Major cryptocurrency exchange Binance is apparently testing a British pound stablecoin on its native blockchain, Binance Chain, according to a Twitter post on June 3.

Twitter user CryptosBatman noticed that the listing “$BGBP” appeared on the Binance platform.

Binance CEO Changpeng Zhao has commented on the tweet, confirming that a pound stablecoin is in the testing phase, with only £200 minted.

Zhao came under fire last month for posting about potentially rolling back transactions (re-org) on the exchange after a $40 million hack. Zhao  apologized after the incident, saying:

“Given how much I talk, I sometimes say the wrong stuff, dirty words like ‘reorg’, for which I apologize. It is my strong view that our constant and transparent communication is what sets us apart from the “old way of doing things”, even and especially in tough times.”

Later in May, Zhao reportedly sought damages from venture capital firm Sequoia Capital China on the grounds that they damaged his reputation and business due to an improperly-obtained injunction against him in 2017.

https://cointelegraph.com/news/binance-cryptocurrency-exchange-testing-british-pound-stablecoin

United States-based blockchain intelligence firm Chainalysis claims that 64% of ransomware attack cash-out strategies involve the laundering of funds via cryptocurrency exchanges. The data was revealed in a Chainalysis webinar attended by Cointelegraph on May 30.

A ransomware attack involves the infection of a target with malware and the demand of a ransom payment — frequently denominated in cryptocurrencies. The payment is demanded in return for the ostensible delivery of a decryptor tool that can help victims recover access to their data.

Chainalysis — which provides blockchain analytics tools that enable firms, governments and law enforcement to monitor blockchain transactions and track suspected illicit activities — claims that 64% of ransomware attackers launder their ill-gotten funds via crypto exchanges.

Chainalysis has ostensibly identified 38 exchanges — without disclosing their names — that directly received funds from an address associated with a ransomware attack.

Among other ransomware cash-out strategies analyzed, 12% involved mixing services and 6% involved peer-to-peer networks, while others went via merchant services providers or dark web marketplaces. 9% of ransomware proceeds reportedly remain unspent.

The analysis also noted that ransomware attacks typically involve less complex cash-out networks as compared with crypto exchange hacks. Chainalysis argued that this is because a hack often involves a large amount of money leaving a known exchange, often attracting high media publicity, and requiring that hackers conceal the flow of funds more robustly.

https://cointelegraph.com/news/chainalysis-64-of-ransomware-attackers-launder-proceeds-via-crypto-exchanges

The liquidators of now-defunct New Zealand crypto exchange Cryptopia have released the first report on the state of affairs of the firm, according to the documents published on May 31.

Cryptopia’s recently assigned liquidator, Grant Thornton, has released an estimation statement of the financial state of the firm, reporting that the hacked exchange owes a total of $4.22 million to its creditors.

According to the report, there are 69 unsecured creditor claims totalling $2.439 million, with the liquidators adding that they expect to receive further claims, thus raising the amount.

The report also indicates that the employee entitlements at the data of liquidation account for around $318,000.

In a press release accompanying the report, Thornton stated that the exchange liquidators, David Ruscoe and Russell Moore, are still in the process of securing and recovering the company’s crypto assets compromised from Cryptopia’s mid-January hack.

The report notes that liquidators were granted a court order from the New Zealand courts authorizing them to use certain crypto assets to recover and preserve assets. Thornton added that at the current stage of the investigation, they cannot forecast a date when the liquidation will be completed.

The legal expert wrote:

“We are aware of and understand the frustration of Cryptopia’s customers. As there is no legal precedent on crypto assets in New Zealand and worldwide, the distribution of those assets and the overall conduct of the liquidation will require significant direction from the New Zealand Courts.”

Cryptopia was the victim of a major hack in early 2019, with the stolen funds estimated to amount to about $16 million. Following the appointment as the exchange's liquidator, Thornton warned that creditors would have to wait months, rather than weeks, to get their funds back.

Recently, analysts found that hackers have moved a portion of Cryptopoa’s stolen crypto assets to another crypto exchange.

https://cointelegraph.com/news/liquidators-of-hacked-cryptopia-exchange-release-report-note-42m-owed-to-creditors

In the post, Anchorage — which raised $17 million in a Series A round led by Andreessen Horowitz —  announced insurance coverage for institutions that covers digital assets under custody.

The coverage comes as the result of a partnership with major insurance broker Aon.  Previously, Aon stated that the firm was seeing more cryptocurrency-specific protections catering to the new cryptocurrency industry.

Anchorage outlined in the post that not all coverage of cryptocurrency custody insurance is equal as most custodians use a combination of hot and cold storage, on which policies may differ.

The custody firm stated that it has acquired a crime insurance policy, which ostensibly covers both types of digital asset storage under one policy.

