Tether and Bitfinex confirm USDT is not fully backed by fiat, only 74% of tethers backed with cash

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Legal representatives for Bitfinex and Tether confirm the widely held suspicion that USDT is not one-to-one backed by US dollars. Court documents confirm tethers are only 74 percent backed, and those holding tokens are “subject to the risk of default, insolvency, inability to collect, and illiquidity.” Coming Untethered In February of 2019, Tether updated the…

Self-Styled Satoshi Accused of PGP Forgery in Kleiman vs Wright Lawsuit

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The Southern District Court of Florida case, Kleiman v. Wright, continues to be one of the 10 most monitored court dockets in the state. On April 28, the Kleiman estate’s legal team responded to Wright’s most recent motion to dismiss the case by claiming that Wright submitted a forgery as evidence and allege the fraudulent…

Why Vitalik Buterin thinks Ethereum and DeFi will disrupt finance

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Vitalik Buterin asserted that finance is likely the first sector that will be disrupted by blockchain. The advent of decentralized finance (DeFi)—with projects such as MakerDAO, Augur, Uniswap, and Etherisc—has the potential to disrupt the “insanely inefficient” sector. Is DeFi Ethereum’s Killer App? Vitalik Buterin said while delivering a talk at ETHCapeTown 2019: “If you…

Bitmain Aims to Leapfrog Competition With Its Next-Gen Bitcoin Miner

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On April 28, the China-based mining rig manufacturer Bitmain Technologies announced the launch of its latest Antminer T17 model which processes roughly 40 terahashes per second (TH/s). The machine delivers better power efficiency with 55 joules per terahash (J/TH) and the T17 is also equipped with second-generation TSMC 7nm semiconductors. Also read: Statistics Show Bitcoin…

Washington State signs bill recognizing blockchain technology into law

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On Apr. 26th, Washington State Governor Jay Inslee signed SB 5638—an act “recognizing the validity of distributed ledger technology”—into law. The Act encourages the development of blockchain, recognizes its use in commerce and digital signatures, and amends legislation to provide definitions for the technology. The original purpose of the Washington Electronic Authentication Act was to…

Wizsec Security Blames Coinlab After Mt. Gox Trustee Delays Proceedings

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On April 25, the Mt. Gox civil rehabilitation trustee Nobuaki Kobayashi published a new announcement concerning the deadline for the rehabilitation plan. According to the letter sent to Mt. Gox creditors, Kobayashi has delayed the proceedings for another six months due to “undetermined” claims. Following the announcement, bitcoin security specialists Wizsec published a scathing critique…

Murder, Censorship and Syria: Crypto and the Future of Uprisings

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One technologist’s imprisonment and execution in Syria exemplifies the parallel use of technology for both liberation and repression – and why bitcoin and other censorship resistant tech is needed in such areas. Meet Bassel Khartabil.

Upcoming block reward halving could give Litecoin a boost

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Litecoin (LTC), one of the earliest Bitcoin forks, is only 100 days away from a block reward reduction event that plans to make it harder for the tokens to be mined—which could make the circulating supply of LTC more valuable. The Halving Event Much like bitcoin, from time to time Litecoin goes through a fixed…