News of the Week

Mike Novogratz: Bitcoin Could Retest $20,000 By 2020

Novogratz, the fofmer Goldman Sachs banker, is committed to the crypto cause. In a recent appearance on an array of mainstream media outlets, the investor revealed that he sees a bright future for the cryptocurrency space, especially in terms of the value of BTC. In an interview with CNN Business Novogratz explained that “Bitcoin has popped back up”. In the long-term though, he is abundantly bullish. He explains that over the next 18 months (so by the end of 2020), Bitcoin could begin to a rally.

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China Outruns U.S. in Tech With New Patents

The U.S. is losing its advantage to China and other countries when it comes to innovations related to artificial intelligence, blockchain and other key technology. While American inventors still command the largest portion of the nation’s patents, the percentage is dropping in the high-tech fields, according to a yearlong study conducted by the law firm Kilpatrick Townsend & Stockton LLP and researchers at GreyB Services Pte. U.S. applicants filed 66% of patents for artificial intelligence in 2018, down from 78% in 2007. The percentage of filings for so-called internet of things fell to 59% last year, from 66% a decade ago, while financial technology dropped to less than 75% from 82%.

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Authorities Dismantle $10 Million Crypto Money-Laundering Ring in Spain

A crypto money-laundering ring that was offering its services to other criminal enterprises has been dismantled in Spain. The Crime as a Service operation is believed to have laundered approximately $10.08 million (€9 million) using bitcoin and other cryptocurrencies. Spanish Civil Guard arrested eight people in connection with the crime while charging eight more for involvement. Wallets containing 9 million euros were also frozen. This included 20 hot wallets and four cold wallets.

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Bitcoin Stolen in Binance Hack Moved to Seven Addresses

Proceedings from recent hack of cryptocurrency exchange Binance have been moved to seven addresses. The breach resulted in about 7,074 bitcoins — worth nearly $42.8 million — being stolen from the exchange’s hot wallet. The transaction had 44 outputs, 21 of which were native Segregated Witness addresses, and those addresses received 99.97% of the funds. The funds from those 44 addresses have been reportedly since moved to seven addresses, six of which hold 1,060.6 BTC, while one holds 707.1 BTC. Previously, anti-money laundering and counter-terrorist financing firm Confirm had reported that its analysis showed how 1,227 BTC were moved to two new addresses, one holding 707 coins, while the other one 520.

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Nordea Expands Blockchain-based Trading Platform to Smaller Clients

Nordea, a Nordic private banking coalition, is bringing we.trade, its blockchain-based trading platform, to more clients. Those expansions will be to “small and medium-sized companies”. Magnus Montan, head of Business Banking at the group, made a comment on the expansion: “We see more and more small and medium-sized companies getting involved in cross border trading. There are some common challenges that they face. The biggest one is related to trust in their overseas trading partners. we.trade is not only about providing trade finance, but it is also something much bigger than that. It is about enabling trade and with we.trade we are creating an ecosystem for the global trade, where trust is an integral part.”

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Liechtenstein’s Government Passes New Regulation Concerning Blockchain and Tokens

The government of Liechtenstein announced that it has passed new tokenization, virtual asset service provider and blockchain regulation. The new Token and VT Service Providers Act passed on May 7, aims to improve investor protection, combat money laundering and establish clarity. The announcement also cites tokenized securities and how digital token systems can be used to tokenize real-world assets.

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