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Crypto Detective Firm Chainalysis is Now Snooping into 10 Cryptocurrencies

Crypto Detective Firm Chainalysis is Now Snooping into 10 CryptocurrenciesChainalysis , a crypto compliance blockchain startup, has completed its second round of funding to raise $30 million | Source: ShutterstockBy CCN.com: Blockchain analysis and compliance firm Chainalysis wants to provide its users with the ability to perform investigations and keep tabs on ten popular digital assets, including Bitcoin, Ether and Binance Coin.In a post published on its official blog on April 24, the New York-based blockchain firm announced that it is expanding monitoring tools and the scope of its Chainalysis Reactor and Chainalysis KYT (Know Your Transaction) analytics tools.Real-time monitoringChainalysis is a high-profile blockchain intelligence firm which provides various technologies that help organizations monitor the flow of cryptocurrencies on multiple blockchains and track any transaction suspected to be in connection with terrorist financing and money laundering efforts.With the new release, Chainalysis users can simply enter the name of a service into any of its analytics platforms (Reactor or KYT) and see its connection with the ten digital assets supported. The post reads:You can now enter the name of any service in Reactor and see it represented across all supported cryptocurrencies. Once added to a graph, flows between addresses are mapped using an intuitive user interface overlaid with context from on and off the blockchain. KYT customers can monitor their organization’s total risk exposure across all supported currencies.Supported currenciesThe firm’s notice points out that the digital assets supported by the Reactor include traditional crypto assets Bitcoin (BTC), Ether (ETH), Paxos Standard (PAX), Litecoin (LTC), True USD (TUSD), and Binance Coin (BNB), as well as stablecoin Gemini Dollar (GUSD), Tether (USDT), and USD Coin (USDC). The announcement also confirmed that Chainalysis is working on adding more currencies within the next few months. In part, the company said, “We’ve identified thousands of real-world services including the top exchanges, merchant providers, darknet markets, and scams. Our team makes hundreds of new identifications every month, increasing data coverage by millions of new addresses.”Anticipating future needsAccording to a related report on news platform Reuters, the expansion of the company’s monitoring tools are reportedly in anticipation of global cryptocurrency regulatory guidance, which might request that crypto-based firms should automate their process of monitoring transactions on the crypto assets that they support going forward.Citing Chainalysis co-founder and Chief Operating Officer Jonathan Levin, Reuters reported that the mainstream adoption of all types of digital assets would depend mainly on their ability to gain global regulation. As central governing bodies don’t control most digital assets, it is necessary to have a way of tracking transactions as they are conducted to curb any trafficking and terrorist financing efforts. Chainalysis is looking to get ahead of that curve, and hopefully, provide an incentive for global regulation. About The AuthorJimmy AkiJimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.
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Controversial Oil Tycoon Moves to Shake Up Argo Blockchain Board

Oil tycoon Frank Timis has been revealed as the biggest shareholder in Argo Blockchain, a crypto mining firm that listed on the London Stock Exchange (LSE) last summer.According to a Daily Mail report on Saturday, Timis’ involvement with the firm was revealed after he moved behind the scenes to oust two board members at the firm in…

Oil tycoon Frank Timis has been revealed as the biggest shareholder in Argo Blockchain, a crypto mining firm that listed on the London Stock Exchange (LSE) last summer.

According to a Daily Mail report on Saturday, Timis’ involvement with the firm was revealed after he moved behind the scenes to oust two board members at the firm in order to force a change in direction for the struggling firm. Through his company First Investments, the entrepreneur owns 14 percent of Argo, the report adds.

Romanian by birth, Timis reportedly relocated to Australia where he was twice convicted for possession of heroin with intent to supply. He later founded Regal Petroleum, shares of which later collapsed and earned Timis a fine from the LSE in 2009 for misleading investors.

Startup Raises $3.9 Million in Tokenized Equity in London Stock Exchange Test Issuance

Argo’s IPO on the LSE raised £25 million (about $32.5 million) last August. However, its value has since plummeted to around £10 million ($13 million). In its 2018 financial report, the firm disclosed a £4.1 million pre-tax loss (or $5.3 million USD)

The firm put its poor performance down to the crypto bear market over the last 16 months, saying in a statement:

“The Board strongly believes that the cryptoasset market still has short term profitable characteristics and will also become a major asset class in the long term. This asset class will need a reliable, professional cryptomining (both in respect of Proof of Work and Proof of Stake) industry to support it as it gains wider acceptance.”

