Eggschain, a startup based in Austin, Texas in the US, is about to revolutionise the reproduction industry. Founder and CEO Wei Escala says the company is building a supply chain solution on the blockchain to assist the process of in vitro fertilisation (IVF).
Eggschain is a DApp built on the Stacks blockchain, which allows people to build decentralised applications for Bitcoin. The Stacks proof-of-transfer (PoX) model also enables smart contracts and digital assets to be settled and verified on Bitcoin blocks.
Why Does IVF Need Blockchain?
By making sperm donations and embryo implantations available through registration on the blockchain, selection will be facilitated for clients across various jurisdictions. Patients’ data will be protected from human error or loss of information, and it will also ensure the system is more transparent.
Information collection on donors is extensive: data on subjects such as hereditary diseases, education level, hobbies, career paths and physical attributes all need to be recorded and kept. Through the use of smart contracts, Eggschain can store all of this data and attach it to each supplied sperm sample stored on the blockchain as an indelible, permanent record, making the selection of sperm a much easier experience.
Escala stresses that Eggschain, as it functions with Stacks, cannot be “backtracked” in such a way that the “family tree” can be traced. “When your sperm is donated, that is a transaction that gets hashed onto the blockchain with an indelible time stamp,” she says. Further transactions take place “when the sperm is implanted into a woman or into an egg”.
Just because someone received your donated sperm, it doesn’t give them the authority to read through your life – it is almost an invasion of your privacy.
Wei Escala, CEO, Eggschain
Patent Secured for Tracking Genetics on Blockchain
Eggschain has announced its patented solution for tracing the storage and transfer of blood, genome, tissues, organs, DNA, RNA, sperm, eggs, embryos and other biospecimens.
The Eggschain universal tracing and tracking platform will improve the supply chain process for medical professionals accessing information from initial donation through to testing and transfer, and deliver peace of mind for individuals and families undergoing IVF.
Dear community, the moment we have all been waiting for.
We couldn't be happier to announce our first cohort of 25 startups building on Bitcoin w/ Stacks.
Brothers Rob and Andrew Gray of Graya have revealed renders of the lavish new trophy home they are building on Hamilton Hill, overlooking the Brisbane River.
Interior render of Scorpia, Hamilton Hill, Brisbane. Source: Graya/realestate.com
The Spanish-Greek styled home, dubbed Scorpia, will be built on Prospect Terrace next door to Larc, another Graya-designed mansion that sold off the plan last year for more than A$8 million.
Exterior render of Scorpia, Hamilton Hill, Brisbane. Source: Graya/realestate.com
According to Graya managing director Andrew Gray, prospective buyers can purchase the home using whatever their preferred mode of payment, but he says offering the alternative of cryptocurrency will open up the property to a wider market.
We want to market this property to all buyers, and many younger investors have a lot of their wealth tied up with cryptocurrency. Why limit the property’s selling potential? Bitcoin and ethereum have become reliable forms of investment and there is a whole market of buyers out there who are asset-rich in the crypto space. These are the buyers we want to connect with.
Andrew Gray, Graya
Real Estate Owners Are Increasingly Accepting Crypto
Gray offered the example of Miami, Florida as a market that has thrived since local real estate companies began accepting crypto as payment. “There are currently 16 oceanfront properties for sale in Miami that are accepting bitcoin and ethereum as payment. It’s only a matter of time until this becomes commonplace in Australia.”
Recently published Realtor.com data indicates that the number of people selling property for crypto assets is on the rise, with 14.3 crypto-accepting listings per 100,000 homes currently in the company’s database, up from 12.7 per 100,000 since 2018.
In June, GSA Auctions tried to sell off some confiscated crypto with an estimated value of US$377,000, bringing total seizures so far in 2021 to US$1.2 billion.
US General Services Administration (GSA) auctions are just one of the entities that sell off federal property seized by the IRS. The most recent lot, with an estimated value of $21,500, is 4TQSCI21402001, confiscated as part of a tax non-compliance case with combined lots worth about $377,000.
GSA first began auctioning cryptocurrency on behalf of the US government in early 2021. To date, bidders on the GSA Auctions platform have successfully bid for a total of 16.99 bitcoins over three auctions that collected a combined $937,092.
