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Tag: cryptocurrency

  • Bitcoin Surges After Banks Collapse

    Bitcoin Surges After Banks Collapse

    On the heels of three banks collapsing in the last week, Bitcoin appears to be benefiting from consumer fears.

    The tech industry and financial markets are reeling from the collapse of Silicon Valley Bank (SVB) and Signature Bank. The tech industry was particularly dependent on SVB with its collapse still sending shock waves throughout the industry.

    According to Decrypt, Bitcoin is benefiting from spooked consumers and investors, with the cryptocurrency rising almost 20% since SVG’s collapse.

    In fact, the entire market appears to be getting a boost, with individual cryptos up across the board.

  • SEC Commissioner Hester Peirce Slams Agency’s Crypto Actions

    SEC Commissioner Hester Peirce Slams Agency’s Crypto Actions

    SEC commissioner Hester Peirce has publicly slammed her agency for being “hostile to crypto” and a “paternalistic and lazy regulator.”

    The SEC recently orchestrated a $30 million settlement with Kraken over its crypto-staking program. While the agency touted it as a win for investors, not everyone was convinced, including Commissioner Peirce.

    “Today, the SEC shut down Kraken’s staking program and counted it as a win for investors,” Peirce wrote. “I disagree and therefore dissent.”

    Commissioner Peirce then goes on to describe Kraken’s model, which allowed crypto owners to “offer their tokens up for staking,” with both customers and company profiting. She then goes on to lament that, rather than providing guidance and guidelines for such programs, the agency went into enforcement mode, claiming Kraken’s operation should have been registered with the SEC.

    As Commissioner Peirce highlights, however, “crypto-related offerings are not making it through the SEC’s registration pipeline” in the current climate. She then makes the case that it would be better for the agency to put forth clear guidelines for crypto companies rather than immediately jumping to enforcement action.

    “Instead of taking the path of thinking through staking programs and issuing guidance, we again chose to speak through an enforcement action, purporting to ‘make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection,’” Peirce continues. “Using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating.”

    In her most damning words of the dissent, Commission Peirce argues that Kraken’s program benefited investors and called out the SEC for shutting it down.

    “Most concerning, though, is that our solution to a registration violation is to shut down entirely a program that has served people well,” she added. “The program will no longer be available in the United States, and Kraken is enjoined from ever offering a staking service in the United States, registered or not. A paternalistic and lazy regulator settles on a solution like the one in this settlement: do not initiate a public process to develop a workable registration process that provides valuable information to investors, just shut it down.”

    It’s unclear if Commissioner Peirce’s dissent will have any lasting impact, especially given SEC Chair Gary Gensler’s open hostility toward crypto.

  • Senate Banking Chairman Opens Door to Banning Crypto

    Senate Banking Chairman Opens Door to Banning Crypto

    In the wake of the FTX crypto meltdown, Senate banking chairman Sherrod Brown has opened the door to banning crypto.

    The FTX meltdown is being credited with tremendous harm to the crypto market and has led to widespread calls for greater legislation. According to The Hill, Brown told NBC’s Chuck Todd that banning was an option.

    “Maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work,” Brown said

    At the same time, Brown acknowledged that the crypto market represents a “complicated, unregulated pot of money.”

    “So we’ve got to do this right,” the senator said, adding that he has talked to the Treasury Department to do a related assessment across regulatory agencies.

  • How Crypto Pairs Help You Maximize Benefits in Volatile Markets

    How Crypto Pairs Help You Maximize Benefits in Volatile Markets

    The crypto market is full of different crypto instruments. On average, there are at least 12k cryptocurrencies for a crypto investor to consider. Out of these, many people know a handful widely.

    Contrasting the figure with fiat, there are only about 180 fiat currencies. The differences in fiat value are the reason for the bustling forex currency market that invites many traders. While not so much talked about, the crypto market has its exchange market. The industry borrows heavily from the fiat currency market, where a person can easily exchange a Bitcoin for Ethereum and vice versa. 

