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Australia Bitcoin Cryptocurrencies

Trader Who Laundered $13 Million Worth Of Bitcoin Faces Up To 25 Years

Last Friday, a cryptocurrency trader who goes by the name of Hugo Sergio Meija took a guilty plea deal for his actions, which reportedly led to the laundering of up to $13 million via Bitcoin between May 2018 and September 2020.

He will appear in court next month, where he is expected to plead guilty in accordance with his confession – which would spare him from a longer sentence.

Mr. Meija advertised his sources on various internet forums, but reportedly also let news of his services spread by word of mouth. Mr. Meija would charge a commission on every transaction he would carry out in order to provide fiat in exchange for “dirty money”.

Law Enforcement Posed As Meth Dealers

According to law enforcement, in order to catch Mr. Meija they posed as a methamphetamine dealer based in Australia, and made sure to inform the trader of this beforehand in order to have proof that the trader was willfully engaging in money laundering and not just offering to buy large amounts of cryptocurrency for cold, hard cash.

The law enforcement officials then conducted a total of 5 transactions with the cryptocurrency trader before springing the trap and having him arrested for money laundering.

In total, slightly over $250,000 worth of Bitcoin changed hands by the time he was arrested. As part of the plea deal, Mr. Meija agreed to hand over all assts, digital or otherwise, that resulted from the exchange. The U.S. government seized a total $233,987 in cash and silver – both coins and bullion – and cryptocurrency worth $95,587 at the time of writing. All in all, a profit of nearly $80,000.

Depending on how the trial goes, Mr. Meija may face less than 25 years in prison for his actions.

Categories
Australia CoinSpot Crypto News

Aussie exchange, CoinSpot Briefly Surferred Downtime Amid Massive Traffic

Server outage is somewhat becoming a norm for major cryptocurrency exchanges whenever digital currencies start to skyrocket in price, amid massive capital inflows. Coinbase and Binance saw massive trading volumes in December as Bitcoin climbed to US$20,000, which consequently took down their servers, as Crypto News Australia reported.

Following the rush in the crypto market yesterday, especially for Dogecoin (DOGE), one of the leading Australian crypto exchanges, CoinSpot, briefly surfaced a downtime in the earlier hours of today.

CoinSpot Dropped due to 5000% Increase in Traffic

CoinSpot took to Twitter to inform its users about the sudden downtime and difficulties in processing orders. While commenting on this, some people accused the exchange on Twitter of intentionally shutting down the website due to liquidity issues. Some of the users also claimed to have lost some money due to the incident. 

Per the claims, CoinSpot crashed probably because they don’t have sufficient funds to meet the demands of traders trying to cash out their profit from Dogecoin. 

However, the exchange addressed the development in a subsequent tweet, saying the issue was caused by massive traffic on the website. CoinSpot reportedly gained about a 5,000 percent increase in the average daily users earlier today, which led to the downtime. However, the exchange has resumed its normal trading functions as the server issue has been addressed, according to the tweet. 

Why Dogecoin is Spiked Over 1,000%

The massive increase in the market price of Dogecoin aligns with the recent GameStop-stock development. Just like GameStop, a group of Redditors had collectively pitched making DOGE the equivalent of GME in cryptocurrency. This resulted in over 1,000 percent growth of Dogecoin above US$0.07. However, the cryptocurrency is currently trading at $0.03904 on Coingecko, which represents a 248.28 percent increase in a 24-hour count.

Find out if CoinSpot is an expensive exchange to buy Dogecoin in Australia.

Categories
Australia Blockchain Industries

Australia’s eSafety Commissioner Toys With Blockchain Digital IDs As A Way To End Harassment

Following polemics regarding what level of anonymity should be afforded to Internet users and at what point anonymity can become harmful, the Australian eSafety Commissioner has brought up the idea of using a blockchain-based digital ID on tech platforms – with the intent of affording anonymity unless Law Enforcement Officers request access.

Laws Around The World Are Out Of Sync

Although the European Union’s GDPR has gone a long way in restricting big tech companies from accessing unnecessary personal data within the EU, most countries outside the EU do not have nearly as stringent security regulations.

