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Tether

Tether (USDT) Accidentally Creates $5 Billion in Crypto

Stable coins, which are backed by fiat currency, have become an integral part of the crypto ecosystem over the past couple of years, and in that regard, Tether (USDT) is possibly the most well known. However, the very fact that it is backed by fiat makes it possible for it to be prone to certain errors, and that is exactly what happened yesterday when the team behind USDT made a mistake that had an effect on the wider crypto market for some time.

Administrative Error

In an astonishing development, the members at Tether transferred $5 billion worth of USDT tokens to the TRON Blockchain from Omni Layer, instead of the $50 million that they had originally meant. All of a sudden, the market was flooded with billions of dollars in Tether that had been created out of the thin air due to an administrative error on the part of Tether team members.

However, the team got to work quickly, and just four minutes after the transfer had been made, $500 million worth of Tether tokens were destroyed. Later on, $4.5 billion worth of token were burned in order to neutralize the error that had occurred in the first place. The problem emanated from Polinex, a highly popular and well-regarded crypto exchange. Tether had actually requested the exchange to take care of the swap, and that is when the error took place. Polinex clarified the issue in a statement.

>> Bitcoin Tumbles Below $10K Mark as Crypto Market Turns Bearish

On the other hand, the Chief Technology Officer of Tether, Paulo Ardaino, and crypto exchange Bitfinex stated that they proceeded to burn the tokens quickly enough. He took to Twitter and shared a tweet in which the burn transactions of Tether had been recorded. However, he conceded that such an error could have had a debilitating effect on the entire crypto market. It is the sort of error that can always happen when it comes to currency generation in which there is a human element, but such things usually do not happen with traditional cryptocurrencies.

At the time of writing, Tether is trading higher by 1% at $1.

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VanEck Bitcoin ETF

John McAfee Reiterates His $1 Million by 2020 BTC Price Prediction

In a rather haughty Tweet posted earlier today, American crypto enthusiast John McAfee wrote that he was “laughing his f—— ass off” at the concern over Bitcoin’s falling price this week.

The entrepreneur went even further and reiterated his prediction that Bitcoin would reach $1 million by 2020.

What has him so bullish?

John McAfee Predicts Bitcoin $1 Million by 2020

Bitcoin price has fluctuated wildly in recent weeks. Unable to breach the $14,000 mark, Bitcoin topped out at approximately $13,650 and fell back below $10,000 at the end of June. Then last week, a similar bull run happened again, only this time, Bitcoin reached approximately $13,050 before declining.

Now, as the coin trades for $10,557 USD, the market is showing concern for the coin’s future—the sentiment is notably bearish.

However, McAfee is laughing it off. His Twitter post from this morning reads as follows:

“Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically. I’m still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.”

The notorious entrepreneur has a point. Yes, Bitcoin has lost around 9% on the week; however, on the month, it is trading up 23%, and in the last three months, it has made a gain of over 100%.

And the bullish sentiment doesn’t stop there. John McAfee recently predicted that in only ten year’s time, “there’ll be no fiat anywhere in the world […] everything will be cryptocurrency.”

>> Tether (USDT) Accidentally Creates $5 Billion in Crypto

John McAfee for President?

McAfee is currently in exile in Cuba for allegedly evading US income tax charges. He is at the same time coordinating his second campaign for the American presidency.

Recently, he stirred the market when he said he would reveal who Satoshi Nakamoto is. However, he reneged on this when noting that the ensuing controversy could damage his efforts to fight extradition to the US.

Are you as bullish on Bitcoin as McAfee? Let us know your thoughts!

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Bitpoint

Bitpoint Hacked for $32 Million, Another Example of Crypto’s Volatility

A Tokyo-based cryptocurrency exchange called Bitpoint has suspended operations after it lost $32 million to a hacking last night.

The company that runs the exchange, Remixpoint, discovered that ¥3.5 billion worth of various digital currencies had disappeared under its management.

Bitpoint Hacked and Suspends Operations

According to the exchange, the funds went missing from a hot wallet (a wallet connected to the internet), but other funds held in cold wallets or offline haven’t been affected. The hacking was brought to light when an error appeared in the exchange’s outgoing funds transfer system.

Roughly ¥2.5 billion worth of the missing currency is owned by its customers; the rest is owned by the firm. The company has said it will compensate the customers for the loss. Soon after the announcement, shares in Remixpoint plunged almost 20%.

Though we know the amount taken, Bitpoint has not detailed what exact virtual coins were stolen; however, it holds various cryptos including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

At present, Remixpoint is analyzing the hack and has given no further details.

Cryptocurrency Hacking

The Bitpoint hack is further proof of the danger with cryptocurrency. So far in 2019, there have been eight large-scale crypto exchange hackings resulting in the loss of millions of dollars.

The most recent hack happened on June 27, when Singapore-based exchange Bitrue had $4.2 million stolen.

