This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

To promote the launch of the first feature-full blockchain-based e-commerce and e-payments platform, BCShop.io announces huge community development campaign which will consist of several different activities and reward pools.

Token Holders Promotion

This promotion is dedicated to our early token holders who obtained BCS tokens before actual mainnet release thus helping to make BCShop.io platform into reality. We will make ALL token holders snapshot at 15th of May 2018 and 200k tokens will be reserved for distribution between those token holders in the snapshot. Tokens will be rewarded proportionally to token holdings so 200k tokens will lead to ~60% reward given the current circulating supply of 332k tokens.

Note: It is obligatory for you to qualify for the reward. We ask you to write your feedback about BCShop.io platform (after mainnet release) in a free form at telegra.ph and send it to bounty@bcshop.io, don’t forget to specify your wallet address with BCS tokens. The qualification process is conditioned by regulators recommendations and team’s adherence to Customer Development approach. Your valuable feedback will be used to improve the platform and deliver better experience to all its users.

We will start sending rewards weekly after mainnet release and there will be no set deadline so feel free to qualify at your convenience. Sharing your personal experience in social media networks is very much appreciated.
Be sure that you hold tokens on personal wallets, exchange wallets are not supported.

Airdrop Campaign

10k tokens will be distributed for 1000 members randomly chosen from those who qualified. To qualify, follow instructions in bounty campaign channel: https://t.me/bcshop_bounty.

We will determine 1000 people to receive 10 BCS tokens each with the help of random.org website. For the process to be transparent, fair and verifiable, we will use the hash code of the first Ethereum block mined after 1:11 AM (UTC) 1st of June 2018 as a persistent random seed. Thus, every participant of the airdrop will be able to verify winners’ sequence itself.

We will start sending BCS tokens to its’ new lucky holders right after winning sequence is generated, June 1st.

Bounty Campaign

Bounty campaign fund of 100 ETH will be distributed between social media influencers. The following content will be accepted:
– Video review of the BCShop.io platform
– Video or text (with screenshots) introduction of BCShop.io platform
– Other content featuring BCShop.io, comparing it to other blockchain based competitors, introduction of BCS token functions, etc

Non-speculative content is expected, with actual observations of the platform’s functions and token usage after mainnet release.

To apply for the bounty campaign, send us your introduction to bounty@bcshop.io. We will carefully consider all applications and choose several candidates to cooperate with.

About BCShop.io

BCShop.io project aims to reinvent the way digital commerce and payments work today. Focusing on digital goods and services area project’s goal is to enhance it with fast-growing opportunities blockchain technologies and cryptocurrencies have to offer. In January 2018 BCShop.io hit hard cap of 2000 ETH at its token sale.

Contact Email Address
bounty@bcshop.io
Supporting Link
https://bcshop.io/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Huge Bounty Program Announced by E – Commerce Platform BCShop.io appeared first on Bitcoin News.

The Hanoi Department of Industry and Trade has prohibited organizations and individuals involved in e-commerce business in the city from using bitcoin and other cryptocurrencies. This follows a directive signed by the country’s prime minister intended to strengthen the legal framework of cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Banning Crypto Use in E-commerce

The Hanoi Department of Industry and Trade announced on Saturday that it has sent document No. 1638 / SCT-QLTM to “organizations and individuals directly or indirectly related to e-commerce business in Hanoi [to] not use bitcoin and other virtual currencies (cryptocurrencies) to settle e-commerce transactions online.” Citing that if violations are detected, “they shall be strictly dealt with according to the provisions of the law,” the regulator wrote:

The Department of Industry and Trade requires organizations and individuals who are directly or indirectly involved in e-commerce business in Hanoi to strictly abide by the above-mentioned regulations and do not use bitcoin and other virtual currencies….in payment of e-commerce transactions, online purchases and sales, [and] payment [of] online services in contravention of Vietnamese law.

