Top Crypto News – 29/01/2018

Singapore Mall Sells Cryptocurrency Mining Hardware

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Singapore Mining Mall

Sim Lim Square complex, which houses many of the computer spare parts retail shops in Singapore

At least five computer stores are now selling cryptocurrency mining rigs in Singapore’s Sim Lim Square, according to a report from the region. The six-story complex is mainly known for attracting tourists from around Asia with its cheap electronics, shopping bargains, and many computer spare parts and service shops. However, Singaporeans these days want more cryptocurrency hardware than another knockoff mobile phone or gaming laptop, and local businesses are adopting to meet this demand.

One shop owner, Wilson Josup sells about ten rigs on a weekly basis, up from just one or two when he first started selling them about six months ago. He said that based on customer testimonials, letting a S$4,000 rig operate non-stop can earn around S$400 a month. And clients range from those in their 20s to retirees, he toldthe South China Morning Post. “Most of my customers would ask me to help transfer the rigs from their homes to a data center because they don’t like the heat and noise,” noted Josup, adding that his profit margin on each rig was around 10%.

Another store owner, Trecia Tay, has yet not sold any mining rigs but explains she now receives about ten inquiries about them every week, five times the amount of questions from just three months ago.

Background

Computer Shops in Singapore Sell Cryptocurrency Mining Hardware Right at the MallSingapore serves as a global regulatory, financial and logistics hub for many companies in Asia. When the government of China started to threaten a clampdown on bitcoin-related activities under its jurisdiction, a number of Chinese businesses officially migrated to the island nation including bitcoin exchanges and miners. The country stands to benefit much more from this trend if it will continue to provide an accommodating and stable regulatory environment.

Beyond just Singapore, this story exemplifies how cryptocurrency miners are overcrowding the retail computer market all over the world. In a related matter, GPU manufacturer Nvidia recently requested retailers take measures to try and ensure its products get into the hands of gamers, not miners.

Written by Bitcoin.com

 

Texas Orders Suspected ‘Cryptocurrency Bank’ Scam To Leave State

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Texas regulators have issued an unconditional cease and desist order to the self-described ‘cryptocurrency bank’ AriseBank on Friday, Jan. 26, ordering it to halt any services to the state’s residents.

In a formal press release Friday, the Texas Banking Commissioner Charles G. Cooper implied the business, which has generated considerable controversy with its alleged offerings, does not in fact offer “banking services.”

The release explains:

“The Cease & Desist Order was based on the Commissioner’s finding that AriseBank violated Texas Finance Code Chapter 31 by using the term “bank” in its name and marketing materials to imply that it is in the business of banking in this state”

“The order requires AriseBank to cease and desist from implying that they engage in the business of banking in Texas. AriseBank is further required to clearly disclose that they do not offer their services to consumers in Texas,” it continues.

Arise came to prominence late last year when an alleged partnership with BitShares and a launch of an ICO were decried as a scam in cryptocurrency circles.

Describing itself as “the first ever decentralized banking platform,” the project was led by Jared Rice, a figure who himself has attracted negative publicity for defrauding business partners according to complaints portal Ripoff Report.

Arise’s ICO and partnership sparked a dedicated review of the website’s activities, researchers similarly concluding the business was a “total scam.”

Earlier, Cointelegraph reported that the state of Texas had similarly ordered the now-defunct platform Bitconnect to cease and desist in the selling of unlicensed securities.

According to the Texas order, Arise must now comply with the terms and adopt a 100% hands-off approach to Texas consumers by January 26, after failing to reply to the original order issued January 5.

Cointelegraph was unable to verify the situation with AriseBank due to its website no longer functioning as of press time Monday.

Written by CoinTelegraph

 

Crypto Death Threat Scams More Frequent, FBI Warns Cases Are ‘Heavily Underreported’

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The US Federal Bureau of Investigation (FBI) has warned Internet users about false death threats as a new method of cryptocurrency extortion, ABC California reported on Friday Jan. 26.

One of the victims, introducing themselves as Christiane, used FBI’s Internet Crime Complaint Center (IC3) to inform the agency that she received an email with a death threat. The email said: “I’ll be short. I’ve got an order to kill you,” and demanded Christiane to pay $2,800 in U.S. dollars or Bitcoin in order be spared by the would-be assassin.

Even though she realized that it was a scam, Christiane told ABC7 that she found the message distressing enough to make her look over her shoulder in fear of a potential threat on the way to work.

According to FBI agent Laura Eimiller, the case represents a new method of online extortion that is specifically increasing in frequency in California right now, ABC reports.

Eimiller also emphasizes the fact that the emails are structured and written in a way that is likely to make the target feel deeply affected, even if they are able to recognize them as a hoax.

Thus, FBI warns Internet users and encourages potential victims to provide information about any new cases, given that the number of reports is “about 15 percent of the scams that are actually taking place,” according to Eimiller. She added that the crimes like these are “heavily underreported.”

Japanese Crypto Exchanges Strengthen Self-Regulation Following Coincheck Hack

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Strengthening Self-Regulation

Japanese Crypto Exchanges Strengthen Self-Regulation Following Coincheck HackThe Japan Blockchain Association (JBA) has previously established self-regulation standards which its cryptocurrency exchange members voluntarily adopt. The standards include “the maintenance of cold wallet, etc., under the consent of the related members,” the association announced on Saturday after one of its members, Coincheck, suffered a hack which led to an approximately 58 billion yen loss on its platform.

The association currently has 127 members, 15 of them are crypto exchange members and 35 are blockchain members. Among crypto exchange members are Bitflyer, Coincheck, GMO Coin, and Bitocean. Bitflyer CEO Yuzo Kano is the association’s representative director. According to the JBA’s announcement:

The fact that the maintenance of the cold wallet was delayed caused the current illegal outflow. It is very regrettable.

Japanese Crypto Exchanges Strengthen Self-Regulation Following Coincheck HackThe association noted that the Japanese Financial Services Agency (FSA) has alerted the representatives of each cryptocurrency exchange regarding their security. “We are looking for further measures,” the JBA emphasized, adding that its crypto exchange members have been told to “check the status of [their] security based on the possibility of cyber attack.” The association noted:

In the future, in order to appropriately secure the security of virtual currency exchange traders…we will establish stricter voluntary regulations and seek compliance with members.

FSA’s Concerns About Coincheck

According to Japan Times, the FSA had urged Coincheck to “address security concerns about the way it manages customer assets before Friday’s ¥58 billion theft of NEM tokens.” The publication quoted informed sources asserting:

As part of questionnaires issued in late August, the FSA asked exchange applicants how their assets were distributed in the two types of accounts [cold and hot wallets]…After the company [Coincheck] filed for registration in September, the FSA highlighted the risk of unauthorized accesses taking place in its computer system and urged it to strengthen security.

The financial authority usually takes two months to approve an application for a cryptocurrency exchange, the news outlet noted, pointing out that Coincheck’s application has already been under review for four months after its filing.

According to Reuters, the FSA has ordered Coincheck to submit “an incident report and measures for preventing a recurrence” by February 13. In addition, the agency may “conduct on-site inspections of other exchanges,” the news outlet noted. Furthermore, the Tokyo Metropolitan Police Department will launch an investigation into the exchange’s hack.

Written by Bitcoin.com

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