Daily Archives: October 2, 2021

World’s Largest Monero Accepting Darknet Market Reveals Retirement Plan — White House Admins Say DNM ‘Reached Its Goal’

World's Largest Monero Accepting Darknet Market Reveals Retirement Plan — White House Admins Say DNM 'Reached Its Goal'

One of the largest darknet markets (DNM), White House, announced the market is retiring as the DNM’s administrators say the team has reached its goal. After revealing the retirement plan, White House admins explained that user registration and orders have been disabled.

Darknet Market White House Plans to Close Its Doors Soon, User Registration and Orders Have Been Disabled

When the DNM Dark Market was seized by global law enforcement, White House marketplace became the second-largest DNM just below the Russian darknet behemoth Hydra. White House also was a monero (XMR) only DNM, which means XMR was the only digital currency accepted by White House vendors.

White House and the DNM Archetyp Market were the only two DNMs that had a strict XMR only rule. However, the administrators of White House market announced the DNM is closing down voluntarily as the team has reached its goal. White House (WH) admins further emphasized that users should not expect the DNM to return so if a WH platform does appear on the deep web, it’s a phony or knock-off and not run by the original WH creators.

“We have reached our goal and now, according to plan, it’s time for us to retire,” the WH admins detailed in an announcement posted to the DNM forum Dread. “Effective immediately user registration and ordering have been disabled, everything else (yes, withdrawals included) is working as usual. We will keep the market online for a limited time until open orders are finalized, disputes handled and coins withdrawn. We don’t know how long that will take but don’t expect to come back 6 months from now and find the market up,” the WH team member’s farewell letter notes. The WH retirement letter further adds:

All market rules are still in effect so users should not try to take advantage of the situation and scam, the feedback system is still working and will be shared with Recon and other markets. Because this week’s featured listings and stickies won’t generate any revenue, vendors who paid for them will be refunded via their market wallet. Vendors can now advertise the markets where they operate on their vendor profiles however direct contacts are still disallowed.

11 Darknet Markets Still Accept Monero

On October 2, the researcher and official Twitter account for Dark.fail, an anonymous journalist researching the uncensored internet, gave his followers an alert that WH was retiring. “ALERT: White House Market is retiring,” Dark.fail tweeted on Saturday. “New orders and registrations are disabled. The site remains online. There is no indication of an exit scam or compromise,” the researcher added.

As mentioned above, monero (XMR) users can still access the DNM called Archetyp Market in order to use XMR. Furthermore, there are DNMs that offer a mix of both BTC and XMR acceptance. Versus Market, Cannazon, Tor 2 Door, Cypher Market, and Revolution offer both BTC and XMR by choice while Monopoly Market, Dark0de, ASAP Market, World Market, Cartel Marketplace, and Liberty Market admins force all vendors to accept both coins.

What do you think about White House administrators announcing on Dread that the marketplace will be closing its doors and won’t be returning? Let us know what you think about this subject in the comments section below.

Federal Reserve Chairman Powell Says No Intention to Ban or Limit Use of Cryptocurrencies

Federal Reserve Chairman Powell Says No Intention to Ban or Limit Use of Cryptocurrencies

Federal Reserve Chairman Jerome Powell confirmed during a hearing before the House Financial Services Committee that he has no intention to ban or limit the use of cryptocurrencies. He also commented on the regulation of stablecoins.

Powell Says ‘No Intention to Ban’ Crypto

The chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, talked about cryptocurrency, stablecoins, and central bank digital currencies (CBDC) during a hearing before the House Financial Services Committee Thursday. The main focus of the meeting, however, was the Federal Reserve’s and Treasury’s responses to the Covid-19 pandemic. Treasury Secretary Janet Yellen spoke for the Treasury Department.

U.S. Congressman Ted Budd from North Carolina said to Powell: “In a July hearing before this committee, you were asked about CBDCs or the central bank digital currencies and their impact on stablecoins and other cryptocurrencies, and you stated, ‘You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.’”

Rep. Budd continued:

So Mr. Chairman, as a matter of policy, is it your intention to ban or limit the use of cryptocurrencies like we are seeing in China.

Powell immediately replied: “No.”

The Fed chairman quickly followed his answer with an admission that he “had misspoken” earlier when he said, “you wouldn’t need cryptocurrencies.” Powell added, “Take the word cryptocurrency out of that sentence.”

Rep. Budd felt that Powell’s reply regarding the banning of cryptocurrencies was not clear enough so he asked again. “But, no intention to ban?” Powell confirmed that there is no intention to ban crypto.

