Author: bitcoinnews

Shellboxes, an Industry-Leading Cyber Security Firm, Declares Continuous Commitment to Protect Blockchain Projects From the Growing Threat of Cyber Attacks – Press release Bitcoin News

PRESS RELEASE. Shellboxes, a leading Web 3 company with top-level blockchain security and consulting services, has announced its commitment to help project owners stay protected amid rising cyberattacks in the industry. The Shellboxes team has raised the alarm over the carefree attitude of most Web 3 project owners who pay little to no attention to the growing risk of cyberattacks.

According to a report by Chainalysis, 2022 witnessed the most significant loss of crypto assets to hackers. The report revealed a whopping $3.8 billion was stolen, mainly from DeFi protocols. As the risk of these cyberattacks increases in the Web 3 space, ShellBoxes is advising Web3 project owners to take the security of their platform/project seriously. These owners need to ensure their projects undergo robust and thorough security audits. Some project owners settle for low-tier quality audits with the sole purpose of laundering the business’ brand image instead of the security of the project.

ShellBoxes aims to not just awaken these owners to the potential dangers of below-par security audits; the company also offers blockchain security services. According to the ShellBoxes team, projects should undergo rigorous security audits before they go live.

The ShellBoxes’ Blockchain Security Solutions

ShellBoxes offers a two-fold blockchain security service. First, the company can help projects identify and resolve flaws in their already existing blockchain project. Second, the ShellBoxes team can develop highly secure and efficient smart contracts from scratch. The team carries out blockchain security, smart contract audit, and dApp security all covered within the blockchain audit. Through in-depth testing, ShellBoxes identifies and corrects existing loopholes in projects’ smart contracts. For dApp projects, ShellBoxes helps the owners detect any flaws before malicious entities can exploit them. Generally, the team helps Web3 project owners stay ahead of malicious hackers seeking to compromise and exploit their systems.

ShellBoxes provide owners with the opportunity to utilize blockchain technology to improve traceability and transparency in their project. The team also helps projects analyze the strategic use of blockchain and how it can improve their business standing. The company also provides projects with highly secure and impregnable smart contracts.

About ShellBoxes

ShellBoxes is a top Web3 company offering high-level blockchain security and…


Crypto Seen as Investment Opportunity in the MENA Region Says Iceberg Capital Executive Chairman – Interview Bitcoin News

While interest in digital assets has waned in some parts of the world, in the Middle East and Northern Africa adoption of crypto has been skyrocketing according to Mustafa Kheriba, the executive chairman of the asset management firm Iceberg Capital Limited. According to Kheriba, factors such as high inflation and residents’ desire for high-return investment opportunities have drawn many to cryptocurrency.

The Many Benefits of Blockchain

Despite the bearish conditions that persisted in much of 2022, according to Mustafa Kheriba, the executive chairman of Iceberg Capital Limited, interest and adoption of crypto and blockchain has not dissipated. To support this assertion, Kheriba pointed to the 23rd State of the Developer report which suggests that most experienced software developers are “most likely to be working on blockchain projects.”

Nevertheless, the Iceberg Capital Limited executive chairman told News interest has particularly been surging in the Middle East and North Africa (MENA) region where some regulators have seized the initiative by establishing or proposing to create frameworks for regulating crypto assets.

In addition, Kheriba said factors such as inflation or the depreciation of national currencies have played a part in driving up the number of citizens that have embraced crypto. On the other hand, for residents of more affluent countries, cryptocurrency is increasingly seen as an investment opportunity.

In the rest of his written responses sent to News via Whatsapp, Kheriba also shared his thoughts on the future of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Below are the rest of Kheriba’s responses to the questions sent. News (BCN): Why is crypto adoption skyrocketing in the MENA region and would you say users are being pushed towards crypto by external forces or pulled by crypto?

Mustafa Kheriba (MK): Momentum within the MENA region has been building for quite some time now, thanks to multiple reasons. There are country-specific factors at play. Inflation in countries like Egypt and Turkey is pushing people towards crypto as a store of value and a hedge against fiat currency devaluation. This is particularly relevant in countries where the government’s monetary policy is unpredictable and cannot be relied upon for stability.

