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QuadrigaCX Imbroglio Takes a Turn After Widow Claims CEO Mixed Personal and Company Funds



The crypto community has been sitting at the edge of their seats watching the complex and nuanced situation surrounding the now defunct QuadrigaCX exchange unfold. Recently, news broke that Big Four Auditing Firm, Ernst & Young (EY), had discovered that the exchange’s cold storage wallets were nearly entirely empty, which came as a surprise to many hopeful victims of the exchange.Now, however, the situation has grown in complexity after the widow of QuadrigaCX’s now deceased co-founder and CEO, Gerry Cotton, claimed that he was mixing his personal funds with company funds in an effort to make customers whole during a previous legal battle with a bank.QuadrigaCX’s Troubles Began Far Before CEO’s DeathAlthough the crypto community first grew aware of QuadrigaCX’s illiquidity following Cotton’s death earlier this year, a recent statement from his wife and the executor of his estate, Jennifer Robertson, elucidates that the exchange’s troubles began long before his death.“While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen,” Robertson explained in a recent statement to CoinDesk that was sent by law firm Stewart McKelvey.Her statement comes just a few weeks after court-appointed auditing firm Ernst & Young discovered that the cold wallet addresses associated with the exchange were empty, which dispelled the rumor that the stem of the exchange’s problems was simply a lack of access to user’s funds.Furthermore, as NewsBTC previously covered, an investigative report published on the Zerononcense Blog has claimed that Cotton may have been moving up to 600,000 Ethereum (ETH) from cold storage and into a plethora of exchanges.“Based on the transaction analysis included in the report, it appears that a significant amount of Ethereum (600,000+ ETH) was transferred to these exchanges as a means of ‘storage’ during the years that QuadrigaCX was in operation and offering Ethereum on their exchange… it is very possible that QuadrigaCX, the creditors, and other entities are unaware of this discovery,” the Zerononcense Blog report explained.Do the Exchange’s Victims Have a Chance of Recovering Their Lost Funds?If it is true that Cotton had been transferring hundreds of thousands of ETH into accounts held at various cryptocurrency exchanges, and these funds can be tracked, then there is a possibility that the victims of QuadrigaCX’s illiquidity may be able to recover some, or all, of their lost funds.Robertson further affirmed in her statement that her main goal is to is to give affected users the greatest chance of recovering their lost assets.“Following my husband, Gerald (Gerry) Cotten’s sudden and unexpected death, I arranged for the CCAA process to start by providing the initial funding and agreeing to act as a director of the Companies. The goal from the outset of the CCAA proceeding was to benefit QCX and the Affected Users by giving QCX the greatest chance of recovery of its assets,” she claimed.At the time, it still seems as though user’s best chance of recovering any funds is that the ETH Cotton reportedly transferred is still sitting, untouched, in accounts on the various exchanges.Featured image from Shutterstock.

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In Light of Flexa, Gemini and Spedn App News, Litecoin’s Charlie Lee Looks for Pay with LTC Addition



In Light of Flexa, Gemini and Spedn App News, Litecoin's Charlie Lee Looks for Pay with LTC Addition

In Light of Flexa, Gemini and Spedn App News, Litecoin's Charlie Lee Looks for Pay with LTC Addition

Just a few years ago, cryptocurrency was a far-fetched idea regarding the replacement of the current monetary system.

However, the internet has boomed to the extent that most people are living their lives online. From online shopping to the sharing economy’s services such as requesting and paying for a cab or a hotel room to mention a few, online payments are a thing now. It’s no wonder big corporations are collaborating to embrace cryptocurrency.

A good example was the recent merger between Gemini and Flexa, which left many crypto enthusiasts elated. The two companies combined to enable the easy delivery of micro payments to merchants using digital currency.

As such, shopping at major stores such as Lowe’s and Nordstrom, and making your payment through cryptocurrency will be possible. However, all consumers will have to download the Spedn App first.

What cryptocurrency can you use?

With the app, you can make payments using Bitcoin Cash, Bitcoin, Gemini Dollar, or Ether. Litecoin missed out on the merger because the crypto giant is not among the coins the Spedn App supported. The merger between Flexa and Gemini has make online transactions using cryptocurrency easier, which contributes to the growth of digital currency and its absorption into society.

Litecoin founder Charlie Lee did not take being left out easy and reacted by tagging Flexa co-founder, Trevor Filter in a tweet. In the tweet, Lee rallied followers to unite in the push let the Spedn App allow users to make payments using Litecoin at GameStop, Whole Foods, and many other outlets.

Trevor retweeted the Litecoin founder’s message and included the message, ‘retweets don’t equal endorsements…or do they?’

