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Established in 2014, New Zealand. No. of assets - 611.

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Verge (XVG) Supporter Talks About Cryptopia And The Importance Of Self Reliance

Cryptopia And The Importance Of Self Reliance Crypto exchange Cryptopia had a terrible experience. Not only were they hacked, but they also had to use the remaining coins that were not hacked for paying off its clients. It was regrettable, and it also reinforces the claim for a small part of people in the crypto […]
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Grant Thornton: Bankrupt New Zealand Bitcoin Exchange Cryptopia Has $4 Million Liability

​​Liquidators of dissolved New Zealand-based cryptocurrency exchange, Cryptopia, released its first report on May 31, 2019. The report detailed the current state of the exchange along with its financial status and revealed a liability of over $4 million. $4.22 Million Outstanding Debt Following the liquidation of New Zealand-based cryptocurrency exchange, Cryptopia, David Ian Ruscoe and MalcolmRead MoreRead More. The post by Anthonia Isichei appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Cryptopia Suits Gather Steam as Another Failed Exchange Is Bound for Court

When cryptocurrency exchanges fail, a seismic shock shudders through the cryptosphere. With thousands of users, from traders to companies, left out of pocket, litigation is inevitable in a bid to claw back some of the losses. Cryptopia is the latest in a long line of exchanges to face a litany of lawsuits from anguished creditors. Also read: Mixing Service Bitcoin Blender Quits After Bestmixer Takedown GNY.io Heads the Queue of Creditors Knocking at Cryptopia’s Door GNY.io, a machine learning platform for blockchain applications, was the largest wallet holder in the now defunct Cryptopia exchange, which closed its doors in April after suffering a devastating hack three months earlier. Despite briefly reopening for trading, the New Zealand exchange was unable to make it work, and abruptly ceased operations, leaving thousands of users out of pocket, and with little recourse. The Channel Islands-based GNY.io has refused to write off its losses, however, and issued a statement on May 16 detailing the claim it filed in the High Court of New Zealand. GNY.io reports losses of more than 492 BTC, valued at $2.5M at the time of the claim, but now worth $4.2M in BTC terms. The digital assets that the company held on Cryptopia were Lisk Machine Learning (LML) tokens, which according to Coinlore are now only tradable on Bitbay. 15.4M LML tokens were lost as a result of Cryptopia’s collapse, comprising all of the LML that GNY.io held. The machine learning company isn’t the only Cryptopia victim now seeking recourse through the courts. Grant Thornton is overseeing liquidation on behalf of Cryptopia, and produced its first liquidation report on May 31. Explaining the decision to reopen and then close the exchange, it notes: “Trade volumes were insufficient for the Company to meet its debts as they fell due and it was decided the appointment of liquidators was in the best interests of customers, staff and other stakeholders.” In addition to secured Cryptopia creditors Dell and, curiously, Coca Cola, there are 69 unsecured creditors with claims totaling $2.439M, although this figure is expected to rise, and it appears that GNY.io’s $2.5M claim has yet to be added to this. Cryptopia’s Not the First Exchange to Be Dragged Through the Courts This Year Failed exchanges with a lengthy list of creditors are a recurring theme through 2019, and indeed through the history of cryptocurrency. Canadian exchange Quadriga has 115,000 creditors and a string of lawsuits in what’s shaping up to be the most acrimonious lawsuit since Mt Gox, the one that began it all. Quadriga even has multiple law firms overseeing the liquidation amidst an unsightly squabble over who should be paid first, accusations of the late CEO’s widow ring-fencing assets, and mounting evidence that there are no retrievable crypto assets at all. Then there’s Italian exchange Bitgrail, where another unsightly squabble has creditors fighting over the crumbs with no resolution in sight. Creditors of deceased exchanges hoping to claim what’s rightfully theirs, or at least a portion thereof, will need to be patient. The Mt. Gox case is still proceeding through the courts, and is now in its sixth year. The end looks to be in sight for victims of the Japanese exchange, who should be up in USD terms upon receiving their compensation, likely in early 2020, but down in BTC. Creditors of Cryptopia will be hoping for a speedier resolution; a similar timeline to Gox would see the case drag on until 2025. Do you think the Cryptopia creditors will receive any compensation? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Cryptopia Suits Gather Steam as Another Failed Exchange Is Bound for Court appeared first on Bitcoin News.
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Cryptocurrency influencers react to Facebook’s Libra, boon or risk for Bitcoin?

