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Blockchain

Uppsala to provide crypto AML solution for South Korean exchange Coin&Coin

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Uppsala Security, a provider of cybersecurity tools for crypto AML, risk management, and regulatory compliance, announced today the signing of a contract to build a ‘Virtual Asset AML’ solution for crypto exchange Coin&Coin that complies with the amendment of the Special Money Act in South Korea.

Coin & Coin is a cryptocurrency exchange based in South Korea that has introduced various security services such as KT FSCD (Financial Security Data Center) and BitGo multisig wallet and is the 13th exchange to receive official ISMS (Information Security Management System) approval before the amendment of the Special Money Act in South Korea.

Uppsala Security cited ISMS certification, KYC, the existing financial sector (legal currency) AML, and virtual asset AML as essential conditions to comply with the amendment of the Special Money Act. However, they stressed that the most important issue in complying with the FATF (Financial Action Task Force) recommendations and that the domestic Special Money Act is designated to establish a ‘Virtual Asset AML’ system in accordance with the RBA (Risk-Based Approach).

Existing financial AML refers to a series of procedures to identify users of various services through customer identity verification (KYC), comprehensively analyze whether they have committed any suspicious activities, such as Money Laundering or Terrorist Financing, and report them to the FIU (Financial Intelligence Unit).

However, since this is limited to reports of suspected transactions in legal currency (cash), it means that VASPs (virtual asset companies) need to have a separate ‘Virtual Asset AML’ system in order to comply with the revision bill of the Special Money Act. In other words, real-time monitoring of blacklisted wallet addresses involved in phishing, fraud, hacking, etc. must be continued through the virtual asset AML solution, and a virtual asset STR (suspicious transaction report) must be prepared and submitted to KoFIU (Korea Financial Intelligence Unit) within 3 business days in South Korea.

An official of Uppsala said, “From a security perspective, AML-related systems such as virtual asset threat blacklist and database reported to KoFIU should be separated from the external network (Internet) and secured in the company’s internal network. In that sense, Coin&Coin exchange will be able to identify risk wallet addresses and track suspicious transactions by building its own virtual currency threat database (TRDB) in its internal network and maintaining a blacklist database of virtual asset wallet addresses.”

“Even if the KYC (Know Your Customer) – the AML of legal currency, is performed, the report submitted to KoFIU would still be a half-finished STR unless the virtual asset AML is established separately. The Coin&Coin exchange has already been ISMS certified and introduced the existing AML with KYC through Octa Solution. In addition, through this contract, we can confirm that they meet all the conditions specified in the Special Money Act amendment by implementing our new internal construction virtual asset AML solution, the Threat Reputation Database On-premise Management System (TOMS).”
– Ku Min-Woo, Korea Country Manager at Uppsala Security

Meanwhile, Uppsala Security provides 57 million crowdsourced Threat Intelligence Indicators in its Threat Reputation Database (TRDB) and in September 2020 was selected by the Ministry of Science and ICT as a demanding company for AI Data Processing Voucher Project.

”We have focused all our capabilities on protecting the assets of our customers and always maintained this as our top priority. Through this AML contract with Uppsala Security, we hope to fulfill all the requirements necessary to comply with the Special Money Act obligations as a VASP (virtual asset service provider) and by doing so, to deliver even more trust to our users.”
– Jeon Hyeonpung, CEO of the Coin&Coin Exchange

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoninjas.net/2021/04/06/uppsala-to-provide-crypto-aml-solution-for-south-korean-exchange-coincoin/

Blockchain

YouTuber claims he’ll buy 111 Tesla Model 3s… if Elon Musk accepts Bitcoin Cash

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A Bitcoin Cash (BCH) YouTuber has promised to buy 111 Tesla Model 3s … but only if Tesla CEO Elon Musk agrees to accept BCH for Tesla purchases from now on.

Going by the title “1stmil.com,” the Australian YouTuber explained to almost 8,000 followers over three short videos that he believes Tesla would see a boost in sales as a result as there are many Bitcoin Cash supporters who want to spend their cryptocurrency, whereas Bitcoin (BTC) supporters tend to want to hang on to their holdings.

“You will enjoy unbelievable amount of support by people who actually want to spend the Bitcoin Cash, not the people who just want to HODL the BTC.”

In late March the Bitcoin Cash community was dismayed to learn that BCH had not been added as a payment option when Elon Musk confirmed that U.S. customers could buy a Tesla using BTC.

The day following this public rebuff, BCH hit new all-time lows against Bitcoin of 0.089 BTC.