Litecoin is Bitcoin’s younger brother

As the fifth biggest cryptocurrency at the moment, Litecoin might just be the next digital currency to be supported on Spedn.

Their influence in the crypto world does not go unnoticed. In a bid to make the most out of the issue, Litecoin Vice President of Nationwide Merchants Solutions sent a tweet as well. His tweet read:

‘The reason Litecoin should be added to Flexa is because #PayWithLitecoin is all about spending and supporting merchants that accept LTC!! It has nothing to do with tech, it’s about sound money, freedom, and supporting crypto adoption.’

Litecoin growing faster though

Litecoin might be under Bitcoin’s shadow but the former has tripled in price recently while the latter has only doubled. As such, being hosted by Flexa’s Spedn App means the millions of people who use Litecoin can enjoy the recent merger enabling merchants to make purchases using digital currency.

This will enable people to save money seeing credit cards slash a lot of cash during transactions. Last year alone, $90 million was spent on credit card processing fees.


People have already made purchases using the Spedn App and digital currencies such as GUSD, BCH, ETH, and BTC. Hopefully, LTC will join the party soon and bring along its millions of users. All crypto users with the app can make payments at selected outlets by displaying their specific code, which gets scanned to complete the transaction.

Flexa and Gemini have made it possible, now it’s up to digital currencies to educate and mobilize their users.

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Arnold Schwarzenegger Falls for Snapchat but Should Investors Pile In?




By CCN: Arnold Schwarzenegger, star of “The Terminator” (and nothing else lately), found himself the victim of an assault at an event in South Africa.

While attending “Arnold Classic Africa” in Johannesburg, which features a wide array of sporting events and physical activities, the 71-year-old “Last Action Hero” was filming participants when he received a flying kick to the back by an unknown assailant. The actor fell forward as the perpetrator was immediately tackled by security while yelling, “Help me!”

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“Oy, My Back!” Don’t Interrupt a Cyborg’s Snapchat with Physical Violence

Schwarzenegger was later escorted off the premises by a team of bodyguards. He thanked them for their efforts and posted to Twitter that he was okay and that he was glad the “idiot didn’t interrupt his Snapchat.” The assailant was later identified by security members as someone who has pulled similar stunts in the past. Schwarzenegger says he will not be pressing charges and that he plans to attend the rest of the event this coming Sunday. It’s probably safe to say that “he’ll be back…”

Snap’s Stock

Whether he meant to or not, Schwarzenegger gave a commercial for Snap, Inc, the company behind the messaging app. Not that Snap’s stock needed his help. SNAP shares have about doubled year-to-date and are up 7% over the last 12-month period. The company got a boost last week when Facebook reportedly decided to close its Direct messaging app on Instagram, which went head-to-head with Snapchat. Investors have been celebrating ever since.

Snap continues to operate at a loss but boasts a whopping 190 million daily active users.

Snap, Inc., Snapchat

| Source: Yahoo Finance

SnapChat’s Reputation Could Use Some Work

While the stock has been rising, SnapChat’s reputation could use some work. Schwarzenegger is all too familiar with how this feels.

Snapchat seems to create something of a hierarchy amongst friends through its use of “Snapchat Streaks,” which occur when two individuals speak or text with each other for a minimum of two straight days. Having more streaks allegedly makes younger account holders feel “more popular,” and mark a powerful kind of “social acceptance” amongst users.

It seems younger generations also do foolish things with their accounts. This includes sharing their login credentials on other social media pages and using what’s called Snap Map, which allows them to be tracked and located physically. Snap Map can dissolve one’s privacy and make users vulnerable to outside parties they’d otherwise think twice about being associated with. Snap might want to ask Facebook how privacy issues ended for them.

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Schwarzenegger lives in the public eye. He’s got an event to promote, so his use of Snapchat is understandable. For others, however, one can’t help but wonder if the social media platform presents more problems than it does power and “decent exposure.”

For investors, Snap’s stock appears to have some tailwinds for the foreseeable future now that Facebook is bowing out, which happened even before “The Terminator” star gave them a plug.

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Bitcoin Bull Market Gets Everyone Hyped, Parabolic Trend Currently Present – Is It Too Soon Yet?



Bitcoin Bull Market Gets Everyone Hyped, Parabolic Trend Currently Present - It It Too Soon Yet?

Bitcoin Bull Market Gets Everyone Hyped, Parabolic Trend Currently Present - It It Too Soon Yet?

Last weekend’s Magical Crypto Conference was and continues to be highly spoken of. One event that took place was Charlie Lee’s success in selling unique Litecoin collectibles, which has grabbed the attention of many, as reported by Bitcoin Exchange Guide (BEG).

