Roundup – 17/01/2019 – Binance Froze Stolen Crypto Funds – Security Debate Sparked & more

Binance Froze Stolen Crypto Funds – Security Debate Sparked

The exchange Cryptopia was hacked yesterday and the hackers apparently sent the funds to Binance. As the funds can be tracked via the blockchain a Twitter user reported that the hackers send the funds to their accounts on Binance. The Twitter user @ShaftedTangu notified Binance about this and the exchange quickly reacted to this by freezing the funds. However, a controversy began as Changpeng Zhao tweeted the following statement:

Twitter users critized that Binance relies on social media to report the illegal use of funds. According to them, it is critical for an exchange as Binance to have reliable blockchain analysis that would spot such irregular transactions on the blockchain automatically.

Ford To Fight Cobalt Mines Exploitation In The DRC Through Blockchain

Electric cars run on lithium-ion batteries which are made using cobalt and other inputs and the DRC has 60% of the global cobalt reserves. However, in a country where the government is virtually nonexistent in some areas, Cobalt mining is controlled by cartels that buy cobalt from locals who mine the resource in inhuman condition without any form of protective gear. Worse still, the miners, who also include underage children and women, are paid poorly and the proceeds from cobalt exports rarely find their way to fund social courses like schools, hospitals or churches.

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Bitpay Reports Transactions Over $1 billion 

Bitpay the popular payment processor reported that it has processed yet again over $1 billion for 2018. It is the second year in a row that Bitpay is able to report this. Their report does not indicate that the processed money is well above the sum in 2017. However, given the performance of Bitcoin and cryptocurrencies in general, the stability and growth of Bitpay is remarkable. Bitpay focusses on merchants to give them the opportunity to accept Bitcoin and Altcoins. However, the company reports a 255% growth in B2B operations. 

BitFury Surround Unveiled For The Music And Entertainment Industry

A Blockchain technology company based in the US, BitFury has launched a Blockchain platform for the music and entertainment industry. The new network has been labeled as BitFury Surround and is primarily targeting to eliminate the challenges that artists in the music industry face. It also extends its solutions to the problems that stakeholders in the entertainment industry grapple with in their day to day operations.

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