Blockchain ​​Platform Will Support Shareholder Elections in Chile

Maria Rodríguez
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0
Blockchain ​​Platform Will Support Shareholder Elections in Chile

The launch of this blockchain platform is part of a quick response to the limitations that the COVID-19 imposed on the current world scenario.

Chile’s Central Securities Depository (CSD) recently announced the launch of a blockchain tool for the next shareholder elections. The CSD would use a blockchain platform as a base system to hold the elections.

According to the data that the CSD revealed, the platform will work to manage votes such as those of assemblies or shareholders’ meetings. The main characteristic of this new system is that it can work remotely, and through a previous register. This is very useful now since, due to the COVID-19 outbreak, there should not be large concentrations of people in one place.

In a local press release, the CSD explained that the electoral platform based on blockchain technology could be much more secure than the current election system. This new platform would provide greater confidence and traceability among voters. According to the publication, the tool would be active from April and could work in the next elections.

The press release emphasizes the regulations that support the use of this type of tool, citing the regulation number 435 of the Commission for the Financial Market. According to rule 435, the use of alternatives that perform and certify remote voting is valid.

The objective of using these tools is to promote the use of new technologies that help facilitate administrative processes within companies. Besides, CSD considers it necessary to implement solutions that promote remote voting. This decision is due to the circumstances the world is going through with the current lung disease COVID -19.

As part of another important aspect, the text explains that the level of participation in this type of election has been decreasing over the years. Organizers of the election hope that facilitating the process through digital tools will make it much more comfortable and easy to participate. This is what thinks Javier Jara, who is the Commercial Manager of CSD.

At the end of the statement, CSD notes the benefits that the implementation of this blockchain solution would bring. Its main point of interest will be allowing the participation of contributors and shareholders who could not attend the same meeting point, even after overcoming the current COVID-19 crisis.

Another important aspect is that when using a blockchain-based digital registry, it will be much more difficult for the system to suffer ransomware attacks. Furthermore, the text that the CSD issued highlights that, using blockchain technology, it is possible to audit the process with greater accuracy and in less time than with the traditional system.

Although the statement emphasizes the use of blockchain technology with the main emphasis, it does not explain if the CSD would use an additional system as the basis. Also, it does not specify if the network is public or private neither the reason for the selection of a blockchain platform before any other digital platform.

However, the note attaches and approval of the Santiago Stock Exchange, highlighting that the application is part of this institution and the importance of using blockchain technology.

By María Rodríguez

There Will Be an Unprecedented Economic Shock, according to Bitcoin Whale

Alexander Salazar
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0
There Will Be an Unprecedented Economic Shock, according to Bitcoin Whale

A popular Bitcoin whale has expressed his opinion on what the world will be like in the coming months. A prominent investor explains how he views the substitution of Bitcoin and gold for the US dollar.

There are countless opinions on the possible changes that could occur in the world as a consequence of this coronavirus pandemic. Many people, including economists, politicians, and doctors, are concerned about trying to give a clue as to humanity’s destiny. In this regard, a well-known Bitcoin whale presents his point of view on an imminent economic shock worldwide.

This prominent Bitcoin whale, known as Joe007, is the most profitable trader on Bitfinex’s leaderboards. In his Twitter account, the Bitcoin whale stated that the current world situation could become even worse, reaching an unprecedented economic shock. To better understand what this Bitcoin whale says, it is necessary to know that he considers himself to be an investor and an “economic historian.”

Warning Investors of Imminent Economic Shock

Joe007 also notes that the impending crisis is likely to unfold in waves, each of which will have its own set of problems and approaches. He even referred to it as the biggest economic shock that the current generation will ever experience.

Besides, he said that the focus of the crisis will move through different areas and that the attempts to alleviate and resolve it will lead to increasing disorder.

On previous occasions, this Bitcoin whale noted in his Twitter account that the economic reality in which humanity had livedbefore 2020 ended. According to Joe007, all human beings will confront a new and harsh reality, which can last for another 20 years.