Vietnamese Law on Crypto

Citing provisions of the government’s Decree No. 101/2012 / ND-CP on non-cash payment instruments, the document reiterates, “bitcoin and other similar virtual currencies are not legal means of payment in Vietnam; The issuance, supply, use of bitcoin and similar virtual currency is prohibited in Vietnam.”

Violations are subject to a “fine of between VND 150,000,000 [~US$6,608] and 200,000,000 [~$8,810] for individuals and for organizations with two times the fine level for personal,” the document emphasizes. Furthermore, as of January this year, issuing and using cryptocurrencies “may be subject to criminal prosecution.”

Last week, the Vietnamese Prime Minister Nguyễn Xuân Phúc signed a directive to strengthen the management of activities related to bitcoin and other cryptocurrencies. This follows reports of the country’s “biggest digital money fraud in history,” which duped approximately 32,000 Vietnamese out of VNĐ15 trillion (~$658 million). The police are currently investigating the case.

Meanwhile, the Justice Ministry, the State Bank of Vietnam (SBV), and related agencies are working on the regulatory framework for cryptocurrencies. According to the Ho Chi Minh City Customs Department, the number of bitcoin mining rigs legally imported into the country has skyrocketed since last year, prompting the department to propose a ban on their imports. Earlier this year, the department revealed that, in the first three weeks of January, almost 8,000 mining rigs were legally imported into the city.

What do you think of Hanoi prohibiting the use of crypto for e-commerce transactions? Let us know in the comments section below.

Images courtesy of Shutterstock.

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The post Hanoi Prohibits Use of Cryptocurrencies in E-commerce Transactions appeared first on Bitcoin News.

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Digital Ticks, the hot, new ICO in town is out with their First Look of Mobile app of their exchange well ahead of their schedule!

This is very exciting news as this is no ordinary crypto exchange. Digital Ticks is the first ever Commodity Crypto exchange. Users will be able to trade all the different types of crypto assets as well as commodity to crypto assets.

Why Digital Ticks?
The platform is the first ever commodity to crypto exchange to be built by the traders for the traders. With a simple to use User interface, it is designed to be used by both the novice as well as experienced traders.

The team believes in helping the investors make their decisions based on the work done and not based on plain statements.

The CCO of Digital Ticks, Mayur Poddar quoted saying
“We want people to see the results and our progress first-hand, and we want to enable them to make an investment choice based on statistics rather than statements.” This is again reassuring each and every participant of the ICO that their team is dedicated and will get the job done.

After the success and the huge participation received during the pre-sale whole team was extremely geared up to deliver a quality product ahead of the timeline.

“The pre-sale contributions and the overwhelming response of the contributors are both exciting and ensuring that Digital Ticks is on the right path in the journey to make every commodity tradable using crypto. And we believe that we are stepping into the future of cryptocurrency with a new dream and our footsteps would be followed by all others who share the same dream.”
– Quoted by CEO of Digital Ticks- Jitu Bajaj.

Company’s decision to launch First look of Mobile App Interface at the same time as its Public token sale starts in fact prior to it is in contrast to most other companies which only have a white paper and website at the time of their public sale. Fuelled by the huge success of the pre-sale, the team went on to deliver Apps for both Android and IOS platform along with multiple Blockchain smart contracts. This gives public token sale participants confidence in the ability of the team behind the project.

Closing Thoughts
With their Public token sale started on 15th April 2018, the team has worked day and night and have already released their Mobile App’s First Look well before their planned release date. At this current pace, they will be able to get the entire platform up and running well before the deadline and might just end up being one of the greatest ICO’s.

To be a part of this revolution and experience it, you can download App through google play store for Android and Apple App Store for IOS version.

