Category: Crypto News

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Australia Crypto News Cryptocurrency Law

$600M Crypto Class Action Filed, Aussie Mining Billionaire Twiggy Forest Declares War on Google, Facebook

Sydney lawyer Andrew Hamilton’s $600 million class-action lawsuit targeting tech giants such as Google, Facebook, and Twitter has been filed in the Federal Court of New South Wales as Australian mining billionaire Twiggy Forrest announces a new alliance aimed at empowering the opponents of tech oligarchs. 

Hamilton, representing Sydney-based law firm JPB Liberty, announced that the cryptocurrency ad ban lawsuit was ready to file earlier this week, with the suit already capturing over $600 million USD in claims from litigants.

The suit was filed with a statement of claims exceeding 50 pages, and targets a slew of international social media platforms such as Twitter, Facebook, Google, and YouTube — mirroring legal action taken against YouTube by cryptocurrency exchange Binance. 

Twiggy Declares War on Facebook and Google

Andrew Hamilton isn’t the only Australian taking tech giants to task — Aussie mining magnate Andwrew “Twiggy” Forrest has announced the launch of a new “Global Tech Impact Network” aimed at promoting and supporting the work of the most vocal critics of Google and Facebook.

Forrest will provide $20 million in funding in order to “tackle the lawless, empower workers, and reimagine technology,” operating from some of the most prestigious universities in the world. 

Funded directly by the Forescue Metals Founder’s “Minderoo Foundation” philanthropic arm, the initiative is focused on holding both Facebook and Google accountable for their actions subsequent to a large-scale cryptocurrency scam that saw his likeness used to defraud Aussies of over $3 million in cryptocurrency.

“We need a massive uptick in education and governance to wrestle with the very real harms caused by the tech sector,”

At the time of the fraud, Forrest “reached on an executive level” to both Google and Facebook to no avail — and appears to now be taking more proactive steps by launching an international cooperative effort out of Cambridge, Oxford, New York, and Western Australian to take proactive steps to eliminate fraud.

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Australia Cardano Crypto News

Aussie Blockchain Dev Prepares to Launch Cardano Payments Across 500k Online Stores

An Australian blockchain developer is working on a new Shopify integration that will allow ADA holders to pay with Cardano’s native token across almost half a million online stores around the world. 

Created by Australian blockchain developer Jeronimo Backes, the new “Cardano e-commerce integration project” will allow online shoppers to use ADA tokens to pay for a broad spectrum of goods and services via ecommerce payment platform Shopify.

Cardano is a blockchain project driven by an academic development protocol, focused on peer review and collaboration.

ADA holds a strong position in the top 10 cryptocurrencies by market cap, but currently lacks extensive adoption as a means of purchasing goods and services — outside of a number of gaming skin markets and VR imaging platforms, Cardano’s ADA token is largely used as a means of international remittance. 

Cardano Stake Pool Backs Ecommerce ADA Integration Project

Backes’ new Shopify integration project would bring ADA payments to millions of online shoppers around the world — launched in 2004. Shopify has processed over 40 billion worth of sales internationally, and holds roughly 20 percent of the global ecommerce market share. 

The Australia-based developer’s efforts to create a functional ecommerce application for ADA is sponsored by the SHOP Cardano stake pool, who are funding the project with the goal of the goal of building Cardano integrations with ecommerce.

SHOP’s missions statement highlights the open-source nature of the Cardano e-commerce integration project, noting that the rollout of smart contracts on Cardano will allow for the creation of more complex ecommerce payment models such as subscriptions:

“Once smart contracts become available, we’ll introduce support for subscriptions and recurring payments in ADA and native tokens that run on the Cardano blockchain.”

The user-focused nature of the new Cardano project reflects greater changes in the Cardano ecosystem, with Cardano taking the first step towards the Voltaire phase of development through “Project Catalyst,” which will see the Cardano development ecosystem transformed into an entirely community-led effort.  