    People seeking tips for cryptocurrency margin trading or any other type of trading often hope for straightforward answers that point them towards the perfect direction for maximum profits. The dynamics in the crypto exchange markets are hard to predict and often make investment positions in crypto highly risky. However, beyond day traders, crypto pairs work for people looking to use different blockchain networks. 

    Exchanging BTC for LTC

    The fiat market has some preferred fiat pairs, which dominate the trade. As of this writing, the Dollar and Euro dominate the forex markets in terms of volume exchanged. The reason for USD/EURO dominance is that the two pairs are the most preferred in the world for exchanging goods and services. 

    The Sterling pound dominates the currency market in the United Kingdom. The Yen has its dominance in the Asian markets. In a nutshell, a local currency will dominate the domestic market, alongside an internationally acceptable unit of currency, which is usually the dollar or the Euro. 

    Bitcoin is the Base Exchange point in crypto pairing. It is the most valuable crypto and has significant popularity in the crypto space. While Ethereum is the second most valuable crypto, only behind Bitcoin as of this writing, Bitcoin pairing with the dollar takes the lion’s share. Noteworthy, the latter is not a cryptocurrency. However, in pure crypto matters, the BTC/ETH pairing is what dominates the crypto markets.

    In matters BTC and LTC, the latter is a minor player in the currency market alongside over 10,000 other cryptocurrencies. People looking to own some LTC might have some difficulties using BTC to have a piece. However, to make the transaction a possibility, a crypto fanatic can liquidate their Bitcoin in an exchange, and then use fiat to buy LTC. 

    Some exchanges allow the trading of one crypto with the other, but since over 11K of them exist, some will require the dollar to buy them. 

    Why Is BTC The Base Crypto?

    Usually, the leading trading commodity by volume of trade is the base tool to standardize any market. In the currency world, each of the over 180 fiat is the base currency in an individual state, using the currency for local exchanges. For example, the Rand is the most useful exchange tool in South Africa. 

    However, when looking at things from an international perspective, the forex market becomes something entirely different. Smaller currencies have minuscule or non-existent reserves in other central banks. The reserves help local businesses trade internationally. 

    The dollar on its part has built a reputation over the years, coupled with US economic hegemony, which makes most central banks and countries use it as a reserve. Therefore, the dollar has become the base fiat currency, meaning that other currencies base their values using it when trading internationally.

    Other reserve currencies are the Euro, the Sterling pound, and the Japanese currency.

    The crypto exchange market is not far off from the ordinary forex markets. Bitcoin being the most valuable crypto has earned the right to base the value of other coins on crypto exchanges. 

    How Do Stablecoins Fair in Crypto Exchanges

    Stablecoins are already in parity with the dollar according to their definition. Using stablecoins in the exchange market is akin to making a BTC/USD pair. However, in their own right, stablecoins are not fiat, meaning that they work in decentralized exchanges. Therefore, a USDT/ETH pair is highly probable. 

    Closing Remarks

    A slight change in the price of one coin over the other makes crypto pairs a working investment strategy for a day trader. Many events crop up in the crypto markets that help make a coin more or less valuable. 

    For example, a BTC endorsement on Twitter will quickly shift the value of Bitcoin much higher against another cryptocurrency. A watchful crypto investor can quickly dump their BTC for the dollar. 

    Crypto pairs also help blockchain users change their crypto for the one that supports a particular blockchain.

  • Coinbase Notifications Were AWOL During Crypto Crash

    Coinbase Notifications Were AWOL During Crypto Crash

    Coinbase notifications were noticeably AWOL during the crypto crash, just when users needed them most.

    Coinbase is known for sending email alerts to some users when the price of their watched cryptocurrencies rises or falls. Unfortunately, according to Mother Jones, those alerts stopped right as the market was crashing — and right when users may have been able to benefit from them most.

    According to various legal experts and academics, Coinbase’s actions may not have been entirely legal. The issue stems from Coinbase initially sending some users notification emails, providing information when cryptocurrency prices rose and fell, and then apparently halting those emails without notifying users. It’s possible, even likely, that many crypto users may have lost money because they did not receive alerts.