Download Digital Ticks – First Ever Commodity Crypto Currency Exchange Mobile App
For Android :- click here
For IOS :- click here
Crypto enthusiasts can participate in DTX public token sale by sending Bitcoin / Ethereum / Bank Wire Transfer directly to their Dashboard of Digital Ticks by just signing up on https://ift.tt/2GCtXUa

Website: https://ift.tt/2GCtXUa
Facebook: https://ift.tt/2E6zj4L
Telegram: https://ift.tt/2GX723P
Twitter: https://twitter.com/DigitalTicks

Contact Email Address
marketing@digitalticks.com
Supporting Link
https://www.digitalticks.com/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Digital Ticks Just Launched First Look of Their Mobile App appeared first on Bitcoin News.

The Bermuda Monetary Authority has issued a consultation paper on draft regulations pertaining to “virtual currency businesses” and initial coin offerings (ICOs). The proposed bill seeks to create a framework that encourages and fosters the development of Bermuda’s nascent cryptocurrency industry.

Also Read: 16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan

Bermuda Reveals Regulatory Proposals for Crypto Industry

The minister of national security, Wayne Caines, described the proposed regulations a “landmark legislation for Bermuda,” adding that “The emergence of new financial products and services created through the use of technology has opened new and exciting opportunities for entrepreneurs and businesses.”

On Thursday, Mr. Caines presented “Bermuda’s fintech strategy” to “more than 150 of Bermuda’s key business partners.” Mr. Caines stated that the government “recognize[s] that there’s significant interest in virtual currencies and blockchain technology,” emphasizing Bermuda’s desire to “become a global leader in the fintech space.”

Crypto Sector to be Encouraged Despite Virtual Currency Not Recognized as Legal Tender

The consultation paper defines “virtual currency [as] a digital representation of value that can be digitally traded,” adding that “such does not have legal tender status […] in any jurisdiction,” however, fulfills monetary “functions only by agreement within the community of users of the virtual currency.”

Whilst the document notes that “The virtual currency sector is varied in business types,” the major participants are described as being comprised of “ICO issuers,” “virtual currency exchange providers and traders,” “custodial wallet providers,” and “virtual currency miners.”

The proposed framework will require that businesses facilitating the sale of or providing services relating to cryptocurrencies collect and retain key information pertaining to customers, noting that the cryptocurrency sector “presents tremendous risk that requires robust […] Anti-Money Laundering/Anti-Terrorism Financing (AML/ATF) regulation.”

ICOs Subject of Particular Focus

Under the proposed legislation, “an initial coin offering will be treated as a restricted business activity that will require consent from the minister of finance.” As such, ICO issuers will be required to adhere to specific regulations -the “Companies and Limited Liability Company (Initial Coin Offering) Act – in addition to applying for consent from the finance minister.” Companies applying for consent to conduct an ICO will be required to provide information regarding:

“The company conducting the ICO and the underlying digital asset offered for sale; The development and implementation of any product, service or other project related to the ICO, including timelines for completion; The target amount to be raised through the ICO; Rights, features, functionality and intended transferability of the digital asset offered for sale; The technology to be used and confirmation of the ability of the technical platform to enable the collection, confirmation and storage of purchaser identity information; and compliance and auditing of ICO transactions.”

Mr. Caines stated “By being one of the few countries in the world to specifically regulate ICOs, we believe that the proposed regulatory framework will provide legal certainty to companies looking to conduct ICOs in Bermuda […] Embracing this new world with responsible regulation could lead to the attraction of new companies and capital investment to Bermuda, additional government revenues, new career, employment and training opportunities for Bermudians and the laying of a foundation for a prosperous future for our next generation of Bermudians.”

What do you think of Bermuda’s proposed cryptocurrency regulations? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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There’s a new website bitcoin cash proponents are chatting about called Memo. It’s an on-chain social network built on the Bitcoin Cash network. The creator of Memo says the platform is both a protocol and a front-end application that uses the BCH chain to store written data.

