South Korea may introduce a 20% tax on income from cryptocurrency

The South Korean authorities plan to impose the income from cryptocurrency transactions 20% tax, reported this Monday the local edition of Pulse, citing «multiple» government sources.

The Ministry of economy and Finance gave the order to the service to which the issues of income tax to review the taxation of cryptocurrencies. Informed assessment of the plan was conducted by the service tax.

Change the owner of the structure made of local experts believe that the authorities are going to sum up the article income from cryptocurrency under «other taxes» in lieu «tax on capital gains».

«The Ministry of Finance has not approved indication, but it became clear that the more likely income from trading virtual assets are recognized as other income rather than revenue from the movement of capital, as in real estate,» said an anonymous source in the government.

As explained by Pulse, 40% of the total amount of other income in South Korea is taxed at 20%, and the remaining 60% are exempt from fees.

The issue of taxation of cryptocurrencies lately actively discussed by local authorities. It is expected that after completion of the necessary activities of the national tax service will be able to collect taxes from cryptocurrency transactions. Recently, the Agency has tried to recover $69 million from the stock exchange Bithumb for operations of its foreign customers. Trading platform appealed to the court.



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In Venezuela will open the first cryptocurrency casino

Venezuelan President Nicolas Maduro has ordered to open a casino in Caracas, which will be able to bet in a national digital currency El Petro. This publication reports el Nuevo Herald.

Tokens can be purchased directly at the casino for any currency. The income received from the casino, planned for development in the areas of health and education.

Recall Maduro strongly contributes to the dissemination of El Petro. So, by order of the President a number of companies of Venezuela were obliged to make deals in El Petro, and then Nicolas Maduro saidthat the country will operate a new system of wages and prices, tied to a national cryptocurrency.

Earlier in January, Maduro signed a decree on the sale of the sixth part of the oil reserves of the country for El Petro.


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Gambling’s future: fast games and tools to create a blockchain-casino project DAOGroup

Sponsorship

Gambling apps lead the stock market by the number and volume of transactions. In the third quarter of 2019 they amounted to $933 billion — almost half of the total turnover of Ethereum blockchains, EOS, Steem, Tron, TomoChain and IOST.

Providers of gambling prefer EOS and Tron. In Ethereum on gambling accounts for 5% of the total transaction volume in EOS and Tron — 63% and 86%, respectively. However, while these blackany not cover the needs of the gambling industry.
Users need quality games, developers a powerful virtual machine to create them. Casino owners are interested in a quick connecting and configuring applications.

To address these objectives DAOGroup. The project builds an ecosystem for the gambling industry on the blockchain DAOBet.

What is a DAOGroup? Understand based on the documentation of the project and the developer blog.

Ecosystem DAOGroup

In DAOGroup includes several products: DAOPlatform, DAOWallet and DAOGames. They work on the blockchain DAOBet running validators in November 2019.

A beta version of crypto DAOWallet was also released in November last year. DAOPlatform and DAOGames are in development.

Ecosystem DAOGroup

DAOPlatform

DAOPlatform is a set of modules for the blockchain casinos. The client chooses the games, payment systems, reports, and affiliate program. DAOPlatform expands casino and reports to the owner for further handling.

DAOPlatform uses smart contracts for all financial transactions. This ensures the security of casino players and provider.

DAOGames

The client chooses the casino games in the marketplace DAOGames. It includes roulette, blackjack, poker and dice. In the future the developers will add to the list of other card games and slots.

In creating applications DAOGames participate productology and marketers the leading suppliers of gaming: Evolution Gaming, the iGP and Enlabs.

DAOWallet

The user will log on DAOPlatform and to access the games using crypto DAOWallet.
In your wallet you can buy and send the tokens are BET, payout and withdraw on credit cards.

Blockchain DAOBet

DAOBet is the blockchain for the gaming industry on the basis of EOS. He inherited the main advantages of this network: the lack of commissions, high transaction speed, scalability and support of virtual machines WebAssembly.

Compare DAOBet and popular blockchains

DAOBet kept the compatibility DApps. Decentralized app EOS you can transfer the blockchain DAOBet without making any changes.

The developers of the blockchain has changed the number of validators, the mechanism of finalization of the transaction and the approach to the use of network resources.