On the other hand, in Gulf countries, the rapidly evolving regulatory frameworks, financial institutions, banks, and high…


Russian Court Sends 3 Crypto Robbers to Strict-Regime Prison – Bitcoin News

Three Russians are going to spend time in high-security prison for stealing over a million U.S. dollars’ worth of cryptocurrency from another man. In addition, the court has also ordered them to fully compensate the victim for the damages, prosecutors announced.

Robbers Get Prison Sentence for Cryptocurrency Theft in Russia

A court in the Russian city of Omsk has issued a verdict in a criminal case against three men from Moscow who extorted a large amount of digital currency from a man in Siberia. Two of them have been found guilty of robbery and forgery of documents and the third one of fraud.

In July 2021, these individuals learned that a resident of Omsk owned significant crypto funds. They traveled all the way from the capital to the Siberian city where they followed the victim for about 10 days, examining his movements and daily routines.

On the day of the attack, they stopped the man on the street, presented fake IDs and forced him into a car. Later, they took away 3 million rubles ($40,000) in cash and made him transfer another 84 million rubles ($1.1 million) in cryptocurrency, the regional Prosecutor’s Office detailed in a press release.

The robbers were later detained by the police but did not admit any guilt. According to the court sentence, they are now going to serve between six-and-a-half and nine years in a strict-regime correctional colony. The court also ordered them to compensate any damage caused to the victim.

There has been a growing number of cases of prosecuting people responsible for crypto-related crimes in Russia in the past few years. In mid-February, Russian crypto media reported that two residents of another Siberian city, Tomsk, will be tried for “large-scale robbery” involving the theft of almost $5 million dollars’ worth of cryptocurrency from a local miner. In July 2021, masked, armed men robbed a large crypto mining facility near Moscow.

Russia is still mulling over its regulatory approach towards decentralized cryptocurrencies like bitcoin, with financial restrictions imposed over the invasion of Ukraine giving an impetus to efforts to adopt rules for related activities and transactions. A bill on digital currency mining, which also addresses crypto exchange and cross-border payments, is currently under review in the Russian parliament. Cryptocurrency has been previously recognized as property.

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Attack, attackers, colony, Court, Crypto, crypto assets, Cryptocurrencies,


Spain a Hotbed for Cryptocurrency Real Estate Deals, According to Study – Bitcoin News

A recent study indicates that Spain is one of the hottest countries regarding real estate offerings that can be paid with cryptocurrency. The report, prepared by Forex Suggest, found that Spain is the country with the most properties available for crypto, followed by Thailand, Portugal, and the UAE.

Spain Ranks First Among Countries With Properties on Sale for Crypto

A recent study made by Forex Suggest, which examined which countries had the most properties on sale for cryptocurrency, found that Spain was the hottest destination for real estate crypto investors. The study, which aggregated properties available in specialized crypto real estate portals, found that 289 properties were available to purchase with crypto in Spain alone.

The report explains that the properties offered are mostly located in the cities of Alicante and Marbella, and more urban properties are in the city of Barcelona.

This number puts the country at the forefront of all other nations by a significant number. Second to Spain is Thailand, with 227 properties available, and a popular cryptocurrency haven, Portugal, ranks third with 130 properties available.

Also, the report found that the country with the most expensive prices of properties available to buy with crypto was Canada, averaging almost 250 bitcoin per property, while properties in the Philippines have an average price of a little more than 15 bitcoin, being the cheapest around the world. El Salvador, a country that has adopted bitcoin as legal tender, falls in the middle, with average prices of close to 40 bitcoin per property.

Real Estate and Crypto

The document assesses the benefits and problems that transferring a property for crypto might bring to both owners and buyers. Among the most important benefits is avoiding the associated costs of transferring and paying with fiat currency, especially if the properties involved are located overseas.

Among the problems described by the report are the low availability of mortgage lenders willing to accept cryptocurrency as a deposit, and the current stringent regulatory framework in countries like the U.K., which might bring additional paperwork to the process.

The acceptance of crypto for real estate payments has been steadily growing, with several platforms opening the doors to list prices in crypto since last year. In Aug. 2021, one of the first reported real estate sales paid in crypto happened in Venezuela, when an apartment was sold using Tether’s


SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme – Regulation Bitcoin News

The U.S. Securities and Exchange Commission (SEC) has filed an emergency action against Miami-based investment adviser Bkcoin and one of its principals, Kevin Kang. “The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors,” the SEC alleged.

