DistX is Taking the Crypto World by Storm

After selling out their own token sale in just 57 seconds in late August, DistX have been making headlines and attracting a lot of attention. The reason for the hype? Their unique tokenomics offering some of the most interesting and significant rewards to DISTX token holders. DistX is building a decentralised token sale platform with some very unique features included. Token sale participants will be able to search for upcoming token sales, view all of the smart contract guaranteed settings selected by the token sale teams, and contribute right from…

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SWIFT Says Criminals Prefer Cash for Money Laundering, Not Cryptocurrency

A new report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) says cryptocurrency is seldom used for money laundering activities compared to fiat or other traditional methods. Despite the perception that crypto assets are a preferred haven for illegally acquired funds, criminals prefer to launder proceeds through mules, front companies, or cash businesses as well as investing it into crime, it said. “Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods,” SWIFT noted, in a report titled “Follow The…

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6 Members of the Multi-Billion Dollar Plustoken Scam Charged With Fraud in China

Following the arrest of 109 accused members of the $6 billion Ponzi scheme called Plustoken, six alleged members of the team were prosecuted according to a court filing submitted on Monday. The prosecutors say the individuals are “suspected in organizing and leading criminal pyramid schemes.” The Plustoken scam was a large heist that managed to gather a large number of crypto assets during the scheme’s short tenure. Essentially Plustoken was a pyramid scheme that pretended to offer high-yield returns after people deposited funds into the system. The system promised rewards…

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Targeted by IRS? What Cryptocurrency Owners Should Know

The U.S. Internal Revenue Service (IRS) has started sending out new letters to cryptocurrency owners suspected of owing crypto-related taxes. A tax expert has shared with news.Bitcoin.com what crypto owners should know, including how to handle tax letters from the IRS and avoid an audit. How to Deal With IRS Letters The IRS has ramped up its efforts to ensure that cryptocurrency owners pay all crypto-related taxes. It has begun sending out a new round of tax letters similar to the ones sent to about 10,000 crypto owners last year.…

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Ukraine, Russia, South Africa, Nigeria Among Top Countries by Cryptocurrency Adoption

Ukraine, Russia, China, South Africa, Nigeria, Kenya, and the U.S. are among the top-ranking countries by cryptocurrency adoption, according to the 2020 Global Crypto Adoption Index compiled by blockchain data analytics firm Chainalysis. Countries With Highest Crypto Adoption Chainalysis’ 2020 Global Crypto Adoption Index, released Tuesday, ranks 154 countries based on their cryptocurrency adoption. “The goal of this metric is to rank each country by total cryptocurrency activity, but weight the rankings to favor countries where that amount is more significant based on the wealth of the average person and…

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Bitcoin Reddit Roundup – August 2020

Welcome to the 3rd edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine! This contains 40 links to most of the best quality content that was uploaded to Reddit for this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other ones as well such as r/BitcoinMining. In this roundup, there are 10 different categories each link falls under, and the categories are: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Politics, Archaeology (Financial Incumbents), and last but not least Memes, Fun,…

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Hash Power Broker Nicehash Denies It Enables 51% Attacks on ETC Network

Hash power broker Nicehash denies that it enables bad actors to use its hash renting platform to launch 51% attacks on blockchain networks. The broker insists that it does not have any way of monitoring or determining which blockchain is benefitting from a particular algorithm hash data. Only buyers of hashrate know this, as well as pools that receive such hashpower. The comments by Nicehash are in response to pointed allegations from Ethereum Classic (ETC) Labs developers stating that the hash power used to initiate the 51% attacks on their…

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CEX.IO to Offer Instant Cryptocurrency-Backed Lending Service in 217 Countries and Territories

LONDON, the United Kingdom – CEX.IO, one of the largest international exchanges in the cryptocurrency market, is set to launch a digital asset-backed lending service in September. Available in 217 countries and territories – including Australia, the United Kingdom, the European Union, and most nations in Asia – CEX.IO LOAN will allow various cryptocurrency market participants to borrow funds against their digital asset holdings within a few minutes and without credit checks. As part of a flexible lending service, CEX.IO customers can decide on the duration and size of a…

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Argentina Government Refuses to Pay $4M Bitcoin Ransom to Hackers Who Paralyzed Its Borders

The government of Argentina has reportedly refused to pay a $4 million bitcoin ransom demanded by hackers who hijacked the country’s immigration systems, temporarily crippling cross-border movements. On Aug. 27, the cybercriminals – now identified as a group calling itself Netwalker – hacked Argentina’s immigration agency, Dirección Nacional de Migraciones, in an attack that halted border crossing in and out of the Latin American country for up to four hours. The thieves allegedly stole sensitive information and are demanding millions of dollars in bitcoin (BTC) before they can decrypt the…

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