When launched in January, Anchorage claimed to be based on the principles of easy access to assets, voting, auditing proof of existence, and quick transactions. Anchorage stated that large scale investments in digital assets, such as those from institutional players, will bring new growth to the blockchain space.

https://cointelegraph.com/news/cryptocurrency-custodian-anchorage-adds-insurance-coverage

A subsidiary of Japanese e-commerce giant Rakuten, Rakuten Wallet, has partnered with blockchain security firm CipherTrace to assure Anti-Money Laundering (AML) compliance for the company’s upcoming crypto exchange. The development was announced in a press release shared with Cointelegraph on May 29.

CipherTrace — which develops cryptocurrency AML, forensics and regulatory monitoring solutions — will work on improving the safety of Rakuten Wallet’s investors as well as the protection of the integrity and compliance of the exchange

Dave Jevans, CEO of CipherTrace, commented on the cooperation:

“We have made significant strides as an industry to make the cryptocurrency market grow and become more trustable. Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption. It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market.”

Rakuten Wallet plans to launch the exchange in June. According to the company, its trading platform will allow users to trade digital assets via a smartphone application. Opening an account will reportedly be free of charge and customers’ funds will be stored in a cold wallet —  a device for storing digital currency that is not connected to the internet.

Rakuten Wallet had already opened its online account registration process for cryptocurrency trading services in mid-April, requiring traders to register with a Rakuten user ID and associated bank account.

https://cointelegraph.com/news/rakuten-wallet-partners-with-ciphertrace-to-assure-safety-of-its-upcoming-crypto-exchange

The owner and operator of cryptocurrency exchange BitMEX has donated to the Massachusetts Institute of Technology (MIT) to conduct cryptocurrency-related research, according to an announcement published on May 28.

HDR Global Trading Limited has made a donation to the MIT Digital Currency Initiative (DCI), the objective of which is to conduct the research necessary to support the development of digital currency and blockchain technology. Specifically, the funds will be allocated to support Bitcoin Core developers Wladimir van der Laan and Cory Fields.

Commenting on the sponsorship, Sam Reed, CTO of HDR Global Trading and co-founder of BitMEX, said that the “donation into research and development is about ensuring that the network is more robust. A stronger Bitcoin network will be beneficial to all, and we are very excited to be able to aid in its progress.”

As reported earlier today, BitMEX co-founder Ben Delo, joined over 200 other billionaires by pledging to donate the majority of his wealth to charitable causes. In his pledge, Delo wrote that he will use his fortune to “safeguard future generations and protect the long-term prospects of humanity.” Delo will direct his wealth to “navigate the challenges and opportunities posed by new technologies in the upcoming century.”

https://cointelegraph.com/news/bitmex-operator-firm-donates-to-mit-to-conduct-crypto-bitcoin-related-research

High-end Swiss watchmaker Franck Muller has partnered with alternative assets investing firm Regal Assets to release the bitcoin (BTC) storage watch “Encrypto,” according to a report by Cointelegraph Brasil on May 23.

In addition to being a high-end fashion accessory, with a price ranging from $9,800 to $50,600, the watch reportedly also functions as a cold wallet for BTC. The watch is reported to be engraved with a public address on its dial and comes paired with a private key on a USB drive. According to the firm, the “deep cold storage wallet” is unhackable and uses “offline generated, non-deterministic TRNGs (True Random Numbers Generated).”

In a press release from Regal Assets, regional director of Franck Muller, Erol Baliyan, commented on the leading cryptocurrency, saying “Bitcoin is the millennial gold.” He added:

“Bitcoin is the [...] perfect marriage between innovation and personal choice.”

The Encrypto can be bought with BTC or traditional payment methods. The company is reportedly considering the production of functionally similar timepieces that support other top-five cryptocurrencies, such as ether (ETH) and Ripple’s XRP.

As reported May 24, another Swiss luxury watch and clock manufacturer, Vacheron Constantin, will start using blockchain technology to track its timepieces.

Last year, Cointelegraph reported that Hublot — yet another Swiss luxury watch maker — released a limited edition model commemorating the 10th anniversary of the bitcoin white paper. The watch, Big Bang Blockchain, could only be bought with BTC and only 210 copies were made, a reference to Bitcoin’s fixed supply cap of 210 thousand (21 million) coins.

https://cointelegraph.com/news/franck-muller-releases-luxury-watch-with-bitcoin-cold-wallet-functionality

Major Swiss telecommunications company Swisscom announced its plans to distribute tokenized artwork through its Swisscom TV television network. The news was reported by Cointelegraph auf Deutsch on May 24.

Per the company’s press release, limited artworks — initially 100 works by 30 artists — from selected artists are exclusively available on the Swisscom TV box through the NOOW app. The app was developed by Swiss tokenization startup Dloop.

https://cointelegraph.com/news/major-swiss-telecoms-firm-swisscom-to-distribute-tokenized-artwork