In addition, they turned over DAOBet pseudorandom number generator PRNG Signidice with a certificate of conformance from the organization of Gaming Laboratories International.

The token BET

In DAOBet there are no transaction commissions. Networking requires the user to resources: memory (RAM), network bandwidth (NET), computing power (CPU) and votes (VOTE).

Internal token BET is designed to work with these resources. It allows you to:

  • reserve the resources to participate in the voting, transaction and execution of smart contracts;
  • to buy a place to store data in the blockchain DAOBet.

The inflation rate (davydouskaia tokens) depends on the number of votes (VOTE), which reserved users. The more the VOTE is blocked, the less inflation.

The inflation rate DAOBet depends on how many resources blocked users

Sponsorship of the transaction

In DAOBet the mechanism of sponsorship transactions (Tx Sponsorship). With its help applications carry out user transactions from its own resources.

Thanks to the sponsorship transaction, the gameplay becomes completely free for users. They don’t have to worry about resources and focus on the gameplay.

Dynamic system validators

DAOBet uses the algorithm of consensus-Delegated-Proof-of-Stake (DPoS), in which for the creation and verification of the blocks meet the validators. For his work, the validators receive a portion of the produced tokens BET.

To become a validator may be a user willing to deploy a full node and keep it running smoothly.

The network can be from 21 to 102 validators. Their number depends on the amount of reserved votes (VOTE). The more votes from users, the more validators in the network.

DAOBet changes the number of validators, if the network is getting more votes

Dynamic system of validators and inflation prevents centralization of the network and corruption among manufacturers of blocks.

The mechanism of finalization of the transaction RANDPA

The finality of the transaction is a condition in which it becomes fully supported and unchanged.

Finality may be probabilistic and absolute. In the first case, the transaction finalizarea after confirming the network nodes. In the second case — after a certain period of time.

Finality of transactions are important for gambling. Games in which the user needs to wait for the result for a few minutes, will be competitive. For this reason, DAOBet contains the mechanism of finalization RANDPA.

RANDPA — joint development of MixBytes and DAOGroup. He finds and finalizes the blocks of transactions that have confirmed ⅔ validators. As a result, the timing of finalization of a transaction is reduced to 2-3 seconds.

Insights

DAOGroup developed the blockchain ecosystem that can solve problems players and gambling operators.

  • DAOPlatform will help future owners of casino products and gambling license;
  • DAOGames will give gambling operators of games from leading providers;
  • DAOWallet be the universal means of authorization for the players;
  • DAOBet ensure fast work elements of the ecosystem.

DAOBet eliminates the disadvantages of the EOS — centralization of the network and the slow confirmation of transaction by using a dynamic system of validators and mechanism of finalization RANDPA.

High network bandwidth and the absence of a custom commissions can do DAOGroup the main competitor of centralized solutions for online casinos.

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Hasrat bitcoin hit a new high

According BitinfoCharts service over the weekend of Hasrat network of bitcoin rose to 126 assages per second (CS/s), which was a new record. For comparison, in mid-January last year the figure was only 38 EH/s.

2020, the year began with the rapid growth Hasrat, that drew the attention of many supporters of BTC. For example, in the first days of the new year the amount of computing power used for mining bitcoins, had reached 110 EH/s.

Earlier this week, the activity of miners suddenly fell to 104 EH/s, but analysts believe that it is only a short respite, and soon the uptrend will again become dominant.

Network security of BTC is strengthened in moments of growth Hasrat. From the beginning of 2020, the difficulty of mining has jumped by about 13%.

On Sunday the bitcoin exchange rate temporarily exceeded $9000, but further strengthening did not occur and the coin quickly rebounded to $8700.



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Analysis of prices BTC, ETH, XRP (20.01.20)

BTC/USD

Saturday hour EMA55 kept a couple of BTC/USD from declining, and on Sunday night it began to rise, which ended new yearly highs around 9200.00 USD.

First, roll back from the annual maximum has been modest. However, the level 9000.00 USD bears so much pressure on the price that day, the pair tested the area 8460.00 USD. The rest of the day the Bitcoin price held in a narrow consolidation at the level of 8640.00 USD.

Today the decline in BTC prices may continue to around 8400.00 USD. In the beginning of this week for a possible re-test of the line POC (8069.45 USD).

