Category : BV Prime

BV Prime

Sky Mining CEO Disappears with $35 Million

admin

The CEO of Sky Mining, a company based in Vietnam has disappeared. Citing medical issues, the CEO of the Vietnam-based mining platform has left the country with more than $35 million from investor and company funds. He has made the claim that medical reasons require him to leave the country for a little while.
The company based in Ho Chi Minh reported the disappearance of their CEO on the 29th of July. Le Minh Tam had been out of contact with everybody from the company during the days leading up to his disappearance. He is being alleged of secretly running away with $35 million. This is also the total amount of money which Sky Mining Company had and this includes its investor funds.
Mining Operation in Thin Air
As more light gets shed on the matter, it was revealed that Tam had it planned for a while. This can be surmised from the fact that the entire main office of Sky Mining in Ho Chi Minh in the Phu Nhuan district had been cleared out on Le Minh Tam’s orders. With Tam’s disappearance, the investors of the company went looking for answers.
What they found was that the office was completely closed and the company’s branding on the office was removed. More than 600 mining computers which the company had owned were found in a nearby district. Apparently, maintenance workers had come and removed all of them as well.
The Deputy Chairman of Sky Mining formulated a temporary board so that the company could help investors regain the lost amount in funding. Le Minh Hieu is under the suspicion that Le Minh Tam has fled to the United States according to statements made in an interview.
The matter has been reported and the police have been involved. The Deputy Chairman Minh Hieu says that the rest of the company is a victim as well in the whole matter.
The Sky Mining Platform claims to be one of the largest if not the largest cryptocurrency mining operations in the country. The company offers mining services whose monthly pricing range from $100 to $5000, based on their investor’s interests. The company had previously made promises to their investors about massive returns for their money. Depending on their investments, they were promised up to three times of their original investment into the Sky Mining platform.
To make good on their promises, the company purchased over seven thousand cryptocurrency mining rigs. The sudden disappearance of the CEO along with all their money has understandably made everyone angry. Now, the Deputy Chairman Le Minh Hieu and the board members of the company are left facing the brunt of it.
Le Minh Tam’s Mystery Illness
The CEO of Sky Mining has apparently published a notice on the investor Facebook group for Sky Mining. In this notice, he claims that the volatile nature of the market and drop in mining rig value has resulted in a huge loss. The profitability of the company isn’t what it was before and the company will reimburse all its investors.
He also added that he needs to stay out of the public eye because his life is under threat. This was on the 25th of July.
After that, he published another update – a video of the Sky Mining CEO saying that he had to leave the country due to medical reasons. He is currently going through emergency treatment for his health and will return to the country after a week. This was on the 29th of July through Telegram.
Probably Not Happening
Despite Tam’s claims, it seems unlikely that the company will ever restart its operations. Considering the history of cryptocurrency scams coming out of Ho Chi Minh-based companies, the company’s re-emergence isn’t happening.