    “It’s potentially illegal,” Matthew Bruckner, an associate professor at Howard University who specializes in business law, told Mother Jones. “It could be unfair to do this, to sort of induce people to rely on the email alerts,” adding that it could be an even bigger issue if people lost money as a result of the alerts being halted.

    “This seems straight up deceptive,” he said. “They said we’ll email you price alerts and then stopped doing it without saying they were [going to stop].”

    Bruckner cautioned that it’s still too early, with too little information, to make a definitive assessment. But the situation certainly raises questions about Coinbase’s decision-making process. If the company’s decision can be linked to losses, however, it could potentially open Coinbase to legal liability.

    “It seems plausible that they could have caused damages by inducing users to stop using other methods of checking prices by introducing emailed price alerts, and then taking them away,” Bruckner added.

    Coinbase provided a statement to Mother Jones, implying the company was testing the alerts to a segment of their user base with a view to rolling the final feature out to all customers once the feedback and lessons from the pilot program were incorporated.

    “We began testing email notifications for some users in January, and have since rolled out email notifications for all interested users,” Coinbase spokesperson Crystal Yang said in an emailed statement.

  • Dutch Authorities Arrest Suspected Tornado Cash Developer

    Dutch Authorities Arrest Suspected Tornado Cash Developer

    In an unusual twist in crypto news, an individual has been arrested by Dutch authorities over suspicion of being a Tornado Cash developer.

    Tornado Cash is the crypto mixing service that was recently banned by US authorities. The app masks transactions by mixing them together before sending the funds to their final destination. According to TechCrunch, US authorities banned the app because it’s commonly used to launder crypto funds.

    The outlet also reports a suspected developer has been arrested by Dutch authorities, prompting fear and criticism from both the crypto and privacy communities. The authorities didn’t rule out the possibility of multiple arrests.

    Many took to Twitter to point out the seeming double standard of not arresting and jailing the creators of popular traditional financial services since they are used for far more money laundering than Tornado Cash.

    https://twitter.com/mdudas/status/1558041340029591552?s=20&t=g3XdrtdPixx0L1vNd6X5ug

    Sill others pointed out how the banning of Tornado Cash and the arrest of its developer appears to be a blatant attack on privacy.

    Perhaps the most chilling observations were those highlighting the dangerous precedent being set for developers and the responsibility they will hold for how others use their products.

  • Lawmakers Call for Regulating Cryptomining

    Lawmakers Call for Regulating Cryptomining

    Several lawmakers have sent a letter to the heads of the Environmental Protection Agency (EPA) and Department of Energy (DOE) to express concerns about cryptomining.

    Cryptomining has emerged as a resource-intensive task that is increasingly being viewed as climate-unfriendly. Lawmakers are now writing Michael Regan, Administrator of the EPA, and Jennifer Granholm, Secretary of the DOE, to provide additional information about the energy impact of cryptomining, including the impact it is having on residents and small businesses.

    In their letter, Senators Elizabeth Warren, Sheldon Whitehouse, and Edward J. Markey, were joined by Representatives Jared Huffman, Rashida Tlaib, and Jeffrey A. Merkley.

    Cryptomining in the city of Plattsburgh, New York reportedly resulted in residential electricity bills that were “up to $300 higher than usual” in the winter of 2018, leading the city to introduce the nation’s first 18-month moratorium on new cryptomining operations. A recent study estimates that “the power demands of cryptocurrency mining operations in upstate New York push up annual electric bills by about $165 million for small businesses and $79 million for individuals.” Moreover, states like Texas with relatively cheap electricity costs are experiencing an influx of cryptomining companies, raising concerns about the state’s unreliable electricity market and the potential for cryptomining to add to the stress on the state’s power grid.

    The lawmakers point out that the problem is amplified by a lack of regulation and oversight for the industry in general, leading the lawmakers to reach out to seven of the top cryptomining companies in the US.