For us, still, an important reaction is the blue trend line, which is the upper boundary of the descending channel down-trend. If in the medium term, the upper boundary of the channel will not be able to provide price support, and the pair will drop below the gray area 7600.00 USD, the bullish run may be over at yesterday’s yearly high 9188.10 USD.

ETH/USD

On Saturday, the bulls took advantage of the support hour moving average EMA55 and broke the resistance 176.00 USD. The annual maximum is the point 179.26 USD.

A pair of ETH/USD tried to gain a foothold at the level of 176.00 USD, but on Sunday a powerful bearish momentum pushed price below the 61.8% Fibo (168.70 USD), setting a local minimum at the point 161.53 USD.

The pair is now consolidated around 165.00 USD, but today the decline to support 160.00 USD may continue. We believe this level can briefly suspend the rollback.

XRP/USD

On Saturday an attempt to test the resistance of 0.252 USD ended up 2020 to a value of 0.254 USD.

The Ripple price has failed to stay in the area of the maximum, and Sunday buyers repeated re-test of the level of 0.252 USD. However, this resistance level had reversed the pair up in a deeper pullback, which struck a two-hour average EMA55, setting a local minimum at the point 0.226 USD.

Tonight the pair has consolidated near the support 0.232 USD, but it seems that soon the decline will continue in the area of 0.220 USD.

* All prices shown are based on data exchange BitStamp



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Last year, bitcoin miners earned $260 million less than in 2018

Miners of bitcoin, estimates, in 2019, had revenue of $5 billion, writes The Block.

Of this amount, $4,89 billion occurred in the reward for the blocks. Until may 2020 add each block in the blockchain of bitcoin is to bring the miners to 12.5 BTC, then the value will be halved to 6.25 BTC. The remainder or about $146 million fell on the Commission for processing the transaction.

The earnings of the miners in 2019 was lower than in the previous year then the estimated value was $5.26 billion In 2017, the second half which was marked by the rise of the crypto-market to historic highs, the miners of bitcoin has received a total of $3.19 billion.

Calculations were made based on the assumption that the miners are immediately eliminated bitcoins after you receive them, which is likely not true, because in certain cases they prefer not to exchange cryptocurrency and do it later.

Meanwhile, the data portal Glassnode indicate that the hash rate of bitcoin reflecting the amount allocated to the miners computing power, also is estimated, as recently achieved new record levels of about 119 quintillion hashes per second.

Their calculations Glassnode holds, focusing on one-day moving average hash rate value that, as expected, reduces the likelihood of inaccuracies in the assessment.

Along with the hash-rate increased increased difficulty of mining bitcoin.

In the previous segment, there was a slight decrease in the value, but recently there have been growth of 6%. It is expected that with the next conversion after 9 days the difficulty will increase by 6-7%.



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Peter Schiff said about losing access to their bitcoin wallet. The location of the private key is unknown

A well-known critic of bitcoin Peter Schiff said that he lost access to all my coins, as it is the password to the wallet is no longer valid. For whatever reason it happened, the financial expert found it difficult to answer, saying only that the wallet was compromised.

«Only that I lost all the bitcoins owned. My wallet has somehow been compromised and the password is no longer valid. So now my bitcoins not only do not have any intrinsic value, they do not have market value. I knew that you have bitcoins is a bad idea, but I never suspected she was that bad!» wrote Schiff on Sunday in a Twitter.

The entry of an economist has collected numerous retweets and comments, among which the main idea was that losing access to bitcoin is impossible as long as the user has stored in a safe place a backup of the private keys.

Also its assistance in restoring access to your wallet suggested by the co-founder of the investment company Morgan Creek Digital Anthony Pompliano, but his dialogue with Schiff apparently stalled.

So, the question of Pompliano about whether we are talking about a forgotten password by analogy with e-mail, Schiff advised him again to carefully read his original tweet, adding that it was his «wallet forgot password».

Anthony Pompliano reasonably said that the software only executes the commands that he gives people, and can not be anything to forget

In response to this Peter Schiff added that the wallet to him, opened the head of the ShapeShift Eric Vorhes, and even he, in his words, can not do anything.

