Coinbase declines to issue reimbursement to a hacking victim amid Base AML/KYC concerns

According to a March 7 Bloomberg article, Coinbase declined to take responsibility for a hacking victim or issue a reimbursement. The firm gave its response in a court filing on March 6 in response to an account holder who lost $96,000 last year.

The firm emailed the victim, Jared Ferguson of New York, and claimed it was his fault rather than theirs:

“Please note you are solely responsible for the security of your e-mail, your passwords, your 2FA codes, and your devices,”

Ferguson filed a lawsuit against Coinbase in May 2022, citing losses brought on by a security vulnerability. He said that Coinbase’s email explicitly denied any liability for the hacking of its users’ accounts.

The victim claims he never requested a SIM card swap but nevertheless received an SMS from his mobile provider mentioning it. The next day, when his device’s service was restored, he found that his Coinbase account had been empty. Also, it held practically all of his savings.

Ferguson asserts that Coinbase is accountable for unlawful withdrawals under state and federal law. However, America’s multi-billion dollar cryptocurrency exchange disagrees.

The lawsuit claims that Coinbase’s security system failed to identify and hold “clearly fraudulent and unlawful transactions,” which is the case’s key argument.

In less than eight hours, he claims, a new gadget drained the account. Additionally, this happened right away after his password was changed from an IP address that had never before been connected to his account.

A SIM switch assault cost another victim in 2021 $7,200 from a Coinbase account. Once more, the business declined to cover the losses. Although the firm is the market leader in the US, it has frequently come under fire for its poor customer service.

Coinbase CEO reveals that the new layer-2 network may have AML controls

In related news, Coinbase CEO Brian Armstrong made a suggestion that the company’s upcoming layer-2 blockchain network Base might be launched with transaction monitoring and anti-money laundering controls.

Armstrong stated that Base currently has some centralized components in an interview with Joe Weisenthal on Bloomberg Radio on March 6, but he also said that “it will be more and more decentralized over time.”

However, he went on to say that users of the new layer-2 network will be subject to transaction monitoring and AML rules.

He went on to say that Coinbase will have responsibility for transaction monitoring. Adding,

“I think that the centralized actors are the ones that are probably going to have the most responsibility to avoid money laundering issues and having transaction monitoring programs and things like that.”

Chris Blec, a proponent of decentralization, brought attention to Armstrong’s remarks in a March 7 tweet.

According to Coinbase, Base is an Ethereum layer-2 network that provides customers with a safe, affordable, and developer-friendly means to create decentralized apps.

It is being created using Optimism’s “OP Stack,” which will allow for quick transactions on Ethereum. Base entered the testnet phase on February 23 after its unveiling. Although Coinbase hasn’t yet announced a mainnet launch date, it is anticipated to occur in Q2, 2023.

In a blog post published in late February, five days after the company revealed Base, Blec issued a warning on Coinbase’s most recent layer-2 offering.

Because of the employment of “sequencers,” which are “nodes that generate and execute L2 blocks while relaying users’ activities from L2 to L1,” he said that layer-2 infrastructure was extremely centralized.

The single sequencer for Base will be run by Coinbase, a licensed money transmitter. This raised the issue of whether Base will become the first-ever L2 to impose Know Your Customer (KYC) rules formally.

Coinbase hasn’t confirmed or denied whether Base would be implementing KYC and AML measures

Crypto exchange Bitrue seeks first traders for copy trading launch

Crypto exchange Bitrue is set to launch its Copy Trading platform, providing all users with a fair, transparent, and efficient trading platform. The Copy Trading function is set to go online in March 2023. 

According to the announcement, interested users can sign up to become a trader pre-launch by completing a form attached to Bitrue’s Medium and Zendesk announcements. With the platform’s low barrier of entry, it is an excellent opportunity for users to profit from futures trading and double up their income through the Bitrue Partner Program. 