    The seven companies alone indicated that they presently have developed over 1,045 MW capacity for cryptomining. This is nearly enough capacity to power all the residences in Houston, Texas.

    The lawmakers also expressed concern over the carbon emissions the industry produces. While some of the top seven companies touted facilities that were using sustainable energy, other of their facilities produce massive amounts of carbon.

    For example, Riot indicated that its 51 MW Coinmint facility “utilizes nearly exclusively hydroelectricity, a zero-emission, sustainable energy source.” But its Whinstone facility, which is seven times larger, uses power from the Texas grid that relies on coal or natural gas for more than 63 percent of its generating capacity.

    The letter is the latest challenge for an industry already reeling from massive losses.

  • Uber Eats Now Accepts Shiba Inu and Dogecoin

    Uber Eats Now Accepts Shiba Inu and Dogecoin

    Fans of the most popular dog-themed cryptocurrencies have a new place to spend their crypto, with Uber Eats now accepting Shiba Inu and Dogecoin.

    Uber Eats doesn’t directly accept any crypto, but it does via its integration with the BitPay service. BitPay made the announcement via a blog post.

    BitPay offers a variety of options for purchasing prepaid gift cards with crypto. Gift cards can be bought with cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), XRP (XRP), Dai (DAI), Wrapped bitcoin (WBTC), Gemini USD (GUSD), USD Coin (USDC), and Binance USD (BUSD).

    Despite starting as a meme, Dogecoin has become a major player in the crypto market. Shiba Inu, the “Dogecoin killer,” has similarly captured the hearts and wallets of users.

    BitPay’s expanded support for both coins will make it much easier to use them for everyday purchases.

  • Elon Musk Sees Opportunity in the Current Crypto Crash

    Elon Musk Sees Opportunity in the Current Crypto Crash

    Amid a massive crypto crash that has seen fortunes erased, Elon Musk is doubling down, continuing to support his favorite crypto.

    The crypto market is currently having a moment of crisis, with values dropping, companies laying off employees, and others struggling to stay solvent. While many are questioning their investments, Musk sees the current market as a buying opportunity for his favorite crypto, Dogecoin.

    When Altcoin Gordon replied, encourging Musk to “keep buying it then,” Musk replied with “I am.”

  • Bill Gates: Crypto and NFTs ‘100% Based on Greater Fool Theory’

    Bill Gates: Crypto and NFTs ‘100% Based on Greater Fool Theory’

    Don’t count Bill Gates as a fan of cryptocurrency or NFTs, with the tech icon calling them “100% based on greater fool theory.”

    The crypto market is in the midst of a massive downturn, one that has seen billions wiped from the ledgers. While many are looking at this as a buying opportunity, Gates is not impressed with crypto or NFTs, according to CNBC. Gates referred to both, but especially NFTs, as being “based on fool theory,” meaning the value on an already overvalued asset only goes up when enough investors want them.

    “I’m used to asset classes … like a farm where they have output, or like a company where they make products,” Gates said, regarding NFTs.

    On the topic of crypto, Gates said: “I’m not involved in that. I’m not long or short any of those things.”

    Interestingly, Gates comments come at a time when NFTs are increasingly gaining mainstream support. Salesforce recently unveiled its own NFT platform, NFT Cloud, as a way for companies to mint and sell NFTs. The company emphasized their intention of making their platform a trusted marketplace, one that would be environmentally friendly, addressing two of the biggest critiques of the burgeoning tech.

    Only time will tell if the crypto market will recover, and if NFTs will continue to gain steam. In the meantime, it doesn’t sound like Gates will be investing in either.

  • Microsoft Reverses Course, Will Allow (Some) Crypto Ads on Microsoft Ads

    Microsoft Reverses Course, Will Allow (Some) Crypto Ads on Microsoft Ads

    Microsoft has made a major change in its stance toward crypto, allowing some crypto ads on its Microsoft Ads platform.

    First spotted by Search Engine Land, Microsoft Ads will allow pre-approved crpyto ads, starting in the US only. The company hopes that the pre-approval process will help prevent scammers. The program will also allow “educational content,” provided it is offered by the primary party.