The Fed chair proceeded to talk about stablecoins, stating:

Stablecoins are like money market funds. They’re like bank deposits but they are to some extent outside the regulatory parameter and it’s appropriate that they be regulated, same activity, same regulation.

On Friday, the Wall Street Journal reported that the Biden administration is seeking to regulate stablecoin issuers as banks.

What do you think about Fed Chair Powell saying there is no intention to ban crypto? Let us know in the comments section below.

Coinbase Reveals Massive Hack of User Accounts: Over 6,000 Customers Lost Funds

Coinbase Reveals Massive Hack: Over 6,000 Customers Lost Funds

The Nasdaq-listed cryptocurrency exchange Coinbase has disclosed that at least 6,000 users were victims of a hacking campaign to gain unauthorized access to the accounts of Coinbase customers. The hackers also took advantage of a flaw in Coinbase’s SMS Account Recovery process to gain access to user accounts.

Cryptocurrencies of at Least 6,000 Coinbase Customers Stolen by Hackers

Cryptocurrency exchange Coinbase reportedly informed over 6,000 customers this week that their accounts had been compromised and funds were removed. A copy of the letter is posted on the website of California’s Attorney General. In the letter, the exchange explained:

Unfortunately, between March and May 20, 2021, you were a victim of a third-party campaign to gain unauthorized access to the accounts of Coinbase customers and move customer funds off the Coinbase platform. At least 6,000 Coinbase customers had funds removed from their accounts, including you.

In order to access a user account at Coinbase, the hackers needed to know the email addresses, passwords, and phone numbers linked to the accounts, and have access to a personal email inbox, the company said. “This type of campaign typically involves phishing attacks or other social engineering techniques to trick a victim into unknowingly disclosing login credentials to a bad actor.”

Coinbase further explained that “for customers who use SMS texts for two-factor authentication, the third party took advantage of a flaw in Coinbase’s SMS Account Recovery process in order to receive an SMS two-factor authentication token and gain access to your account.”

The exchange noted that once the hackers got into the affected user accounts, they were “able to transfer your funds to crypto wallets unassociated with Coinbase.”

The letter also noted that Coinbase updated its SMS Account Recovery protocols as soon as it learned of the issue, adding:

We will be depositing funds into your account equal to the value of the currency improperly removed from your account at the time of the incident. Some customers have already been reimbursed — we will ensure all customers affected receive the full value of what you lost. You should see this reflected in your account no later than today.

The Nasdaq-listed crypto exchange also said that it is conducting an internal investigation into this incident and the company is working closely with law enforcement to find the individuals behind this hack.

Nonetheless, Coinbase insisted, “We have not found any evidence that these third parties obtained [user] information from Coinbase itself.”

What do you think about this security breach affecting over 6,000 Coinbase users? Let us know in the comments section below.

October’s Historical Bitcoin Price Trend Extends Hope for a Renewed Bull Run to End the Year

October's Historical Bitcoin Price Trends Extends Hope for a Renewed Bull Run to End the Year

Bitcoin logged price losses once again for the crypto asset’s fifth consecutive September in its lifetime, but as soon as the month ended, billions of dollars came back into the crypto economy. Metrics show that while September has consistently been a bad month for bitcoin, October, on the other hand, has traditionally been a good month for bitcoin since 2013.

Bitcoin Has Been Profitable in October 77% of the Time

In 2020, the price of bitcoin (BTC) closed the month of September at around $10,750 per unit but the following month, BTC spiked 25% to roughly $13,450 per unit. This year, September has been dreary price-wise, and many crypto proponents have asked to be woken up when “September ends.” On September 26, Civic co-founder Vinny Lingham wrote: “This feels like September 2017 again… Who remembers what happened next?”

On October 1, 2021, BTC surged from $43,500 per unit to Friday’s high of $48,500 per BTC. That’s an increase of around 11.49% and the spike happened very quickly at around 3 a.m. (EST) in the morning.

Prior to July and August, BTC saw roughly three months of negative returns, and in September prices once again slipped into the negative range. The downward drop was blamed on China cracking down on bitcoin (BTC) and cryptocurrency exchange for the seventh time since 2013.

Bitcoin also saw losses on the day El Salvador adopted the cryptocurrency as legal tender and furthermore, BTC slid when the Evergrande real estate crisis shook the global economy.

While September Was Sluggish, Institutional Bitcoin Products Saw Some Upside

All of these dips took place after BTC reached a high of $52K before September started and crypto markets looked seemingly bullish at the time. While September prices were not so hot, metrics from a recent Cryptocompare report showed that institutional products tied to BTC saw some upside.