BV Prime

Block Collider – An Approach to a Multi-Chain Platform like No Other

admin

Blockchain technology-based platforms and distributed networks present many innovative mechanisms that are both new and important. They have the potential to revolutionize the way all industries function. We’re seeing many applications of blockchain technology across different industries as we speak. The problem is that these platforms function within their respective walled gardens. The aspect of interoperability and platforms communicating with one another is the next logical step, which needs to be taken. That is the only way blockchain will see mass adoption throughout the world.
This is where Block Collider enters the scene. It’s a decentralized platform which operates across multiple chains. It is taking a new approach to the interoperability of blockchain networks by creating a bridge. It only makes sense that the bridging mechanism will be facilitated by its own blockchain. It will link together other blockchain-based systems to create a wholesome decentralized mechanism. This new prospect offers several advantages, which makes this approach a novel one.
What is Block Collider?
The premise for creating Block Collider is to create a true and decentralized landscape for the interaction of different blockchains. It will allow their interaction without the problem of security, stability or scalability in real-time. This is a model which will eliminate all the central points of failures we see in the landscape right now. Validators or oracles will be no longer needed. Block Collider’s philosophical and conceptual approach makes it stand out. The underlying blockchain technology cements its credibility to actually achieve the purpose. For a better understanding of their concept, the white paper talks about the Unix design philosophy.
The whole philosophy basically talks about different programs performing particular functions well. The model then connects different modules and allows seamless cooperation between them.
The most defining feature of the Internet is the fact that it allows people all over the world to connect with each other. People are able to share and exchange information without a problem. When it comes to the cryptocurrency world, the need for a model which provides a solution that is true to the spirit of the Internet cannot be stressed enough.
Block Collider basically works by capturing the immediate state of the bridged chains onto its own. Every block on the native chain will be the leading block of the bridged chain. This allows Block Collider to unify different chains. It can reference any of the valid blocks recently verified on the bridged chain. This makes Block Collider the fastest member on the whole chain. Every time a new block is mined on the bridged chain, it also gets added to the Collider blocks.
The Collider platform is then able to perform multi-chain and inter-block trading. For instance, take the example of Bitcoin. Collider users can conduct transactions with Bitcoin between the Bitcoin blockchain times. It does so by setting up its transactions on blockchains faster than Bitcoins like the Ethereum blockchain.
The result is that a Bitcoin can get exchanged between corresponding parties in the same time it takes a transaction to happen on the Ethereum network. It has come down from being a 10-minute long process to around 30 seconds which is just a fraction of the original time. This is just one of the things that Block Collider can accomplish on the network and between any bridged chains on the network.
The Massive Potential
There is a lot of potential on this new platform. Block Collider doesn’t market their platform, even though their ICO project was a huge success. Nonetheless, they are making headways into creating a whole new platform for interconnectivity and interoperability.
Security, scalability and stability are all major concerns in the cryptoverse. A platform of the likes of Block Collider can possibly provide the multi-chain solution which is direly needed in the industry.

BV Prime

Dubai is Launching a Blockchain-Based Legal System

admin

The Dubai International Financial Center has announced that they will launch a new blockchain-based initiative. They are going to partner with the Smart Dubai project for this venture. This partnership will result in the formation of the world’s first Court of Blockchain.

The announcement was made on the 30th of July, 2018. This new partnership between Smart Dubai and the DIFC will explore blockchain technology. Through the innovations in this new technology, its applications in cross-border court judgments will be explored. There is a potential to create the first-ever blockchain technology-based judiciary system for the world. It will allow decentralized information systems between different courts to coordinate and establish an international system.

Dubai’s Blockchain-Powered Future

The new court system will be targeting the use of blockchain technology to make the judicial process smoother. It will minimize the need for duplicating documents and improve the overall efficiency of the legal system in Dubai.

The DIFC courts have the job of providing resolutions to commercial and civil disputes. These include the likes of international transactions, employee disputes and debt collection.

This partnership is aiming to provide quick implementation of the new technology. The whole model of governance and economy will see itself become revamped. Smart contracts that can deal with dispute resolution will create a lot of opportunities for improvement.

The Chief Executive Officer of the DIFC Courts talked about the new partnership. He said that this new task force will deliver the courts as a service. Powered by blockchain technology, Dubai will cement its position in the forefront of legal technology. It will set new standards for legal processions for the world to follow.

The court of the blockchain project is in line with Dubai’s push for a blockchain-powered future. Dubai boasts an extensive network of task forces. They are all working towards building a bright digital future for the city-state.

The director General of the Smart Dubai Office, Dr Aisha Bint Butti Bin Bishr says that the region has become a global trailblazer.

It is embracing advancements in technology to steer the region towards a more secure future.

Blockchain technology has been a revelation for the world with all the disruption it has caused. The potential uses for the technology are apparently endless. This invention of such a high caliber yet equally disruptive nature is providing a new set of rules, which are more effective. They make them easier for the institutions to uphold them.

BV Prime

Swiss Online Bank Reaching Soaring Heights Since Crypto Investment Offer

admin

Swissquote is one of the major online banking service providers in the country. It has seen a massive surge in profits, going north of 40 percent. This uplift is being attributed to the cryptocurrency boom that the world is still reeling from.

The bank was considered to be the first major European online bank to launch Bitcoin trading accounts for their customers. There have been other Swiss banks trying to claim their so-called firsts in the cryptocurrency industry as well now.

The sudden growth for Swissquote in the first quarter of the year began with the rising demand for cryptocurrency-based products.