Another interesting thing about the Magical Crypto Conference, which pokes fun at the current bull market, is the presence of an actual bull! As per Bloomberg, a real-life bovine named “Little Dude” supposedly greeted crypto fanatics. With faith in Bitcoin (BTC) either never lost or regained, many have been trying to understand what’s to come for BTC in the future.

According to the CEO of crypto exchange, eToro, Yoni Assia, “A lot of people say, “party like it’s 1999,”” which might be a reference to 2017’s ultimate and popular bull run. That year saw BTC experience a 1400% increase in prices alone, with many calling it “digital gold,” writes the news platform.

This month has treated BTC well, as its price has seen a relative spike in prices. Interestingly, the current shape of its trend is an upward trending parabola. This was noted in one of BEG’s recent posts, where crypto trader, DonAlt noted that if BTC’s prices don’t go below the 6,400 mark, then the bull market is here for stay.



News outlet U Today also reported on the presence of parabolic trends. In particular, it was noted that Chief Analyst at eToro, Mati Greenspan believes that it’s normal for BTC to experience such a move. He supposedly gave the example of BTC’s 85% drop in value as travelling down a parabola.

As per U Today, Greenspan trusts that:

“The market is at the moment about to begin a new rise, the start of which the community has witnessed recently.”

As for the recent drop in BTC, Greenspan does not seem to be concerned by it as he believes it is a natural part of growth.

Bitcoin’s Recent Value Goes Down: Crypto Bulls and Bear At Tug of War for Future BTC Prices

In a recent Bitcoin Exchange Guide (BEG) report, the reasons why Bitcoin’s (BTC) transaction fees increased were expounded upon. Of the three reasons, one that primarily stood out was that of the sell order took place on BitStamp, ultimately driving down BTC’s value to the lower end of the $6,000 ranges.

As it turns out both the crypto bulls and bears have been standing on opposite ends of the pole in terms of what’s to come for BTC’s prices reports CCN. In particular, it was noted that bulls trust BTC to reach 5-digit price levels (i.e. USD10,000), while bears trust that it will go down again before it can go back up.

CCN documented a number of tweets from known crypto fanatics and experts taking on their respective positions. Here’s an overview of what has been shared.

The first is crypto trader from Twitter, DonAlt who shared the following tweet:

To which, blockchain innovator, Vinny Lingham retweeted and shared, “I concur”. A conversation also seemed to have stirred up in the comments between Twitter user, Tom Gloor and DonAlt, where the former asked at which point or resistance level DonAlt thought the prices will go back up considering the downward trend.

In response, he said that said downward trend no longer exists and that it is “at worst sideways”.

In addition to his $10,000 claims, DonAlt also shared a graph of Bitcoin taking on an upward parabolic trend, noting that this is a sign that the bull is for here to stay given that it holds at the 6,400 mark and does not dip any further.

The next who has shared his sentiments is Tim Seymour from the CNBC Trading Desk, who has since shared that:

“You actually are above that trend line, which probably takes you up to around $6,800. You got to a 95 nine-day RSI. Even for bitcoin, that was extreme.”

Finally, we have derivatives trader and analyst, Tone Vays who has since described the event as resulting in a “beautiful short trade.” He also noted that, in his opinion, buying “along the way” isn’t the best strategy but waiting until its possible low before buying more.

As for what he predicts in terms of BTC’s value to come, here’s what he was quoted saying:

“I actually think we are going to go down and I think we are going to go sub-$6,000 on this one […] I even think we’re going to go below $5,000 as well.”

If the aforementioned is the case, this would be a great opportunity for those who’ve missed the BTC train when it was sitting at below $6,000 in most of 2018.

With all this being shared, where do you stand? Are you for crypto bulls or bears? Let us know why in the comments below.

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Bitcoin’s price is $7,284.49 BTC/USD exchange rate today. The real-time BTC market cap of $128.99 Billion currently ranks #1 with a chart dominance at 56.25%, daily trading volume of $6.05 Billion and live coin value change of BTC 2.78 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$7,284.4893 change ~ 2.78%

Coin Market Cap

$128.99 Billion

24 Hour Volume

$6.05 Billion

24 Hour VWAP

$7.33 K

24 Hour Change


var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD");

"}” data-sheets-userformat=”{"2":14849,"3":{"1":0},"12":0,"14":[null,2,0],"15":"Open Sans","16":11}”>Bitcoin’s price is $7,284.49 BTC/USD exchange rate today. The real-time BTC market cap of $128.99 Billion currently ranks #1 with a chart dominance at 56.25%, daily trading volume of $6.05 Billion and live coin value change of BTC 2.78 in the last 24 hours.