SEC’s ‘Emergency Action’ Against Bkcoin, Kevin Kang

The U.S. Securities and Exchange Commission (SEC) announced Monday that it has filed an “emergency action” against Miami investment adviser Bkcoin and one of its principals, Kevin Kang, “for orchestrating a $100 million crypto fraud scheme.” The securities regulator explained that “it successfully obtained an asset freeze, appointment of a receiver, and other emergency relief” against Bkcoin and Kang.

The SEC detailed that from at least October 2018 through September 2022, Bkcoin raised approximately $100 million from at least 55 investors to invest in crypto assets. “Bkcoin and Kang assured investors that their money would be used primarily to trade crypto assets and represented that Bkcoin would generate returns for investors through separately managed accounts and five private funds,” the securities regulator detailed, adding:

The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors.

The complaint alleges that Kang misappropriated at least $371,000 of investor money to pay for vacations, sporting event tickets, and a New York City apartment, among other things. Furthermore, “Kang attempted to conceal the unauthorized use of investor money by providing altered documents with inflated bank account balances to the third-party administrator for certain of the funds,” the SEC further said.

Moreover, Bkcoin allegedly made material misrepresentations to some investors by falsely claiming that either the company or one of its funds had received an audit opinion from a “top four auditor.” However, neither Bkcoin nor any of its funds actually received an audit opinion at any time.

The securities regulator alleged that Bkcoin and Kang “violated the antifraud provisions of the federal securities laws.” The SEC seeks permanent injunctions against both defendants, as well as disgorgement, prejudgment interest, and a civil penalty. In addition, the complaint calls for an officer and director bar and conduct-based injunction…


Billionaire Mark Mobius Says He Can’t Get His Money Out of HSBC China – ‘They’re Putting All Kinds of Barriers’ – Featured Bitcoin News

Billionaire Mark Mobius, founder of Mobius Capital Partners, says he cannot take his money out of HSBC in Shanghai, China. Citing severe capital control by the Chinese government, he stressed: “It’s crazy … They’re putting all kinds of barriers.”

Mark Mobius Has Trouble Getting His Money Out of HSBC in China

The founder of Mobius Capital Partners, Mark Mobius, revealed that he cannot get his money out of HBSC in China during an interview with Fox Business last week. Mobius spent more than three decades at Franklin Templeton Investments before starting his own company. He previously served as the executive chairman of Templeton Emerging Markets Group where he managed more than $50 billion in emerging markets portfolios.

Discussing the Chinese economy and problems with government control, the billionaire revealed:

I’m personally affected. I have an account with HSBC in Shanghai and I can’t take my money out … I can’t get an explanation of why they’re doing this. It’s just amazing. They’re putting all kinds of barriers.

“They don’t say: ‘no, you can’t get your money out.’ But [they say] give us all the records from 20 years of how you made this money and so forth,” Mobius detailed. “This is crazy,” he exclaimed, emphasizing that this problem is “significant.”

He proceeded to caution about investing in China, stating: “The government is restricting the flow of money out of the country … So, I would be very, very careful investing in China.” Instead of investing in China, he explained: “What we are doing is going into Hong Kong which seems to be a little more open and able to get money in and out … Putting money into China, I think you have to be very, very careful.”

Discussing the impact of China reopening after lifting its zero-Covid policy, the Mobius Capital founder opined: “Now you have a government which is taking golden shares in companies all over China.” He warned, “That means they’re going to try to control all of these companies,” noting that it already happened to Tencent and Alibaba.

Mobius stressed:

I don’t think it’s a very good picture when you see the government becoming more and more control-oriented in the economy.

“The bottom line is that China is moving in a completely different direction than what Deng Xiaoping instituted when they started the big reform program,” Mobius said, referring to the Chinese leader who served from December 1978 to November…


Ripple Survey Suggests Latam Merchants Will Adopt Crypto Payments Massively After Three Years – Bitcoin News

Latam merchants will be slower in adopting cryptocurrency payments compared to merchants in other regions, according to the latest payments survey conducted by Ripple and the Faster Payments Council. The survey, which polled close to 300 payment leaders at a worldwide level, suggests that massive crypto adoption for payments will solidify in three years.