Also Read: Coinsource Installs 20 Bitcoin ATM Machines Around Washington DC

An On-Chain Social Network Built on the Bitcoin Cash Blockchain Called Memo

On April 15 a new on-chain social network was launched for the Bitcoin Cash blockchain called Memo. The platform allows users to create a profile which is tied to a specific BCH address and a public/private key pair. Users can then tether certain data using the program such as a website URL, a quote, or a certain date which is hashed into the BCH chain using an OP_RETURN transaction.

“I’m happy to announce the launch of Memo, an on-chain social network built on Bitcoin Cash — Memo is both a protocol and a front-end application,” explains the developer of Memo. “The protocol works by writing transactions to the Bitcoin Cash blockchain. Client applications can read these transactions to see the activity on the network.”

With current social networks, users do not control their data and can have their accounts removed without reason — The blockchain is more than an uncensorable way to send money, it’s an uncensorable way to store data — Memo is an experiment leveraging the blockchain’s data storing capabilities.

A Censorship Free and Immutable Environment

Using Memo is pretty straightforward as all a user has to do is create a username and password which is then tied to a specific key pair with an address. The user’s address can be seen on any blockchain explorer and you need to load up the address with BCH in order to utilize the platform’s features.

It doesn’t take much, as writing a memo or interacting with others on Memo costs less than a penny. In order to trial the Memo application we just loaded up $1 USD worth of BCH to get started. This allows you to follow specific profiles which will create a feed for you at the bottom of the screen.

Creating a memo is very simple as you just write or copy and paste the text into the dialogue box, and then enter the password tethered to your profile. After that, the memo can be seen by everyone using the platform and the data is tied to a transaction. Users will receive the ‘memo’ if they are following the profile who shared it, and they can also “like” and tip the memo as well. This means if you like what the user shared you can add BCH to their profile which is essentially tied to the user’s key pair. If a user collects a good amount of tips from their followers then they can withdraw the funds by utilizing the “export key” button. 

Users of Memo should take into consideration that the application is still in its alpha-testing period. This means you probably shouldn’t add too much BCH to the account until the developer releases a stable platform. Right now Memo is getting a lot of use from the public today, and the developers say the “Memo server has been under extreme load.” The website also states that Memo is highly experimental at the moment, and gives everyone a risk disclaimer to accept before using the protocol.

“You acknowledge that you are using an application that is in alpha testing, that your account could be wiped at any time, and that memo takes no responsibility for your account or keys,” explains the Memo development team’s disclaimer.

Another Cool Application Returns to Bitcoin

There’s already a lot of people to follow on the platform and some of them are cryptocurrency luminaries but it’s hard to tell if the person is who they say they are. There’s a bunch of funny comments so far and people adding links to Satoshi’s white paper. Memo is just another addition to the insurgence of applications now being trialed on the Bitcoin Cash network that were once considered ‘killer apps’ by the bitcoin community in the early days, before such ambitions were effectively killed by Bitcoin Core’s high fees.

What do you think about the Memo application? Let us know what you think about this new platform in the comments below.

Disclaimer: Bitcoin.com does not endorse this product/service. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images via Shutterstock, Memo, and Jamie Redman. 

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Japan’s largest cryptocurrency exchange Bitflyer has contested media reports that the Japanese financial regulator has deemed its user verification process to be insufficient. Nonetheless, the exchange admitted to being in talks with the authority and has implemented additional measures.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Reports of Financial Regulator’s Concerns

The largest Japanese crypto exchange by volume, Bitflyer, has issued a statement in response to media reports that the Financial Services Agency (FSA) has asked the exchange to strengthen its user verification procedure after determining it to be insufficient.

Nihon Keizai Shimbun reported last week that, unlike many other exchanges in Japan, customers were able to trade cryptocurrencies at Bitflyer “even with insufficient identity verification.” According to Japanese law, customers must mail verification document to the exchange as part of the know-your-customer (KYC) requirements.

While “A normal dealer will take 1 to 3 weeks” from account opening to trading, the news outlet noted that trading within 24 hours is possible at Bitflyer. Since speculators often try to time the market and profit before the price drops, “exchange operators who can start trading earliest are attractive,” the publication explained.

