Here are the most important cryptocurrency news of 26th November 2018:
Japanese Cryptocurrency Exchange Coincheck Resume Its Service For Ripple (XRP) And Factom (FCT)
After suffering the worse hack of 2018, Coincheck has now resumed services for all its nine cryptocurrencies available for trading. The Monex Group company announced on Monday, 26th November 2018 that the platform is now usable and safe for cryptocurrency traders. Their registered traders as well as new ones can deposit and purchase Ripple (XRP), Factom (FCT) as well as Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) Bitcoin Cash (BCH), NEM (XEM), Lisk (LSK). The last two cryptocurrencies on the list were XRP and FCT – which were added today.
The platform is live, though its missing some of its old features like: leveraged transaction , JPY depositing through convenience stores and a way for users to pay power bills with crypto.CoinCheck was hacked of $533 Million worth of cryptocurrency in January and has been acquired by the Monex Group in April for an amazing account of $33.5 Millions. Right now, the platform have a $28 Million in trading volume over the last 24 hours.
One of the facts that made the users come back to Coincheck – even though it was hacked – its the fact that they accepted the incident and refunded all of their trader. Companies like BitGrail which were hacked of a lower amount couldn’t do this and they ended up with the remaining Bitcoin seized by the Italian Government.
Ohio – The First State to Accept Bitcoin
Starting November 26th, Ohio will be the first state to accept Bitcoin payments for 23 types of business taxes. They are the first in the United States and among the first governments in the world to accept cryptocurrency as a way of paying for taxes. But this deal wasn’t made alone. Ohio State is now accepting payment in cryptocurrency using BitPay. According to the Ohio Treasurer’s website, people would be able to pay their utility tax, sales tax and employee withholdings taxes in crypto – among with other 20 types.
Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud; Anyone can view all transactions on the blockchain network; Payments on the blockchain can be tracked on a second-by-second basis; a minimal fee is charged to confirm transactions on the blockchain network.”
For the moment, there’s possible only with Bitcoin. But as the Ohio’s Treasurer’s Website stated the Treasurer’s office looks forward to adding more cryptocurrencies in the future.”. Ohio’s also exploring the blockchain technology, as they declared: “[we are] working to help make Ohio a national leader in blockchain technology.”
This could be a great thing for governments worldwide. Ohio set up an example – example that might lead to a more secure, more transparent and more efficient way to pay the bills. And all of this would have a proof on the blockchain that its there to stay.
TRON’s Technology Attracts More Developers
Tron recently published their dApp weekly report and the numbers are better than in the past. More than 20 dApps are now available over the Tron’s Mainnet and the stats are increasing week by week – even if the market conditions are harsh.
Compared with the last week’s transaction volume, the Tron network increased by 15%. We’ve heard a few weeks before how Tron’s account number surpassed the EOS and the number of transaction daily grow to an amazing 1.5 Million. This could also be due to the launch of the Tron’s DEX – that now have more than 100 million TRX transaction volume per day.
Moreover, another interesting fact is the future Tron Accelerator – an online contest for developers that want to build dApps on the Tron blockchain protocol. There are 56 prizes with a total value of $1 million and the first place will go home with $200,000 and a free pass to niTROn Summit in San Francisco on January 17th.
On the dApp report is was also mentioned how TRONdice will soon launch a new version. There would be a gaming/mining mode where dice token holders can share 70% of the profit TRONdice generates and vote on important issues on the platform. Tron also have a new partnership with Thunder Stone Games – that will award their players with TRX.
Aphelion Pause Trading & Refunds Users
Aphelion, the most known decentralized exchange on the NEO blockchain decided to disable mainnet trading. All the pairs from the platform were stopped on November 21, 2018. Users started to receive refunds of their cryptocurrencies on November 23d, 2018. The decentralized exchange earned only 700 APH ( ~$20 ) in fees and will not touch them until the DEX is reinstalled. The reason of the pause is pretty serious though. Ian Holtz, Aphelion CEO stated:
“It’s been a perfect storm of bad news: new SEC rulings, disastrous market conditions, NEO tech challenges and diminishing cash flow. First, recent SEC action against EtherDelta sets a new precedent that directly impacts our trading platform. In short, the SEC ruled that non-custodial cryptocurrency exchanges allowing users to trade are firmly within their scope. Previously, we’d been advised that we were not in their regulatory purview. Since that action, and based on expert advice from multiple leading attorney firms specializing in compliance, we fully expect the SEC to continue to target all crypto exchanges (decentralized or not). And so, we have been advised to cease trading activities immediately and identify a path towards compliance. The SEC has not contacted us and by proactively disabling trading, after only being live for a few short weeks, we don’t expect any action. The decision is not related to any specific SEC action towards us, nor is it related to any recent listings on the Aphelion DEX; it is a solely a direct consequence of the EtherDelta action.”
The team claim they will start working on getting a broker-dealer license or try an enable full KYC-AML. Until then, the Aphelion wallet will still be live on Desktop, Android and iOS and so will be the DEX – but on the testnet.
Bitmain Sued for $5 Million For Unauthorized Crypto Mining
In November 19th, Bitmain received the sad news of being sued for $5 million by Gor Gevorkyan. He created a class lawsuit against the Bitmain’s China as well as Bitmain’s U.S. entity alleging that the firm’s devices are set to mine cryptocurrency for the company until the new owner will set its own cryptocurrency wallet. For this reason, a complaint against them was created:
“Until the complicated and time-consuming initialization procedures are completed, Bitmain’s ASIC [Application-Specific Integrated Circuit] devices are preconfigured to use its customers’ electricity to generate crypto currency for the benefit of Bitmain rather than its customers,”
In the document, there are over 100 class members involved and over $5,000,000 worth of interest, fees and costs. Gevorkyan claimed that he purchased a Bitmain ASIC device to mine Bitcoin – but until he installed his address on it, it was mining on behalf of Bitmain – as it was pre-configured from the factory.
“During this time, the ASIC devices were pre-configured to mine and deliver crypto currency to Defendant. Also during this time, the ASIC devices operated at full power mode, consuming a substantial amount of electricity at Plaintiffs’ expense,
Conveniently, Bitmain cashes in on every second it takes to get the ASIC configured with the customers’ specifications and lays the substantial costs of operating the ASIC devices at the feet of its customers.”
Therefore, Gevorkyan and the other class lawsuit members are seeking “full restitution of all expenses incurred as a result of Bitmain’s unfair and deceptive practices” and require Bitmain to “cease the acts of unfair competition alleged”.
Other Important Cryptocurrency News
- Factom [FCT] Price Surges Over 100% Despite Bearish Crypto Market, Relists on Coincheck
- $3M worth of cryptocurrency seized from Bulgarian criminals
- Ethereum (ETH) Bounces Back To Begin Rally Towards $200 Again
- Bitcoin SV will reach 6.5 mn transactions per second in 2-3 years: Craig Wright
- Are Institutional Investors Accumulating Bitcoin While Retailers Panic?
- Plans Laid Out For Ethereum 1.0 Scaling by 2x-50x Potentially This Summer
If you’ve missed yesterday’s news, you can read those here: Daily Cryptocurrency News – 25th November 2018
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