in Europe which received a critical hit by cybercriminals. Europe is the main target of cyberattacks to a variety of companies such as Cashaa that claims that the hacker attacked one of its Blockchain.com wallets, which is used to store BTC and make transactions from the exchange. A malware into the exchange’s computer is the main theory and the investigation is still going on.

An investigation is on its course to find out how the criminals managed to create a path leading to the company’s servers and to also obtain an exact figure of how much damage has been done to the company. All this data is being gathered to let the local authorities be aware of the situation.

By Jenson Nunez

An article published by the Beijing Arbitration Commission says that Bitcoin has never been banned in China as a commodity; the control over Bitcoin is working in a very different way.

China Recognizes Bitcoin as Commodity

The Beijing Arbitration Commission made an article on which recognizes Bitcoin as a commodity and its legal nature in China. The Beijing-based independent, non-profit organization offers services in arbitration, mediation, and other dispute resolution mechanisms.

The article was authored by economist Wang Jin, an arbitrator for the commission. Wang said in the article that the current control over the rules and policies of Bitcoin is properly based on a statement issued by the people’s Bank of China and a group of ministries in 2013. On Sept. 4, 2017, seven ministries and also the people’s bank of China explained that Bitcoin is not a legal tender. Besides, they say Bitcoin is a commodity, not a digital currency. That is the way China thinks of Bitcoin and other related currencies.

Has Bitcoin constituted money in China?

In the report, the BAC stated that China is legal regarding cryptocurrencies like Bitcoin and outlined major crypto-related activities. According to the BAC, China prohibits token funding, and trading platforms from engaging in exchanges between the legal tender, and virtual currency or tokens.

The commission then states that the law bans cryptocurrency also recognizes it as a virtual commodity. Existing laws are, according to the BAC, still not enough to accept Bitcoin as a regulated virtual item.

“The General Principles of Civil Law are not specific in connotations of virtual property, in fact, they only speculate that the virtual property is and must be checked by law. Do not make specific provisions on the extension and connotation of virtual property[u1] ”.

Some Banned operations include the move on which Bitcoin is used as a currency. Bitcoin must be a non-engaged item in matters of currency operations. It is the only way that bitcoin can survive without restrictions in China.

 A good example of this is that Bitcoin is only used as general property and this way the currency does not violate the regulations and gets more validation.

China Prioritizes Blockchain Development

China is known for its solid rules and policies regarding crypto; some regulations related to crypto exchanges emerged in 2017. One perfect example of this is the exit of Binance, which was originally rooted in China.

China has not stated restrictions and prohibitions against cryptocurrency. Chinese authorities claimed that Bitcoin mining will not be part of any illegal practice in the whole country. The Chinese government is very well-known for being very strict regarding policies that prioritize blockchain development. This call to action was made by President Xi Jinping in 2019.

Alongside aggressive blockchain developments, China’s central bank has progressed in parallel works with its central bank digital currency. In April 2020 a very potential project was developed in several countries.

By Jenson Nuñez

Australia had succeeded in the crypto space and market, said the Mine Digital CEO Grant Colthup. This great success can extend its tentacles to Asia sooner than late.

With Australian DeFi projects surging, the CEO of a crypto exchange is believed as a candidate to become a hub for crypto derivatives in the Asiatic continent very soon. A lot of investors are seriously interested in crypto and is also said that crypto derivatives projects across Asian countries might be moving into Australia sooner than late.

The decentralized crypto derivative projects led in Australia called Synthetix uses protocols backed by Apollo Capital and is a very large DeFi project with a high value in USD.

New Companies are the Target

There is a very rich culture for crypto in Australia which makes investors even ignore the market of the United States of America. Australia crypto firms are more adventurous than those in the United States, commented Kayvon Pirestani, Head of APAC Institutional Coverage for Coinbase.

 On the other hand, the regulations to Cryptocurrencies and exchanges implemented in Australia bring a very good scenario for legal operations. In 2017, Australia’s government declared that cryptocurrencies entered into legal status.

 The government was very clear stating that Bitcoin and other related cryptocurrencies must be dealt with confidence and in a very proper way.

Cryptocurrencies had been subject to controversy due to double taxation under Australia’s goods and services tax (GST) – the change in tax treatment is a sign that shows how Australian government’s progressive approach to the crypto issue, and how it’s going to perform a great role in the market.