Ripple Crypto Payments Study Shows Latam Will Lag Compared to Other Regions

The latest crypto payments study conducted by Ripple and the Faster Payments Council, a U.S. membership-based organization, shows that Latam merchants will take more time to implement cryptocurrency-based solutions when compared to other regions. The paper, which seeks to understand and measure the impact that cryptocurrency will have on the payments arena in the future, shows that other regions will have the edge in the area even with Latam’s difficulties regarding inflation and fiat currency devaluation.

Of the almost 300 payment institutions consulted in the poll, 67% believe that the boom in cryptocurrency payment adoption in Latam will occur more than three years from now. Comparatively, when dealing with regions like Africa, the poll shows that more than 80% of these leaders believe that more than 50% of the merchants will adopt crypto payments in less than three years from now.

Latam falls behind other regions like Europe and APAC, which also enjoy more favorable predictions for the massive implementation of cryptocurrency payments.

The Future of Cryptocurrency Payments

The survey presents a favorable panorama for crypto payments, viewed by leaders in the industry as a way of complementing the legacy payments system. The new blockchain-based system presents several advantages, including reduced process complexity, lower costs, and enhanced transparency, according to the report.

One of the biggest improvements of the new crypto-based payments system is said to reside in the ability to make cross-border settlements cheaper and easier. Juniper Payments, one of the members of the Faster Payment Council, estimated that institutions would save $10 billion by 2030 by using the alternative crypto system to settle payments.

In fact, this is one of the biggest advantages reported as key to the adoption of crypto for payments. Almost 70% of the institutions polled answered that the lower cost of the payment was the largest benefit of using blockchain tech for payments.

Digital adoption for payments is already growing in…


Terawulf Energizes First Nuclear-Powered Bitcoin Mining Facility in the US, Plans to Expand Operations – Mining Bitcoin News

Terawulf, a bitcoin mining operation, has announced that it has energized the first nuclear-powered bitcoin mining facility in the United States at the company’s Nautilus Facility in Pennsylvania. According to the company, approximately 1 exahash per second (EH/s) or close to 8,000 application-specific integrated circuit (ASIC) bitcoin miners are now online, and another 8,000 mining rigs will be delivered shortly.

Nuclear-Powered Bitcoin Mining — A Milestone for Carbon-Free Bitcoin Mining

Terawulf announced on Monday that the first behind-the-meter bitcoin mining facility powered by nuclear energy has been energized, with nearly 8,000 ASIC mining rigs now operational. The current 8,000 account for 1 EH/s of SHA256 hashpower, but Terawulf expects to deploy another 8,000 miners in the coming weeks to reach 1.9 EH/s by May. According to the company’s press release about the Nautilus energization, Terawulf will receive a fixed electricity rate of around $0.02 per kilowatt-hour (kWh) for the next five years.

The Nautilus facility is considered a milestone as it is the first bitcoin mining facility of its kind to receive carbon-free energy 24/7 from the 2.5 GW Susquehanna nuclear plant in Pennsylvania. “With the recent energization of the Nautilus facility earlier this month, approximately 16,000 of Terawulf’s owned miners, representing 1.9 EH/s of self-mining capacity, are on-site and being brought online daily,” said Paul Prager, the chairman and CEO of Terawulf, in a statement. “The Nautilus nuclear-powered mining facility benefits from what is arguably the lowest cost power in the sector, just $0.02/kWh for a term of five years.”

While 2022 was rough on bitcoin mining operations, 2023 has been easier on bitcoin miners due to a significant rise in the price of bitcoin (BTC) since the end of last year. Additionally, several firms are expanding mining operations, with some locating to Pennsylvania. Seven days ago, Mawson Infrastructure Group launched a mining operation based in Pennsylvania after exiting Australia. In addition to the 50-MW Nautilus facility, Terawulf announced that it is expanding operations at its Lake Mariner facility in New York. This move will increase the Lake Mariner operation from 60 MW to 110 MW.

