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Cryptocurrency Titan Coinbase Providing “Geo Tracking Data” to ICE

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Cryptocurrency Titan Coinbase Providing “Geo Tracking Data” to ICE

Coinbase, the most important cryptocurrency change in the US, is promoting Immigrations and Customs Enforcement a set of options used to trace and establish cryptocurrency customers, in keeping with contract paperwork shared with The Intercept.

Information of the deal, doubtlessly price as a lot as $1.37 million, was first reported final September, however particulars of precisely what capabilities can be provided to ICE’s controversial Homeland Safety Investigations division of have been unclear. However a brand new contract doc obtained by Jack Poulson, director of the watchdog group Tech Inquiry, and shared with The Intercept, reveals ICE now has entry to quite a lot of forensic options offered by way of Coinbase Tracer, the corporate’s intelligence-gathering instrument (previously often known as Coinbase Analytics).

Coinbase Tracer permits shoppers, in each authorities and the personal sector, to hint transactions by way of the blockchain, a distributed ledger of transactions integral to cryptocurrency use. Whereas blockchain ledgers are sometimes public, the big quantity of information saved therein could make following the cash from spender to recipient past tough, if not inconceivable, with out assistance from software program instruments. Coinbase markets Tracer to be used in each company compliance and legislation enforcement investigations, touting its potential to “examine illicit actions together with cash laundering and terrorist financing” and “connect [cryptocurrency] addresses to actual world entities.”

Based on the doc, launched through a Freedom of Info Act request, ICE is now capable of monitor transactions made by way of practically a dozen completely different digital currencies, together with Bitcoin, Ether, and Tether. Analytic options embrace “Multi-hop hyperlink Evaluation for incoming and outgoing funds,” granting ICE perception into transfers of those currencies, in addition to “Transaction demixing and shielded transaction evaluation” geared toward thwarting strategies some crypto customers take to launder their funds or camouflage their transactions. The contract additionally gives, provocatively, “Historic geo monitoring information,” although it’s unclear what precisely this information consists of or from the place it’s sourced. An e mail launched by way of the FOIA request reveals that Coinbase didn’t require ICE to comply with an Finish Consumer License Settlement, customary legalese that imposes limits on what a buyer can do with software program.

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Coinbase didn’t present an on-the-record remark.

Coinbase has lately made a concerted effort to pitch its intelligence options to authorities companies, together with the IRS, Secret Service, and Drug Enforcement Administration. Earlier this month, Coinbase CEO Brian Armstrong testified earlier than a congressional panel that his firm was keen to help the reason for Homeland Safety. “In case you are a cyber legal and also you’re utilizing crypto, you’re going to have a nasty day. … We’re going to monitor you down and we’re going to search out that finance and we’re going to hopefully assist the federal government seize that crypto.” Coinbase’s authorities work has proved extremely controversial to many crypto followers, owing maybe each to the long-running libertarian streak in that group and the truth that these currencies are so continuously used to facilitate varied types of fraud.

The Coinbase Tracer instrument itself was birthed in controversy. In 2019, Motherboard reported that Neutrino, a blockchain-analysis agency the corporate acquired with a view to create Coinbase Tracer, “was based by three former staff of Hacking Workforce, a controversial Italian surveillance vendor that was caught a number of instances promoting adware to governments with doubtful human rights data, resembling Ethiopia, Saudi Arabia, and Sudan.” Following public outcry, Coinbase introduced these staffers would “transition out” of the corporate.

Homeland Safety Investigations, the division of ICE that bought the Coinbase instrument, is tasked not solely with immigration-related issues, aiding migrant raids and deportation operations, however broader transnational crimes as properly, together with varied types of monetary offenses. It’s unclear to what finish ICE can be utilizing Coinbase. The company couldn’t be instantly reached for remark.

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New cryptocurrency GBTC hits 5M: What is Green Bitcoin, and why are traders backing it for its upside potential?

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New cryptocurrency GBTC hits 5M: What is Green Bitcoin, and why are traders backing it for its upside potential?
Newly rising Green Bitcoin recently crossed the $5 million milestone today as traders back the $GBTC token for huge upside potential due to its unique supply shock dynamics. The project intends to foster a flourishing blockchain full of activity through its predict-to-earn mechanism, allowing users to predict Bitcoin’s price and earn massive rewards.

With the presale rapidly progressing, the early adopter’s opportunity to get positioned at the lowest price is quickly running thin as the price consistently increases in the unique fundraising design.

Spotlight Wire

Green Bitcoin officially crossed the $5 million fundraising milestone, as traders back the predict-to-earn protocol for considerable gains in the coming weeks. The project has created a unique staking mechanism that allows users to place forecasts on the future price of Bitcoin to earn massive rewards scaled to their level of investment while earning staking rewards simultaneously.Green Bitcoin is being hailed as a greener alternative to Bitcoin. It combines Bitcoin’s legacy with Ethereum’s co-friendly proof-of-stake mechanism. As a result, Green Bitcoin has birthed an ecosystem tied to Bitcoin’s price through price predictions with no environmental impact.

The project intends for its blockchain to experience a high level of activity. Its users will consistently stake $GBTC to participate in the daily price contests and earn massive rewards. The price contests are rooted in the staking system, and the team will release new daily and weekly challenges based on Bitcoin’s price action to keep the content fresh.

