Italy is set to debate a powerful new amendment to its anti-terror laws, which would allow authorities to obtain any digital data from any computer system. Cryptoine digital exchange closes after a hack drains the company's hot wallets with 60% of their funds. Vaultoro and Factom team up to offer transparency and security to the BTC-Gold market, and more top stories for March 26.
Italy debates powerful anti-terror proposal allowing the state full access to digital property
Italy is set to debate an amendment to its anti-terrorism laws that would make it lawful for the state to implement hidden surveillance to capture any data on personal computers. The wording specifically allows for the capture of both data being transmitted between systems, and data “existent in one computer system” granting the state powers to electronically spy on users across systems.
“The use of computerized sensors (Trojan, Keylogger, sniffer etc.) as a means of obtaining evidence by the State Authorities (judicial or security) is controversial in all democratic countries for a technical reason.”
Cryptoine exchange ceases trading after hacking takes 60% of funds
Digital currency exchange Cryptoine has ceased trading after a hacking attack against the platform drained the company's hot wallets. The value of the funds lost however appears low, as the majority of coins stolen consisted of less popular altcoins. Users will be able to retrieve a percentage of their funds in April.
“Our hot wallets were drained, coins: bitcoin, litecoin, urocoin, dogecoin, bitcoinscrypt, magi, darkcoin, dogecoindark, cannabis. All coins that we have, will be returned to users. Coins stolen - in correspondingly smaller quantities. We had wallets in the ratio 60%/40% (hot/cold).”
Vaultoro and Factom partner up to bring better security and transparency to the gold market
Aiming to increase the transparency of their exchange, Vaultoro has teamed up with Factom to deliver anonymized record keeping directly onto the blockchain. Using Factom's decentralized record keeping ability, the exchange aims to demonstrate its ability to regulate through the blockchain mathematics.
“The Factom technology uses the same cryptography behind Bitcoin to mathematically prove the existence of any data it receives. Factom hashes that data and embeds anchors into the Bitcoin blockchain. Thus creating a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail of Vaultoro’s asset inventory reports, published by its custodian partners.”
Swedish Tax Authority taken to court over information demands
Following increased data demands placed on exchanges in the country, Swedish bitcoin exchange BTCX has taken the Swedish Tax Authority to court to dispute the legality of the move. Asking for details about all customers allowing officials to track a user's full transaction history, BTCX believes that the agency is going beyond its rights.
“The tax agency has requested BTCX to disclose information about customers' buying and selling of bitcoins, partly to get information about how many bitcoins are bought and sold, reported local media outlet DN.se. But according to BTCX, the request also means that the exchange will have to disclose the "unique code," or ID number of each customer linked to his or her digital wallet.”
Bitcoin Savings & Trust ponzi scheme operator pleads not guilty
Trendon Shavers, the founder of the “Bitcoin Savings & Trust” scheme, has pleaded not guilty to charges of securities fraud and wire fraud. Appearing in a New York district court, the Texan who was found guilty of similar charges in 2014 and fined US$40 million, could now face 40 years jail time.
“According to prosecutors, Shavers promised outsized returns to investors but actually ran a Ponzi scheme by paying early investors with the proceeds from new ones. Shavers used the username pirateat40 to solicit BS&T investors during 2011 and 2012.”
BitWage and Xapo announce International Bitcoin Payroll Debit Card
Aiming to encourage more companies and employees to consider completing payroll in Bitcoin, BitWage and Xapo have collaborated on creating a payroll debit card in an effort to increase the utility of payday bitcoins. Offering lower fees for the payroll processing, and allowing employees the ease of spending their funds like a normal paycheck, the service is not yet available in America.
“These payroll BTC debit cards can serve dual purposes. First, it can aid in lowering overhead costs for businesses with payroll and wait time for payout on their employees’ earnings. It also makes it possible to easily spend funds anywhere with a card reader, simplifying the sometimes complicated process of spending bitcoin at brick and mortar stores.”
YouGov poll finds 85% of businesses “not very” or “not at all likely” to accept Bitcoin
Despite a high awareness rate of 86%, SMEs polled in a YouGov survey found 85% of these business were “not at all” or “not very” likely to use the digital currency. The question was asked in relation to card and transaction fees, which the same businesses did however identify as a pain point.
"The industry needs to do much more to establish its credibility," said Dan Andersson, co-founder of Leocoin. "This was borne out by the YouGov study which showed that whilst SMEs find transaction fees a concern when doing business abroad, 85% indicated they were unlikely to use a digital currency.
ChangeTip to give away US$10,000 on Twitch gaming platform
Seeking to expand the reach of the micro-tipping service, ChangeTip has announced a plan to distribute US$10,000 on gaming platform Twitch. Aiming to allow the popular gamers to reward fans, the startup seeks to reverse the normal tipping model on the site.
“In order to attract the gaming community to ChangeTip, and learning about Bitcoin, ChangeTip will be giving away US$10,000. This will be portioned out amongst a select group of popular streaming gamers, to tip their followers.”
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