It’s unclear whether this latest BCH offer is just a publicity stunt by the YouTuber who has hosted his channel for three years now. 1stmil’s ability to pay for 111 Telsas is also an open question as the wallet shown in the first video, only holds approximately $141,000 in BCH, or enough to buy just three Teslas. On Reddit, he clarified that he purposefully did not want to reveal his other wallets for security reasons.

In earlier videos he alludes to already owning multiple millions in the crypto, predicting he will make $1 billion when BCH reaches $50,000 by 2025. If true that would mean he holds at least $14.88 million in BCH at current prices.

The cars he plans to purchase, white Tesla Model 3s are currently sold in Australia for approximately $52,000. Not including the volume discount, this would equate to an initial purchase of $5.8 million.

He said he intends to use the Tesla EVs for a new business project, the details of which he cannot reveal yet. However, on Reddit, he explained that the cars will be stripped out and repurposed: “Let’s just say Tesla model 3s are sold in Australia below cost. Their parts are worth more than their sum.”

This isn’t the first time BCH proponents have brought the crypto to Elon Musk’s attention. On March 25, in response to Musk tweeting that “You can now buy a Tesla with Bitcoin,” Kim Dotcom compared BCH and BTC fees saying the former “is serving the mass market, not just the 1%.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/youtuber-claims-he-ll-buy-111-tesla-model-3s-if-elon-musk-accepts-bitcoin-cash

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Blockchain

Kraken Daily Market Report for April 22 2021

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Overview


  • Total spot trading volume at $3.54 billion, 79% above the 30-day average of $1.98 billion.
  • Total futures notional at $1.48 billion.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Dogecoin, and Ripple.
  • Strong returns from Aragon (+12%), Ethereum Classic (+10%), Uniswap (+10%), and Compound (+9.9%).

April 22, 2021 
 $3.54B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$54522. 
↑1.1% 
$1.21B
ETH 
$2476.2 
↑4.8% 
$1.11B
USDT 
$1.0003 
↑0.01% 
$401.2M
XDG 
$0.2862 
↓6.8% 
$235.0M
XRP 
$1.3312 
↑2.5% 
$183.6M
USDC 
$0.9996 
↓0.04% 
$95.8M
ADA 
$1.2313 
↑2.1% 
$92.2M
LTC 
$267.11 
↑3.1% 
$84.4M
DOT 
$34.868 
↑3.0% 
$75.1M
LINK 
$37.309 
↑2.6% 
$47.6M
BCH 
$929.52 
↑1.8% 
$36.8M
SC 
$0.0418 
↓1.4% 
$35.5M
UNI 
$36.982 
↑10% 
$22.7M
XMR 
$387.81 
↑3.4% 
$18.2M
TRX 
$0.1240 
↑0.8% 
$17.4M
XLM 
$0.4925 
↑0.31% 
$14.0M
XTZ 
$5.3980 
↑1.1% 
$12.4M
EOS 
$6.4691 
↑1.8% 
$11.4M
KSM 
$357.06 
↑1.9% 
$11.0M
ATOM 
$20.203 
↑2.9% 
$10.7M
ETC 
$35.315 
↑10% 
$10.1M
AAVE 
$380.83 
↑8.5% 
$9.66M
FIL 
$149.84 
↑1.3% 
$9.4M
ALGO 
$1.2848 
↑5.7% 
$8.93M
FLOW 
$34.027 
↑0.7% 
$8.67M
MANA 
$1.3504 
↑1.2% 
$8.5M
COMP 
$543.54 
↑9.9% 
$6.93M
NANO 
$8.8141 
↓2.5% 
$6.9M
DASH 
$303.63 
↑2.7% 
$6.65M
DAI 
$1.0005 
↓0.03% 
$6.64M
QTUM 
$15.690 
↓1.0% 
$5.29M
OMG 
$7.7289 
↑0.8% 
$5.01M
YFI 
$47294. 
↑3.9% 
$4.95M
GRT 
$1.5405 
↑0.5% 
$4.91M
CRV 
$2.9549 
↑2.1% 
$4.81M
BAT 
$1.2194 
↑0.9% 
$4.68M
ZEC 
$241.88 
↑1.7% 
$4.49M
OCEAN 
$1.3088 
↓0.27% 
$4.34M
SNX 
$16.376 
↑2.8% 
$3.81M
STORJ 
$1.8451 
↑0.3% 
$3.34M
ICX 
$2.1484 
↑0.03% 
$3.32M
KAVA 
$4.9721 
↓0.2% 
$3.12M
WAVES 
$14.442 
↓0.5% 
$3.05M
ANT 
$9.6897 
↑12% 
$2.75M
KNC 
$2.9932 
↓1.6% 
$2.26M
MLN 
$93.747 
↑1.0% 
$1.84M
LSK 
$5.0834 
↓1.0% 
$1.64M
BAL 
$58.164 
↑5.2% 
$1.62M
GNO 
$183.44 
↑0.5% 
$1.53M
OXT 
$0.6370 
↑1.3% 
$1.4M
PAXG 
$1805.9 
↓0.4% 
$1.4M
KEEP 
$0.5558 
↓0.07% 
$1.32M
EWT 
$15.673 
↑2.6% 
$1.21M
REP 
$40.095 
↓1.3% 
$868K
REPV2 
$36.472 
↓1.2% 
$456K
TBTC 
$56700. 
↓0.8% 
$107K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (April 22 2021)