The online bank’s Swiss Quote Group reported that they made a massive profit. At around $23 million CHF within the first half of the year, this is over 40 percent of the profits that they made by this time last year. The number of accounts at the Swissquote online bank has also seen a significant rise. It is not just the number of accounts. The amount of activity with the existing and the new accounts has also seen a sharp rise. All of this has led to increasing profits for the online banking service provider based in Switzerland.

This 44 percent increase also marks the second time that the online banking service provider has seen its profits exceed all expectations. There are several thousand new applicants looking to make an account at the bank ever since it has offered Bitcoin trading services.

The overall rise in the quantity of client assets during this time has increased by 20 percent of its original value and it’s only the middle of the year! The flagship offering of Bitcoin has diversified the cryptocurrency investment products portfolio at the Swiss online banking service.

Cryptocurrencies are making a big impact on the global economic affairs now. There are more Swiss banks making headway into the cryptoverse.

Hypothekarbank Lenzburg became the first Swiss bank to provide business accounts to blockchain-based companies in June.

BV Prime

Australian Government Awards Grant to Sustainable Sugar Blockchain Project

admin

The Australian government has yet again made a move in the blockchain technology world. They have recently announced a grant for the Sustainable Sugar Project. This is a blockchain-powered project and the grant is worth AUD$2.25 million.

Queensland Cane Growers Organization is leading this project. They are going to use blockchain technology to track the sugar supplies to The Land Down Under. This initiative is being dubbed the Smart Cane Best Management Practice. It will provide the necessary push that the sugar industry in Australia needs for improved traceability and sustainability.

Introducing blockchain technology will allow buyers to know the source of the sugar itself. The main thing about this new technology is that it has a secure database system. All the transactions, from the point of origin to the point of sales, can be traced through and through. The added transparency to the whole record keeping process provides a certain sense of trust for the customers.

In order to carry forward this initiative, the experts from the industry and the farmers are all collaborating. They are making sure they’re on the same page with the best practices for the industry. This will ensure the top industry standards to be met and increase profitability and sustainability.

The Ministry of Agriculture and Water Resources have made note of the fact that customers might possibly pay more for sustainable sugar in the future. This is in line with the thinking that consumers are making increasing demands for sustainably sourced produce all around.

Introducing this new technology will provide the customers assurance of the industry’s focus on sustainability. It will also help out the farmers by encouraging them to use sustainable farming practices.

Blockchain technology has provided a boost to logistics and supplies across several industries. Even the likes of global giants IBM are working on providing logistical solutions that are powered by blockchain technology, to improve overall efficiency and root out malpractice.

The announcement of this grant is yet another example of the Australian government’s initiatives for a blockchain-based future for the country.

 

BV Prime

Coincheck Owner Plans to Open US Trading Platform

admin

The owner of Coincheck has made plans to launch a trading platform based in the US. Monex, the company which bought the hacked cryptocurrency exchange Coincheck made the announcement on the 27th of July.
The spring this time around will see the launch of the new cryptocurrency trading platform. The summary of the data from a financial briefing confirmed Monex’s plans to establish TradeStation Crypto Inc. as a subsidiary of TradeStation. The securities brokerage firm TradeStation, acquired by Monex in 2011 would effectively have a cryptocurrency-centric subsidiary.
According to the CEO of Monex, Coincheck will also resume full functionality by August. Monex acquired Coincheck in April for $33 million and Oki Matsumoto wants it back up and running.
The Chief Executive Officer had initially planned for Coincheck to resume operations in June. Delays from the Financial Services Authority of Japan made it a problem. The license to resume operations from the FSA was necessary. It is the chief financial regulator in Japan. Their delays kept pushing Coincheck’s revival back again and again according to Cointelegraph.
At a press briefing in Japan, Matsumoto stated that he was sure that they can obtain a license. Monex had already made investments into internal management and cyber security. That is what made the CEO of Monex so sure about the financial regulator’s approval.
Ever since Monex has taken over Coincheck, it has made sure that the cryptocurrency exchange functions properly. The cryptocurrency exchange is strictly complying with all regulations. This is a massive turnaround considering that the exchange lost more than $530 million back in January. This is being considered the largest hack in the industry so far – even bigger than the Mt. Gox debacle. It was considered the worst so far.
May saw officials from the newly acquired Coincheck remove certain altcoins. All the altcoins offering anonymity were taken off the cryptocurrency exchange’s list. That and the first announcement to move into US markets was also made in May. It made sense. Removing those cryptocurrencies makes it possible for them to move to a bigger market.
Matsumoto believes that while Japan may look like it’s ahead in the cryptocurrency world, it isn’t. Moving to the US market will give them that push for the institutional investors and expand their horizons. It seems like Japan is set to get on the path to become a major cryptocurrency world leader with their intention to move to US markets.