Experienced investors recognise a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community […] With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.
Thomas Meiron, regional commissioner, GSA’s Federal Acquisition Service
US Government Has Been Trading in Crypto Since 2013
Since 2013 the US Government has been selling confiscated crypto including Bitcoin, Ethereum, Litecoin and others, with Silk Road being one of the earliest and largest cases of crypto seizure. The Silk Road wallet containing approximately 30,000 BTC was eventually sold to venture capitalist Tim Draper for US$19 million, now worth over US$1.1 billion.
According to Jarod Koopman, director of the IRS cybercrime unit, “In fiscal year 2019, we had about $700,000 worth of crypto seizures. In 2020, it was up to $137 million. And so far in 2021, we’re at $1.2 billion.”
The government has been seizing, stockpiling and selling off cryptocurrencies, alongside the usual assets one would expect to be gleaned from high-profile criminal sting operations.
It could be 10 boats, 12 cars, and then one of the lots is X number of bitcoin being auctioned.
Jarod Koopman, director, IRS cybercrime unit
Lawbreakers Providing Government With Some Pocket Money
With the increase of cybercrime and crypto scams, the haul of digital tokens will increase along with it. And with the US Treasury setting its sights on tax evaders trying to use crypto to beat the tax man, government crypto safe boxes are expected to swell even further.
Since the Silk Road takedown, the government has successfully established a workflow that remains in place.
“Interviews with current and former federal agents and prosecutors suggest the US has no plans to step back from its side hustle as a crypto broker,” CNBC reported on August 4.
Google’s advertising ban on cryptos has officially been lifted. As of August 3, the tech giant will allow companies in the crypto space to advertise on its search engine and sites that are a part of its platform.
Google had already updated its advertising policy in June, to take effect in August. According to Google, “as of August 3, advertisers offering brokerages and cryptocurrency wallets aimed at the US can advertise these products and services”.
Policy Changes for New Crypto Regulation
With the revocation of the ad ban, Google has prescribed specific requirements that need to be upheld by advertisers. Google told Bloomberg in June that the change was made to comply with new US Financial Crime Enforcement Network (FinCEN) regulations.
Google will now allow #Bitcoin advertising for wallets and exchanges, starting today!
The new policy will apply globally to Google Search and its third-party sites including YouTube, Gmail and Blogger.
Coinbase now appears as the top result when users search for the term “bitcoin” in the US, an exchange entry appearing with the recommendation to “buy and sell bitcoin at Coinbase”.
What Does This Mean for Crypto?
Bitcoin itself does not have a marketing budget, relying instead on the crypto grapevine or companies that provide bitcoin services to do the marketing.
The end of Google’s ban could lead to increased exposure for bitcoin and other cryptocurrencies by allowing companies to re-advertise.
Twitter, Facebook and Google prohibit the advertisement of initial coin offerings but allow exchanges or wallet services provided by a publicly traded crypto company to advertise with them, as long as they comply with local laws.
As Google has relaxed its advertising policy, other major advertisers might follow suit.
The change in Google’s attitude is very positive for the cryptocurrency market, which has faced regulatory uncertainty around the world. Being allowed on the Google ad network will obviously ensure bitcoin reaches a larger number of potential users.
Data from on-chain analysis firm Glassnode shows there has been a 30 percent increase in active Bitcoin (BTC) addresses. However, BTC has only risen above the US$40,000 mark a handful of times.
#Bitcoin has seen a resurgence in Active Entities over the past week, rising by 30% from 250k to 325k active entities per day.
This degree of activity was sustained in July 2020 when $BTC prices were around $11.3k in Q2-2020.
The Bitcoin network (BTC) has recently seen a notable increase in active addresses per day. According to Glassnode, in one week active addresses increased from 250,000 to 325,000.
This is the biggest surge recorded since the number of active Bitcoin wallets dropped 41 percent from 425,000 in January 2021 to below 245,000 addresses in early July.