Julie Inman Grant – the eSafety Commissioner – touted blockchain as a possible solution to the question of affording internet anonymity to allow for free speech while preventing the spread of harmful ideas.

Commenting on the calls to crack down on social media giants following their ability to restrict anyone from accessing their platforms – sometimes without giving a clear reason – Mrs. Grant commented that the current approach social media platforms take towards moderating the content on their platform may be lackluster.

“There’s more that they can do in terms of their intellectual capability, their access to advanced technology, their vast financial resources, to come up with better systems to identify who’s on their platforms and violating their terms of service. And even beyond that, they need to do a better job at enforcing their own policies. They’re the only entities that can see all the signals, in terms of who might be being targeted at scale or whether an account setup was done simply for the purposes of trolling.”

She went on to say that current government regulations regarding online platforms may also need to be revisited – since at the time they were written, they allowed social media platforms a lot of leeway regarding the responsibility for the content they hosted.

Using blockchain to prevent abuse on social media is worth looking into – although it would also merit a lot of scrutiny, so as to not interfere with the rights of those who are not using anonymity as a cloak for nefarious purposes, but simply in order to keep as much of their data private as possible.

 The rise in users joining Telegram, Signal, Protonmail, and other communication services in recent months is proof that a great number of people (understandably) do not appreciate a too-big-to-fail entity peering over their shoulder looking for marketing opportunities – and the world of tech should adapt to that.

Categories
Australia Blockchain Crypto News Stablecoins

EFTPOS Australia To Run Hedera Hashgraph Node

EFTPOS is primed to join the Hedera Governing Council following tests that were run in order to determine the feasibility of a digital AUD for micropayment purposes.

EFTPOS is known for its financial services that include the mobile wallet Beem It – and also runs lesser-known services such as digital identity checks for joining public and private networks, as well as a national QR code payment system.

Local Node To Be Up And Running Within The Year

Hedera Hashgraph is a highly scalable enterprise-grade distributed ledger that is already helping Australia by ensuring the quality of Aussie agriculture.

Hedera is run by a number of leading tech companies worldwide – with their Governing Council including high-profile firms such as WIPRO, Avery Dennisson, DLA Piper, Boeing, Google, LG Electronics and IBM.

Following EFTPOS Australia’s joining of the council, it will establish it’s own Hedera node as proof of commitment to Hedera’s global project.

According to Stephen Benton – the CEO of Eftpos – the Hedera endeavour may open up Australian businesses to new, secure ways of running their affairs.

“By joining the Hedera Governing Council and running the Australian node, alongside some of the world’s largest and most influential companies, we are excited to participate in the development of next-generation micropayments technology that has the potential to open up entirely new ways of conducting business for Australian enterprises and enable compelling new experiences for Australian consumers.”

The Australian side of the project will see the new eftpos API infrastructure connected to an AUD-based stablecoin.

The stablecoin side of the project was led by Robert Allen, an EFTPOS’ entrepreneur.

“Use cases like this simply are not possible on other public blockchains. Along with several partners, we are now exploring a variety of use cases that this combination of technologies enables and the options to commercialise them.”

Although rather secretive, the above statement seems to indicate that the project will be expanding – and coupled with the RBA’s own research into a digital AUD, more widespread use of the digital CBDC may not be too far off.

Categories
Australia Crypto Exchange Crypto News

Australia’s Independent Reserve is Set to Delist Bitcoin SV and Related Pairs

Australia’s largest crypto-exchange, Independent Reserve, is set to delist Bitcoin SV from its platform, according to a recent announcement. Aussies will have until March 28 to trade the token, and additional six months to withdraw it.

The Independent Reserve is the latest exchange to delist Bitcoin SV in light of recent events that involved the Australian computer scientist Craig Wright, considered anti-ethical by many in the crypto community.

Following discontent and feedback from the community, the exchange stated that the token is not meeting the standards required for users:

In light of recent events and community feedback Bitcoin SV (BSV) and related trading pairs will be delisted.

Withdrawal requests after the six month grace period may be delayed and could incur additional processing fees. All open orders will be automatically cancelled after trading ceases on the 28th of March, 2021.