BV Prime

Poloniex Lands into Trouble After Ignoring Complaining Customers

admin

The 25th of July saw the United States Department of Justice take keen interest in the affairs of Poloniex. This is a cryptocurrency exchange platform based in Delaware. The thing is that this interest is probably not in the best interest of the cryptocurrency exchange platform. The Chief Special Investigator of the Investor Protection Unit contacted users of the platform. The inquiry through emails was to ask whether they were having problems with their accounts.
While it might be seen as surprising, their inquiry wasn’t uncalled for. The last few months have seen users barraging the exchange’s social media accounts. Why? Because they have a lot of complaints about them being locked out of their accounts. Without any fault of their own, users are seeing their accounts frozen by the cryptocurrency exchange. This has got the DoJ to spring into action. They are now investigating the matter further and that’s bad news for Poloniex.
The 30th largest cryptocurrency exchange in the world, Poloniex was launched in 2014. Circle acquired the exchange in the February of 2016 by Circle. This company’s backed by Goldman Sachs. They plan to grow Poloniex from being more than just a cryptocurrency only exchange.
Problems for Poloniex
December 2017 saw the cryptocurrency exchange announce stricter regulations. Their KYC and AML procedures were to become more rigorous according to the officials from Poloniex. Verification of accounts was being required by the cryptocurrency exchange. Customers who did not verify accounts within 14 days would see their accounts frozen. A lot of customers became confused when it actually started happening.
While that was still understandable, there was a growing number of complaints from customers who complied. They were also seeing their accounts frozen.
The problems continued to grow. More and more customers were facing the problem and the customer support from Poloniex simply kept ignoring the complaints. The Reddit forums started to blow up talking about this issue.
This has led to Craig Weldon, the Chief Special Investigator of the IPU to contact around 100 customers. Of course, the US Department of Justice has not commented on the situation. The reason for that is that this is an open investigation. While we may not know the full length of the matter right now, the fact that the DoJ is looking into the matter means Poloniex is in trouble.
It remains to be seen what action will be taken by the United States Department of Justice. If there’s one fact we do know, Poloniex is indeed in trouble.

BV Prime

$100 Million Initial Coin Offering Project in Trouble

admin

Envion AG, the issuer of a $100 million is in trouble with the Swiss Financial Market Supervisory Authority. The Swiss FINMA has announced the launch of proceedings against Envion AG.
The press release by the Swiss FINMA has revealed the intent of the regulator to enforce proceedings against the ICO issuer. This announcement comes in light of the fact that the Swiss regulators have come across incriminating evidence. The FINMA has reasons to believe that Envion AG has breached financial market law with their Initial Coin Offering. This is a result of the company accepting public deposits for the ICO of the EVN token.
Investigations carried out by the FINMA have revealed that Envion AG has accepted public funds of over $100 million. With over 30,000 investors on board, they’ve promised them EVN tokens in a bond like form.
Envion AG Making Headlines for Second Time
This is the second time Envion AG has made its way into headlines this year. The whitepaper launched by the company starts off with the legal disclaimer. It states that the US Securities and Exchange Commission and the Swiss FINMA have not approved investments. It’s not just these two major financial authorities. No financial authority has approved the investment into their tokens.
That being said, the disclaimer adds that the token can is identifiable as a security. The ICO promises holders of the tokens with profits resulting from mining operations. That means the token is also subject to regulations under the US securities laws. The disclaimer adds that the ICO is compliant with said laws. It restricts US citizens and green card holders from access to the category of accredited investors. This is in compliance with Rule 506 (4) of the US Security Act Regulation D.
The Swiss Financial Market Supervisory Authority will not be making any further announcements. They want to bring the matter to a conclusion before they elaborate on the whole ordeal.
This is an interesting development considering the current state of affairs. May of 2018 saw the New York Times publish an article about Envion AG. The article elaborated that the creators of the company have been accusing one another of fraud. This has been a result of the founders losing control over their own company.
With the announcement of the Swiss Financial Market Supervisory Authority pursuing proceedings against Envion, things are looking to become even more interesting. The result of the FINMA inquiry remains to be seen.