Alongside a significant turnaround in active Bitcoin users, a one-year record volume of BTC outflows has been hit, comparable to peak outflows seen in November 2020. This is a bullish signal indicating that BTC has been bought on exchanges and is being moved to wallets for safekeeping.
Bitcoin (BTC) has only touched the US$40,000 mark a handful of times since its $63,000 high in April, and has since been ranging between $32,000 and $38,000. Recent rumours of Amazon accepting bitcoin, along with the positive talks between Jack Dorsey and Elon Musk at the B word Conference, spiked it up to $42,000 but to no avail, as the price dropped back down under $40,000.
Bitcoin Millionaires Hit New High
During this time, bitcoin millionaires have also been accumulating. Bitcoin held on addresses storing 100-to-10,000 BTC hit 9.23 million bitcoin (US$364 billion) as of August 1, which is a new all-time high for this group of investors.
In the last four weeks, these addresses have accumulated approximately 170,000 more BTC. This staggering pace was last matched in late December 2020, right before a massive bull run kicked off in 2021 where prices jumped from $29.0k to $40.8k in the year’s opening week.
Santiment data analytics
According to cryptocurrency data-tracking firm BitInfoCharts, there are now over 80,000 BTC millionaires, up from 25,000 just three months ago.
If you’re investing in crypto or your business uses blockchain, you will no doubt be in need of a lawyer at some stage in the game to help navigate the rules and regulations of this fast moving space.
Here is a list of the 10 best crypto lawyers in Australia offering expert advice providing legal services for all things cryptocurrency, including: initial coin offerings (ICO), smart contracts, digital assests, financial products and cryptocurrencies, blockchain businesses, securities laws and more.
Salerno Law
Salerno Law provides expert legal solutions to clients in Australia and overseas, with offices in Western Australia, Queensland, South Australia, Victoria, New South Wales, Los Angeles and Ayrshire in the UK. The Salerno team has international knowledge of legislation and regulations, while also focusing on clients’ needs at a local level. The team of crypto lawyers includes managing partners Matteo Salerno and Emma Salerno, and expert fintech lawyer Krish Gosai, who co-founded DayTek Capital, a Queensland-based Financial Services/Fintech company, which was granted an AFS licence in approximately six months. The company has developed a range of innovative banking products and services in both the fiat and cryptocurrency space.
GT Law
Gilbert and Tobin Law recognises that developments in the local financial technology (fintech) landscape have elevated Australia as a leader in this sector. GT Law aims to help clients navigate all aspects of cryptocurrency regulation. The firm is headed by co-founder and managing partner Danny Gilbert, with partner lawyer Simon Burns, a specialist in Technology + Digital and fintech.
Lander & Rogers
Lander & Rogers is a multi award-winning law firm providing advice for blockchain businesses. Its excellent stable of lawyers practising Blockchain and Digital Assets law includes Jared Smith, Lisa Fitzgerald, Robert Neely and Simon Davidson. These lawyers specialise in smoothing the path through legal issues that can delay or derail the development of new products and processes. They provide legal and commercial advice to: technology founders and startups; foreign blockchain businesses entering the Australian market; and established Australian companies launching blockchain projects. Lander & Rogers’ blockchain law team combines comprehensive technical knowledge with the expertise and experience of a leading commercial law firm. It is one of few Australian firms with the expertise to help businesses realise the potential of blockchain and distributed ledger technology. Impressively, Lander & Rogers board member Dr Philippa Ryan is a lead author of international standards for smart contracts through her role with Standards Australia’s Blockchain Technical Committee. She has published two books in the field of blockchain and digital trust, and sits on the editorial board of Stanford’s Journal of Blockchain Law and Policy.
Nicholson Ryan Lawyers
Melbourne-based firm Nicholson Ryan Lawyers acts for a number of Australia’s largest cryptocurrency providers. The team has considerable experience with: blockchain and cryptocurrency-related transactions; establishment of cryptocurrency exchanges and funds; initial coin offerings (ICO); preparation for possible regulatory changes; and AFS licensing advice and compliance. Director Shannon Ryan leads Nicholson Ryan’s financial services and corporate transactions section, her areas of expertise including ASX listing rules, capital raising (public and private), financial services and managed investment schemes, bitcoin transactions, cryptocurrencies and cryptocurrency exchanges.