Impact on Bitcoin

As the crisis worsens, the US Federal Reserve (Fed) could turn interest rates tonegative levels. Raoul Pal, a prominent investor, discussed this situation in a recent thread of tweets. There, he indicated that he foresees that the Fed will reach -2% whilst the yields of 10-year bonds will also turn negative.

According to this expert, the world’s focus will be on three main assets: the US dollar, gold, and Bitcoin. He argues that people will eventually drift away from the US fiat currency as its value weakens, eventually focusing entirely on BTC and the precious metal.

Consequently, Pal believes that the market could become bullish for BTC in the medium and long term, within 18 to 36 months. Also, it is possible to observe that this professional, as well as others on previous occasions, coincides with the Bitcoin whale.

As global chaos grows, there is a greater need for a “hard or stable currency” than ever before. Even though there has been a delay to its demand, it is likely to grow in the years, and decades, to come.

No one knows exactly whether that “hard currency” will be Bitcoin or gold, or whether the US dollar will completely weaken as a global reserve asset. These are subjects that experts have discussed in various contexts, and even Anthony Pompliano and Peter Schiff have recently addressed them.

By Alexander Salazar

Blockchain ​​Platform Will Support Shareholder Elections in Chile

Maria Rodríguez
-
0
Blockchain ​​Platform Will Support Shareholder Elections in Chile

The launch of this blockchain platform is part of a quick response to the limitations that the COVID-19 imposed on the current world scenario.

Chile’s Central Securities Depository (CSD) recently announced the launch of a blockchain tool for the next shareholder elections. The CSD would use a blockchain platform as a base system to hold the elections.

According to the data that the CSD revealed, the platform will work to manage votes such as those of assemblies or shareholders’ meetings. The main characteristic of this new system is that it can work remotely, and through a previous register. This is very useful now since, due to the COVID-19 outbreak, there should not be large concentrations of people in one place.

In a local press release, the CSD explained that the electoral platform based on blockchain technology could be much more secure than the current election system. This new platform would provide greater confidence and traceability among voters. According to the publication, the tool would be active from April and could work in the next elections.

The press release emphasizes the regulations that support the use of this type of tool, citing the regulation number 435 of the Commission for the Financial Market. According to rule 435, the use of alternatives that perform and certify remote voting is valid.

The objective of using these tools is to promote the use of new technologies that help facilitate administrative processes within companies. Besides, CSD considers it necessary to implement solutions that promote remote voting. This decision is due to the circumstances the world is going through with the current lung disease COVID -19.

As part of another important aspect, the text explains that the level of participation in this type of election has been decreasing over the years. Organizers of the election hope that facilitating the process through digital tools will make it much more comfortable and easy to participate. This is what thinks Javier Jara, who is the Commercial Manager of CSD.

At the end of the statement, CSD notes the benefits that the implementation of this blockchain solution would bring. Its main point of interest will be allowing the participation of contributors and shareholders who could not attend the same meeting point, even after overcoming the current COVID-19 crisis.

Another important aspect is that when using a blockchain-based digital registry, it will be much more difficult for the system to suffer ransomware attacks. Furthermore, the text that the CSD issued highlights that, using blockchain technology, it is possible to audit the process with greater accuracy and in less time than with the traditional system.

Although the statement emphasizes the use of blockchain technology with the main emphasis, it does not explain if the CSD would use an additional system as the basis. Also, it does not specify if the network is public or private neither the reason for the selection of a blockchain platform before any other digital platform.

However, the note attaches and approval of the Santiago Stock Exchange, highlighting that the application is part of this institution and the importance of using blockchain technology.

By María Rodríguez

FBI Uses Bitcoin to Catch a Cybercriminal

Maria Rodríguez
-
0
FBI Uses Bitcoin to Catch a Cybercriminal

The US government agency used the information of a Bitcoin wallet as key evidence to stop a Russian criminal. FBI also used an old exchange account.

The Federal Bureau of Investigation (FBI) recently used information related to the activity of a Bitcoin wallet, as well as an old exchange account, to arrest a cybercriminal. These were key pieces of evidence to execute the capture. The name of the detainee is Maksim Boiko, the Russian rapper accused of money laundering conspiracy.