Once a user becomes a Trader on Bitrue’s Copytrading platform they share Profits with Followers: On top of your regular trades, you can earn additional income from followers who copy your trade strategies. A trader can share up to 40% of profits from follower trades.

Additionally, the new platform is compatible with the Bitrue Partner program therefore a user can earn double their income when they bring in followers. Build and grow a following of traders through Bitrue’s Copytrading platform and become an influencer.

Bitrue platform vs traders

The Company also highlighted that Crypto KOLs and Expert futures traders on Bitrue or other exchanges/platforms can become traders.

It is worth noting that Bitrue Copy Trading offers benefits to both traders and followers. Traders can receive a share of the net profit from followers’ orders and manually define the profit-sharing ratio for copied trades. Copy trading is also compatible with the crypto exchange Partners Program, allowing traders to earn double income when they bring in followers and gain more followers through the copy trading platform. 

On the other hand, followers can synchronize with a trader’s futures trading without the need to watch the market. Beginners can easily profit from futures trading by defining their own copy trading parameters to lower their risk. To ensure users can choose a reliable trader, the platform provides multi-dimensional trader data to help users pick a trader.

The several highlights of the Copy Trading platform for users include an industry-leading exchange that guarantees the safety of assets, the ability to control risk by defining personalized copy trading settings, the option to synchronize with a trader’s futures trading without the need to watch the market, and the chance to share up to 40% in profits from copied trades.

Commenting on the upcoming launch, Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue, said,

“We are excited to launch our Copy Trading platform and provide our users with a fair, transparent, and efficient trading platform. We believe that the platform’s low barrier of entry and automated operations will enable more users to profit from futures trading.”

The platform is designed to be open and transparent, with all trading and profit & loss data clearly marked, making it easy for followers to make the right choice. He also added that the platform will strictly vet all traders, handpicking only traders with exceptional performance and stable earnings. All in all, they are confident that Bitrue Copy Trading will be a popular option for traders and followers alike.

The iconic Bored Ape Yacht Club(BAYC) to be released as a Bitcoin NFT collection

Over the past couple of weeks, the original BAYC monkeys have marked themselves as the second most popular selling NFT collection worth $1.3M. The offspring of the ultimate NFT collection has now been released on the ultimate blockchain of Bitcoin.

BAYC Bitcoin NFT is a collection of 10,000 original monkeys with unique Bitcoin traits, as well as 10 ultra-rare signature NFT monkeys in Satoshi masks. According to a recent announcement, the mint of the collection is set to kick off on February, 17 at 11:00 UTC. 

The users who are lucky enough to secure a mint will become the owners of a BAYC NFT for a flat price of 0.01 BTC. Given the success of the previous BAYC collections, there is good evidence that BAYC Bitcoin NFT will perform just as well.

To make it even more compelling, as soon as the BAYC Bitcoin NFT collection is 100% minted, the user to have minted the BTC BAYC #910 will receive a 1 BTC offer from the team in exchange for it.

Bitcoin NFTs continue their exponential growth 

According to Mike Fritz, CTO at Baycbitcoin this is an exciting time for the world of bitcoin and NFTs, the potential of this and other similar projects designed and implemented via the Bitcoin blockchain is huge. 

He also added that the level of interest in Bitcoin NFTs continues its exponential growth despite the current fees, proving that there is a huge demand for a reunion with the technological roots of blockchain technology.

“The NFT market is booming again, and this immense interest might be the best indicator of the hatching bull market”.

The Ordinals protocol, which has been originally introduced to crypto in 2014, gained momentum along with the market interest two weeks ago when the option of creating NFTs on the Bitcoin blockchain was revealed. The main idea of such NFTs is that they are completely stored on the blockchain, which is possible thanks to the updates of SegWit (2017) and Taproot (2021). Ordinals were also the first protocol to create a Bitcoin NFT.