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Crypto News Cryptocurrencies Cryptocurrency Law Regulation

$300 Billion Class Action Lawsuit Against Social Media Giants “Ready to File” as Signups Draw to Close

An impending class-action lawsuit that could see international social media giants such as Facebook, Google, and Twitter sued for over $300 billion is “ready to file,” with signups for claimants closing next week.

Announced in early June 2020, the class action lawsuit is spearheaded by Andrew Hamilton, the CEO of Sydney-based legal firm JPB Liberty. The class action lawsuit is focused on holding various social media platforms accountable for cryptocurrency advertising bans executed by throughout 2018.

The suit has already captured over $600 million USD in claims — nearly $875 million AUD — with multiple litigants. The case has already been placed before a senior barrister for review, and accuses a series of social media platforms of acting in a cartel-like manner in order to collaboratively crush the developing digital currency industry in 2018.

Hamilton, in a conversation with crypto news media, stated that he is prepared to file proceedings for the case within a 48 hour period — noting that signups for claimants are scheduled to close on August 21.

“This is a very big threat to Facebook and Google strategically, because, instead of having startups that have to fundraise all the way through and end up getting bought by Facebook or Google or someone before they become a competitive threat,”

Google, Facebook Banned Crypto Ads to “Eliminate Competition”

Initial coin offerings and other digital currency based startups, according to Hamilton, are a significant threat to the status quo of the tech tech industry. Hamilton highlights the cumbersome, slow moving nature of fundraising in the tech industry, stating that ICO’s “front-loaded” the investment process, allowing tech startups to compete on equal footing with major tech companies.

The suit focuses on the “hypocrisy” of major tech platforms such as Facebook developing and launching projects such as the Libra stablecoin, while simultaneously banning all digital currency competitors. Everyone who was in the nascent web 3.0 space at the time and planning on competing with Google or Facebook, states Hamilton, was crushed.

The suit, if successful, will see 70 percent of any settlement distributed to litigants, with 30 percent directed toward the suits funders.

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Crypto News

Crypto Criminals Targeted by International AFP Crackdown, Aussie Police Officers go Global

The Australian Federal Police is set to deploy officers around the world in a new international crackdown that will see the AFP target global intellectual property thieves, hackers, and cryptocurrency users.

The new plan will distribute AFP offices throughout Africa, the United States, and Europe in pursuit of criminals and scammers otherwise out of the reach of Australian law enforcement. Australian police officers will possess the authority to knock on doors, arrest criminals, and seize the assets of criminals from Eastern Europe, to Nigeria, and Brazil — including cryptocurrency assets.

The countries targeted by the AFP in what AFP Commissioner Reece Kershaw described as an “offshore punch” are close to cybercrime hubs, from which phishing, malware, and romance fraud operations defraud Australians. 

New powers provided to Australian police officers in a $1.6 billion cyber security strategy that the Morrison Government plans to legislate by the end of the year will see the AFP receive support from the Australian Signals Directorate and other agencies, such as ASIO.

Global Police Force Targets Crypto 

Cryptocurrency is expected to be a primary target of the international AFP crackdown, with over $2.5 billion AUD lost to international online scams in the last decade — much of it siphoned away through major cryptocurrencies such as Bitcoin. 

ACCC chairman Rod Sims has warned Australians against new COVID-19 focused scams aimed at defrauding Australian superannuation holders of their retirement savings. 

The increase in international scammers targeting Australians occurs alongside an increase in the distribution of malicious remote access tools that provide hackers with the ability to review documents and media on target devices or record keystrokes.

By recording keystrokes or data on target devices, hackers can potentially gain access to cryptocurrency exchange accounts or private keys. The AFP, however, is certain that the new international policing effort will minimize the impact of scams — crypto or otherwise — on the Australian public.