Yet, apparently in order to bring the firm back to a good financial footing, Timis is attempting to remove Jonathan Bixby and Mike Edwards from the board – who are, according to the Mail, together the second largest shareholder with 13 percent of Argo – and put in place a new as-yet-unnamed director. Shareholders will vote on the issue at a May 16 general meeting.

A Blockchain ETF Is Launching on the London Stock Exchange Today

Argo argued for shareholder to reject Timis’ demands, saying:

“Mr Timis has made clear he does not believe the strategy being pursued by the board will result in a satisfactory return to shareholders. However, he has made no substantive alternative proposals for the running of the company and has not nominated any alternative director at the time of writing.”

The company also claims it is in a “very strong strategic position,” owning £15 million in cash (or $19.5 million), £300,000 (roughly $389,000) in cryptocurrencies and crypto mining equipment as of the close of March.

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Microsoft Wants to Protect Your Identity With Bitcoin

Microsoft would like to loosen its grip on your login. The company’s credentials are used all around the internet, especially by companies and developers who use its cloud service, Azure. But on Monday, the company unveiled a project that, using the technology that underpins bitcoin, would give you control of your own credentials, independent of any company. The question is whether you’ll want to take on the responsibility.Gregory Barber covers cryptocurrency, blockchain, and artificial intelligence for WIRED.For blockchain enthusiasts, digital identity is one of the most tantalizing, but thus far unrealized, potential uses for the technology. The idea involves designing portable credentials that would work a bit like Facebook Connect, allowing seamless access to all sorts of applications. But instead of Facebook or Microsoft holding the keys, you would. Proponents argue that would be a boon for privacy, because no one could follow your activity around the internet. They also say it would help curb major leaks and hacks, since large pools of user data would be less likely to be stored in one place. Eventually, more complex and sensitive forms of data, from insurance cards to passports, could perhaps be stored in a decentralized digital form.That’s a long way off, given the balkanized state of crypto—and the internet at large. For a digital ID to work everywhere online, it needs buy-in from all the places that currently covet your login. Ideally, it would work across different blockchains, so competing ID systems don’t arise. So Microsoft, which last year laid out a vision for a “self-sovereign digital identity” that could potentially scale to billions of users, is working with partners. The company is developing open source protocols and standards with the World Wide Web Consortium and the Decentralized Identity Foundation, whose members include Aetna, IBM, and Mastercard. Facebook, which is exploring blockchain technology and whose CEO has mused about a digital identity concept, is notably not a member.Microsoft’s choice of bitcoin is curious. Bitcoin is notoriously slow, which has been a barrier to using it for much more than speculation. Microsoft plans to get around the limitations with a so-called “layer-two” solution that stores and accesses your data away from the blockchain, using InterPlanetary File System (IPFS). Microsoft says its solution, dubbed ION, can potentially scale to allow tens of thousands of operations per second. (Bitcoin itself can handle fewer than 10.)LEARN MOREThe WIRED Guide to BitcoinAri Juels, a professor at Cornell and former chief scientist at RSA, says Microsoft’s use of bitcoin is surprising—and welcome. “A well-established player like Microsoft embracing an anti-establishment technology is certainly a big deal,” he says. At this early stage, Microsoft could have been expected to use a “permissioned” blockchain, like the ones run by JP Morgan and IBM. They offer fewer technical challenges but ultimately are controlled by centralized institutions. Instead, Microsoft is tackling the challenges of making a truly decentralized solution for a large number of users.There’s still a long way to go to design a system that’s truly private and smooth enough to avoid irking ordinary internet users, Juels adds. His group at Cornell is working on some problems, such as issuing credentials in a way that preserves privacy, and how people will take care of their security keys—the “Achilles heel” of any decentralized system, he says. (WIRED knows that better than most.) There are questions, too, about whether the current protocols can be trusted as a safe home for user data. While bitcoin’s blockchain is generally regarded as a solid bet, having run continuously for more than a decade, a less-proven system like IPFS could mean people will want to back their data up elsewhere.Those challenges make it hard to imagine widespread adoption anytime soon, Juels says. For all the talk of how much we value privacy, most people will quickly trade it for more convenience, opting for a centralized system that removes the headaches. But with a player like Microsoft starting to make some progress, he says, a few brave souls might just embrace decentralization.More Great WIRED StoriesMy wild ride in a robot race carThe existential crisis plaguing extremism researchersThe plan to dodge a killer asteroid—even good ol’ BennuPro tips for shopping safe on Amazon“If you want to kill someone, we are the right guys”🏃🏽‍♀️ Want the best tools to get healthy? Check out our Gear team’s picks for the best fitness trackers, running gear (including shoes and socks), and best headphones.📩 Get even more of our inside scoops with our weekly Backchannel newsletter
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