FBI Special Agent Samantha Shelnick gave more details about this case. The agent shared the information during a public statement in early April. Shelnick commented that she and her team used the digital trail to discover a major money-laundering operation.

According to the information that the agents handle, the criminal organization known as QQAAZZ could be responsible for this action. FBI considers that Rapper Maksim Boiko is part of the leaders of this criminal gang.

How Do these Criminals Act?

The FBI used the Bitcoin wallet to find the cybercriminals and obtain the evidence. The capture was possible because QQAAZZ used to exchange fiat money for cryptocurrencies and the FBI tracked the fraudulent operations. In this way, the criminal group tried to cover the origin and destination of the stolen money.

Besides, the FBI’s investigation further determined that QQAAZZ tried to participate in multiple exchanges, including Coinbase and Bitstamp. The criminal group used the username “Atrofi95” to continue committing crimes. However, the US government agency arrested one of the criminals.

NYC Rules Helped Find the Cybercriminal

Because these exchanges work with Know Your Customer (KYC) rules, FBI officials determined that a user tried to operate in Coinbase and Bitstamp using the same email address. Someone named Aleksejs Trofimovics controlled this email account.

According to the FBI statement, Aleksejs Trofimovics regularly kept in touch with other suspicious users through phone numbers associated with Maksim Boiko. Those phones associated with Boiko were used to communicate with Trofimovics, stored various screenshots of coin wallet addresses and transactions of up to USD 35,000.

In a subsequent investigation, the FBI found these types of images in conversations between Boiko and the suspected QQAAZZ members. In this way, the agents linked the cybercriminal with the criminal gang.

Other Pieces of Evidence

Last January, FBI officials suspected Boiko for the first time when he and his wife attempted to enter the United States of America with $ 20,000 in cash. Besides, Boiko had photos on his cell phone that circa 2015 where he was posing with bales of money.

Boiko said the money came from properties in Russia that he had rented, as well as investments he had made in Bitcoin. The FBI also found several conversations between suspected cybercriminals and someone named “gangass”.

In this way, FBI officials linked this pseudonym to Boiko, who used that name in BTC-e, a crypto exchange closed in 2017 for money laundering.

Initially, governments in different countries have feared that cryptocurrencies could be a tool for money laundering. However, these digital assets can work for just the opposite. Like the case of the Russian cybercriminal, this technology would allow arresting more digital criminals. The main objective is to achieve safer and crime-free digital money exchange spaces.

By María Rodríguez

FBI Uses Bitcoin to Catch a Cybercriminal

Maria Rodríguez
-
0
FBI Uses Bitcoin to Catch a Cybercriminal

The US government agency used the information of a Bitcoin wallet as key evidence to stop a Russian criminal. FBI also used an old exchange account.

The Federal Bureau of Investigation (FBI) recently used information related to the activity of a Bitcoin wallet, as well as an old exchange account, to arrest a cybercriminal. These were key pieces of evidence to execute the capture. The name of the detainee is Maksim Boiko, the Russian rapper accused of money laundering conspiracy.

FBI Special Agent Samantha Shelnick gave more details about this case. The agent shared the information during a public statement in early April. Shelnick commented that she and her team used the digital trail to discover a major money-laundering operation.

According to the information that the agents handle, the criminal organization known as QQAAZZ could be responsible for this action. FBI considers that Rapper Maksim Boiko is part of the leaders of this criminal gang.

How Do these Criminals Act?

The FBI used the Bitcoin wallet to find the cyber criminals and obtain the evidence. The capture was possible because QQAAZZ used to exchange fiat money for cryptocurrencies and the FBI tracked the fraudulent operations. In this way, the criminal group tried to cover the origin and destination of the stolen money.

Besides, the FBI’s investigation further determined that QQAAZZ tried to participate in multiple exchanges, including Coinbase and Bitstamp. The criminal group used the username “Atrofi95” to continue committing crimes. However, the US government agency arrested one of the criminals.

NYC Rules Helped Find the Cybercriminal

Because these exchanges work with Know Your Customer (KYC) rules, FBI officials determined that a user tried to operate in Coinbase and Bitstamp using the same email address. Someone named Aleksejs Trofimovics controlled this email account.