“The criminal syndicates hiding behind keyboards are targeting the nest eggs of hardworking Australians, they are holding our businesses to ransom, robbing our universities of their intellectual property, and planning terrorist attacks …  The AFP will respond to the cyber threat with renewed focus and enhanced capabilities to cause maximum damage to the criminal environment,”

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Australia Crypto Exchange Crypto News Scams

Australian Crypto Exchange ACX.io Under Scrutiny from Crypto Community as Possible Exit Scam

ACX, boasted as Australia’s “most liquid Bitcoin exchange,” has come under fire multiple times this year from concerned cryptocurrency traders and platform users who report that they are unable to withdraw funds.

Discussions on popular media platform Reddit concerning the trading platform note that many users claim to be unable to withdraw cryptocurrency funds, citing empty public hot wallet addresses and complaints filed with the Australian Financial Complaints Authority (AFCA).

ACX.io was ejected from the Blockchain Australia industry body subsequent to an internal disciplinary process. The trading platform, supported at launch by Blockchain Global Limited (BGL), is currently the target of a group of cryptocurrency users that plan to file a class-action lawsuit against key stakeholders of ACX.io, including Sam Lee, Allan Guo, and Wenyong Huang. 

Concerns of ACX Exit Scam Increase

Traders and cryptocurrency investors active on the ACX trading platform have remained vocal on social media throughout 2020, claiming that the Melbourne ACX office is “completely deserted.”

In January 2020, the exchange was subject to an “audit” announced on the website, which stated that withdrawals were “temporarily disabled”

“Dear ACX customers we are going through the audit process with ACX hot and cold wallet. During this time, the deposit and withdrawal functions will be temporarily disabled.”

Blockchain Global Will Pay for Legal Action on Behalf of Customers

In March 2020, Blockchain Global published an announcement announcing that it had received multiple complaints regarding the ACX platform, noting that ACX was launched with the assistance of accelerator funding during an incubation period, which ended in December 2017. 

All wallet management thereafter, according to the Blockchain Global Statement, was handled by a “Blockchain Tech PTY LTD” a company established in March 2017 owned by “Blockchain Jet PTY LTD.” Blockchain Global, states the announcement, has had no access to customer funds or exchange operations, and had not received any shareholder updates or management visibility up to the date of the announcement.

Interestingly, Blockchain Global stated in the same announcement that if ACX were unable to deliver a timeline in which all withdrawal requests could be met or a litigation process to reveal contracts between specific stakeholders could not deliver transparency, Blockchain Global itself would fund legal fees for the liquidation of all related entities in order to return customer funds. 

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Bitcoin Crypto News Cryptocurrencies

Bitcoin Breaches $10,000 as Australia Faces Down Worst Inflation Numbers On Record

Australian investors appear hesitant to dive into traditional markets this week, anticipating the release of the worst inflation records on record — as Bitcoin breaks through the $10,000 ceiling, hinting at potential bull run.

The SPI futures index dropped 0.45 percent, or 27 points n Sunday, revealing a potential easing on the S&P/ASX200 for Monday morning. The benchmark equity index hovered near the 6,000 point position late last week, ending the week 1.16 percent down at 6,024 points.

Australian market movements mirror US and European movements, with the Dow Jones Industrial Average falling 0.7 percent. 

Trepidation surrounding the impact of the COVID-19 pandemic and its impact on the Australian economy has seen both CBA and AMP capital forecast Australia’s consumer price index — a critical inflation benchmark — to drop two percent.

Inflation data in line with CBA and AMP Capital forecasting would represent the largest quarterly fall since inflation records began in 1948, taking the annual rate in a negative direction for the first time since 1997.

Digital Asset Markets Fire Up

While traditional markets may be taking a slow turn this last week, digital currency investors have displayed none of the hesitation present in their institutional counterparts. Bitcoin reached a two-month high of $10,135 at 10:05 UTC on Sunday, the highest value demonstrated by the crypto market leader since June 2.

The rapid price size saw Bitcoin capture 8 percent gains on a week to week basis. Similarly, Ethereum’s price skyrocketed to a 13-month high of over $300, reaching $319 early Friday afternoon. 

