Monday, February 4, 2019

Dead or alive? 🧐

February 4, 2019

QuadrigaCX 'Lost' $190 Million Bitcoin But it Could Be On the Move

Late last year, Canadian Exchange QuadrigaCX faced an unfortunate event - the passing of its founder Gerald Cotten.

But the trouble didn't stop there. Shortly after, the exchange filed in court saying it owed customers $190 million Bitcoin that they don't have.

That's because Cotten was the only person who had the private key to get into the exchange's offline storage and recover the funds.

Shuffling wallets

If the private key was actually lost, the coins would be locked away forever. However, skeptics are pointing out the possibility that this incident is actually an elaborate exit scam.

One Reddit user studied several major wallets that were associated with QuadrigaCX and found four that were known to be controlled by the exchange.

The user also found that these four addresses have initiated transactions with the exchange fairly recently - something that wouldn't be possible without the lost private key.

Inconclusive, but raises questions

Though these allegations still stand, it's possible the addresses were actually additional hot wallets the exchange owned. This truth would quickly debunk the theory.

Still, other questions are now being raised like whether or not the Bitcoin was secured like the exchange had previously advertised.

For now, though, the investigations with local authorities will continue as the crypto community keeps a close eye on all the associated wallets.

NEWS

Binance CEO Believes an Amazon Altcoin is in the Future

Over the weekend the popular Binance exchange CEO Changpeng Zhao (CZ) tweeted:

"For any internet (non-physical) based business, I don't understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography."

Later though, in a reply to his original tweet, CZ added:

"Amazon will have to issue a currency sooner or later."

Dabbled in blockchain, less with cryptocurrency

CZ's forecast may hold true, but so far, the company hasn't shown much of an interest.

Back in November the giant released plans for two new blockchain-related products, though the patents had little to do with cryptocurrencies.

Overall, the company has little run-ins with cryptocurrency except for when a spokesman responded to rumors about accepting Bitcoin as a payment:

"(Amazon) opts to include new products or services only when these are useful for our customers - until that point, we do not engage in rough speculation."

RESEARCH

Tencent Finds Chinese Economists are Divided on Blockchain

In a recent survey, Chinese tech giant Tencent questioned 100 chief economists around the country about blockchain technology.

Upon completion, the findings show one clear trend: blockchain is a dividing topic.

Numbers in a nutshell

Here are the numbers you should know:

51% would support a central bank digital currency (CBDC) while 40% would not
33% believe blockchain technology is highly important while 51% were neutral or unenthused

Though the numbers show significant support on both sides, the two sides leave no clear direction for blockchain moving forward.

BITS

But wait, there's more...

🇻🇪 A new crypto bill in Venezuela is establishing a legal framework for the industry.
🚨 A sim swapping crypto theif was indicted after hacking over 50 different victims.
🐦 Twitter CEO Jack Dorsey still believes that Bitcoin will be the internet's currency.

MEME