“Bitcoin-based products saw the highest level of inflows out of any asset, averaging $31.2 million per week,” Cryptocompare’s research details. “There could be upside going into the last quarter of 2021.”

While BTC has neared the $50K zone on October 1, the crypto asset has some resistance to fight at the $50K handle and even more so when it reaches $53K. Moreover, as bitcoin (BTC) has seen profitable increases in value during the month of October since 2013, the months of November and December have seen much larger spikes in value.

What do you think about bitcoin’s performance during the month of September and the trends tied to bitcoin’s October performances during the last few years? Let us know what you think about this subject in the comments section below.

Study Findings Show 83.7% of Luno Users Are Bullish on Bitcoin’s Resurgence

About 83.7% of those surveyed by Luno in a recent study believe the price of bitcoin will rise significantly in the next few months. In fact, 59.4% of the more bullish respondents are expecting the leading crypto to rise to as much as $100,000.

Bullish Beyond Bitcoin

These are the findings of Luno’s Q3 Customer Sentiment Survey that was conducted between August 20 and September 20. A total of 1,870 customers of Luno cryptocurrency exchange from South Africa, Malaysia, Indonesia, and the U.K. participated in the study.

Aside from bitcoin, study participants were also asked to share their thoughts about the prospects of altcoins like ETH, XRP and BCH. As the study findings suggest, many of the respondents across the four countries are similarly bullish on altcoins as well.

South Africans Less Bullish on ETH

However, it would appear that Luno customers in the U.K. and Malaysia are more bullish on such cryptos as ETH than their counterparts in South Africa. The exchange’s blog explains:

“While 64.5% of our South African users are most optimistic about bitcoin, ethereum is second at 55.4%, followed by XRP (28.6%), bitcoin cash (25.9%) and litecoin (17.8%). Meanwhile, although Malaysian and British customers both share strong enthusiasm for bitcoin, they’re most optimistic about ethereum. Nearly 70% of Malaysian customers are feeling optimism for ethereum, with 75% of investors in Great Britain sharing the same sentiment.”

Concerning customers’ understanding of cryptocurrencies as a long-term investment, the study found that 38% of respondents intend to hodl their investments. While 28% of the respondents do consider themselves day traders, the blog still concludes that “the idea of bitcoin as something you’re in the long haul for seems to have certainly taken root.”

What are your thoughts on the findings of this study? Tell us what you think in the comments section below.

Nigeria CBDC Countdown: Central Bank Delays E-Naira Rollout

A spokesperson for the Central Bank of Nigeria (CBN), Osita Nwanisobi, has said the launch of the much-hyped e-naira central bank digital currency (CBDC) has now been postponed to a later date. Nwanisobi’s announcement came less than 24 hours before the CBN was scheduled to launch the digital currency.

Launch Date Clashes With Nigeria’s Day of Independence

In a Facebook post that reveals the reasons behind the deference, Nwanisobi points to the clash of the CBDC’s launch date with Nigeria’s day of independence. According to the post, the spokesman explained that:

The planned unveiling on October 1, 2021, has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence anniversary.

However, despite this postponement, Nwanisobi reassures Nigerians that the CBN and its partners are “working round the clock to ensure a seamless process.” According to the CBN post and Nwanisobi, this is being done “for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.”

Not All Banks Are Ready

Meanwhile, in his response to suggestions as well as fears that some banks were not yet ready for the e-naira, Nwanisobi concedes that “not all banks customers were expected to commence transaction on the day of the launch.” The spokesperson reportedly assured financial institutions in Nigeria that they “remained key actors and were a critical part of the Central Bank Digital Currency (CBDC).”

As previously reported by Bitcoin.com News, the CBN has routinely reminded Nigerians of the CBDC’s launch date. However, just a few days before launch, a local payments firm claimed the CBN had infringed on its duly registered trademark. The firm now wants the country’s High Court to force the CBN to desist from using the term “Enaira.”

In his Facebook statement, Nwanisobi neither acknowledges the existence of the lawsuit against the CBN nor seeks to address speculation surrounding the competencies of the central bank’s technical partner Bitt Inc.

Instead, the spokesperson regurgitates the CBN claim that the e-naira is going to enable Nigerians to carry out peer-to-peer transfers to another person’s e-naira wallet as well as pay for goods and services at selected merchants.

Are you surprised by the CBN’s decision to delay launch of the e-naira? You can share your views in the comments section below.