BV Prime

Self Regulation Only Way Forward for Blockchain Technology – Swiss Crypto Executive

admin

Self regulation is the only way forward for blockchain technology. This is the opinion of a director at the Switzerland based Crypto Valley Association. Cecilla Mueller Chen believes that it’s the best way to accelerate the technology while protecting the interests of all stakeholders.

The director at Zug was discussing this issue at the third general assembly of the Philippine Association of Digital Commerce and Decentralized Industry. The conference was taking place in Makati City where Chen spoke using her experience in the cryptocurrency world. She spoke of Crypto Valley’s collective experience. This is a cryptocurrency-centric group of companies which operate in Zug. The Swiss FINMA has declared Zug to be a self regulatory organization. FINMA is the financial market supervisory authority in Switzerland.

Chen believes that self regulation is the only way to go. The foremost reason for that is that it’s the fastest route. Instead of waiting around for government regulators to come up with a set of rules, the rules they will come up with will definitely conflict with the interests of the blockchain world. It would be fruitless and it can hinder the growth of blockchain technology.

While she believes self regulation is necessary, she also stressed that it is a big responsibility. The community will need to work together. They will have to make sure everybody is behaving in an appropriate manner. All the actors have to protect the interests of investors and consumers.

This is why FINMA has allowed Crypto Valley Association to create their own policies. This has allowed Zug to become a proper blockchain technology hub in the world. Other than blockchain technology, Zug is also a good place to garner hedge funds. The ease of doing business in Switzerland makes it the haven that it is.

Chen believes that if a community wants to make itself an SRO, it needs to draft a code of conduct. That should be the first order of business for them. They need to work on creating a lasting value by building a strong reputation.

She emphasized on the importance of the group’s reputation. None of the members of the community should be involved in criminal activities. That’s the only way the SRO will be a viable option.

The first general assembly of the PADCDI happened in May this year and it led to the creation of the SRO. One of the main objectives for it is to work with the Philippine government. That way, they can draft policies and rules which can encourage mass adoption of blockchain in the country.

BV Prime

ConsenSys to Power Chinese City Using Blockchain Technology

admin

Government officials in China’s South Eastern province of Xiong’an have employed the services of ConsenSys. ConsenSys is an incubator from the Ethereum network. It is going to use the power of blockchain technology to convert the agriculture-centric economy into a technological center.

The Push for Blockchain

The South China Morning Post reported on the 24th of July that the authorities are well under way to fulfill the President’s dream. The President Xi Jinping wants to see China’s first smartly planned city come into being. Xiong’an province authorities are on their way to fulfilling that dream.

Jinping believes that Xiong’an is the likeliest to succeed in building a dream city. The industries of AI, energy sciences and biotechnology boosting the local economy can make that possible. The market analyst Morgan Stanley has projected a huge investment in the region so far. According to their figures, the investment is north of $360 billion. This figure is from October of 2017. It is possible that the figure is much higher by this point.

The May of 2018 saw Xiong’an announce that it will be leveraging the power of blockchain technology and AI for the development goals.

ConsenSys is now employed as a consultant on blockchain technology. Every aspect of blockchain technology used to build this city will have ConsenSys’ oversight. It includes the possible administrative utility of blockchain technology for the city. Everybody knows that China does not trust cryptocurrencies. This move shows they have a lot of faith in blockchain technology.

ConsenSys will focus on providing blockchain framework and software solutions to the region. They even signed a memorandum of understanding to cement their partnership.

The founder of ConsenSys said that this project is one of the first major steps into China. This will lead the way for the technology to be used for large scale infrastructure. Everything from whole districts to even cities might be able to use the new technology.

This partnership is also the first time that the province is using services of a foreign company instead of local ones.

Blockchain Project Already Underway

This isn’t the first blockchain project for Xiong’an. They have partnered with China Communications Construction Company as well. They’re working together to create a blockchain platform for small companies to raise capital. Companies using the platform saw plenty of benefits of using the technology. The ConsenSys partnership is a big move for the Chinese province. There is a lot for the region to look forward to with this move.