Irish cryptocurrency exchange Bitsane has pulled an exit scam and disappeared with hundreds of thousands of dollars in cryptocurrency belonging to its users, reports Forbes.
Bitsane’s website, which reportedly boasted 246,000 registered users, has been offline since (at least) June 17, when its Facebook and Twitter accounts were noted to be offline. LinkedIn accounts for key employees have also been scrubbed.
The company itself filed for dissolution on May 16, but curious circumstances – including a separate company (Bitsane Limited) incorporated in the UK in 2017 – have attracted doubt.
According to Forbes, affected users have been comparing losses in a Telegram group. Most report up to $5,000 worth of cryptocurrency missing. However, one US-based investor told reporters Bitsane had vanished with $150,000 worth of Bitcoin and Ripple (XRP) they had been storing on the exchange.
Sadly, Bitsane got its big break during 2017’s “crypto-mania.” When mainstream media outlet CNBC infamously “ educated ” readers on how to buy Ripple as its price approached all-time-high, it actually advised investors to purchase Bitcoin and Ethereum on Coinbase and exchange them for XRP using Bitsane.
Three of the five users Forbes spoke to heard about Bitsane through CNBC‘s article. The exchange was also reportedly featured on Ripple‘s website until recently.
Multiple Bitsane users in the US are said to have reported the situation to the FBI.
Please, if you’re keeping your cryptocurrency on an exchange for any extended period of time – just don’t. Get a wallet .
IBM opens up its blockchain dev platform to AWS (and other cloud services)
IBM appears hell-bent on establishing its dominance in the fledgling blockchain enterprise market.
The company has announced a bunch of improvements to its IBM Blockchain Platform, which offers a suite of developer tools to build decentralized solutions. Among other things, the platform will now support third-party cloud providers like AWS (Amazon Web Services).
“To support clients as they work to accelerate solutions that rely on blockchain, IBM is making the Blockchain Platform something a wide range of clients can implement — whether on the IBM Cloud, on another preferred cloud environment such as AWS, or locally using on-premises data centers,” the announcement reads.
The news comes days after IBM announced plans to acquire cloud firm Red Hat for $34 billion.
“ IBM is already seeing a wide range of scenarios and use cases embrace what we are calling the power of ‘anywhere,'” wrote IBM VP of blockchain, Jerry Cuomo. “Blockchain Platform for AWS is designed to enable clients to deploy distributed peers on the AWS Cloud.”
For this occasion, IBM has prepared a deliberately “inspirational” (and awfully hackneyed) promo video to show off its updated set of blockchain software solutions. It is also offering $500 in credits for anyone interested in trying out a demo.
In addition to expanded support for cloud services, IBM is also rolling out a separate Cloud Private offering specifically designed to ensure compliance with new regulations like GDPR . Unlike its standard offering, Cloud Private promises “custom-managed networks” with more “ flexibility” and “greater control” over data.
Big tech invades blockchain
IBM is hardly the only technology giant taking aim at the blockchain market. Recently, Google , Amazon, and Microsoft have all launched similar cloud solutions for blockchain development.
Not so long ago, Cuomo took to the company blog to announce IBM has joined an effort to create “decentrlaized cross-blockchain registry that brings permissioned and permissionless blockchains together through a directory of blockchain networks” – basically a blockchain equivalent of the “Yellow Pages.”
Indeed, IBM has involved itself in a bevy of decentralized tech projects (like education , food tracking , and Ethereum-powered payments ); unfortunately, the company has remained tight-lipped about the technical specifics.
Hopefully, its enterprise blockchain offerings and implementations are better thought out than its application patents .
Correction 18:52 UTC, November 13: This piece wrongly suggested that IBM has completed the acquisition of Red Hat. This is incorrect. A spokesperson has clarified IBM has expressed interest to buy out the cloud service company, but has not yet finalized the detail. We’ve updated the piece to reflect this accurately and apologize for the mistake.
New blockchain center opens in New York amid cryptocurrency market woes
The city of New York has a new blockchain center.
Opened by the New York City Economic Development Corporation (NYCEDC) as part of a partnership with FuturePerfect Labs (an affiliate of FuturePerfect Ventures) and GBBC Labs (a subsidiary of the Global Blockchain Business Council), the new facility is expected to play a significant role in developing the city’s blockchain ecosystem.
The center, located in the city’s Chelsea district, will seek to provide entrepreneurs and innovators with business support, space, and mentorship.
It will also bring together industry, government, investors, innovators, and academia in a bid to advance the dialogue about how New York can establish a suitable regulatory environment which protects consumers without stifling innovation.
James Patchett, President and CEO at NYCEDC, said: “We are thrilled to partner with two accomplished blockchain industry leaders to help grow New York City’s blockchain network.
“The new Blockchain Center will serve as a vital resource to professionals in a booming industry, as well as those eager to learn and utilize this technology.”
Microsoft and IBM have been brought on as corporate partners for the centre.
John Farmer, Director of Microsoft Cities, commented on the news: “As a longtime participant in New York City’s vibrant tech and startup ecosystem, Microsoft is excited to collaborate with the New York City Economic Development Corporation on the new NYC Blockchain Center.”
“As an exciting new technology, blockchain’s promise spans across industries, startups, enterprises and government alike. Through foundational investments such as the NYC Blockchain Center, New York City is taking a leading position in this area, in recognition of this important technology and the job opportunities it has the potential to create in the Big Apple,” Farmer added.
“With significant resources in business, education, entrepreneurship, research and more, New York stands as the capital for blockchain,” said Marie Wieck, General Manager at IBM Blockchain . “As IBM continues to invest in building blockchain capabilities in each of these areas around the globe, we believe the NYC center will be an integral part of ongoing success and leadership in blockchain here in New York.”
The center’s opening comes amid declining prices in the cryptocurrency industry, which have resulted in some companies making staff layoffs or shutting down.
Although newsworthy, this is not the first cryptocurrency center to open in New York City. Bitcoin Center NYC was founded in 2013 and first opened in the city’s financial district, approximately 100 feet away from the New York Stock Exchange. It has since relocated to Prince Street, following a bankruptcy filing in 2015.