LegalVision
LegalVision is a tech-driven, full-service commercial law firm that uses technology to deliver a fast, high-quality and cost-effective client experience. The majority of its clients are LVConnect members. By becoming a member, you can stay ahead of legal issues while also staying on top of costs. From just $119 per week, get all your contracts sorted, trademarks registered and questions answered by LegalVision’s highly experienced business lawyers.
Neo Legal
Neo Legal specialises in blockchain technology. They are first and foremost lawyers who are passionate about tech and business. Its specific interest in the cryptosphere has led Neo Legal to become a blockchain law firm working with all aspects of blockchain technology and cryptocurrency, with a team of lawyers who advise on cryptocurrency projects and crypto exchanges, as well as niche blockchain-related startups. The Neo Legal team includes co-founder and managing partner Kenny Lee and partner Harly Zappino.
Piper Alderman
Piper Alderman has a blockchain team that is passionate about the opportunities provided by distributed ledger technologies and is ideally placed to help clients navigate this complex landscape. With law and regulation struggling to keep up with technology, clients can rely on the team for issues related to blockchain and for its deep general industry knowledge. Piper Alderman can assist with fund structuring and fundraising, DAO and token structuring, licensing advice, taxation, privacy, anti-money laundering, corporate structuring and other regulatory advice. Its knowledge and experience have been gained in advising leading Australian and international blockchain projects since 2017. Piper Alderman lawyers regularly present on blockchain-related legal issues at conferences around Australia and overseas, and PA was the only law firm recognised as a finalist in Blockchain Australia’s Advisor of the Year Awards for 2019. It was the first major Australian law firm to accept bitcoin (and now other major cryptocurrencies) as payment for legal services. It has built strong relationships with trusted developers and other professionals with expertise in assisting clients in the blockchain space.
HG Lawyers
HG Lawyers has broken new ground across the emerging areas of cryptocurrency, initial coin offerings and blockchain. As one of the first Australian firms advising on fintech and digital commerce, it works with ICO and token issuers, cryptocurrency exchanges and blockchain companies. HG Lawyers offers a dedicated fintech digital assets team within the firm, and is presently advising on multiple ICOs relating to platforms across various industries and assisting virtual currency industry clients with ASIC, AUSTRAC, ATO compliance and privacy issues. HG has experience in: token generation and economics, initial coin offerings (ICO), token sale and purchase agreements, terms and conditions of digital offerings, disputes related to distributed ledger technology, cryptocurrency regulatory guidance, privacy and data security, engagement with regulators, advising on the creation of digital assets, the internet of things, smart contracts, supply chain logistics, digital databases, and digital payments systems and services.
Mills Oakley
Mills Oakley is a leading Australian law firm with offices in Melbourne, Sydney, Brisbane, Canberra and Perth. With over 100 partners and more than 670 staff, it offers strong expertise across all key commercial practice areas. With over 30 years’ experience providing Australian and cross-border digital law solutions for clients across a broad range of government and private sectors, MO has market-leading expertise (as recognised in Best Lawyers) in data privacy/cybersecurity, multi-jurisdictional privacy compliance, information (including Big Data analytics, AI, IoT), digital transformations, blockchain, smart contracts and cryptocurrency.
Hall & Wilcox
Hall & Wilcox is a practice specialising in blockchain, cryptocurrency, initial coin offerings (ICO) and security token offerings (STO). The digital landscape is changing quickly. By considering commercial, tax (including the GST treatment of digital currency) and regulatory issues, the Hall & Wilcox team looks at the big picture to advise on blockchain, cryptocurrency, ICO and STO opportunities.
US-based financial services company Square Inc has entered an agreement to acquire Australian fintech firm Afterpay Limited. Both companies will integrate their businesses under the agreement, which will eventually enable Aussie users on Afterpay to make bitcoin purchases on a “buy now, pay later“ (BNPL) basis.
Under the so-called “Scheme Implementation Deed“, Square agreed to acquire all Afterpay’s issued shares (ASX: APT) for an implied value of A$39 billion (US$29 billion), as per the announcement.
