The tech veteran was speaking at the Global Business Summit 2018 in New Delhi when India Economic Times reported him admitting to the audience he had lost the funds – seven bitcoins to be exact – now worth about $75,000. “I had seven bitcoins stolen from me through fraud. Somebody bought them from me online through a credit card and they cancelled the credit card payment. It was that easy!” the publication quotes him as saying. Despite multiple publications subsequently picking up on the story, Wozniak has yet to confirm more information about the theft, and the unusual circumstances surrounding the loss. The trade appeared to have closed with Wozniak sending the bitcoins before receiving the fiat funds – something p2p cryptocurrency trading platforms such as Localbitcoins firmly warn users against doing. It remains unclear whether Localbitcoins or other major platform was used for the trade, and whether an escrow feature – that would have prevented the possibility of credit card fraud – was available. Nonetheless, the weak link allowing the fraud to be successful appears to lie either in the susceptibility of credit card data to fraud or human error in sending bitcoins without confirmation of funds receipt.
IndusInd Bank, which is based in India, announced its partnership with Ripple, the enterprise blockchain solution for Global Payments, to facilitate payments into and out of India. With this affiliation, RippleNet can now provide instant access in emerging markets such as India, Brazil and China.
IndusInd Bank plans to leverage the Ripple technology to build further on its existing payments business, because blockchain technology for payments reduces both cost and transfer time significantly. In 2017, India saw a total of $65 billion move into the country and IndusInd Bank, which has significant interests in cross border remittances, plans to harness the power of Blockchain technology for facilitating global payments. By joining RippleNet, banks can also communicate information about a payment between each other, and settle payments immediately. Continue reading IndusInd Bank ties up with Ripple for Global Payments
Online finance company Credit Karma and research firm Qualtrics shared the results of a survey that kept a close eye on 250,000 Americans and their tax activities in terms of cryptocurrency. 100 or fewer of these people filed for cryptocurrency taxes while the rest of them did not. The reasons were not unintentional – prior to the study, another one was conducted last month where 57% of 2,000 Americans admitted that they profited from cryptocurrency gains. Considering how 2017 was a roller coaster ride for crypto users, many people have gained a large sum of money by either shorting virtual currencies or selling them when the price broke records. Even before the study, Internal Revenue Service (IRS) had been tightening its hold around cryptocurrencies, warning people to pay their taxes on time. Last year, IRS won a court case against online exchange Coinbase to hand over information of 140,000 Coinbase users. These users were filtered out as ones who sent or received more than $20,000 from 2013 to 2015. IRS even employed a team to investigate people who used cryptocurrency to avoid taxes. Around 57% of people in the study also reported that they didn’t pay taxes to IRS and almost half of those knew that taxes were applicable on crytocurrencies. The situation requires attention since this topic has been gaining momentum for a very long time. Exploring the behavior of these people, Jagjit Chawla, Credit Karma’s general manager, said, “Generally, Americans with more complex tax situations file later in the tax season, especially if they expect that they’ll owe money. However, given the popularity of Bitcoin and cryptocurrencies in 2017, we’d expect more people to be reporting.”
The Litecoin price posted a lonely decline on Tuesday after LitePay’s much-anticipated debit card launch was scrubbed at the last minute and delayed indefinitely. The cryptocurrency markets continued to shake off their weekend slump on Tuesday, and most large-cap cryptocurrencies posted strong returns against the US dollar. But while the cryptocurrency market index rose by seven percent, Litecoin became the lone top 15-cryptocurrency to post a single-day decline. At present, the Litecoin price is $217 on cryptocurrency exchange Bitfinex, which represents a single-day decline of four percent and translates into a $12.1 billion market cap.The largest slice of Litecoin trading volume is concentrated on OKEx, which accounts for more than 31 percent of all LTC volume. Notably, KRW pairs — which often spur on altcoin rallies — currently comprise a relatively small amount of Litecoin trading.
Leading Japanese e-commerce platform Rakuten will transition its rewards program to a blockchain-based system featuring a company-developed cryptocurrency. Rakuten CEO Hiroshi “Mickey” Mikitani made this announcement at the Mobile World Congress in Barcelona, according to a TechCrunch report, explaining that the token would be called Rakuten Coin. Rakuten Coin will replace the Tokyo-based company’s current “Super Points” program, which has long been regarded as one of the most robust loyalty programs in the e-commerce ecosystem, and its customers have collectively earned approximately $9.1 billion in points over the program’s 15-year history. Mikitani did not announce a release date for Rakuten Coin, but he previewed that it will be integrated into all of the firm’s many subsidiaries, which include Ebates, PriceMinister, and Viber. At present, it is unclear whether Rakuten Coin will run on its own, company-controlled blockchain or whether it will be built atop another blockchain — such as Ethereum, Stellar, NEM, or NEO — using smart contracts.