Some of the most prominent figures in the crypto community took to Twitter to share their thoughts on Facebook’s Libra cryptocurrency. While some claim that Libra lacks the necessary features to compete with Bitcoin in the race to become the world’s currency, others argue that it could destroy most altcoins and stablecoins in the market. 2/ Libra's mission is to enable a simple global currency and financial infrastructure that empowers billions of people. — David Marcus (@davidmarcus) June 18, 2019 Facebook’s Libra Facebook’s highly anticipated cryptocurrency was finally unveiled. “[It] is a new global cryptocurrency, built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol,” said the whitepaper. The term “global cryptocurrency” comes from the fact that it nodes will be distributed across the globe and it is not pegged to a single fiat currency, according to the documents. Instead, it will be backed by different real-world assets denominated in the American dollar, British pound, Japanese yen, and the euro and other low-risk securities. The Libra Association, a Switzerland-based non-profit, will release the Libra blockchain in 2020 with a group of 28 founding members that will be in charge of validating transactions in the network. The list of network validators include Visa, Mastercard, Paypal, Uber, Lyft, eBay, and others, that have invested around $10 million to be part of the board and operate a node. Facebook also launched a new subsidiary called Calibra, which is a digital wallet designed to “provide financial services that will enable people to access and participate in the Libra network.” With Facebook’s gigantic user base and its ability to leverage WhatsApp, Messenger, and Instagram, Calibra will instantaneously compete with the world’s most popular existing wallets and exchanges, such as Coinbase, RobinHood, CashApp, and others. Even though this is a massive play for Facebook for entering the financial services industry, the cryptocurrency community expressed a mixture of concern, distrust, and excitement. Many took to Twitter to express their sentiment about the recent move by the social network giant. Crypto Twitter’s reaction Anthony Sassano, the co-founder of EthHub, points out that in order to sign up for Calibra, a government-issued ID is required to “comply with laws and prevent fraud.” 2/ To get started with Calibra, you'll need a government-issued ID to sign up for an account and the website states that "identity verification is important to comply with laws and prevent fraud, so you know people are who they say they are." Well, of course 😅 — Anthony Sassano (@sassal0x) June 18, 2019 According to @AkadoSand, this KYC procedure poses a major security risk for its users since the first time a transaction is made from an account, any future transactions will be linked to it as well as any other sensitive information. $LIBRA will be the best thing that will happen to chain analysis and LE. From the moment you make a single tx, your id will be linked to it and all future txs forever Like BTC but as soon as you use it you're automatically KYC'ed. Profile, location, timestamps, preferences, etc — Akado 'Bitcoin Halving in 339 days' Sang (@AkadoSang) June 16, 2019 With a user base of two billion people, Changpeng Zhao, the founder and CEO of Binance, believes that Facebook will not only have access to its users names, IDs, addresses, phone numbers, family members, friends, real-time and historic location, but with the introduction of Calibra, it will now gain access to their financial data. Facebook Libra coin don't need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like… They know you more than yourself. And now your wallet too. Best AML! — CZ Binance (@cz_binance) June 18, 2019 Such a vast amount of information under a central authority could lead to a “disaster in slow motion,” as Tamas Blummer, a Bitcoin Core developer, indicates. The VP at CoinTerra suggests that technical features of Libra, such as “account model, generic language, [and] on-chain scaling,” makes it more of an Ethereum competitor than Bitcoin. Libra resembles Ethereum more than Bitcoin. It contains all the features that make Ethereum garbage. account model, generic language, gas, on-chain scaling with sharding, some BFT consenus. In addition it has to implement all KCY and AML. A sure disaster in slow motion. — Tamas Blummer (@TamasBlummer) June 18, 2019 Along the same lines, Pavol Rusnak, CTO at SatoshiLabs, and Ran Neu-Ner, CEO of Onchain Capital,  asserted that Facebook’s new cryptocurrency could have the potential to replace altcoins and stablecoins, but it will fail against Bitcoin. Facebook just gave Bitcoin its biggest boost ever and also rendered 90% of alts useless at the same time. — Ran NeuNer (@cryptomanran) June 18, 2019 The fact that Libra is not decentralized or censorship resistant, while its legal and tax status remains unclear— as Larry Cermak, research director at The Block Crypto pointed out—reduces its chances of becoming “the Bitcoin killer.” Just so we are clear, Libra is:– not decentralized– not censorship resistant– not guaranteed to work technologically – not guaranteed to be cleared by regulators– not clear in regards to tax implications — Larry Cermak (@lawmaster) June 18, 2019 To Peter Todd, a Bitcoin Core developer, Libra is indeed just an “unscalable centralized database,” but to Saifaden Ammous, author of The Bitcoin Standard, it is actually the only cryptocurrency other than Bitcoin that has the potential to succeed. Libra whitepaper initial analysis: The only digital currency other than bitcoin that matters, and it could succeed massively. But it does not compete with bitcoin, it reinforces bitcoin's value proposition, and will likely need to rely on bitcoin if it succeeds. Thread👇 — Saifedean Ammous (@saifedean) June 18, 2019 Libra is still one year away from being launched and its impact on the cryptocurrency market remains to be seen. As Facebook advertises its new project to its 2 billion customers, more people will be exposed to the terms “cryptocurrency” and “blockchain,” which could bring more attention into the market. The overall sentiment across the crypto community can be summed up in one tweet by Alistair Milne, CIO at Atlanta Digital Currency Fund. Sell Libra, buy Bitcoin — Alistair Milne (@alistairmilne) June 18, 2019 The post Cryptocurrency influencers react to Facebook’s Libra, boon or risk for Bitcoin? appeared first on CryptoSlate.
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Facebook unveils Libra cryptocurrency