Bitflyer quickly contested this report, claiming that “the contents reported are different from the facts,” adding:

The company has implemented measures such as money laundering and terrorist financing…and has been discussing with the authorities concerned.

The exchange clarified that its discussion with the FSA is healthy, emphasizing that “We are strengthening countermeasures as one of the most important management issues” throughout the company.

Recently, the FSA has been actively inspecting crypto exchanges, particularly those that have been allowed to operate while their applications are under review. Among the 16 fully licensed exchanges, only GMO Coin and Tech Bureau have been issued business improvement orders so far.

Strengthening User Verification Measures

In its statement, Bitflyer clarified that prior to offering trading services to customers, the exchange asks for “Personal information, transaction purpose, occupation, [and] PEPs (those who occupy an important position in foreign governments etc.)” Users must also submit identification materials by registered mail. The exchange clarified:

We provide services only when we can confirm the agreement of the materials…If there is an error or inadequacy, service provision will not start. Also, in the event that the address is found unknown, the sale and purchase transaction is limited immediately.

Bitflyer further detailed its fraud prevention practice for Japanese yen withdrawals to bank accounts and unauthorized IP addresses. Countries with “risks of laundering and terrorist financing are subject to strict vigilance,” the exchange detailed, adding that “We will make strict verification by strengthening our customer support system in the future.”

Despite contesting media reports, Bitflyer announced some changes “After consultation with the agency,” the exchange wrote. Effective April 26, the exchange will not allow customers to send cryptocurrencies or withdraw Japanese yen until their identities and addresses have been confirmed by registered mail. In addition, purchasing high-value goods with bitcoin through the exchange is also only possible after the exchange has received the customer’s registered mail.

What do you think of Bitflyer strengthening its user verification process? Let us know in the comments section below.

Images courtesy of Shutterstock, FSA, Bitflyer.

Need to calculate your bitcoin holdings? Check our tools section.

The post Bitflyer Contests Reports of Insufficient Customer Verification Process appeared first on Bitcoin News.

The FBI has announced on Friday that Renwick Haddow, a 49-year old UK national, has been extradited to the US from Morocco to face charges at the Southern District Court of New York. He is accused of defrauding more than $36 million from victims by making material misrepresentations and misappropriating investment funds in two companies, Bitcoin Store and Bar Works.

Also Read: Malta Attracts Cryptocurrency Exchange Okex

Fake Bitcoin Broker Extradited

Haddow was arrested in Morocco under a provisional arrest warrant in July 2017 after the SEC filed fraud charges against him. He allegedly used sales representatives to cold call potential investors and sell securities in the two companies he controlled while hiding his involvement due to his shady past.

According to the SEC’s complaint, promotional materials presented to investors in both companies showcased senior executives who did not really exist, and misrepresented other key facts about the operations. Haddow allegedly diverted more than 80% of the in funds raised for Bitcoin Store, and sent more than $4 million from the Bar Works bank accounts to Mauritius and another $1 million to Morocco.

Up to 40 Years in Jail

The materials presented to Bitcoin Store investors claimed it was “an easy-to-use and secure way of holding and trading Bitcoin” and had generated several million dollars in gross sales. However, the SEC alleges that this company has never had any real operations nor generated the gross sales claimed. In 2015, for example, Bitcoin Store’s bank accounts allegedly received less than $250,000 in incoming transfers, none of which appear to come from paying customers. Haddow adopted the alias “Jonathan Black” to hide his involvement and falsely claimed an extensive background in finance.

“As alleged in our complaint, Haddow created two trendy companies and misled investors into believing that highly-qualified executives were leading them to quick profitability.  In reality, Haddow controlled the companies from behind the scenes and they were far from profitable,” Andrew M. Calamari, Director of the SEC’s New York Regional Office, explained as the time.

