Kiss front man Gene Simmons suggests he’s working to make crypto more accessible

Responding to a tweet from Cameron Winklevoss, co-founder of the Gemini crypto exchange, rock star Gene Simmons said he plans to make Bitcoin (BTC) and Ethereum (ETH) more easily accessible.  “It’s easier to buy Bitcoin and Ether if you are already in the old system,” Winklevoss said in a Sept. 15 tweet, summing up a rather long thread addressing racial bias, crypto and decentralized finance. “If you don’t have a bank account, it’s hard to get funds into crypto,” he noted, adding: “We need to change this.” Retweeting the post…

Venezuelans are running out of crypto P2P trading options

Due to the regulations and sanctions related to the U.S. Office of Foreign Assets Control, or OFAC, Paxful announced that they will no longer provide services in Venezuela, according to an announcement on September 14. In a statement sent to Cointelegraph, Paxful’s CEO, Ray Youssef, commented that they’ve tried for several months to find a way to maintain their operations in Venezuela, but “with current risks, we had no choice but to make this incredibly difficult decision.”  Ray also told Cointelegraph how the wind down of his company’s services will…

Where does the next Japanese prime minister stand on crypto?

Yoshihide Suga has made few public statements on digital currency, but his stance on taxing crypto assets may prove to be the most insightful. The 71-year-old is set to become the country’s new prime minister after being voted in as the leader of Japan’s Liberal Democratic Party on Sept. 14. The country’s National Diet will vote the next PM in on Wednesday following Shinzo Abe’s announcement in August — where he stated that he was resigning due to health reasons. Suga served as Chief Cabinet Secretary during the downfall of…

Alleged crypto Ponzi scheme targeting Spanish speakers freezes user funds

The team behind Arbistar, a crypto trading bot developer, announced that it would be shutting down a popular trading tool known as Community Bot. According to a press release published by Arbicorp, the company that runs Arbistar, the platform is not currently allowing deposits. All funds have been frozen, preventing users from withdrawing their money. Users are not even able to access crypto from funds that trade with other bots.  This has led financial forensic firm, Tulip Research, to warn users that Arbicorp is actually a billion-dollar crypto Ponzi scheme…

Eastern Europe’s sixth-largest crypto service is a darknet market

Blockchain forensics firm Chainalysis has found that darknet markets exert a disproportionate presence in Eastern Europe’s crypto sector. In an excerpt from Chainalysis’ 2020 Geography of Cryptocurrency Report, the firm asserts that Eastern Europe is responsible for “more global darknet market activity than any other region,” with the anonymous free market Hydra comprising the region’s sixth-largest crypto service. Regional shares of global darknet market transfer volume: Chainalysis The report estimates that Hydra generated more than $1.2 billion in crypto revenue between June 2019 and July 2020. The platform is among…

Top crypto traders explain why Yearn.finance (YFI) may top $50K soon

Over the weekend YFI, the native token of Yearn.finance, reached a new all-time high at $43,966 on Binance exchange. This occurred as the crypto market was still reeling from Bitcoin’s (BTC) sharp 17.5% correction which saw its price drop as low as $9,800 on some exchanges.  As Bitcoin price slowly recovered, YFI price increased by over 100% since Sept. 9 and many analysts now believe the token will make a run at the $50K mark soon.  The daily chart of Yearn.finance (YFI). Source: TradingView.com What’s behind YFI’s surge?  The confluence…

Peter Brandt says he’s not picking crypto right now, in terms of opportunity

When it comes to choosing between blockchain and more traditional investments, the grass may be greener in the stock market, said Peter Brandt — the CEO of proprietary trading firm, Factor LLC. He went on to note, however, that it all depends on people’s choice of base currency.  Brandt was clear that he had transitioned into mostly U.S. dollars while scoping out his next moves. “Right now I think the opportunities are greater in the equities market than they are in the crypto market,” he told Cointelegraph on Sept. 9. …

How banks are integrating crypto AML software for compliance

With the exposure of traditional banks and financial institutions to crypto-assets and all the risks involved, as well as the continued advice from governmental authorities to banks to integrate a crypto risk management system, what are the solutions available? In order to align with current regulatory standards, banks and financial institutions entering the digital asset space, whether as direct or indirect service providers, must comply with Anti-Money Laundering and Know Your Transaction, or KYT, compliance — as part of broader Know Your Customer processes. To do so, they need to…

Iran’s crypto mines could be used to help fund car imports

According to ArzDigital, Gholam Hossein Mozaffari, CEO of the Kish Free Zone Organization, hopes that the Iranian government will approve a proposal to use crypto funds, such as Bitcoin (BTC), to pay for car imports on Kish Island in Iran. The decision will fall to the Central Bank of Iran, who has said in the past that this type of funding would not be possible due to the hyperinflation of the rial — the nation’s currency.  Mozaffari told local media outlets that the issue of car imports has been a…

Many cloud servers are still at high risk of being hijacked for crypto mining

According to a study published by cybersecurity firm, Aqua Security, cloud servers remain a major target for cryptojacking — a type of attack whose main motivation is to mine cryptocurrencies. The “2020 Cloud Native Threat Report” states that between the second half of 2019 and the first half of 2020, attacks of this nature surged by 250%. In total, 95% of the 16,371 attacks registered during this period were related to cryptojacking. The perpetrators of this type of exploit rely heavily on the use of XMRig, a well-known Monero (XMR)…