Square CEO Jack Dorsey said his company would connect its Cash App and Seller ecosystem with Afterpay to offer more effective services and products for consumers and merchants.
This integration further extends Cash App services to Afterpay users, which means Australian users on the platform will benefit from different financial tools offered by Cash App, including bitcoin purchases, money transfers, cash boosts and others.
The addition of Afterpay to Cash App will strengthen our growing network of consumers around the world while supporting consumers with flexible, responsible payment options. Afterpay will help deepen and reinforce the connections between our Cash App and Seller ecosystems and accelerate our ability to offer a rich suite of commerce capabilities to Cash App customers.
Brian Grassadonia, Cash App lead, Square
If certain closing conditions for the deal are met, the transaction will be finalised in Q1 2022. On completion, the co-founders and co-CEOs of Afterpay will join Square to spearhead the services of the Aussie company under the Cash App and Seller ecosystem. Also, one of the execs at Afterpay is expected to join Square’s board.
Square’s Relationship with Crypto
Led by Jack Dorsey, Square has been an active player in the crypto space. It enables people to buy and sell cryptocurrencies via the Cash App, which recorded about US$3.5 billion bitcoin revenue in Q1 2021. Early in June, Dorsey disclosed on Twitter that Square was seriously considering developing a bitcoin wallet to support the community.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
An American family purchased 3,000 ETH in the 2014 presale, now worth a staggering US$5.8 million. Shockingly, they cannot access this fortune because of a password issue.
Yuki and Art Williams, of Washington DC, jumped at an opportunity to purchase 3,000 ETH coins in 2014 during a pre-sale offered by the Ethereum Foundation, the price of which has since skyrocketed. The couple used Coinbase and spent 1.5 bitcoin (BTC) to make the purchase.
The family claims that a password was created, but the all-important JSON file was never completely downloaded online. A JSON file is a small file that acts as a private key used to open a crypto wallet. The coins appear in the wallet, but the wallet cannot be opened.
The instructions were to leave your computer on for an hour and a half and as the progression bar showed it populating the JSON file would appear. Unfortunately for us, it did not appear.
Art Williams
Devastating Loss for Williams family
According to Art Williams, the foundation’s presale website instructed him to email the Ethereum Foundation, following which it would send an email containing a backup JSON file. This, however, did not happen.
— Scott Taylor 7 News I-Team (@ScottTaylorTV) July 21, 2021
Following this, Williams contacted the Swiss-based foundation to hand over proof of purchase and screenshots indicating the issue he was experiencing. When he did not hear anything back from the foundation, Williams contacted a law firm in Switzerland in 2018 to explore a solution to their problem.
Discussion of a settlement offer was reported, but since then the foundation has told Williams’ legal team that Ethereum has “no liability for lost wallets, passwords, and private keys”.
Making Sense of It All
It is clear that the Williams family has been pursuing this issue for years without success. Media company Mashable has been able to find what it believes to be the Williams wallet, which does in fact contain 3,000 ETH. The coins have remained untouched since July 30, 2015 – the actual date of the ETH launch.
Comments on the Etherscan transaction page confirm that the account belongs to Art and Yuki Williams. But some aspects of this saga do not make sense. A JSON file is a very small file and should take less than a few seconds to download.
The fact that the ETH presale page told Art Williams to wait “an hour and a half” for the file to download also makes no sense. A search of previous versions of the ETH presale page did not reveal any such indication.
‘Not Your JSON, Not Your Coins’
Speaking to Mashable, author and crypto critic David Gerard issued concerns regarding cryptocurrencies. Gerard explained that once you have spent fiat currency on digital coins, you should not expect anything in return. He added that once you buy a coin, your cash money is gone.
When investing in crypto, you worry about a bad investment and in the worst-case scenario you may lose your money entirely. This seems to be what has happened to the Williams family.
News such as this instills pain like that of British IT manager James Howells, who in 2013 accidentally threw out a hard drive containing 7,500 BTC.
Adding insult to injury, ETH is becoming increasingly scarce given its astronomic growth performance recently. Currently, there is less than 20 million ETH available on all crypto exchanges.