The latest NFT collection Ordinal Punks – inspired by the legendary CryptoPunks – has already appeared on the marketplace, with the Ordinal Punk NFT #620 being sold for 9.5 BTC (~$215,000). 

BAYC vs celebrities

The next one to have their say within the rapid bloom of Bitcoin NFTs is BAYC Bitcoin NFT, a which is extremely popular with celebrities and brands – Eminem for example has recently joined the list of BAYC holders, he purchased his monkey for the staggering 123.4 ETH (~$380,000) and made it his avatar on Instagram, other celebrity owners being Justin Bieber, Snoop Dogg, and Jimmy Fallon.

OKX Crypto exchange launches new blockchain amid tough market conditions

The OKX exchange is pushing ahead with a plan to launch  OKBChain, a brand-new blockchain that will debut in the first quarter of 2023. According to the exchange, the new blockchain will operate and be independent of the current existing Okxchain.

On February 16, Star Xu, the creator of the crypto exchange, made the announcement formally official. Consequently, he claimed that OKBChain is created and run by the public Corporation OKX, but the existing platform is a blockchain that operates under the Proof-of-Stake (POS) consensus method with entirely open-source code. These two chains stand alone completely.

OKX dares the challenging market conditions

It is worth noting that the introduction of a daring new blockchain is currently a sensible move for OKX, despite the challenging market conditions. Despite Bitcoin’s unexpected increase above $24,300, which represents a new high for 2023, there is not sufficient data to confirm the return of a robust uptrend.

In addition, the Company has historically benefited from numerous strong intrinsic motivations, including the decision to twice issue Proof-of-Reserves at the end of December 2022 following a series of FUDs regarding deposit status. Customers are not forthcoming about exchanges that have been impacted by FTX’s demise.

 Additionally, the Company proceeded to issue a new asset report in January 2023 while retaining $7.5 billion in customer funds. However, as soon as the news was made public, the price of OKB went up, smashing the previous record of 44 USD that had only been set a year earlier and reaching a new ATH of 52.8 USD. recent week.

India prohibits Crypto advertisements at the women’s cricket tournament

India has maintained a tough stance against cryptocurrency since the country’s top government thinks they are utilized for illegal activities. In order to discourage trading, the nation additionally levied a flat 30% tax on cryptocurrency gains and a 1% Tax Deduction at Source (TDS).

In the most recent development, the preemptive ban on cryptocurrency advertising and sponsorships in the local women’s cricket league was another example of how the Indian government is taking a severe stance against the industry.

Planet sport revealed that the Women’s Premier League clubs received a 68-page recommendation from the Board of Control for Cricket in India (BCCI) on February 14 that listed the activities that couldn’t be advertised. The gambling and cigarette sectors were also highlighted in the statement.

According to the instructions,

“No Franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector. As an obvious consequence, any contractual arrangement with any blockchain service provider, fan tokens, collectables, that are directly or indirectly affiliated to the cryptocurrency sector is a no-no for the WPL.”

Crypto adoption struggles in India

The WPL is the women’s counterpart to the Indian Premier League (IPL), which boasts over 3 million attendees per season. The tournament starts on Mar. 4. The board has, however, permitted partnerships with fantasy sports organizations. 

Shivam Chhuneja, a prominent industry influencer, accuses the BCCI of hypocrisy and a “huge push to limit the growth of digital assets.”

This comes after a prior prohibition for the men’s cricket Premier League, which was put in place back in 2022. The Indian Premier League had at least two local cryptocurrency exchange partnerships prior to the suspension, particularly CoinSwitch Kuber and CoinDCX. Coincidentally, the companies agreed in March 2022 not to advertise in the Premier League due to concerns about responsibility.

The expectations of Indian investors around the country were dashed when the Union Budget of 2023 of India failed to acknowledge digital assets and blockchain technology. Many had hoped for a drop in this year’s budget after India imposed heavy taxes on digital assets in March 2022, but they were disappointed.