According to the FBI statement, Aleksejs Trofimovics regularly kept in touch with other suspicious users through phone numbers associated with Maksim Boiko. Those phones associated with Boiko were used to communicate with Trofimovics, stored various screenshots of coin wallet addresses and transactions of up to USD 35,000.

In a subsequent investigation, the FBI found these types of images in conversations between Boiko and the suspected QQAAZZ members. In this way, the agents linked the cybercriminal with the criminal gang.

Other Pieces of Evidence

Last January, FBI officials suspected Boiko for the first time when he and his wife attempted to enter the United States of America with $ 20,000 in cash. Besides, Boiko had photos on his cell phone that circa 2015 where he was posing with bales of money.

Boiko said the money came from properties in Russia that he had rented, as well as investments he had made in Bitcoin. The FBI also found several conversations between suspected cybercriminals and someone named “gangass”.

In this way, FBI officials linked this pseudonym to Boiko, who used that name in BTC-e, a crypto exchange closed in 2017 for money laundering.

Initially, governments in different countries have feared that cryptocurrencies could be a tool for money laundering. However, these digital assets can work for just the opposite. Like the case of the Russian cybercriminal, this technology would allow arresting more digital criminals. The main objective is to achieve safer and crime-free digital money exchange spaces.

By María Rodríguez

Lawsuits against 11 Cryptocurrency Companies Filed in New York Court

Alexander Salazar
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0
Lawsuits against 11 Cryptocurrency Companies Filed in New York Court

Investors allege that unscrupulous cryptocurrency companies deceived them into buying unregistered securities. The accusations are against Binance, TRON Foundation, BitMEX, and KuCoin, among others.

A group of investors filed multiple lawsuits against 11 cryptocurrency companies, alleging that the latter deceived them into buying securities that were unregistered in the United States.

Lawyers from the Roche Cyrulnik Freedman law firm filed the charges on March 3rd in a New York court. According to legal documents, the alleged victims stated that the exchanges and token issuers took advantage of the market’s lack of understanding of how cryptocurrencies like Bitcoin worked.

The lawsuits include a total of 42 defendants in 16 countries related to Binance, BitMEX (HDR Global Trading), Civic, BProtocol, Status, Block.one, KayDex, Quantstamp, BiBox, TRON Foundation, and KuCoin. Among the names appearing in the documents are Brendan Blumer (Block.one), Dan Larimer (Block.one), Vinny Lingham (Civic), Justin Sun (TRON Foundation), Changpeng Zhao (Binance) and Arthur Hayes (BitMEX), according to digital media.

The lawsuits point to several fronts, arguing that there were violations of US federal or state securities laws. Likewise, they are against cryptocurrency issuers and exchanges, since these companies could have deceived investors by selling them illegal securities in the form of digital tokens.

The investors note that the companies launched the tokens as utility tokens and told them that they did not need to be registered as securities with the US Securities and Exchange Commission (SEC). Besides, the plaintiffs allege that the tokens fail the Howey test, a US regulation that serves to determine whether an asset is a security, according to the parameters of federal laws.

Regarding this lawsuit, a Block.one spokesperson called the allegations opportunistic and said that they are aware that the same has happened against several blockchain and cryptocurrency companies. He said that they have not yet received any claim, but that they are well prepared to deal with any legal issues that may arise.

The accusing investors did not clarify when they made these investments or what reparation they are requesting for the alleged deception of which they were victims.

It is important to highlight that the law firm that is trying this case is the same one that sued Bitfinex in October 2019 for alleged manipulation of the crypto market. Also, it tried the famous case of Ira Kleiman against Craig Wright, in which the latter was sued for a billion US dollars.

The filing of the lawsuits is the first step for a legal battle that could last several years, since it not only involves the jurisdiction of the USA, but also that of other countries such as China, Singapore, Switzerland, Israel, Japan, Canada, and Estonia, among others.

To conclude, investors need to be reminded, especially those venturing into the cryptocurrency world, to stay informed on the movements of the assets that they wish to buy. Thus, they are more likely not to be victims of unscrupulous companies. The reading of Crypto World Journal articles would be very useful for that purpose.

By Alexander Salazar

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