Articles Posted in Bitcoin

IMG_0064-300x206Following 2019 Q1 reports that cryptocurrency fraud amounted to well over $1 billion, two companies have joined forces with the goal to put an end to this growing problem. Wirex offers cryptocurrency services through its banking platform, while Elliptic serves as an anti-fraud and security company. Together the companies are developing “solutions for rapidly detecting fraud and other criminal activity”. But, can they really combat this significant issue?

Stories of cryptocurrency fraud, theft, and scams have been in the news more consistently than ever before. The increasing number of fraudulent activities in this sector comes as a surprise to many given that cryptocurrency is no longer as new and misunderstood as it once was. Yet, Binance is one example where cryptocurrency fraud recently amounted to over $40 million in losses and was undetectable until after the theft of the funds was complete. Binance also suffered severe delays involving their online platform, leaving them offline for numerous days.

Several other cryptocurrency companies have been hit with similar acts of fraud, and each of them has one important factor in common. The theft that occurred on the cryptocurrency platforms was completed prior to any knowledge of the wrongdoing. This has lead many security companies to wonder if there is a solution that would allow cryptocurrency companies to spot acts of fraud before they occur.

The island of Jersey off the coast of France is being developed as the first location financed by Bitcoin currency.  Although the island has a British Crown dependency, it is not part of the UK or the EU and it is self governing.

Bitcoin, a kind of virtual currency, is now accepted as a form of currency by a growing number of businesses. None accept only Bitcoin currency-yet.

The most popular digital currency, Bitcoin, was developed in 2009 by a programmer or programmers working under the pseudonym Satoshi Nakamoto. Today, it makes up the vast majority of the digital currency economy and has seen prices for each coin jump to $230 in April from $13 in January.