    There are still some limitations, including:

    • No ads promoting crypto investments or training programs.
    • No ads for sites that incentivize users with free crypto, offers subscription services, or otherwise monetize their advice.

    As Search Engine Land points out, this is a fairly reasonable compromise that should help protect Bing users, while at the same time providing legitimate crypto outlets a valuable advertising opportunity.

  • LG Electronics Pivots to Crypto and Blockchain

    LG Electronics Pivots to Crypto and Blockchain

    LG Electronics may be pivoting to the cryptocurrency market, adding crypto and blockchain to its corporate interests.

    LG has been going through some major changes, as the company recently shut down its mobile division to focus on its core business. That core business is being expanded in new directions, however, with the company adding crypto and blockchain to its areas of focus.

    According to Korea JoongAng Daily, the company is looking at “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency.” The wording has led to speculation the company could launch its own crypto exchange.

    When asked about it, the company did not confirm or deny the possibility.

    “Nothing has been decided yet,” a spokesperson said, “We just mentioned business areas in a broad manner.”

  • President Biden Executive Order Targets ‘Responsible Development of Digital Assets’

    President Biden Executive Order Targets ‘Responsible Development of Digital Assets’

    President Joe Biden has issued an executive order calling on agencies to investigate cryptocurrencies and digital assets, paving the way for a US-backed digital currency.

    Cryptocurrency has been a controversial topic for governments around the world. Some have tried banning it, viewing it as a threat to their national currency, while others have embraced it, even going so far as to make Bitcoin legally accepted tender.

    The US has not yet established an official policy, leaving many crypto miners, traders, and investors uneasy about its future. President Biden’s executive order should help pave the way toward a more stable future for the technology, especially given the support his order signals for central bank digital currencies (CBDCs).

    My Administration sees merit in showcasing United States leadership and participation in international fora related to CBDCs and in multi‑country conversations and pilot projects involving CBDCs. Any future dollar payment system should be designed in a way that is consistent with United States priorities (as outlined in section 4(a)(i) of this order) and democratic values, including privacy protections, and that ensures the global financial system has appropriate transparency, connectivity, and platform and architecture interoperability or transferability, as appropriate.

    The news is likely to be met with praise and criticism. On the one hand, President Biden is clearly signaling a greater degree of oversight for digital currencies and assets. For many, that is an unwelcome development, especially given the decentralized nature of digital assets. On the other hand, greater oversight will make it more difficult for scammers to take advantage of the tech, something that currently scares away some investors and gives crypto a bad name.

  • Crypto Insurance: What is it, How it Can Protect You

    Crypto Insurance: What is it, How it Can Protect You

    The rise of cryptocurrency has been breathtaking and stands at a market cap of $2.05 trillion. Crypto is incredibly dynamic, with $91.5 billion being exchanged daily. With 455 worldwide spot exchanges across 154 countries and through 120 million Bitcoin transactions, the highly-valued dough does not stop moving.

    Theft of cryptocurrency is growing at an outpaced rate. Though acquirers use a number of tactics to do so, four common methods are worth looking out for. Phishing is a frequent mode, as manipulators steal $115 million annually by targeting texts, emails, and other ways of messaging. Another common route is hacking, as software systems and cryptocurrency wallets are broken into, with $7.4 million in crypto being stolen annually via hacks. Third, exploitation occurs all-too-often, as blackmail, fraud, and ransomware are pursued to steal the $103 million that’s robbed each year as a result of exploits. Lastly, Ponzi Schemes account for the stealing of over $2 billion annually as investors are fraudulently paid other investor’s stock.

    Big Crypto Losses

    A few large cryptocurrency acquisitions made headlines as ‘mega-losses’. In 2018, Chris Larsen, invested in XRP lost $44 billion, Mt. Gox, invested in BTC, lost $2 billion in 2013, and in 2021, Maxnaut, invested in NFTs, lost $297 thousand (USD). Often, daily totals of cryptocurrency theft are just as massive, with more than $10 million in crypto reported missing per day.