Bitcoin SV Fails to Meet the Standards

More users are starting to lose interesting in BSV as the trading volume in exchanges decreases with time. Many argue that is the start, and several other platforms will delist the token, as it doesn’t perform as expected.

It’s not the first time that the BSV token fails to meet the standards required on exchanges to be traded — in 2019, Binance delisted BSV on its platform following complaints from the community about the performance of the token.

Kraken, another popular U.S.-based exchange, followed Binance and delist the token as well, quoting “fraudulent claims” and “threats of legal action”.

Categories
Australia Binance Charity Crypto News

Crypto for a Cause – Binance Australia Supports Bushfire Relief and Recovery

To recognise the inaugural “National Day of Thanks” for pandemic heroes this Australia Day, Binance Australia will donate $1 AUD for every AUD deposit via PayID on Binance through

Binance Charity Foundation, a not-for-profit organisation leading the Australian Bushfire Donation project set up to support the restoration of the disaster’s aftermath.

In July of last year, Australian Prime Minister Scott Morrison called for an historic national day of thanks for the frontline workers who helped pull Australia through the COVID-19 pandemic – including fire and emergency workers.

Binance Australia couldn’t think of a better way to say “thank you” than to give back to the Australian Bushfire Donation project and those involved with supporting Australians through the devastating bushfires and global pandemic in the last 12-months.

Binance Australia CEO Jeff Yew said he has been moved by the incredible work of Australian frontline workers and wanted to take action to show gratitude.

“We didn’t want to miss this opportunity to give back and say thanks to the humble heroes who have done so much for our nation in the last 12 months,” said Jeff.

“Binance Australia has such a strong and supportive crypto-community. We encourage our users to get trading on Australia Day and support this worthy cause.”

To support the initiative, Binance Australia traders just need to make a minimum $10 AUD deposit via PayID on the Binance application. Binance Australia will donate $1 for every deposit made on Australia Day to Blockchain Charity Foundation.

Binance Australia recently added AUD deposits through PayID to the Binance application allowing instant transactions. All customers in Australia are now able to make deposits in AUD without having to pay any fees.

This initiative follows an announcement made last week by Binance Charity Foundation, the blockchain-based charity platform and official philanthropic arm of the world’s leading

cryptocurrency exchange Binance, committing to donate 1 million USD in cryptocurrency BNB to the Australian Bushfire Donations. All funds raised will be used to help alleviate the impact of this disaster and facilitate the restoration afterwards.

Read more: Binance Charity Initiated Australia Bushfire Donation Program with $1 Million Funds from Binance

About Binance Australia

Binance Australia is a digital currency exchange platform that enables Australian customers to easily buy and trade cryptocurrencies with Australian Dollar (AUD). Backed by Binance, Binance Australia offers users deep liquidity and convenient deposit and withdrawal methods while leveraging cutting-edge technology from Binance.com’s advanced trading platform.

For more information, visit: https://www.binance.com/au

About Binance Charity

Binance Charity Foundation is a non-profit organisation dedicated to the advancement of blockchain-enabled philanthropy towards achieving global sustainable development.

Binance Charity aims to transfer philanthropy by developing a 100% transparent donation platform based on blockchain to build a future where technology innovation is used to end all forms of poverty and inequality, advance sustainable development and ensure that no one is left behind. To date, BCF has supported over 1 million end beneficiaries through various projects.

For more information, visit: https://www.binance.charity

Categories
Australia Bitcoin Crypto News Institutions

Silver Lake CEO: 90% of Criminals Prefer Dollars, Not Bitcoin

Cryptocurrencies are now a major topic of the Davos 2021 Agenda, which started yesterday and will last until January 29. Top institutional leaders from the World Economic Forum are set to discuss a series of issues regarding the global economy and the use of digital assets and blockchain technology. During the conversation panel, the CEO of Silver Lake addressed Janet Yellen’s statements on Bitcoin used as “terrorist financing“.

