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QuadrigaCX’s co-founder Michael Patryn is allegedly formerly known as Omar Dhanani, who operated a credit card fraud scheme in 2002. A co-founder of controversial QuadrigaCX exchange was reportedly involved in multiple criminal activities in the past, Bloomberg reports on March 19. Michael Patryn, who co-founded Canadian crypto exchange QuadrigaCX along with Gerald Cotten in 2013, was previously known as Omar Dhanani, a person that was involved in multiple crimes in the United States, Bloomberg states. $145 million in clients’ crypto assets was found to be missing from the QuadrigaCX exchange after its co-founder and CEO Cotten died at the age of 30 from complications of Crohn’s disease in December 2018. The exchange is now ongoing legal and financial proceedings amid the controversy over the missing funds, having appointed Ernst & Young as an independent monitor in its creditor protection case. Patryn reportedly left QuadrigaCX in 2016, citing a fundamental disagreement with Cotten o..
Brendan Blumer, the founder and CEO of Block One, the company responsible for the blockchain project EOS has out his weight behind the world’s first and biggest cryptocurrency, Bitcoin. Blumer took to is social media account to declare that bitcoin will eventually surpass gold to become the world’s number one store of value. He tweeted: “Over the next two decades, #Bitcoin will replace #gold as the leading commodity to store value” To replace gold, bitcoin’s market capitalization has to match gold’s outstanding of $7 trillion which is, to say the least, a herculean task. Assuming all 21 million Bitcoins are mined, each Bitcoin must be worth at least $333,333 to match gold’s outstanding. Put in perspective, Bitcoin is trading around $4,000 and reached an all-time high of around $20,000 in 2017. There are some who believe that the scarcity that will be created when all bitcoins are mined will cause the price of bitcoin to skyrocket to unimagined highs. But again, when all bitcoins ar..
Ethereum co-founder Joseph Lubin said that he expects blockchain to be most of the global economy in 10 to 20 years. Ethereum (ETH) co-founder Joseph Lubin said that he expects the global economy will be 10 times larger in 10 to 20 years, when blockchain is fully ramified, and blockchain will be involved in most of it. Lubin made the statement at the SXSW conference in Austin on March 14. During the same keynote, Lubin also pointed out that just as nowadays there aren’t many “normal” people using blockchain-based systems, “there weren’t a lot of ‘normal’ people firing email around in 1983.” He also reiterated the promises of Ethereum 2.0, stating that there are a lot of inefficiencies present in Bitcoin (BTC) and the current version of Ethereum that Ethereum 2.0 won’t have: “In Bitcoin and currently in Ethereum, you need to have specialized hardware, burn lots of electricity, waste lots of computation, to basically keep everybody in sync. [With Ethereum 2.0, in 18 months] we’ll have a..
Joseph Lubin said that blockchain-based platforms can give artists more control over how their content is distributed as well as cut out middlemen. Ethereum co-founder and ConsenSys creator Joseph Lubin said that blockchain technology and decentralization can benefit content creators and journalists. Lubin spoke about different industries that are benefitting from blockchain technology in a video on March 12. In the video, Lubin said that artists are “set to benefit quite dramatically” from blockchain, as it allows them to attach policies and stipulations for how the content is consumed and shared i.e. derivative works, streaming, public performances, etc. In Lubin’s view, it also allows them to eliminate middlemen: “I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform.” Lubin continu..
On-chain Crypto Lending: The Path To The Mainstream. One of the hottest topics in cryptocurrency right now is the potential ability for distributed ledger technology to transform the borrow and lending activities in traditional banking. This helps banks solve two major issues: application of legal actions and liquidity. But “on-chain” technology could solve another essential, but less recognized, problem: credit. In theory all the information is right in front of you on the blockchain, but the utopian world and the real world are two different things. There remain some significant pain points that are holding back “on-chain” borrowing and lending from really taking off and entering the mainstream. I see the following three as the most critical: Maturity of Technology -- For lenders and borrowers, security and credit are the top considerations. But since blockchain technology has not yet garnered complete trust with the average investor or traditional banks, people are often left quest..