From further discussion the Schiff refused, but after some time I wrote a new tweet:

«Since all bitcoins in this compromised purse was presented to me, their loss is no great tragedy. God gave, God took, and this is especially applicable to bitcoin. My plan was to hadlich and go with the flow. The difference is that my ship sank before bitcoin», he added.

It is not clear about the wallet, from what the provider says Peter Schiff, is no answer to the question, where is a copy of the private key has not received comments from Eric Vorhees.

Recall, Schiff has repeatedly questioned the value of bitcoin as a protective asset, declaring that nothing in that context can not be compared with traditional gold. Last summer, the aforementioned Anthony Pompliano decided to acquaint him with the cryptocurrency, giving a bit of bitcoins.


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Bitcoin critic Peter Schiff announced that he had lost access to their crypto

A well-known critic of bitcoin Peter Schiff said that he lost access to all my coins, as it is the password to the wallet is no longer valid. For whatever reason it happened, the financial expert found it difficult to answer, saying only that the wallet was compromised.

«Only that I lost all the bitcoins owned. My wallet has somehow been compromised and the password is no longer valid. So now my bitcoins not only do not have any intrinsic value, they do not have market value. I knew that you have bitcoins is a bad idea, but I never suspected she was that bad!» wrote Schiff on Sunday in a Twitter.

The entry of an economist has collected numerous retweets and comments, among which the main idea was that losing access to bitcoin is impossible as long as the user has stored in a safe place a backup of the private keys.

Also its assistance in restoring access to your wallet suggested by the co-founder of the investment company Morgan Creek Digital Anthony Pompliano, but his dialogue with Schiff apparently stalled.

So, the question of Pompliano about whether we are talking about a forgotten password by analogy with e-mail, Schiff advised him again to carefully read his original tweet, adding that it was his «wallet forgot password».

Anthony Pompliano reasonably said that the software only executes the commands that he gives people, and can not be anything to forget

In response to this Peter Schiff added that the wallet to him, opened the head of the ShapeShift Eric Vorhes, and even he, in his words, can not do anything.

From further discussion the Schiff refused, but after some time I wrote a new tweet:

«Since all bitcoins in this compromised purse was presented to me, their loss is no great tragedy. God gave, God took, and this is especially applicable to bitcoin. My plan was to hadlich and go with the flow. The difference is that my ship sank before bitcoin», he added.

It is not clear about the wallet, from what the provider says Peter Schiff, is no answer to the question, where is a copy of the private key has not received comments from Eric Vorhees.

Recall, Schiff has repeatedly questioned the value of bitcoin as a protective asset, declaring that nothing in that context can not be compared with traditional gold. Last summer, the aforementioned Anthony Pompliano decided to acquaint him with the cryptocurrency, giving a bit of bitcoins.



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Dead man’s chest: as the head of the QuadrigaCX Gerald Cotten took to the grave the assets of users for $137 million

9 December 2018 in the Indian city of Jaipur after a second cardiac arrest at the age of 30 years has died the founder of a leading bitcoin exchange QuadrigaCX Canada Gerald Cotten. For a long time he suffered from Crohn’s disease, and in the day of his death was the only holder of the private keys of cold wallets with assets of $137 million At least, so says the official version. ForkLog figured out whether to believe her.

Luxury and Shine

In the summer of 2017 Gerald Cotten purchased the island with an area of 161 acres on the southern coast of Nova Scotia and customized yacht JEANNEAU 51 for $600 thousand. One of the main demands of the young entrepreneur to the vessel was able to reach the Caribbean without having to stop to refuel in Canada or the United States.

On the island Cotten and his wife, Jennifer Robertson has arranged the house, but never moved into it. In just two years the couple and the company Robertson bought 16 properties in canadian cities, Lunenburg, Bedford, Kelowna, calgary and in the elite suburb of Halifax fall river. The total cost of these houses is estimated at $7.5 million Cotten also owned the single-engine Cessna 400 and two cars: Lexus (2017) and Mini Cooper (2015).

The house in the pictures located in Bedford, they belonged to the Robertson — photo CBC

C 2016 Jennifer Robertson began to travel: Oman, Myanmar, Maldives, Dubai, Rio de Janeiro. Judging by her Instagram account, for these purposes, it is often used the private jets. «I’m addicted to travel,» she wrote.