    Just half of U.S. adults agree that cryptocurrency is secure enough to invest in. Reflecting this mass sentiment of mistrust, Ben Bernanke, the Former Chair of the U.S. The Federal Reserve said, “[cryptocurrencies] may hold long-term promise, particularly if the innovation promotes a faster, more secure and more efficient payment system”. Echoing this idea of needing more security to promote the innovativeness of cryptocurrency, Charlie Brooks, founder of Crypto Asset Recovery, said, “to your average retail investor, the crypto and DeFi world is full of opportunities but fraught in insecurity by the lack of a safety net in the way of a centralized entity controlling their login details and securing their assets”. As the cryptocurrency industry continues to evolve, improving security should be held a top priority.

    The Rise of Cryptocurrency Insurance

    Cryptocurrency insurance is an emerging trend. Having reached $3 billion, the crypto insurance industry is booming. An alluring perk that this form of insurance offers is malleable limits that cater to your needs and portions of investments. Another is commercial insurance for business, extending crypto insurance’s use beyond personal wallets. Lastly, defense against traditional insurance scams, theft, and harm offer a new form of protection for your assets.

    Insurance via cryptocurrency and NFTs requires three steps. First, find providers and quotes. A similar consideration process, when searching for traditional insurance companies, can be pursued here, and it starts by familiarizing yourself with players in the industry. Second, start contemplating crypto insurance premiums. In this step, as coverage estimates, based on your personal financial information, will vary by provider and should drive your decision. Lastly, select your protection. Fraud insurance, business cryptocurrency insurance, custody insurance, DeFi insurance, and exchange insurance are a few of the many umbrellas you can choose to keep you covered.

    In Conclusion

    Secure your investments by investing trust, and your financial future, in cryptocurrency insurance. Learn more in the infographic below.

    Can you get cryptocurrency insurance?

  • India’s Central Bank Compares Crypto to a ‘Ponzi Scheme’

    The Reserve Bank of India (RBI) has come out swinging against cryptocurrency, likening it to a “Ponzi scheme.”

    The Indian government has been considering the possibility of moving forward with crypto adoption, proposing a tax on digital currencies in what would be a major step toward accepting it as legal tender.

    According to TechCrunch, however, the RBI is not a fan.

    “We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may even be worse,” said T. Rabi Sankar, deputy governor of RBI.

    The RBI is not doubt concerned about the adoption rate of crypto within the country, the world’s second-largest internet market. It remains to be seen if the government will continue moving forward, or if the pressure from the RBI will lead to a change of plans.

  • Uber Will One Day Accept Crypto, But Not Yet

    Uber Will One Day Accept Crypto, But Not Yet

    Uber is the latest company to signal its willingness to accept cryptocurrencies as payment, but not until some major changes take place.

    Companies across multiple industries have begun accepting crypto as payment. Tesla was one of the biggest companies to accept crypto before backtracking over environmental concerns. That view has been echoed by other organizations, such as Mozilla, which have stopped accepting crypto over the same issues.

    According to Bloomberg, Uber CEO Dara Khosrowshahi said his company would also like to accept crypto “at some point,” before saying “this isn’t the right point.”

    Uber is waiting until crypto transaction fees are lower, reducing its environmental impact.

    “We’re having conversations all the time,” Khosrowshahi said. “As the exchange mechanism becomes less expensive and becomes more environmentally friendly, I think you will see us leaning into crypto a little bit more.”

    Khosrowshahi’s statement is just the latest indication of the challenges crypto faces before it gains widespread adoption.

  • Meta-Backed Diem Considering Sale of Assets, May Shut Down

    Meta-Backed Diem Considering Sale of Assets, May Shut Down

    Diem, the Meta-backed cryptocurrency project, is considering a sale of its assets and may ultimately dissolve.