In the first session of the Davos 2021 event, Glenn Hutchins —CEO of the technology investment company Silver Lake— share his thoughts on the topic of cryptocurrencies, referring to U.S. Treasury Secretary Janet Yellen’s statements about Bitcoin:

“In the US, 80-90% of $100 dollar bills are used for organised crime and tax evasion and there’s a very good reason for that – they’re untraceable and fungible. Bitcoin, however, leaves a permanent, unalterable record, hence why almost all criminals using it are caught. It is fundamentally wrong to say that Bitcoin is mostly used for crime.”

Stated Hutchins for Finextra at the Davos Summit

Institutions Are “Ignorant” to Blockchain Technology

Hutchins added that traditional financial institutions are overlooking digital assets and blockchain technology without weighing the benefits they can provide for the economy. The CEO stated that this view over Bitcoin and other cryptos is ignorant and it undermines the benefits that the blockchain network can bring to the financial system.

Janet Yellen’s speech regarding cryptocurrencies was multiform, as she considers them as a “particular concern” to the economy — leading to illegal activities such as financing terrorism and tax evasion. But it seems that the Secretary also has a good view of cryptos, calling the benefits they can bring to the economy.

However, under the Biden Administration, the Secretary plans to curtail the use of cryptocurrencies, exploring “new methods” to regulate and, ultimately, eliminating those “crime channels”.

The Outrage Of The Crypto Community

Not surprisingly, this sparked outrage from the crypto-community, pumping fear during trading sessions as well at the end of last week.

According to data from Chainalysis, cryptocurrency use amid terrorist organizations only accounted for 0.34 in the market. Not only U.S. Dollars account for most illicit activities, but at least 16 banks from Australia and Southeast Asia were accused of laundering at least $400,000,000 in a joint scheme with South American drug cartels.

Following Hutchins’s statements, Bitcoin only gained a few pips, but the charts show that we still are in a consolidation zone, while other DeFi tokens are outperforming BTC in the market.

BTC/USD chart
Categories
Australia Blockchain Industries

Everledger To Provide Blockchain Solution For Australian Wool Innovation

Australia produces close to a whopping 90% of wool used in clothing worldwide. In an effort to improve the traceability of its wool exports, Australian Wool Innovation (AWI) – the parent company of the more well-known subsidiary The Woolmark Company has announced that they will be collaborating with Everledger in order to develop a blockchain tracking solution.

Initial Stage To Focus On Proof-of-Concept (PoC)

Everledger will host their future Electronic Chain of Custody Tool (ECCT) on their own platform. The purpose of the tool is to trace shipments of wool from the farms they originate from all the way to the end customer, across multiple suppliers and shipping companies.

Aside from allowing retailers to garner a favourable reputation by providing proof of delivery from one of the best sources of wool worldwide, using blockchain technology to track shipments can also ensure compliance with international trade laws and more.

According to John Roberts – the Chief Operations Officer (COO) of AWI, the initial stage will be a test run, after which the company will see whether to invest in a full package deal from Everledger or seek solutions elsewhere.

“Our organisation and stakeholders have been monitoring the rapid escalation in emphasis being placed on provenance, corporate social responsibility, and the perennial concerns regarding supply chain efficiency and biosecurity. Traceability and transparency are critical for safeguarding the global reputation of Australian wool. This partnership with Everledger will help us to ease the flow of information up and down the supply chain to all parties, and so communicate wool’s benefits to a wider audience. Ultimately, this is good news for our farmers and related small businesses that rely on these remarkable sheep to make a living.”

In return, Leanne Kemp – the CEO of Everledger – stated that they are glad to be a part of the partnership, since corporate responsibility and low environmental impact are core values that they share as well.

Categories
Australia Bitcoin DeFi Tokens

DeFi Tokens Outperforming Bitcoin — Aave, Chainlink, and UNI Storming the Market with 35% Surge

DeFi tokens and altcoins have accumulated considerable gains of up to 30 % in price in the last few days. While Bitcoin still struggles to break the $32K barrier, several tokens have surpassed previous price records and setting new all-time highs, considering the increased volumes of DEXs —decentralized exchanges—, and traders looking for Altcoins with limited supply, but greater performance.

DeFi Tokens Doing Better Than Bitcoin

Despite a generally bearish market for the DeFi ecosystem at the end of 2020, DEX volumes have increased 8X by project, according to data from Dune Analytics, sparking DeFi-related tokens like Curve DAO and Uniswap UNI.