We can assume that things have Cotto at the time was more than good. It would seem, here it is — an incredible success story of the person who is leading your business with a single Macbook Pro.

But the other side of the coin was much darker: after the sudden death of Cotto more than 75 thousand users lost access to their digital assets by $137 million Multiple investigations came to the same conclusion — founder of QuadrigaCX was not who he claimed to be, and his death and all could be staged.

Mystery of the smiling introvert

Cotten’s childhood spent in the small town of Belleville, located between Toronto and Montreal, writes Vanity Fair. His parents owned a small antique shop. The future of bitcoin-entrepreneur was educated in the school of business at York University in Toronto.

House Cotto in Belleville — picture Globe and Mail

In 2013, he moved to Vancouver, where he joined the group of 10 people Vancouver Bitcoin Co-op. They arranged regular meetings, which discussed libertarian values and opportunities that bitcoin offers people in countries with economic crises.

In November of that year Cotten and his partner Michael Patrin launched QuadrigaCX. If earlier residents of Canada had to apply to several banking intermediaries to make money at Mt.Gox, the trading on QuadrigaCX significantly reduced costs. The exchange is allowed to Deposit money in ounces of gold right in the office, where he placed second in the history of Canada cryptomath. The site even had a license AML regulator FinTRAC, which no doubt inspired confidence.

Cotten led the Vancouver Bitcoin Co-op and began to sponsor local conferences and educational events, but avoided the possibility of having friendly relations with someone from the group. Some of his friends at the time told Vanity Fair that, they feel he really believed in bitcoin and bet on the long term.

After the closing of the exchanges CaVirTex and Vault of Satoshi in 2014 QuadrigaCX eventually took a leadership position in Canada, and Cotten even attracted CAD $850 thousand for the exit on a stock exchange. Because of a conflict with one of the investors in the entrepreneur in the end refused from placement of shares, after which the company left the entire Board of Directors. So Cotten was the only employee at the full rate.

Despite the loss of CAD $14 million due to «failure» and freezing of CAD $21 million in Canadian Imperial Bank of Commerce, QuadrigaCX has supported the work for the rally of bitcoin in 2017 and until the death of Cotto.

However, if Cotto in the local community were treated well, his former partner Michael Patrin caused many suspicions. Subsequently, they were justified.

The Patrin appeared in Vancouver out of nowhere and immediately join the Bitcoin Co-op. He constantly confused his country of origin was called then Pakistan, then India, then Italy. Muscular and tattooed, the photos he posed with the raptors and racing cars — the complete opposite of the closed Cotto, whom he considered «my little brother».

After the death of the partner, Patrin had tried to distance himself from QuadrigaCX, claiming that he was only an adviser. But in the Vancouver Bitcoin Co-op said that from day one it was the Patrin spoke about plans to launch a stock exchange and that he was a co-founder along with Cotto.

Version Patrina, with the deceased owner they met about five years ago (2013) online, but it was a lie.

The relationship between Patrin and Cotto was able to track right up to the TalkGold website, which in 2003 moved a variety of financial pyramids.

Dark side of the coin

According to the information shared in the 2000-ies the TalkGold forum was a platform for promoting high-yield investment programs, most of which operated like a Ponzi scheme. On TalkGold you can find tips on the proper construction of financial pyramids, right Akito and other consulting services related to fraud people. US authorities have closed the forum until 2016.

A Globe and Mail investigation revealed that Gerald Cotten registered on TalkGold in the summer of 2003. He was only 15 years old. In the next ten years he made over 2000 posts from different accounts by promoting questionable financial schemes under fictitious names.

Already in 2004 scheme S&S Investments, promising a yield of 150% in 48 hours, landed in trouble when he failed to return the funds at least 235 people.

Gerald Cotten in the second row in the middle, grade 11 photography Globe and Mail

«If I received threats [from investors], I’ll take that as a refusal to pay», wrote the organizer of the scheme, was to e-mail sceptre@sceptre.me. This post, according to the Globe and Mail, belonged to Cotto.

Some members of S&S Investments failed to establish real name Cotto, and he has launched a similar HYIP scheme Lucky-Invest in order to provide payments to victims in the past.