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ASIC mining rigs, Bitcoin mining, blockchain technology, Carbon Emissions, carbon-free energy, Clean Energy, cryptocurrency industry, electricity rates, Energy Consumption, energy production,


Rollkit Developers Leverage Bitcoin for Sovereign Rollups, Sparking Criticism from Ethereum Proponents – Technology Bitcoin News

The Rollkit development team has announced that Bitcoin has been integrated as a means for sovereign rollups to store and retrieve data. The developers have stated that it is now possible to run the Ethereum Virtual Machine (EVM) on Bitcoin as a sovereign rollup. However, some Ethereum proponents have expressed dissatisfaction with the technology being referred to as a rollup, and have suggested that the team should avoid using the term.

Rollkit’s Modular Framework for Rollups and Its Potential Impact on the Blockchain Industry

On March 5, 2023, developers announced a new development that claims it is now possible to produce sovereign rollups to store and retrieve data using the Bitcoin blockchain. The team behind the project is Rollkit developers, who detailed that the technology allows for more possibilities for rollups and could help create a better block space fee market on Bitcoin. To make this possible, the Rollkit team used Taproot transactions to read and write data on Bitcoin and created the “bitcoin-da” package to provide the necessary interface. They also implemented the “SubmitBlock” and “RetrieveBlocks” functions for Rollkit to interact with Bitcoin.

Rollkit Developers Leverage Bitcoin for Sovereign Rollups, Sparking Criticism from Ethereum Proponents

“Rollkit is a modular framework for rollups that provides interfaces for plugging in different components, like data availability layers,” explained the Rollkit development team. “The newest addition is an early research implementation of a module that allows a Rollkit rollup to use Bitcoin for data availability.” The software programmers also noted that the Ordinal inscription trend on Bitcoin showed the team the possibilities, and they followed a similar design process. “At its core, all that was needed was two functions: one to submit rollup blocks and another to retrieve them,” the Rollkit developers said.

The Controversy Surrounding Rollkit’s Integration of Bitcoin for Sovereign Rollups

Following the announcement from Rollkit developers, a number of Ethereum proponents criticized the team for describing the process as a rollup. ETH supporter Ryan Berckmans said: “A ‘sovereign rollup on Bitcoin’ is actually an alt L1 that stores its block data on Bitcoin. It’s not a real rollup or a real L2. [In my opinion], the best way for us to fight back against these lies is to build an Ethereum zk L2 that puts its data on Bitcoin.”

Another person insisted, “Just because you have data availability doesn’t make it a rollup.” The founder of Interlay,…


Alvey Chain Introduces World’s First Next-Generation Virtual Reality Multiverse Exchange – Press release Bitcoin News

PRESS RELEASE. London – Alvey Chain, a decentralized Layer 2 Blockchain built on Ethereum Chain, also a leading provider of blockchain technology solutions, is proud to announce the launch of its next-generation Virtual Reality Multiverse Exchange. The new platform offers a secure, reliable, and scalable solution for users. They can trade, open as many as 50 charts, use various indicators, manage their wallets all while having an immersive experience.

The Alvey Chain platform is built on a highly scalable architecture that can handle thousands of transactions per second, making it ideal for businesses of all sizes. The platform features a powerful consensus mechanism that ensures the integrity and security of transactions, as well as advanced smart contract functionality that enables businesses to automate complex processes and reduce costs.

VR Exchange trailer

“We are thrilled to introduce our next-generation Virtual Reality Multiverse Exchange to the market,” said Naur, core member of Alvey Chain. “We believe that this technology has the potential to revolutionize the way businesses operate, and our platform offers a secure and scalable solution that can help users and businesses of all sizes harness this transformative technology.

In addition to its powerful platform, Alvey Chain offers a range of consulting and implementation services to help businesses integrate blockchain technology into their operations. The company’s team of experts has extensive experience working with businesses across a variety of industries, and can provide customized solutions to meet the unique needs of each client.

“We understand that implementing blockchain technology can be a complex process, which is why we offer a range of consulting and implementation services to help businesses navigate the process,” said Naur. “Our team of experts can provide guidance on everything from platform selection to smart contract development, ensuring that our clients get the most out of their blockchain investments.”

Alvey Chain’s new platform is available now, and the company is currently accepting inquiries from businesses interested in learning more about its blockchain solutions.

About Alvey Chain:

Alvey Chain has a metaverse called ‘Elve’s Forest’.The Elves Forest is an immersive Metaverse experience with a massive magical environment to get lost in and with many great castles to explore. They aspire to…


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