Prior to that, on June 6, crypto exchange GateHub was also a victim of a hack whereby nearly $10 million worth of Ripple (XRP) was stolen.

In May, major exchange Binance faced its second major hacking. The hackers withdrew 7,000 Bitcoin, valuing approximately $40 million USD at the time.

>> Ripple (XRP) Slips Below $0.34 Mark as Selling Intensifies

Hacking is a notorious issue in the crypto-space; hacks claimed $1.7 billion USD in 2018 alone.

Hacks have even managed to shut down exchanges completely. In 2017, the South Korean exchange Youbit shut down and filed for bankruptcy after two separate hackings.

Tokyo-based MtGox exchange faced the same fate. At one time, it handled almost 80% of all global Bitcoin transactions; however, it was shut down in 2014 after 850,000 Bitcoins (worth half a billion US dollars at the time) was stolen from its wallets.

What do you think about the Bitpoint hacking?

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Libra

Facebook’s Digital Coin Libra Faces Extreme Criticism

Libra, Facebook’s cryptocurrency to be launched as a payment service provider, requires close examination. According to a senior official at Britain’s financial watchdog, this new coin project requires deep scrutiny as it raises questions both on social and legal grounds. Facebook unveiled its Libra digital coin last month as a platform that will let one buy things or send money to people with nearly zero fees.

Regulators Have Doubts About Libra

One would pseudonymously buy or cash out their Libra online or at local exchange points like grocery stores. However, soon after its announcement, Libra raised concerns over its potential impact on privacy from lawmakers and regulators around the world.

According to Christopher Woolard, executive director of strategy and competition at the Financial Conduct Authority, Libra’s “size and scale will pose questions for society and government more generally about what is acceptable and desirable in this space. Historically, this may have been a sector that has lived by the mantra of ‘move fast and break things,’ but the issues raised here require deep thought and detail.”

>> Blockchain Supply Market to Grow to $9 Billion: Allied Markey Research

Deep Thought and Detail Needed

Since the time of its pronouncement, Libra has faced extreme skepticism and is likely to face severe regulatory scrutiny as well. Scheduled to launch by the end of June 2020, Libra is not only Facebook’s entry into one of the least regulated areas of finance, but will also eventually cede control to an independent consortium of over 100 companies, with players like MasterCard, Visa, Uber, and Spotify already having tentatively signed on. However, the fate of Libra depends much on the response of the domestic and international financial regulators and monetary authorities.

According to the news, the FCA has already met Facebook to discuss the project at large, but there are still several questions that require answers as to the workings of Libra. A detailed report on how this cryptocurrency would operate is quintessential for Libra’s blooming. Crucial decisions on such projects lie with lawmakers and the Bank for International Settlements (BIS), an umbrella group for central banks. Politicians need to quickly coordinate regulatory responses to new risks as Facebook and other tech firms move into finance, the BIS said last month.

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Crypto News

Crypto News Today | Poloniex Now Accepts Cards, Will Gemini Join Libra?

The cryptocurrency sphere is bustling today. Crypto news regarding Poloniex is causing a stir. The exchange will now accepts credit cards and bank accounts. Elsewhere, prominent crypto-advocates the Winklevoss twins, along with their Gemini exchange, might be buddying up with Facebook’s Libra.

Let’s check this out.

Crypto News Making Moves

Major cryptocurrency exchange Poloniex has announced that customers can now use credit cards and bank accounts on the platform. It announced the move in a Medium post published yesterday.

The release states that users from over 80 countries can now move funds directly to and from their bank accounts into the exchange. Once the fiat currency hits the exchange, it will be converted into the USD stablecoin.

The platform has set weekly limits of $50,000 for deposits and $25,000 for withdrawals. However, it is willing to potentially increase those limits on a case by case basis.

Where credit and debit cards are concerned, over 60 jurisdictions will be able to purchase crypto using the cards. This is made possible through a partnership with payment processor Simplex.

The service will charge a 3.5% fee and allow users to buy a minimum of $50 of Bitcoin.

Crypto News Bulletin 2

The co-founders of New York-based crypto exchange Gemini are reportedly in talks to join Facebook’s Libra Association.

The Libra Association is a consortium of businesses that aim to govern Facebook’s new cryptocurrency.

Tyler and Cameron Winklevoss told CoinDesk earlier in the week:

“We’re definitely looking at it in earnest and we’re excited about the project.”

>> Facebook’s Digital Coin Libra Faces Extreme Criticism

The pair furthered:

“Our feeling is, this is the first of many FANG [Facebook, Amazon, Netflix and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project.”

Will the twins join with Libra? It may seem unlikely considering the pair’s checkered history with Facebook CEO Mark Zuckerberg.

The former Harvard classmates of Zuckerberg had a controversial fight over control of Facebook back in the early 2000s.

However, it seems, the mutual goal of promoting mainstream crypto adoption has healed any old wounds.

What are your thoughts on this crypto news? Are you surprised about the Winklevoss twins?

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