Right before entering the business school in summer 2006 with e-mail, which also belonged to Cotto, wrote a letter to the owner of the other site, promoting investment HYIP. Then future founder of QuadrigaCX ran the scheme United Private Investment Enterprise (U-Pie) and he needed $5000. He suggested that the owner of this website referral bonus of 25% in exchange for advertising.

On TalkGold scheme promoted account under the name Voltaire (Voltaire). In November 2006 in Toronto a small group of investors is U-Pie was found with a young guy who was presented by Dan Manamana from Florida and actually thus Voltaire. According to the description it was very similar to Cotto. U-Pie has suddenly closed in 2007, and the account Voltaire never signs of life.

In the vast TalkGold Cotten and met my future partner Patrin, who have registered on the forum on April 3, 2003. Both are often defended each other in the comments, speaking on a United front against angry «investors».

In 2004, the users of TalkGold put forward the theory that Michael Patrin can be Dhanani Omar, who is serving a prison sentence in the U.S. for the theft of personal data. In the same year, Dhanani was arrested for rendering services for money laundering after being sentenced to 18 months in prison. In 2007, he was deported to Canada, where he changed his name to Omar Patrina, and then Michael Patrina.

Left Omar Dhanani in 2005, right Michael Patrin in 2015 — photo Globe and Mail

In early 2008, the Patrin launched Midas Gold processing for electronic payment systems Liberty Reserve, through which, according to U.S. law enforcement, was carried out major illegal transactions and launder money. One of the contact persons in Midas Gold was specified gerald.cotten@gmail.com.

In 2013, after the investigation in 17 countries of the US Federal authorities shut down Liberty Reserve in the most large-scale cases of money laundering online. Ceased to exist and Midas Gold that started to accept bitcoin.

Shortly before Cotten allegedly ran another HYIP project, the Quadriga Fund that allegedly invested in venture capital and currency markets. The Quadriga Fund was maintained, and Liberty Reserve, and bitcoin through the processing Patrina.

In late 2013, Cotten began to search for a specialist who could create a platform for buying/selling bitcoins. The vacancy he posted on BlackHatWorld forum. Soon there were exchange QuadrigaCX.

Mysterious death

«Private key should be printed and placed in offline storage, say — Bank cell. In this case, nobody can steal your coins unless you decide to Rob a Bank for that,» said Cotten in the podcast «True Bromance» in February 2014. That is, according to him, kept the private keys and QuadrigaCX.

Shortly before his death, Cotten told friends and family members that in case of his untimely demise or disappearance at QuadrigaCX is the mechanism of «hand of a dead man», which will provide them with the necessary access to funds.

27 November 2018, two weeks before the heart stops in Jaipur, he wrote his will. The document stated that all his property, the cost of which is estimated at $9.6 million, will go to a Robertson. A separate paragraph has been said about the digital assets — the wife was entitled to all the passwords of the entrepreneur. Cotten also allocated CAD of $100,000 to care for two dogs of the Chihuahua breed.

Robertson itself is already in the court documents claimed that he never had nothing to work QuadrigaCX and received no access to the users. According to her, only Cotten had access to the private keys.

The death certificate, which was issued in Halifax, dated 12 December 2018, but the reason it is not specified. In a private hospital Fortis Escorts in Jaipur confirmed that Cotten was admitted with septic shock as a result of complications of Crohn’s disease and died after a second cardiac arrest December 9 at 19:26.

However, this version of many users of the exchange have caused serious doubts, because a few months before that, a senior Manager of the operator Fortis Escorts caught on financial fraud, and the Indian testimony last name Cotto was spelled incorrectly.

Indian death certificate Cotto — data CoinDesk

Seemed strange, and the fact that the body for some reason, the hospital was returned to the Oberoi hotel and didn’t want to take back. The embalming procedure was eventually carried out in the local medical College, and on the death of the founder of QuadrigaCX Robertson announced and did a month — in mid-January.

Now suspicious users require the exhumation, because I doubt buried the body really belongs to Cotto. At the same time the investigation was joined by the American FBI.

The money trail

In February 2019 QuadrigaCX asked the court to temporarily protect it from legal claims of creditors in an attempt to find out if he still exchange at least some money to pay and how to access them. The court granted the petition and gave the site a month. Approved auditor company Ernst and Young (EY).