What is Green Bitcoin, and how does it reward users for accurate price forecasts?

image2 (9)Spotlight Wire

Green Bitcoin introduces a novel staking ecosystem called Gamified Green Staking. This ecosystem allows users to stake $GBTC tokens to be eligible to place daily price predictions on Bitcoin’s value. Those who accurately place correct forecasts are proportionally rewarded from the daily mining rewards pool, scaled to their level of commitment to the ecosystem.Green Bitcoin pays homage to Bitcoin’s legacy. Its rewards are distributed to winners every ten minutes, in line with the original Bitcoin block schedule. Contestants can claim their accumulated rewards from the protocol once every 24 hours to keep transaction costs low. The team has allocated an enormous 27.5% of the entire $GBTC supply to provide the rewards for accurate predictions for the next two years.

image1 (11)Spotlight Wire

Users must lock their $GBTC into the Gamified Green Staking mechanism and submit their forecast before 11:30 PM EST to participate. At midnight, the smart contract will tally the day’s stakes against the actual price of Bitcoin and reward forecasts that land in the ‘Green Zone.’

As mentioned, the rewards earned depend on the level of investment made and the duration committed to the ecosystem. For example, those who have staked their $GBTC tokens in the Gamified Green Staking mechanism for more than a week are entitled to a 5% bonus on top of their regular daily rewards to recognise their extended commitment.

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Those staking their tokens while participating in the daily price contests also earn an APY reward on top of their holdings through daily passive staking. The staking currently provides a 110% APY return, further incentivising users to keep their $GBTC locked into the ecosystem.

Why are traders backing it for huge upside potential?

image5 (7)Spotlight Wire

Traders are quickly flocking to the presale, expecting upside potential for $GBTC due to its supply constraint dynamics.

Influential YouTubers ClayBro and Matthew Perryare backing the project with bullish views. They believe the unique staking system will cause $GBTC to surge following its exchange listing.

Users are required to stake their $GBTC into the ecosystem to participate in the price contests, so the tokens aren’t available for purchase on the open market. As a result, these experts predict that there might be a supply shock on centralised and decentralized exchanges as most $GBTC will be locked into the ecosystem.

Therefore, newcomers to $GBTC will likely be forced to pay higher prices to acquire the token and participate in the predict-to-earn ecosystem following the presale.

Investors are comparing the supply dynamics for Green Bitcoin as very similar to those of Bitcoin itself, which is currently experiencing a pre-halving rally ahead of its block reward cut. Both cryptocurrencies will likely experience massive supply shocks on the open market, causing prices to surge.

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How to buy $GBTC today

$GBTC can be purchased at presale prices through the project’s website. Green Bitcoin is utilising the Web3Payments gateway to ensure the safety and security of everybody investing.

  1. Go to the official $GBTC presale page.
  2. Fund your wallet with $ETH or $USDT and connect to the Web3Payments widget.
  3. Use the presale widget to swap your currency for $GBTC, entering the desired amount you wish to purchase.
  4. If you prefer plastic, order $GBTC tokens to your wallet using your credit/debit card.

Once purchased, your $GBTC will be automatically staked, allowing you to start earning a return on your investment throughout the presale stage. You can claim your $GBTC through the same portal when the token officially launches.

Overall, it’s unsurprising to see investors rushing to the $GBTC project, which, with its unique staking dynamics, is about to cause a supply shock on the open market, leading to much higher prices following the presale.

Buy $GBTC today.

Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.

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Grab users can now pay using cryptocurrency

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Grab users can now pay using cryptocurrency

Grab users can now pay in cryptocurrency following a partnership between the tech company and licensed payments provider Triple-A.

Under the partnership, Grab users can top up their GrabPay wallet via digital payment tokens, said a Grab spokesperson when MARKETING-INTERACTIVE reached out.

In addition, the new feature provides users with added flexibility and convenience as it allows them to convert their digital assets, such as stablecoins, into usable funds in their GrabPay wallets. 

Don’t miss: Grab tests new feature pairing female drivers with female passengers 

Some cryptocurrencies users can make payments with include Bitcoin, XSGD, Ethereum, USDC and USDT. 

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By expanding the top-up options to include digital payment tokens, Grab can now provide users with a seamless and efficient way to access the company’s wide range of services. 

The feature is currently only available in Singapore. That said, Grab will continue to monitor user adoption and respond to demand for such services, it said. 

This isn’t Grab’s first partnership with Triple A. In 2021, Triple A partnered with Grab to allow users to buy digital currencies via GrabPay through TransCrypt. 

“Grab recognises the growing interest in digital currencies, and our partnership with Triple-A demonstrates our openness to thoughtful collaborations in this space,” said Wong Wenbin, head of GrabPay, Grab Financial Group Singapore in 2021.

“Working with players such as Triple-A who are recognised by the regulator also affirms our commitment to widen our offerings for our users in a safe and measured way.” 

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Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry

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Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry

The Argentine Senate passed a law that creates a registry for any institution that offers cryptocurrency services in the country. The CNV, the Argentine securities enforcer, will manage this registry, which also establishes obligations for crypto companies to deliver personal information on their customers and other data to government entities. Argentine Senate Passes Crypto Anti-Money […]

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