Argo Blockchain Purchases 20K Miners From Bitmain for Future Mining Center in Texas

argo

Argo Blockchain, a London-based cryptocurrency mining company, has announced an expansion of its mining capacity that will more than double its current hashrate. The expansion will be done through the acquisition of 20,000 S19J Pro bitcoin miners from Bitmain, which will be delivered in several installments. These miners will populate the facility the company plans to build in Texas next year.

Argo Blockchain Expands Hashrate

Argo Blockchain, a London-based crypto mining company, has announced the purchase of 20,000 mining machines to expand its capacity. This is part of the planned company expansion to West Texas, where it will build a mega-mining facility. The mining machines will be provided by Chinese manufacturer Bitmain in consecutive installments.

This purchase agreement will allow Argo to more than double its current mining capacity, taking it to 3.7 exahash for Q3 2022, betting big on the future of Bitcoin as a network and a profitable asset. While the amount of the initial deposit for the purchase was not revealed, the company stated that it is being funded with cash reserves.

Argo Blockchain has been quick in expanding its mining capacity. In February, it was estimated that the company had 787 petahash. Now the company estimates this number to have risen to 1.7 exahash in less than a year.

Texas, a New Miner Mecca

It is not strange that Argo picked Texas as the new destination for its upcoming mega-mining center. Texas has been in the sights of miners this year as a destination to settle after the Chinese government declared a cryptocurrency mining ban in several key provinces earlier this year. The key trait that Texas presents to miners is its relatively cheap power tariffs, due to the configuration of its power market.

Texas has a deregulated power industry with lots of players in the game, which allows for more competition, and miners plan to take advantage of this in the future. In fact, Argo is just one of the mining companies that have revealed plans to build mining facilities in Texas. In April, mining firm Blockcap announced it was relocating its headquarters to Texas in the midst of a $75 million ASIC purchase.

Riot Blockchain, another big cryptocurrency mining firm, bought Whinstone, an in-progress bitcoin mining center also in Texas, for $650 million.

What do you think about Argo Blockchain’s plans of establishing a cryptocurrency mining farm in Texas? Tell us in the comments section below.

YIELD App Named Official Partner of Premier League Football Club West Ham United

PRESS RELEASE. YIELD App, a FinTech company, is thrilled to announce it has become the Official Digital Asset Wealth Management Partner of top Premier League football club, West Ham United.

This exciting partnership comes just seven months after the public launch of YIELD App in February 2021, demonstrating the growing attractiveness of digital assets to a mainstream audience across the world.

YIELD App enables its users to invest in digital assets and earn as much as 20.5% annual interest at the touch of a button. YIELD App is challenging the status quo of the traditional investment system and has seen significant growth since its public launch, with 60,000 users and an impressive $400 million of managed assets to date.

YIELD App users will now benefit from the opportunity to experience hospitality at West Ham United home fixtures, through regular competitions throughout the season.

Commenting on the partnership, Justin Wright, Chief Operations Officer of YIELD App, says: “‘We are delighted to partner with West Ham United. The club’s incredible community-driven strategy and its long-term vision for success are on par with ours. We look forward to developing a lasting relationship with the Club and all its fans around the world.”

Nathan Thompson, Commercial Director at West Ham United, said: ‘Today, we welcome YIELD App to the West Ham United partner family. We believe YIELD App will provide our growing fanbase with education of, and access to, some of the best investment opportunities. Our partnership will enable our fans to take advantage of these opportunities regardless of their financial or technical knowledge.’

Please visit the YIELD App blog for more details of the partnership and @YIELDApp across Twitter, Facebook, LinkedIn and Instagram.

 

  • ENDS –


About YIELD App

YIELD App believes that everyone should have access to the best investment opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, the company provides an innovative digital asset wealth management platform that bridges traditional and decentralized finance in the easiest way possible. For more information, visit www.yield.app

 

About West Ham United

West Ham United is a Premier League Football Club based in London, England. The club was founded in 1895, originally as Thames Ironworks and reformed in 1900 as West Ham United. The club has won the FA Cup on three occasions, in 1964, 1975 and 1980 and currently play their home games at London Stadium.

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Uzbekistan Warns Citizens to Avoid Unlicensed Cryptocurrency Exchanges

Uzbekistan Warns Citizens to Avoid Unlicensed Cryptocurrency Exchanges

A government agency in Uzbekistan has published a list of unauthorized crypto exchanges that residents of the country have been advised to avoid. The trading platforms collect personal data and bear no responsibility for the cryptocurrency transactions, officials have warned.

Authorities in Uzbekistan Blacklist ‘Unofficial’ Crypto Exchanges


The National Agency of Project Management under the President of Uzbekistan has identified a number of online platforms offering crypto trading services without authorization. During a monitoring campaign on the internet, the body registered an increase in activities of such “unofficial” digital asset exchanges.