Cryptocurrency Exchange Regulations

The Australian transaction Reports and Analysis Centre (AUSTRAC) announced a series of solid and unbreakable cryptocurrency exchange regulations. The new crypto regulations need exchange operations to be in Australia. Also, the registrations are required to be with AUSTRAC, the tracking of records, verifications, and identifications will be subject to investigations by the government.

 Any infringement, uncovered exchanges, and other shady moves will be investigated and prosecuted as a criminal act. The punishment will proceed with financial penalties.

The pattern established by Australia in cryptocurrency regulations is the clearest example of a natural structure in cryptocurrency exchanges; as well as the uprising business behind the digital world.

AUSTRAC CEO Nicole Rose PSM claims that this new set of laws will empower the agency’s compliance and will, of course, upgrade the capabilities to assist DCEs system and control, reducing the risks for cybercrime. Effective immediately, DCEs with a business operation located in Australia must now register with AUSTRAC, meet the Government’s AML/CTF compliance, and reporting obligations.

Australia’s market will grow without measures, and Asia is looking at and learning from it. Some experts say that it’s going to be a great symbiosis, an alliance full of advantages, and positive spots.

By Jenson Nuñez

 [u1]´Cuál es su nombre?

 [u2]Evita el abuso del uso de la voz pasiva.

The developer team defines Tendies as “a social experiment.” The token has characteristics with which it aims to be hyper-deflationary.

With enthusiasm for initial coin offerings (ICO) almost extinct, the new boom in the DeFi (decentralized finance) ecosystem attracts lovers of passing emotions and promises of easy money. Apparently, a new DeFi project arises every day.

The Tendies (TEND) token, whose name means “chicken tenders”, was one of the curious dishes recently added to the DeFi menu, which does not leave any palate unsatisfied.

People normally expect formality from a financial product. However, the marketing campaign for this token is mainly based on memes, humor, the creation of a community of fans, and mentions by renowned influencers from the crypto world.

One of these Tendies fans compared the token to the parody cryptocurrency Dogecoin (DOGE) and said that TEND is the DOGE of the DeFi era.

The same comparison occurred days ago with the Asuka token, which proved to be the first exit scam on DeFi.

At least, the Asuka token had a recognized developer. Instead, the creators of Tendies remain anonymous as they seek to persuade more people to buy this token, which they call “the next generation of autonomous and hyper-deflationary currency.”

Its developers describe Tendies as “a social experiment”. They clarify that “the same as with all investments in cryptocurrencies, risk is always present and it is necessary to take it into account before participating.”

Concerning influencers, the creator of Tron, Justin Sun, publicly stated that he has joined the Tendies Discord channel. After this, TEND apologists’ Twitter accounts began to forecast the price rise.

The initial meme and influencer campaign for this project bore fruit. Starting at USD 0.18 on July 30^th, it reached a high of USD 0.93 on August 1^st.

Those who bought at highs will have to wait for new memes or bombastic declarations to, possibly, recover their investment. At the time of writing this article, each Tendie is trading at USD 0.66.

Recipe for a Scam

It is now possible to hear the voices against TEND. Among them, the statement of the Francophone Association of Cryptocurrency Users, through the community account that they maintain on Twitter, is the most prominent.

This entity expressed its rejection of the incorporation of the TEND/USDT pair on Poloniex, an exchange that they accused of being able to “list anything to increase volume.”

Besides, they consider TEND as a low-value altcoin in the style of those that emerged in 2014, converted into an ERC20 token, and “with a little DeFi sauce”. According to them, all of this “is a good recipe for a scam.”

How “Hyper-Deflation” of Tendies Occurs

The protocol that governs this token includes a process by which 4% of the tokens locked in a pool are drained daily. Any user can make the call to drain the pool, which takes 1% of the drained tokens to do.

The drained tokens go to two different addresses. The first is the 0x00000 address, an Ethereum address that no one can access. There, 51% of the drained TEND is burned.

The second address, called “tendies bucket”, receives 48% of the drained tokens that are distributed among the main holders of the tokens every three days. Anyone can make the call to distribute them, but there is no special reward for whoever does it.

By Alexander Salazar

The jump to USD 11,000 started this bullish stage. Months ago, something similar happened but the COVID-19 pandemic ruined the party.

Renowned engineer and market analyst Willy Woo expressed his belief that it is “the beginning of the main phase of the bullish market” for Bitcoin. According to an analysis that he published on Twitter on July 31^st, the jump to USD 11,000 started this bullish stage.

Previously, Woo had posted a model on June 27^th, also on his Twitter account, which is allegedly taking place these days.

