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$1B in Wrapped Bitcoin now being audited using Chainlink’s ‘Proof of Reserve’

Wrapped Bitcoin is now even safer with Chainlink oracles checking custody wallets every ten minutes. Wrapped Bitcoin custodian BitGo has adopted Chainlink’s Proof of Reserve mechanism in order to boost the transparency and auditability of the tokenized asset for DeFi protocols. The functionality, which is currently live on testnet, enables Ethereum-based dApps to completely automate the burden of auditing wBTC. The move comes as the amount of Wrapped Bitcoin on Ethereum approaches $1 billion in value, or the equivalent of over 92,500 BTC. The mechanism negates the need to rely on manual off-chain processes such as audit reports. It streamlines…

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Bitgo Plans to Launch Wrapped Bitcoin on the Tron Blockchain

Soon there will be another network that allows people to tokenize BTC in order to leverage the underlying blockchain’s speed and fees. On September 24, Bitgo, the custodian of the Wrapped Bitcoin project (WBTC), the most popular tokenized BTC platform to-date, announced a partnership with Tron. Members of the crypto ecosystem will soon be able to leverage WBTC via the Tron (TRX) network. Just like the tokenized BTC created using Ethereum’s ERC20 token standard, the Wrapped Bitcoin (WBTC) team will utilize the TRC20 token standard from Tron’s infrastructure. Similarly, all the BTC deposited is backed by the Bitgo Trust, and…

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BitGo seeks to become a qualified crypto custodian in New York state

Digital asset financial services firm BitGo has formally applied for a New York Trust Charter from the NYDFS. Digital asset financial services firm BitGo is applying to become a qualified cryptocurrency custodian in New York state. In its announcement on Aug. 25, BitGo said its decision was spurred by fresh regulatory developments in the United States —- specifically, the Office of the Comptroller of the Currency’s recent granting of permission to federally chartered banks to custody cryptocurrencies. As a consequence, BitGo says it is “expecting a dramatic increase in market demand for its products and services from banks, pension funds,…

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No, Crypto Payments Won’t Ruin Russia’s Financial System, Key Players Say

Is Russia harming its economy by banning crypto payments? As Russia is about to officially ban crypto payments within its borders starting on Jan. 1, 2021, Cointelegraph tracked down some senior executives in the crypto industry to talk about the implications of such a ban.Russia’s primary crypto opponent is Anatoly Aksakov, a member of the State Duma and a key architect of Russia’s crypto ban. In mid-August, Aksakov argued that legalizing crypto payments basically “means the destruction of a financial system.”Speaking to Cointelegraph, major global crypto figures like BitGo CEO Mike Belshe and Binance’s head of operations in Russia and…

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Swipe Is the Latest Project to Integrate Chainlink’s Price Oracles

The rising price of Link will not deter Swipe’s march to decentralization. Swipe wallet and crypto debit card platform has integrated Chainlink (LINK) data oracles to improve the accuracy of reward issuance and token burns. Swipe CEO Joselito Lizarondo said Chainlink’s decentralized price feeds will provide more accurate and fair token conversion prices for users and was an important step towards  greater decentralization:“This is important to us to bring transparency to our users, especially as we're kind of leaning towards starting to migrate from custodial products to noncustodial products in the future. So this is a starting point of decentralization in…

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Invest 3% in Bitcoin to Avoid COVID-19 Lockdown Devaluation — BitGo CEO

The U.S. has made a rod for its own back with lockdown, and institutional investors already know it, argues Mike Belshe. Coronavirus lockdowns will force people out of fiat currency and into gold and Bitcoin (BTC), the CEO of cryptocurrency asset manager BitGo has warned.In a series of tweets on Aug. 12, Mike Belshe strongly urged investors to divert a minimum of 3% of their portfolio into Bitcoin.Belshe: investors will move from cash to gold, BitcoinAs multiple jurisdictions around the world reenter compulsory lockdown conditions, Belshe said that in the United States, the government had made a prison for itself…

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Bitfinex Offers $400 Million Bounty for Information on Stolen BTC

Major cryptocurrency exchange Bitfinex suffered a terrible hack in 2016 that saw over a billion dollars’ worth of cryptocurrencies transferred out of its platform. To mark the event’s anniversary, the exchange is offering what could very well be the highest bounty ever in the crypto industry. Making Things Right Earlier today, Bitfinex published a blog post explaining that it offered up to $400 million in rewards for anyone who could provide useful information concerning the hack. The company’s post reeked surprising desperation, as the exchange claimed that it was prepared to reward the hackers behind the attack if they turned themselves…

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Bitfinex Hackers Move $38 Million in Stolen Funds 

Hackers appear to be moving some money from one of the most infamous hacks in the history of the crypto space. Yesterday, crypto-asset tracker Whale Alert posted a series of tweets showing that wallet addresses associated with a hack on famous exchange Bitfinex had moved 3,503 BTC (worth about $37.8 million) over 12 transactions. An Unfortunate Event The transactions happened between July 27 and 28, with the largest of them being a single 476.32 BTC (about $5.2 million) movement. The smallest transaction involved 2.612703 BTC ($28,849 at press time). The last notable move from these wallets came in August 2019, when the…

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Researchers Say Coinbase, BitGo, and Binance Can Find Attackers Behind Twitter Scam

Coinbase, BitGo, and Binance might know the attackers behind the Twitter scam that perpetuated a bitcoin “giveaway” this week, as per one on-chain analytics firm. Tracking Bitcoin Trails Crystal Blockchain, a BitFury division that provides money laundering and on-chain compliance tools through its products, tracked bitcoin trails associated with the hacker’s addresses. The firm believesRead MoreRead More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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