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BitTorrent & µTorrent Enable Support for Binance Stablecoin BUSD

Bittorrent

BUSD — Binance’s USD stablecoin is now the latest crypto payment option added to the BitTorrent and µTorrent platforms. The move now sees the popular peer-to-peer (P2P) file sharing service supporting six cryptocurrency tokens. Tron CEO, Justin CEO, acquired BitTorrent back in June 2018 triggering the platform’s pivot towards the crypto and blockchain space. P2P […]

The post BitTorrent & µTorrent Enable Support for Binance Stablecoin BUSD appeared first on Blockonomi.

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BUSD — Binance’s USD stablecoin is now the latest crypto payment option added to the BitTorrent and µTorrent platforms. The move now sees the popular peer-to-peer (P2P) file sharing service supporting six cryptocurrency tokens.

Tron CEO, Justin CEO, acquired BitTorrent back in June 2018 triggering the platform’s pivot towards the crypto and blockchain space. P2P file sharing and permissionless value transfers share similar philosophies with the former being one of the markets primed for greater blockchain adoption and utilization.

Pay for Torrent Subscription with BUSD

According to a press release issued shared with Blockonomi, customers of the P2P file-sharing giant can now use BUSD for subscription payments on the platform. This service also extends to µTorrent Pro accounts.

The addition of BUSD as a payment means comes as a result of a partnership with crypto gateway CoinPayments.net. BUSD is the first stablecoin to be accepted on the BitTorrent platform and joins other tokens like Tron (TRX), Binance Coin (BNB), Bitcoin (BTC), BitTorrent Coin (BTT), and OKEx coin (OKB).

Commenting on the addition of BUSD as an accepted payment means on BitTorrent, Binance Chief Compliance Officer, Samuel Lim remarked:

“We are thrilled to work with BitTorrent to offer BUSD, a NYDFS regulated stablecoin as one of the main payment options for purchasing Classic Pro. BUSD continues to grow in use cases and adoption within the industry. Holding stable value and built for convenient global transfers, stablecoins like BUSD will become the preferred choice of payments in the near future.”

Apart from enabling BUSD as a payment means on its platform, BitTorrent also announced the replacement of BNB (ERC20) with BNB (BEP2). With CryptoPayments.net adopting the Binance chain, choosing the more liquid BEP2 version of the BNB token offers greater payment efficiency than its ERC20 counterpart.

BUSD payments can be used to subscribe for BitTorrent and µTorrent classic including ad-free and VPN features. Subscription to Pro offers customer support, malware protection, and file conversion among other add-ons.

BitTorrent Exploring Greater Interface with Crypto and Blockchain

Since Sun’s BitTorrent acquisition, the P2P file sharing service has been increasingly interfacing with crypto and blockchain technology. BTT; BitTorrent’s native token which is TRX-based opened up crypto adoption to the platform’s 100 million users.

Such was the anticipation of the token sale event that it raised $7.2M in 15 minutes. Back in January 2019, Blockonomi reported that the Tron blockchain was becoming more appealing due to the influx of user adoption from the BitTorrent ecosystem.

Commenting on the addition of BUSD as a payment means, the Tron CEO stated:

“Today we are pleased to accept BUSD as another digital payment option for Classic Pro for both BitTorrent and µTorrent users. By using BUSD or our other supported cryptocurrencies, millions of customers can unlock powerful features such as malware protection from our popular desktop torrent clients.”

Indeed, P2P file sharing is a core aspect of the decentralized content space, one that provides an alternative to the censorship of centralized platforms. The likes of YouTube and Facebook routinely de-platform users based on political or social bias.

Apart from censorship resistance, decentralized content sharing also holds the promise of creating an architecture for creators. In the mainstream space, advertisers enjoy the bulk of the proceeds from digital content with little going to users who develop these unique ideas. Decentralized content distribution could provide the framework for data monetization on behalf of creators.

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Source: https://blockonomi.com/bittorrent-support-busd/

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

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Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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