There, he had stated that Bitcoin was preparing for a bullish run, until “the COVID-19 ‘white swan’ ruined the party.” Anyway, he suggested that a new bullish run was approaching. “Maybe one more month,” he predicted on that occasion quite accurately.

According to Woo’s explanation at the time, “the later the bullish market arrives, the greater the price boost will be.” He considers that a long sideways accumulation band like the one produced over several months is “ultimately a good thing.”

Foundations of His Prediction

Now, the analyst notes that the 365-day relative strength indicator (RSI) shows that compression in the early phase of the bullish cycle is nearing completion. This indicator shows the strength of the price when comparing individual upside and downside movements of successive closing prices.

Woo went further, assuring that this compression will be complete in the fourth quarter of this year.

Besides, he bases his prediction on the fact that the mempool, that is, the memory that stores the transactions pending confirmation, is at temporary highs. He sees that as another sign that the rise in the price is near.

Woo also says that the miner’s difficulty ribbon, an indicator based on mining difficulty, is recovering from compression. He explains that this is a bullish indicator since it indicates miners’ capitulation (that is, the sale of their Bitcoin when the market is not profitable) and miners’ strong hodling (accumulation waiting for a price increase) thereafter.

Bitcoin as a Haven of Value

Woo is convinced that Bitcoin has properties that make it a haven of value, and the crisis that the COVID-19 pandemic has unleashed proved it.

The analyst assures that this was the first time that Bitcoin has tested these properties. Even in the worst moment, the fall in its price had less violence than that of other markets such as gold and the S&P 500 index, but it seemed to show a certain relationship with the latter.

In March, with the healthcare crisis in its infancy, Woo reassured Bitcoin holders, assuring them that he was not expecting a drop to lows or a reversal of the bullish trend. “It will first be in the accumulation phase and then move upwards,” he said at the time, and the events of the last few months proved him right.

Despite all his successes and his current optimism, Woo considers that Bitcoin is still a “very immature and little traded” asset. For this reason, the analyst is convinced that “it only takes a few guys with all the ammunition in the world to move it anywhere they want to eliminate most of the traders.”

By Alexander Salazar

A new law regulating digital assets makes cryptocurrencies legal in Russia under government control. However, no one can use them to pay for goods or services in the country.

In recent years, the relationship between cryptocurrencies and governments has become increasingly complicated. However, governments and regulatory institutions had at first been reluctant to pay attention to Bitcoin and Blockchain technology.

As crypto assets gain in importance, they become a threat to governments’ monopoly on monetary policy. Despite this, cryptocurrencies are legal in Russia from now on.

Bitcoin and Governments

Regarding the relationship with governments, there is an important separation between blockchain technology and cryptocurrencies. Although Bitcoin has been the instrument that has allowed blockchains to become popular worldwide, governments such as Russia have distinguished the product from the technology in their approach to both.

The governments of the world consider blockchain technology as a vital element to achieve economic prosperity and stay competitive in the international arena. Rather, they see them as threats to the monetary order that they have established with central banks at their core. Therefore, it is an element that requires regulation or simply its prohibition.

The creation of cryptocurrencies arose with the aim to replace fiat money as a means of payment and a store of value worldwide. For that reason, it makes sense that governments like that of Russia do not welcome the expansion of their adoption, trying to establish all possible mechanisms to control virtual currencies. Additionally, many countries have included the creation of their government virtual currencies to compete with cryptocurrencies.

Cryptocurrencies Achieve Legal Status in Russia

However, the big problem that governments face when trying to deal with cryptocurrencies is that the technology already exists and has spread across the world. Thus, it would be impossible to wipe crypto-assets off the face of the earth. They are a reality that governments must face and that their legislation must adapt to.

For this reason, Russia has passed a law on the regulation of digital assets, which guarantees cryptocurrencies a legal status. However, there will be a prohibition on its use as a means of payment in the country as of January 1^st, 2021.

Digital money has gained recognition as “an aggregate of electronic data that people could use as a means of payment.” Since “it is not the monetary unit of the Russian Federation or a foreign state,” no one can use “digital money to pay for any good or service.”

Despite this, the new law gives Russian banks and exchanges the right to become cryptocurrency operators, as long as they declare their activities to the Central Bank of Russia. With this, the regulation seeks to guarantee legal protection to holders of digital assets that declare them before the government. Despite the ban on its use as a payment method, it is a step forward for cryptocurrencies.

By Alexander Salazar