From June 2020 to this month, the DeFi ecosystem has increased considerably surpassing $35B in total value lock with Uniswap —one of the most popular decentralized protocols— leading the charts.

Besides UNI, other tokens like Chainlink’s LINK and Aave have surged with double-digit gains in the last seven days. LINK has accumulated 15 % in price, outranking Litecoin as the number 7 per market capitalization.

Similarly, UNI and Aave have outperformed Bitcoin in the last few days with both tokens gaining 30-37% in price. Likewise, despite the recent price surge this month, holders are still accumulating large amounts of UNI tokens, setting the scene for a larger bull run.

On the other hand, Bitcoin still struggles to break the $32K, despite MicroStrategy recently purchasing $10M worth of BTC. The consolidation is viewed as institutional exhaustion and the uncertainty of the upcoming institutional weather under the Biden administration.

As for the top DeFi tokens in the market, LINK, UNI, and Aave are leading the top 5, together with Wrapped BTC in the #3 spot.

Top DeFi tokens per market cap. Source: Coinmarketcap

Despite the recent bearish week for Bitcoin, traders are expecting a recovery in price considering that this January 25, leaders from the World Economic Forum will discuss digital currencies as part of their Davos 2021 Agenda. Cryptocurrencies will be one of the main issues to be discussed in a session called “Resetting digital currencies”.

The panel will focus on the current environment for Bitcoin and other cryptos and the opportunities they present compared to the decreased cash use and considering how several central banks globally are issuing CBDCs —Central Bank Digital Currencies—.

Get Involved with DeFi

In Australia, there has been an increased interest in DeFi tokens now that Kraken is trying to expand its presence in the country and in the United Kingdom. The U.S.-based exchange will introduce 26 new trading pairs, including LINK and Aave that Aussies can trade with AUD.

Likewise, there are several popular Australian platforms where people can buy and trade numerous pairs, like the Brisbane-based Swyft, an exchange that offers over 200 trading pairs, including LINK and Aave — or Binance Australia, one of the largest crypto-platforms in the world, that host more than 700 pairs.

Categories
Australia Blockchain Crypto Art Tokens

Alien CryptoPunk NFT Sold For 605 ETH At Auction

NFTs (Non-Fungible Tokens) are unique cryptographic tokens – usually representing an artistic piece – that have been gaining attention for quite a while now.

In Australia, some NFTs have been sold to raise money for charity, such as this true blue F1 race car. The profits have gone towards reducing the impact of the bush firres that tore through Australia in early 2020.

Although they became widely known due to the CryptoKitties project, there is an older project whose artworks are becoming more and more expensive – namely CryptoPunks.

A 75x Increase In Value

Developed by Larva Labs, these unique tokens were created long before the ERC 721 standards and hearken back to the old days of retro pixel art.

Following some intense bidding, Punk #2890 has been sold for a whopping 605 ETH to a group of investors – including FlamingoDAO – who are interested in collectible NFTs.

Although each punk is unique, some are especially rare, especially the ones that are Aliens or Zombies.

This particular NFT represents a blue alien punk that has increased 75x in value since its last sale.

According to a spokesman for the investment group, the enormous valuation that the piece currently has will increase over time – especially as the world becomes more and more digitalized.

“It’s simple: Cryptopunks is a groundbreaking project; it pre-dated the ERC 721 standard and crypto kitties. Aliens are the rarest form of Cryptopunk and we believe that the acquired Alien will be prized by collectors over time and mature into an iconic digital art piece.”

@gmoneyNFT – an NFT collector who also recently purchased a Cryptopunk for 140 ETH – dismissed the criticisms regarding the artworks high price, comparing it to high-priced items found in everyday life.

“Why would someone pay millions of dollars for an original Andy Warhol screen print when you can buy the same one online for $20? Why would someone buy a pair of yeezy’s for $300 when you can buy a fake from the same factory, made with the same materials for much less? Humans like to feel special. The provenance has value.”

Whether NFTs will slowly replace physical artworks at Tate Gallery auctions is up for debate – nevertheless, the interest in them does not seem to be slowing down.