Jennifer Robertson is seeking $225,000 in repayment for costs associated with QuadrigaCX’s creditor protection proceedings. The widow of the founder of now-defunct cryptocurrency exchange QuadrigaCX has asked the court for $225,000 in compensation for legal costs, Bloomberg reports on March 4. Jennifer Robertson, the wife of late QuadrigaCX founder Gerry Cotten, is seeking repayment for financing used to help the crypto exchange acquire court-approved protection from creditors. After $145 million in crypto assets went missing following Cotten’s death, Robertson provided interim financing for legal proceedings. According to Bloomberg, Robertson paid CA$300,000 (~$225,000), which covered Big Four audit firm Ernst & Young’s (EY) appointment as a monitor to the legal proceedings, in addition to fees associated with filing under Companies’ Creditors Arrangement Act (CCAA) and appointing new directors. Currently, QuadrigaCX is reportedly overseen by Robertson and her step-father, Tom Beazle..
Ethereum’s co-founder Vitalik Buterin declared that he was trying to solve Bitcoin’s limited functionality with Ethereum. Ethereum (ETH) co-founder Vitalik Buterin has stated he was trying to solve Bitcoin’s (BTC) limited functionality with the creation of Ethereum, according to an interview with Business Insider published on Feb. 28. During the interview, Buterin compared Bitcoin to a plot key calculator, stating that it does one thing and it does it well, while he believes Ethereum is more like a smartphone, which can run apps capable of doing almost everything, including acting as a plot key calculator. Buterin concluded by defining his solution in a single sentence: “So [what I did is] basically taking that same kind of [smartphone] idea of increasing the power of the system by making it more general purpose and applying it to blockchains.” As Cointelegraph reported in February, Buterin has disclosed that his crypto investments are virtually exclusively devoted to the Ethereum..
Apple co-founder Steve Wozniak declared that he thinks “we’ve seen massive value creation” when asked about Bitcoin’s potential. Apple co-founder Steve Wozniak declared that he thinks “we’ve seen massive value creation” when asked about Bitcoin’s (BTC) potential in an interview with Bloomberg published on Feb. 26. When Bloomberg asked Wozniak if he still expects Bitcoin to become the world’s currency in the future — an idea he expressed in June last year — after “we’ve seen massive value destruction in Bitcoin,” the entrepreneur countered: “I’m not sure I can buy that we’ve seen massive value destruction, I think we’ve seen massive value creation.” Apple’s co-founder then argued that oftentimes psychology drives market dips, with fear in part determining price. Wozniak clarified that he was not interested in Bitcoin “as an investor” and that he “only had Bitcoin to experiment with,” clarifying that he had used the crypto as a form of payment. Wozniak also noted that he had sold all of..
Reddit co-founder Alexis Ohanian claimed that the crypto hype is gone, leaving space for true crypto believers. Alexis Ohanian, co-founder of Reddit and known crypto bull, claimed that the crypto hype is gone, leaving space for true crypto believers. Ohanian spoke on the subject in an interview with Yahoo Finance released on Feb. 22. When asked if he is still a big believer in crypto, Ohanian acknowledged that the current state of the market is undoubtedly still considered to be a crypto winter, which means crypto prices are depressed. However, citing Coinbase CEO Brian Armstrong, Ohanian emphasized that the bear market has contributed to the elimination of speculators, while true crypto believers have stayed to build real crypto infrastructure. Ohanian elaborated that in his opinion, the extinction of the hype around the crypto and blockchain space is actually a good thing for industry development. He said: “Now, it's still to be seen. But what's a strong signal to me is st..
Gerald Cotten, founder of crypto exchange QuadrigaCX, purportedly stored paper copies of the exchange’s keys in a safety deposit box. The founder of major Canadian crypto exchange QuadrigaCX, Gerald Cotten, may have stored the exchange’s private keys on paper in a safety deposit box, Bloomberg reported on Feb. 15. In an interview on the “True Bromance Podcast” in February 2014, Cotten warned of the danger of losing keys to cold wallet storage systems, and thus losing access to the assets stored on them. “Even the U.S. government, with the biggest computers in the world, could not retrieve those coins if you’ve lost the private key. It’s impossible to retrieve those," Cotten said. Cotten further explained that the best way to keep private keys — which are basically a chain of numbers and letters — is to print them off and store them offline in a safety deposit box. “So that way you can never have your Bitcoin (BTC) stolen, unless someone, like, breaks into the bank, steals your safety ..