<span data-sheets-value="{"1":2,"2":"

"}” data-sheets-userformat=”{"2":513,"3":{"1":0},"12":0}”>Latest Bitcoin Price Updates and Real-Time News Analysis

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John McAfee Emerges, Reportedly Says Americans Are ‘Hated Universally’




By CCN: In a new interview with Newsweek, John McAfee surfaced to discuss living abroad and what he’s learned about the global perception of Americans. After recently going dark, he told Newsweek “we’re hated universally.” According to him, the reason most American tourists don’t pick up on this fact is that they’re a source of income for the people and places they visit.

America: Hated Universally

“I have traveled around the world. Everybody hates America. Do they show it? No. If you’re a tourist, you’re never going to see it. Why? If you’re a tourist you are a source of income for that country. You’re never going to see the truth. Well, I’ve lived in these countries, and I’ve seen the f***ing truth. We’re hated universally. We interfere in affairs that we do not understand for our own benefit….”

McAfee, who is wanted by the U.S. government for tax fraud, is currently running for president. The software mogul invited this attention from federal authorities when he openly flaunted his tax evasion just after the new year. Later that month, federal authorities issued an indictment. While felons are legally allowed to run for president, it’s unclear if McAfee would be able to assume the office with a standing warrant hanging over his head.

Can a Fugitive Even Run for President?

Since 2000, the Justice Department has abided by the opinion that it cannot prosecute someone in the highest office.

This past week, rumors spread on Twitter that authorities captured McAfee.

The @officialmcafee account has since dispelled these rumors:

McAfee isn’t losing sleep over his situation with U.S. authorities and has no idea what it will take for him to return home.

“I don’t have a clue. I haven’t thought about it yet. I don’t address problems until I’m ready to actually do something. First of all, get a bunch of lawyers. Secondly, come back, I don’t know.”

McAfee’s Brashness as an Asset

McAfee wants you to know that he doesn’t care what you think of him. This is unusual for someone with political aspirations but certainly not new. McAfee draws the line at what is written about him, saying:

“I’m just being me. I’m not going to change me to be untrue or rather false or restricted while I’m trying to make you be unrestricted. That makes no sense. No, we should all be unrestricted. We should all give a shit nothing about what people think or say about us. We should give a shit about what’s written about us. We give a shit about our impact on the world, if we do something, which is absolutely us. No. I could care less about that, sir. I’m not creating a brand, I’m not creating an image.”

The security mogul says he has untold numbers of people working on his campaign in the U.S. and hundreds of people working in foreign countries for him. The multi-millionaire, for all his “not giving a sh*t,” is a Twitter celebrity. He likely wields little impact beyond that for the majority of the voting public.

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Might as Well Vote for Satoshi Nakamoto

A serious proponent of Bitcoin and blockchain technologies, McAfee throws off very little actual expertise on the subject. Here is his recent assessment of Ethereum, the second-most valuable cryptocurrency and the most-used platform for smart contracts:

McAfee also seems to believe he knows the identities of Satoshi Nakamoto. He previously said he would reveal Satoshi’s true identity to prove that Craig S. Wright is lying. However, on apparent legal advice, he chose not to disclose the identity, believing that it would further complicate his problems with the U.S. government.

Raw, gifted, and eccentric, John McAfee could be the type of leader who’d sufficiently “drain the swamp” because he holds no allegiance to any part of it. Unfortunately for him, his prospects are even less likely than those of virtually all Democrats currently running campaigns.

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Amazon Patent Casts Light on Plans to Create Proof-of-Work Blockchain Analog



Retail behemoth Amazon has received a patent for generating Merkle trees as a solution to the proof-of-work (PoW) algorithm, a document confirmed on May 14.

Amazon, which has taken an increasing interest in blockchain technology in recent times, now appears to be targeting development of a specific variation of the instrument.

Specifically, the patent targets Merkle trees — a data verification tool — to constitute the work required in a PoW setup.

PoW is the algorithm used in bitcoin (BTC) and some other major cryptocurrencies such as litecoin (LTC), dogecoin (DOGE) and monero (XMR).

“This document describes techniques for using the generation of Merkle Trees as a solution to a proof-of-work challenge,” the patent reads.

The exact nature of Amazon’s plans remains unclear. The patent document does not reference specific uses within a cryptocurrency or blockchain, continuing uncertainty over the company’s stance on the wider cryptocurrency phenomenon.

As Cointelegraph reported, rumors Amazon was preparing to take a direct interest in bitcoin, for example, have repeatedly sparked a frenzy within the crypto community, each time culminating in nothing.

At the same time, others consider it only a matter of time before an integration occurs. In February, Changpeng Zhao, CEO of exchange Binance, claimed Amazon would ultimately have no choice but to issue some form of cryptocurrency.

“For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments,” he said.

Late last month, Amazon Web Services publicly launched its enterprise blockchain setup network, based on Ethereum (ETH) and Hyperledger technology.

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