The entities behind them offer Uzbekistani citizens the option to buy, sell or trade crypto assets without having an office in the country. They are usually registered in other jurisdictions and their servers are located abroad, but at the same time they collect personal information from residents of the Central Asian republic, the agency said in a notice published on its website.

Uzbekistan Warns Citizens to Avoid Unlicensed Cryptocurrency Exchanges

Half a dozen crypto exchange websites targeting residents of Uzbekistan have been blacklisted: webmoneytashkent.com, wmztashkent.com, wm-torg.com, uzwmz.com, blockchainuz.com, and bitcointashkent.com. Similar services are offered through Telegram bots and groups as well. Their providers, the regulator noted, often remain completely anonymous and can quickly delete a channel.

Officials have stressed that these kinds of platforms do not bear any legal responsibility for crypto transactions between various parties and cannot guarantee their legitimacy. Furthermore, they cannot ensure the proper storage of personal data or preservation of confidentiality. The announcement states:

The Agency urges citizens to be as vigilant as possible, beware and not use services of such platforms, including so as not to become victims of fraud.

Uzbekistan legalized crypto trading in 2018 but then in December 2019 authorities in Tashkent effectively banned residents from purchasing cryptocurrencies though they were allowed to sell. The National Agency of Project Management has now reminded the public that in accordance with the presidential decree “On measures to develop the digital economy in the Republic of Uzbekistan” and the country’s law “On licensing and notification procedures,” the establishment of cryptocurrency exchanges is subject to licensing.

The government has tried to encourage certain crypto activities. In January 2020, Tashkent unveiled a plan to set up a national mining pool and the initiative was presented as a priority. The state also said it’s going to establish a licensed cryptocurrency exchange where miners will be able to sell their coins and promised to create a blockchain valley as well as introduce crypto tax exemptions. Uznex, a regulated trading platform operated by the South Korean entity Kobea Group, was launched later that month.

However, in September this year, a high-ranking central bank official was quoted as saying that cryptocurrencies such as bitcoin will never be recognized as legal tender. Speaking to local media, deputy chairman of the Central Bank of the Republic of Uzbekistan (CBU) Behzod Hamraev pointed out that unlike cryptocurrencies, the national fiat, the sum, is backed by the bank’s assets. He also expressed his opinion that bitcoin will never be equal to “world currencies” such as the dollar, euro, yen, and ruble.

Do you think Uzbekistan will license more cryptocurrency exchanges to provide services in the country? Tell us in the comments section below.

Defi Platform Compound Bug Allows Users to Claim $88 Million in Tokens

compound

Compound, one of the trademark defi protocols on the Ethereum blockchain, is experiencing a bug that allows users to reclaim unusually high amounts of its native token. The issue was caused by the implementation of a proposal that modified the contract that awards tokens to users. Compound Labs founder Robert Leshner declared that user funds were safe and that the bug would have to wait seven days to be patched due to platform policies.

Compound Hit With Distribution Bug

Compound, one of the leading decentralized finance platforms built on top of Ethereum, is experiencing a bug that allows users to claim more comp, the native token of the protocol, than what they normally are able to. The bug was a product of the application of governance proposal 062, which modified the relation in which comp tokens are awarded.

According to Robert Leshner, founder of Compound Labs, this was the result of the code for the proposal being written by a community member, aided by other community members in the process. About this, Leshner stated:

This is the greatest opportunity, and greatest risk for a decentralized protocol–that an open development process allows a bug to enter production.

The impact of the bug is limited to the comp available in the comptroller’s smart contract, which is approximately 280,000 comp, worth $88 million at the time of writing.

Lack of Quick Fix Leads to Frustration

Due to the governance processes and the policies of applying governance changes to the platform, there is no quick and easy fix to this problem. Each governance proposal requires at least seven days to be passed, approved, and applied. However, proposal 063, presented by some community members, disables the ability to claim comp until the bug is resolved.

Leshner tried to warn community members that, if the majority of the claimed comp was not returned, he would report it to the IRS as income, revealing their identities in the process. This caused almost universal uproar from Compound users, who questioned how decentralized the protocol really was.

Lesher ultimately backpedaled on this affirmation, declaring:

I’m trying to do anything I can to help the community get some of its COMP back, and this was a bone-headed tweet / approach. That’s on me.

Compound is tailoring its offer to entice institutions to use its services. The company announced the launch of a service called Treasury in June, designed to offer stable yield opportunities to institutions in the space.

What do you think about Compound’s bug and its governance policies? Tell us in the comments section below.