    The Diem Association began its life as the Libra Association, with backing from some of the biggest companies in the world. Ultimately, Facebook’s backing proved to be part of its undoing, with lawmakers around the world expressing concern over the prospect of Facebook having even more of people’s sensitive data. The project lost the backing of multiple high-profile companies, and ultimately changed its name to Diem.

    It appears the project’s fortunes have not improved in the intervening months. According to Bloomberg, sources familiar with the matter have said the association is considering a sale of its assets as a way to return money to investors. The association has even gone so far as to enlist the assistance of investment bankers to help it chart the best way to accomplish this goal, as well as help its engineers find a place to land.

    If the report is true, it would mark a major failure for Meta, and comprise one of the worst instances of its reputation for poor privacy severely limiting its ambitions.

  • Crypto.com Halts Transactions After Thefts, Upgrades Account Security

    Crypto.com Halts Transactions After Thefts, Upgrades Account Security

    Crypto.com halted all transactions Monday, after a small number of accounts were compromised, and is beefing up account security in response.

    Crypto.com is a popular cryptocurrency trading platform. Some of the platform’s users experienced unauthorized activity, with some reporting the theft of their crypto.

    The company halted all transactions in response, making the announcement in a series of tweets.

    Earlier today a small number of users experienced unauthorized activity in their accounts. All funds are safe.

    In an abundance of caution, security on all accounts is being enhanced, requiring users to:

    -Sign back into their App & Exchange accounts

    -Reset their 2FA

    — Crypto.com (@cryptocom), January 17, 2022

    This update will be rolled out to users progressively over the next few hours.

    Once complete, withdrawals will be re-enabled.

    We understand this may be an inconvenience, but security comes first.

    Thank you for your support.

    — Crypto.com (@cryptocom), January 17, 2022

  • Norton 360 Upsets Customers By Installing a Cryptominer

    Norton 360 Upsets Customers By Installing a Cryptominer

    Norton 360 isn’t winning any popularity contests with its latest move, as the software is installing a cryptomining program on customers’ computers.

    Hackers often try to compromise computers in an effort to install crypto mining software and use networks of such devices for their own profit. In view of that, it’s surprising that one of the most popular security and antivirus packages is now installing crypto mining software of its own.

    First noticed by KrebsOnSecurity, Norton Crypto will mine Ethereum when the computer is idle, splitting profit between the user and Norton. The user will make 85%, while Norton keeps 15%.

    According to the company, the feature is opt-in, and users can turn it off if they change their mind. Unfortunately, some users are finding that opting out and removing Norton Crypto is easier said than done.

    Needless to say, borrowing a page from hackers’ playbooks and installing a cryptominer without making its intentions clear is not going over well with customers, and could lead to more than a few defections to other security suites.

  • Airbnb ‘Lookin Into’ Accepting Crypto

    Airbnb ‘Lookin Into’ Accepting Crypto

    Airbnb CEO Brian Chesky said the company is “looking into” accepting cryptocurrencies for payment.

    Chesky asked Twitter what features they most wanted the company to launch in 2022, leading users to sound off on what mattered most to them.

    As it turns out, one of the most popular requests was for crypto support. As some individuals pointed out, this would make it much easier for overseas customers, since some countries block international payments.

    Evidently, the company is already working on it.

    Airbnb’s accepting crypto would be a major boost to the overall crypto market, and provide customers with an excellent option to simplify international payments.

  • Novi on WhatsApp Brings Crypto Payments to Limited Number of Users

    Novi on WhatsApp Brings Crypto Payments to Limited Number of Users

    Some WhatsApp users are now able to send and receive crypto via Novi wallet integration.

    Crypto currency is gaining widespread adoption, and many platforms snd services are working to implement crypto payments. WhatsApp competitor Signal added support for MobileCoin in April.

    Thanks to Novi, WhatsApp is following suit, with a limited number of users able to send and receive payments using Novi wallet.

    Novi head Stephane Kasriel assured users that Novi’s integration does not compromise WhatsApp’s privacy, including its end-to-end security.

    Kasriel says the company will learn from its pilot program and expand to additional countries once it receives feedback.