Haddow has now been charged with two counts of wire fraud, each carrying a maximum sentence of twenty years in prison.

Should the US act as the world’s bitcoin policeman? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Alleged British Bitcoin Scammer Extradited to US for Defrauding Over $36 Million appeared first on Bitcoin News.

Buying cryptocurrency has just become easier for all residents of the US capital, as the American bitcoin ATM network, Coinsource, has now expanded into the Washington DC metropolitan area. With this latest installment, the company now boasts of operating almost 200 machines across the US.

Also Read: Malta Attracts Cryptocurrency Exchange Okex

Crypto Capital

Coinsource, Texas-based bitcoin ATM network, has announced its first entry into the American capital. The company will install twenty machines across the District of Columbia and Maryland, saying it received significant demand from local users and merchants. The machines will be spread in convenient locations across the area, including a dozen in Washington DC, five in Baltimore, one in Towson, one in Oxon Hill, and one in Takoma Park.

Before this development, the city already had about five machines being serviced by five different operators. Additionally, several local restaurants, bookshops, and record shops have been accepting bitcoin as payment since last year.

“We are meeting Washington D.C. at an inflection point, where regulators are looking at the value and potential of decentralized currencies and blockchain technology,” said CEO of Coinsource Sheffield Clark. “All innovation over time has passed through our Nation’s Capital in one way or another, and we are happy to be now servicing Washington D.C. and the surrounding communities so that they can have easy access to buying and selling Bitcoin.”

Bitcoin Nation

The DC installation caps off a quarter of growth for the company after launching 10 machines in Rhode Island, New Hampshire, and Massachusetts in early February. Additionally, Coinsource introduced eight new machines in Denver, Colorado earlier this month. Coinsource currently has 182 machines across 18 American states, plus the District of Columbia.

CMO of Coinsource, Bobby Sharp, said, “We are expanding the Bitcoin ATM market further than it’s ever been in D.C., offering the lowest rates, exclusive remote enrollment and allowing for at-home account registration. This installment is especially significant to Coinsource, as the philosophy behind decentralized currency is and has always been about giving freedom back to the people. As a company I feel that we have been able to provide financial freedom to the underbanked and unbanked, and I am happy to bring our services to D.C.”

Which American politicians are going to be among the customers of these ATMs? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Coinsource Installs 20 Bitcoin ATM Machines Around Washington DC appeared first on Bitcoin News.

The mayor-president of the Louisiana city of Lafayette, Joel Robideaux, has proposed an ambitious plan that would see the city develop a government-issued cryptocurrency. Mr. Robideaux suggested the launching the cryptocurrency through an initial coin offering (ICO).

Also Read: Spring Sees Bitcoin Cash Adoption Rise

Lafayette Mayor Advocates Government-Issued Cryptocurrency

The government of a city in Louisiana has advocated the development of a state-issued cryptocurrency. The Lafayette mayor-president announced the bold proposal during his annual address at the Heymann Center.

Mr. Robideaux articulated a number of benefits that cryptocurrency could reap for the city, including positioning Lafayette as a technological hub, diversifying the local economy, and streamlining the delivery and financing of government services. Mr. Robideaux stated that a state-issued cryptocurrency would facilitate the “develop[ing] solutions targeting government inefficiencies, and, more importantly, alternatives for financing public infrastructure.”

“It’s not just a bunch of global libertarians that want unregulated, untraceable and secure digital currency transactions,” Robideaux emphasized, “It’s the recognition of global stakeholders that the world of banking, finance and payment systems is forever changed, that the world of healthcare, government and possibly every other industry is about to be disrupted.”

Poor Economic Performance for Lafayette

With Lafayette in desperate need of economic stimulus, many are describing Robideaux’s proposal as a desperate bid to inflate the city’s coffers. Among proposed measures, Mr. Robideaux pledged to reinvest profits generated through an ICO for the currency to “build a living lab of blockchain researchers and developers.”