[It’s] devastating, to say the least. Obviously, that’s life-changing money.
Bitcoin exchange outflows, a key market indicator, have reached a one-year high providing an additional signal that bodes well for the apex predator of digital assets.
Bybt and CryptoQuant shared data that showed the highest one-day outflow in at least a year. In 24 hours, 57,000 BTC – worth over US$2 billion – left exchanges.
Bitcoin Exchange Flows. Source: CryptoQuant
Bitcoin Archive was quick to chime in on the bullish news:
While no single market indicator should be considered as definitive evidence of a trend, the latest data reflecting massive Bitcoin outflows from exchanges has provided much cause for optimism.
Generally, large exchange outflows are indicative of investors taking their bitcoins “off market” and into cold storage. The reverse is true when exchange inflows are high. Note the precipitous drop in net transfer volume in Glassnode’s dataset below:
Bitcoin Exchange Outflows. Source: Glassnode
Bull Market Continues?
Bitcoin went sideways for months on end, leaving many investors questioning whether the bull run was over. Of late, however, the market sentiment appears to have shifted, at least as measured by the Bitcoin Fear and Greed Index:
— Bitcoin Fear and Greed Index (@BitcoinFear) July 29, 2021
There have been a number of promising market indicators in the past month suggesting that a sharp rise may be around the corner. From the reduction in leveraged shorts to growing evidence of a supply squeeze, Bitcoin bears appear to be on the back foot, at least for now.
You can’t take it with you – or can you? When Canadian crypto scammer Gerald Cotten died from complications of Crohn’s disease in 2018, he took with him a fortune of up to $A234 million in bitcoin and other digital currencies.
The 30-year-old’s sudden death came as a shock in crypto circles but many believe he faked it in an elaborate “exit scam”. Buried with Cotten were the keys to the digital vault containing investors’ cash unwittingly sunk into his trading platform Quadriga CX.
Cotten’s death was kept secret for a month by the firm before it was finally announced – and it was only then discovered he had spent millions in investors’ money to fund his own exorbitant lifestyle.
Documentary “Dead Man Switch” Asks Whether Cotten Died For Real
What exactly happened to Cotten, and whether he is still alive somewhere sitting on a mountain of stolen crypto, is the subject of a new documentary, Dead Man’s Switch, to be screened at the Melbourne Film Festival in August (see trailer below).
The mystery of Cotten and Quadriga is also the topic of two podcasts, Exit Scam and A Death In Cryptoland.
There is widespread speculation Cotten’s death was staged and there have been calls for the exhumation of his body to prove conclusively that he actually died.
Cotten with Jennifer Robertson on their honeymoon in India. Source: en.wikialpha.org
His will was signed just two weeks before he and wife Jennifer Robertson travelled to India on their honeymoon. Cotten had appointed Robertson executor of his estate, bequeathing a $A9.7 million real estate empire, his yacht and his Cessna plane. He even left his two dogs an inheritance of $A108,000.
Robertson has not been accused of any wrongdoing and has denied any prior knowledge of her husband’s business dealings. In fact, in 2019 she returned $A9.7 million to Cotten’s company to repay users.
There’s only two people who really know what happened in India.
Sheona McDonald, director, Dead Man’s Switch
Cotten’s Long Line of Ponzi Schemes
Police believe Quadriga CX was another in a long line of Ponzi schemes where Cotten would use fake accounts to “buy” his customers bitcoin. He would then use the crypto to make personal investments on other digital exchanges, according to accounting firm Ernst & Young.
The irony is that Cotton, as an early crypto believer, would have got rich without the need to scam others. He is believed to have made $A125 million in crypto from his own accounts and put them into high-risk financial bets – many of which crashed, costing him more money than Quadriga ever actually made.
Bankruptcy trustees have recovered $A37 million from Quadriga and another $A13 million in assets from Cotten’s estate, but the rest remains under digital lock and key.
Just this week, Crypto News broke the story of how Australian crypto influencer Alex Saunders went to ground after investors alleged they’d been scammed into funding his claimed stablecoin project.
Forewarned is forearmed: Crypto News is also your trusted source for information on all the latest scams going around in the space in 2021.