Figure 2: Mid-size trading assets: (measured in USD) (April 22 2021)



Figure 3: Smallest trading assets: (measured in USD) (April 22 2021)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (April 22 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (April 22 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (April 22 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (April 22 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/8762/kraken-daily-market-report-for-april-22-2021/

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Blockchain

‘Bitcoin incentivizes renewable energy’ agree Elon Musk and Jack Dorsey

Republished by Plato

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Some of Bitcoin’s most prominent backers have sought to make the case for Bitcoin’s environmental efficiency, with a collaborative paper from researchers at financial services firm Square and investment manager Ark Invest asserting that Bitcoin mining can drive increased efficiency in renewable energy production.

The paper, authored by “The Bitcoin Clean Energy Initiative,” or BCEI, seeks to counter the claim that “the computation required to secure Bitcoin […] is environmentally damaging and ruining the planet,” arguing that Bitcoin mining incentivizes the generation of electricity “from renewable carbon-free sources.”

The paper has received support from top crypto luminaries including Square’s Jack Dorsey, Tesla’s Elon Musk, and Ark Invest’s Cathie Wood.

In an April 22 Twitter thread, Square argues that while solar and wind can produce energy cheaper than fossil fuels, these renewable sources typically produce excessive supply when demand is low and conversely struggle to meet needs of consumers and industry when demand is high.

According to the researchers, the issue of divergent renewable production and demand for electricity could be mitigated by building an ecosystem “where solar/wind, batteries, and Bitcoin mining co-exist to form a green grid that runs almost exclusively on renewable energy.”

“Not only is this doable, it is doable without jeopardizing the sector’s profitability.”

The paper describes the Bitcoin mining sector as “an energy buyer of last resort” that can be situated anywhere in the world.

Despite solar and wind energy costing between roughly half and one-third of fossil fuels per kilowatt-hour, the paper asserts the geographical limitations of renewable power plans typically results in energy supply being “either abundant or non-existent.”

“The end result is significantly more power than society typically needs for a few hours per day and not nearly enough when demand spikes. This challenge also plays out seasonally.”

By combining Bitcoin mining with renewable energy storage, the paper argues the limitations of batteries and energy dissipation can be offset by diverting excessive electricity to mining farms. If miners were able to capture just 20% of wind and solar energy that is delayed on U.S. power grids, BCEI estimates that global mining capacity could triple.

The mobilization of miners as an electricity buyer of last resort would also bolster the profitability of the renewable energy sector, offering producers the opportunity for “arbitrage between electricity prices and Bitcoin prices.”

“In a sense, the unlimited appetite of miners allows them to eat whatever remains of the ‘duck’s belly.’ Given these benefits, we believe it makes logical sense for utility-scale storage developers to augment their current battery offerings with Bitcoin miners.”

The paper also asserts that the costs associated with expanding renewable energy will see accelerated decline.

“The Bitcoin and energy markets are converging and we believe the energy asset owners of today will likely become the miners of tomorrow,” it said.

However, not everyone is convinced by BCEI’s assertions, with popular analyst Mati Greenspan describing the report as “justify[ing] Bitcoin’s massive energy consumption.”

Rather than offer a solution to Bitcoin’s ever-increasing energy consumption, Greenspan describes BCEI’s paper as offering the blueprint for “an energy-intensive feedback loop.”

“The main focus of the paper doesn’t seem to seek out solutions so much as justify Bitcoin’s massive energy consumption and paint a rosy picture of how it might positively impact the clean energy sector,” Greenspan argued.

Earlier this year, researchers at the University of Cambridge estimated that Bitcoin consumes 121.36 terawatt-hours annually — ranking the network among the 30-largest energy users worldwide and above the country of Argentina.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-incentivizes-renewable-energy-agree-elon-musk-and-jack-dorsey

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