Lafayette’s is not the only municipal government in the United States to recently propose the development of local state-backed cryptocurrency, with the city of Berkeley announcing its intention to launch a cryptocurrency through ICO in a bid to fund affordable housing projects in February.

To raise funds, Berkeley’s council plans to sell “crypto enabled micro-bonds,” offering investors modest returns that are tax exempt. Berkeley City Council Member, Ben Bartlett, stated: “This is not your typical ICO, but rather an initial community offering. We decide to explore new forms of finance in response to the cuts from DC and corporate tax cuts that took away our ability to fund affordable housing.”

Do you think that more municipal governments will seek to issue state-backed cryptocurrencies? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, lafayettela.gov

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The post Louisiana Mayor Proposes Government-Backed Crypto and ICO appeared first on Bitcoin News.

Indian exchange Coinsecure has announced its plan to repay customers for stolen bitcoins as well as a 10 percent bounty to anyone who helps recover them. The exchange claims it was an inside job, and suspects its chief security officer of playing a role in siphoning off the money.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

A 10 Percent Bounty

Coinsecure has announced a bounty of approximately 20 million rupees, worth approximately US$306,722 at press time, “to anyone who helps them recover the lost bitcoins,” the Economic Times reported on Saturday.

The exchange confirmed that it lost 438.31859715 BTC on April 8, worth approximately Rs 20 crore or US$3,067,220. The coins were stolen from an offline wallet holding users’ funds, the news outlet detailed. While the exchange has about 2 million users, “Some 11,000 customers are said to be affected by the reported theft which is the biggest cryptocurrency theft in India,” the publication added. The exchange subsequently halted all deposits and withdrawals.

A statement was issued by the company on Friday, clarifying:

We are also seeking help from the Bitcoin community and all our users who can help us identify the hacker or give us any information that could lead us to recover funds…We are happy to issue a bounty of 10% to the community for help rendered for [the] recovery of BTC.

Where Did the Coins Go?

Coinsecure revealed that the address where stolen bitcoins were transferred to is 1BaEJquitskdXcTj53Uy6PuUtJ5a8ETWpA. At the time of this writing, there have been 973 transactions through this address and the final balance is 139.42094629 BTC.

The stolen coins were “transferred to the hacker’s wallet over a span of two days in small tranches” and then sent to multiple addresses, the news outlet described, noting:

The exchange claims an insider job in the theft and suspects its chief security officer, Amitabh Saxena, of playing a role in siphoning off the money. Coinsecure also requested Delhi police to seize Saxena’s passport, fearing that he may leave the country.

The police are currently investigating the case. The exchange has filed a theft report with the Delhi Cyber Crime Cell under Section 66 of the IPC and the IT Act. According to News18, “the company’s servers have been seized to get information about [the] hack…Many senior officials of the company have [also] been called for questioning.”

Moreover, the news outlet wrote, “Coinsecure tried to track the hackers, but the wallet was stolen, their data log was erased. For this reason, there was no clue about the transfer of bitcoins.”

Repayment Plan

The company announced on Saturday that “should we be able to recover all of our BTC, all our customers’ BTC holdings will be refunded as per the balance they held with Coinsecure.” However, the exchange warned that:

If recovery of siphoned BTC is not possible, then we will apply the lock in rates as of the 9th of April, 2018. 10% of the coin holding balance will be refunded in BTC and 90% will be returned in INR.

“Details on procedures to be followed will be issued sometime next week, as we are planning on how we can go back online and help with withdrawals of INR and BTC balances, and are waiting for the go-ahead from the authorities,” the exchange elaborated.

What do you think of Coinsecure’s bounty and repayment plan? Do you think it was an inside job? Let us know in the comments section below.

Images courtesy of Shutterstock, Blockchain, and Coinsecure.

Need to calculate your bitcoin holdings? Check our tools section.

The post Coinsecure Announces Repayment Plan and Bounty for Stolen Bitcoins appeared first on Bitcoin News.