Employee steals $220,000 in cryptocurrency fraud

Tuesday, 13 March 2018

A digital currency trading firm in Dubai lodged a case against an employee after detecting discrepancies in the transactions amounting to Dh800,000 ($220,000) from a cryptocurrency platform.Dubai resolved the case through its expertise and disputes settlement department, according to Al Bayan newspaper. The lawsuit claimed that the worker took advantage of his position to establish fake accounts and embezzle the money following an investigation into the company records.Using his expertise in ...

Thomson Reuters launches bitcoin sentiment gauge for crypto traders

Monday, 12 March 2018

Thomson Reuters Corp is to track and analyze chatter about bitcoin on hundreds of news and social media websites to help investors looking for an edge in trading the world’s biggest cryptocurrency, the company said on Monday. A new version of its MarketPsych Indices, which it runs in conjunction with MarketPsych Data LLC, a behavioral economics research firm, will scan over 400 websites, many specific to cryptocurrencies, to capture market-moving sentiment and themes, Thomson ...

Japan punishes crypto exchanges after hack

Thursday, 8 March 2018

The Japanese government is slapping penalties on several crypotocurrency exchanges in the country, after 58 billion yen ($530 million) of virtual coins were lost earlier this year from hacking.The Financial Services Agency (FSA) said in a statement it had ordered FSHO and Bit Station, exchanges based in Yokohama and Nagoya, to temporarily halt their operations for a month from Thursday.The agency alleged that FSHO “does not have a proper system to monitor trading and has not given training ...

Revealed: Bitcoin consumes more electricity than several Mideast countries

Sunday, 4 March 2018

The electricity consumption of the Bitcoin cryptocurrency is bigger than that of Syria, Jordan, Yemen, Oman and Bahrain, a report has revealed.The Bitcoin Energy Consumption Index (BECI) maintained by Digiconomist, found that every individual Bitcoin transaction eats up 275 kWh of electricity, and the latest estimate of Bitcoin's total annual energy consumption is in the vicinity of 29.05 TWh.That is the equivalent of 0.13% of the entire world's annual energy consumption, according to the Big ...

Malaysian firm adds Islamic certification to cryptocurrency

Tuesday, 20 February 2018

Malaysia-based firm HelloGold has received a sharia-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year, the company said. Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisors, a Malaysia-based Islamic finance consultancy, said chief marketing officer Manuel Ho. Unlike other cryptocurrencies, GOLDX involves the issuance of a token ...

Police on the hunt for bitcoin users in Bangladesh

Tuesday, 20 February 2018

Officials of the central bank have warned all other commercial banks in the country to be wary of bitcoin users.The trading of the popular virtual cryptocurrency is illegal in Bangladesh, but the trading and usage of this currency is still rampant – a fact that has riled Bangladesh Bank.Officials of the central bank have warned all other commercial banks in the country to be wary of bitcoin users. The Foreign Exchange Police Department and some other departments are being considered to be ...

Dubai-based startup secures investment from Chelsea FC owner in Initial Coin Offering

Monday, 19 February 2018

The Dubai-based messaging app, Telegram, has attracted several Russian investors, including Chelsea FC owner Roman Abramovich, since it announced its Initial Coin Offering (ICO) in December 2017, the Arabian Business magazine reported.An ICO is commonly used by startups to avoid regulatory processes to raise capital, instead it gets funds by selling cryptocurrency to early investors in exchange for legal tender. The cryptocurrency then becomes a functional unit of currency if the project meets ...

Bitcoin slides below $6,000 with half its value lost in 2018

Tuesday, 6 February 2018

Bitcoin slid another 13 percent to below $6,000 on Tuesday, bringing the world’s best-known cryptocurrency’s losses to more than half since the start of 2018.Bitcoin has fallen heavily in recent sessions as worries about a regulatory clampdown on the nascent market and panicked investors push prices lower. The virtual currency hit a peak of almost $20,000 in December.On the Luxembourg-based bitstamp exchange, bitcoin fell to as low as $5,920, its lowest level since mid-November, ...

Japan raids hacked crypto exchange, bitcoin plunges further

Friday, 2 February 2018

Japanese authorities on Friday raided virtual currency exchange Coincheck, a week after the Tokyo-based firm lost $530 million in cryptocurrency to hackers.The raid comes as bitcoin dipped below $9,000 for the first time since November after India said Thursday it would take measures to prevent the use of cryptocurrencies. The search of Coincheck’s headquarters in Tokyo’s Shibuya district was carried out by the Financial Services Agency, which had already slapped the company with an ...

Dubai-based crypto exchange opens for new GCC, UAE registrations for one day

Tuesday, 30 January 2018

BitOasis, a digital asset wallet and exchange platform for cryptocurrency, has enabled submissions of new account verifications for one day only on Tuesday. Exchanges such a BitOasis have received a lot of applications for verification as interest in cryptocurrency increased in the GCC region in the past year. In a tweet on their official account, BitOasis responded to an article by Gulf News which accused them of disabling customers’ withdrawals and deposits from a few local banks. The ...

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