Facebook announced its own cryptocurrency Libra that will be backed and controlled by the Libra Association which also includes founding members Uber, Lyft and Spotify. The platform will allow users to buy and send money without racking up as many fees as traditional financial platforms. Users can buy or cash out the cryptocurrency at local exchange points and spend it using interoperable third-party wallet apps, according to a Libra whitepaper. The cryptocurrency also claims to make it easier to send money between countries for less that it would cost with traditional providers. Facebook is also launching a subsidiary called Calibra to handle its crypto dealings and protect user privacy by keeping Libra payments and Facebook data separate so that it won’t be used for targeted advertising. User identities also won’t be tied to publicly visible transactions but Libra association members will earn interest on money that users cash in. That interest will be held in reserve to keep the value of the currency stable. ProPrivacy.com digital privacy expert Ray Walsh expressed doubts about the platform given Facebook’s track record for protecting consumer data. “Considering that Facebook is already the second largest advertiser in the world (second only to Google), this added integration is concerning,” Walsh said. “The idea that social data and financial data could be combined is worrying, and although Facebook claims that it will keep the distinct data sets at arm’s length – it is hard to believe that consumer habits will not be tracked in order to allow Facebook to better serve ads,” he said. Walsh contended because Facebook produces the majority of its revenue through ads and has proven untrustworthy with consumer data on several occasions in the past, it seems unlikely that the company does not plan to exploit as much consumer data as legally permitted. The post Facebook unveils Libra cryptocurrency appeared first on SC Media.
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CNBC Video: Jim Cramer Calls Facebook’s Libra Cryptocurrency Coin Brilliant After Reading Whitepaper

Facebook Officially Announces The Creation Of Its Cryptocurrency Libra, CNBC’s Cramer Says the Project Is Brilliant Today, Facebook finally announced its most awaited project, Libra. According to the organization, a new Facebook regulated subsidiary called Calibra was created in order to manage the project and to create a new wallet based on the service. The head of […]
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