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Blockchain Crypto News Payments

Eftpos Announces Partnership with Hedera to Launch Aussie Dollar Stablecoin

Eftpos — Australia’s largest debit card system, has announced a partnership with blockchain platform Hedera Hashgraph that will see the point of sale tech provider execute micropayments with an AUD stablecoin.

In an announcement published on July 22, Hedera Hashgraph stated that it would begin collaborating with eftpost Payments Australia in order to launch a micropayments proof of concept.

The collaboration, based on an Australian dollar stablecoin, is designed to test a new blockchain-based payment system that will function as an alternative to online paywalls or subscriptions.

Stephen Benton, eftpos CEO, stated that the integration of Hedera technology is part of a new innovation strategy designed to streamline the micropayment process.

The eftpos platform, which executes over 2 billion transactions worth over $130 billion annually, is focused on stress testing the capabilities of a new AUD stablecoin powered by the Hedera Consensus Service.

The core functionality of the new collaborative platform will allow Aussie consumers to load wallets with small payments and use them to pay for online content in a seamless manner.

The Hedera platform is a decentralized blockchain network that allows users and enterprises to create fast, scalable applications.

Eftpos appears to be pushing into new tech platforms as part of a forward-leaning strategy, recently partnering with Australia post to deliver a digital identify solution in order to connect merchants and government services. 

While the new Hedera and eftpos collaboration won’t result in an AUD stablecoin hitting the crypto markets just yet, the rapid adoption of blockchain technology by Australian payment processors represents a significant step forward toward a blockchain-powered future.

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Crypto News Cryptocurrencies

Easy Crypto Launches Auto-Buy Feature For Australian Crypto Investors

Purchasing cryptocurrency has traditionally been a complicated process. While the cryptocurrency ecosystem has matured dramatically over the last decade, streamlined, regulated fiat to crypto payments have only recently become mainstream.

The modern cryptocurrency ecosystem is far more accessible than ever before, providing crypto investors and traders with the ability to purchase Bitcoin or other cryptos through a wide variety of different payment methods — from bank transfers, to crypto ATMs, or with credit or debit cards.

Buying into the cryptocurrency market may be simple — but it’s important to carefully plan your capital distribution. Easy Crypto, a popular New Zealand-based cryptocurrency brokerage platform, now allows both NZ and Aus-based users to set up automated cryptocurrency purchases in a few simple steps, streamlining the purchasing process and allowing for careful investment budgeting.

What is Easy Crypto? 

Founded in 2018 by Alan and Janine Grainger, Easy Crypto is a simple, easy to use cryptocurrency brokerage platform designed to streamline the process of purchasing or selling cryptocurrencies such as Bitcoin, Ethereum, Stellar, Nano, and more.

Notably, Easy Crypto is one of the first fully-guaranteed crypto platforms in the Asia Pacific region, providing users with a full guarantee that their funds are safe while using the Easy Crypto service. Easy Crypto doesn’t hold user capital, and focuses on providing a simple, transparent purchasing interface ideal for first-time or casual crypto buyers.

Additionally, Easy Crypto provides a dedicated portfolio tracker, allowing users to track their investment and stay up to date with market movements. 

How Does Easy Crypto Auto Buy Work?

Easy Crypto’s Auto-Buy functionality can be set up in a relatively straightforward manner, allowing users to automate purchases of over 60 different cryptocurrencies. 

Easy Crypto provides a dedicated section for automatic payments, which provides users with a clean interface which is used to select the schedule, payment, and distribution of which cryptocurrencies to purchase. 

When set up, Easy Crypto’s Auto Buy function will automatically purchase and distribute cryptocurrency to the addresses designated by the user. Payments can be made via bank accounts on an automated basis.

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Australia Crypto News Cryptocurrencies

Australians Secure the Bag: Economic Stimulus Spent on Retail, Crypto, Cocaine

The Australian government has announced that it will extend record-breaking stimulus support payments into 2021, detailing several multi-billion dollar efforts to protect Australian jobs from the COVIC-19 pandemic. 