Then the loss was estimated at $137 million in cryptocurrency equivalent of $50 million in Fiat, who for various reasons held by third parties.

During the initial audit found that in early February, QuadrigaCX, dealing with the accounts, by mistake transferred the 103 BTC on a cold wallet, to which nobody had access. EY managed to establish control over the 52 BTC, 0.014 BSV, 33 BCH, 2000 BTG, 800 and 960 LTC ETH. The company also received some personal things Cotto, including four laptop, four mobile phones and three encrypted USB key.

In the research process managed to detect that the hot wallets QuadrigaCX during the period 2 to 8 December, the eve of his death Cotto, on different exchanges brought 9000 ETH. Analyst firm Elementus in February said that QuadrigaCX never had cold wallets for Ethereum. At Elementus came to the conclusion that the courts brought 268 000 ETH to ShapeShift.

In March, representatives EY has announced that they failed to detect 26 350 BTC ($230.5 million as of January 15, 2020) on the cold wallets. The auditor found that from 2016 to 2019 with QuadrigaCX on other exchanges withdrew 9 BTC 450, 387 738 ETH and 239 000 LTС, but did not consider one transaction of 21 BTC 501.

The head of Coinbase Brian Armstrong put forward the version that the liquidity problems at QuadrigaCX could occur long before the death of Cotto, and the user could use the assets in risky business transactions to cover the hole. This assumption in June was partially confirmed and EY: Cotten deduced clients ‘ assets to personal accounts on other exchanges, where they sold them or opened the margin position on illiquid coins like Dogecoin, which often led to a complete loss of funds.

Much love to margin trading, according to some observers, differed Michael Patrin, who was alleged to have opened a multimillion-dollar deal on BitMEX.

After the bankruptcy of the EY was appointed a Trustee of QuadrigaCX. The company had difficulty restored chain of events, as Cotten led the exchange itself, had not filed tax returns, accepted cash deposits and carried out the insights of customers manually without any system.

In October, Jennifer Robertson agreed to transfer their assets by $9 million EY including real estate, to cover the loss of users. It left itself with a relatively small amount of cash, car and jewelry.

It’s not even close allows you to return the lost funds because, as of April QuadrigaCX had assets of only CAD $29 million

Dead man’s chest

Given the history of Gerald Cotto, there is nothing surprising in the fact that the fact that his death questioned. As there is nothing surprising in the fact that users have lost money by trusting the mediator. Every exit poll Scam and every hacking only confirms that if you keep assets on the stock exchange, the assets of the exchange.

Cotten opened a completely insane position on Dogecoin, because he knew — users do not follow the exchange’s wallets and they don’t care about the accountability of the mediator to the moment when it’s too late.

Regardless of alive or dead Cotten, chaos around QuadrigaCX must once again remind the community about the responsibility for their money. And not only in the context of separate storage of private keys, but in the context of timely preparation of wills, specifying the required data to restore access to bitcoin wallets.

The longer bitcoin exists, the more often pop up «the chests of the dead» without locks and keys. Unfortunately, it is in the «trunk» of Cotto was bitcoins tens of thousands of people.

Nick Schteringard


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Using smart contracts to manage the arbitration the company Proof of Trust will be released to the London stock exchange

The British company Proof of Trust announced this week plans to IPO on the London stock exchange (LSE). We offer proprietary technology the company calls the first Protocol to insure smart-contracts and transactions in the blockchain.

Details of the financial information and the exact timing of the placing on LSE the company is not named, but CEO Dean Armstrong said that looking forward to the day when traditional investors will be able to participate in this innovative project.

A key element of the Protocol Proof of Trust algorithm is stated, to prevent the possibility of collusion.

«Proof of Trust offers an innovative algorithm aimed at preventing collusion, thereby providing a more efficient use of blockchain technology. This is due to the guarantee of the authenticity of the data used for the execution of smart contracts» , — said the company.

Proof of Trust declares that it owns international patents on the Protocol and technology are already interested in large international corporations and government agencies. It is also alleged that the Protocol was presented a «multiple Prime Ministers».

We will remind, in November of 2019 Chinese mining company Canaan Creative has raised $90 million during IPO on the NASDAQ.


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