While the fiscal efforts of the Australian government are designed to assist Australian families, employees, and employers through the pandemic-induced financial crisis, Australian consumers have other ideas on how stimulus capital should be spent. 

Aussies Spend Super Funds on Furniture, Gambling, Cryptocurrency

Data published by Accenture’s illion and AlphaBeta platform indicates that retail spending in Australia has skyrocketed 17 percent above normal levels, with over 2.8 million Australians seeking early release of superannuation funds as part of the Australian Government’s COVID response. 

Consumer spending across Victoria, which has recently returned to stage 3 lockdown in several regions including Melbourne, has decreased due to lower retail activity — but that hasn’t stopped Australians in other states from spending 54 percent more than normal at department stores, 51 percent more on online gambling, and 114 percent more than normal on furniture.

The retail sector isn’t the only market benefiting from COVID stimulus — Australian cryptocurrency purchasing and investment patterns match those published by popular cryptocurrency exchange Coinbase earlier this year, with Australians investing a portion of the $2.8 billion paid out thus far under the early superannuation release scheme directly into crypto markets.

Cocaine Use at 20-Year High

While the retail and cryptocurrency markets are experiencing an inflow of new capital, so too is the Australian illicit drug trade. Australians in lockdown, according to academic data, are more likely to spend money on illicit drugs such as cocaine, resulting in a large spike in cocaine use across the country.

Data published by the Australian Institute for Health and Welfare reveals that cocaine use is at a 20-year high — academic studies into the impact of the COVID-19 lockdown on Australians indicate that lockdown periods are likely to increase illicit drug use in Australia despite supply chain interruptions.

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Australia Bitcoin Crypto News Regulation

TikTok Could Hack Your Bitcoin Wallet Right Now — Australian Government Considers “National Security Risk” App

The Australian government has stated that popular Chinese-owned social media platform TikTok is under scrutiny for any potential risks it may pose to user privacy or potential national security risks as new evidence emerges that TikTok could compromise user security — including cryptocurrency wallet data.

The social media app, owned by China-based Bytedance, recently opened new offices in Australia amidst international privacy concern that saw TikTok banned in India and US President Donald Trump promoting a campaign to ban the app as part of a new presidential re-election campaign.

Prime Minister Scott Morrison has stated that the Australian Government is currently “having a good look” at TikTok, hinting that an Australian TikTok ban is not out of the question:

“If we consider there is a need to take further action than we are taking now, then I can tell you we won’t be shy about it”

TikTok Accused of Leaking User Data

Concerns regarding the potential security issues presented by TikTok aren’t limited to national security, however. Independent penetration testing and cybersecurity firm Penetrum has published extensive documentation focusing on TikTok, condemning the app for spying on and gathering the personal information of all users.

Penetrum data, published via a public data repository and presented via a security analysis white paper, levels concerning claims against TikTok, claiming that over 37 present of known IP addresses linked to the platform are based in China and that the application harvests and shares data with third party vendors and business partners.

What does this mean for cryptocurrency holders, investors, and traders that use smartphone-based wallet applications, though?

Independent Audit Highlights Severe Security Risk

Penetrum data indicates that TikTok presents a severe security risk due to:

  • Always-enabled remote webview
  • OS-level command access
  • Compromised device information and GEOlocation data
  • User activity monitoring

Based on the evidence presented by Penetrum, TikTok is able to read and share clipboard — or copied and pasted text — on user devices, or access camera functionality without altering the user. 

While many wallet apps generate cryptocurrency wallets without user string input, there are many extant apps in use today that allow users to paste private keys when importing wallets — potentially revealing them to malicious applications.

While Penetrums findings have yet to be backed up by additional studies by other third-party cybersecurity firms, the international concern directed at TikTok due to privacy concerns should cause smartphone crypto wallet users to consider whether the social media platform is worth the risk.