California Law Firm Provides Legal Counsel to Crypto Users – The Merkle

bitcoinlawCryptocurrency enthusiasts are susceptible to losing funds in many different ways. Aside from human error, there are risks posed by failed ICOs, hacked exchanges, or other calamities. Taylor-Copeland Law is one of the first law firms specializing in these issues. We may be witnessing the creation of a new niche within the legal system as we know it today.

FOCUSING ON EXCHANGES AND ICO MISHAPS

It was only a matter of time until law firms started paying attention to cryptocurrency. Especially with all the issues arising over the past few years, there is a booming market for all companies specializing in cryptocurrency. With so many exchanges getting hacked, disappearing, or failing to provide optimal services, a lot of users are often left frustrated.

Moreover, the initial coin offering industry poses several major risks to consumer funds. No one knows for sure if any given ICO project is legitimate or how things will play out once money has been raised. The Tezos ICO is a good example of how things can go awry pretty quickly if problems aren’t addressed in a timely manner. However, there has often been no legal repercussions for exchanges or ICO teams that fail to deliver on their original promises.

That situation is finally changing, thanks to law firms such as Taylor-Copeland Law. The company has a dedicated page on its website explaining how blockchain technologies and cryptocurrencies will have an impact on our daily lives. However, with the regulatory and legal framework still making it difficult for businesses and individuals to comply with the law, something will need to change.

Furthermore, the company also provides services relating to initial coin offerings. A lot of investors are harmed by projects and teams which misrepresent their projects and intentions before or during their crowd sales. There need to be legal remedies in this regard as well, which is what this firm aims to provide. Additionally, they focus on the taxation of crypto investment gains and help companies check all the right legal boxes before they decide to organize an ICO.

It is expected that we will see even more law firms focus on these specific areas in the near future. There is a growing contingent of cryptocurrency users who will require legal counsel at one point or another. Whether or not all cryptocurrency users will decide to pursue that option is something else entirely. A lot of users may be somewhat ashamed to admit they were victims of an exchange mishap or a malicious ICO project.

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Ten Successful ICOs and Three ICO Scams

The recent proliferation of companies using the ICO or Initial Coin Offering to raise funds has seen it’s share of successes since 2016 and it’s a great way for companies to raise funds without the restrictive and costly regulatory compliance issues associated with other fundraising vehicles such as Regulation Crowd Funding or IPO’s (Initial Public Offering). According to The Merkle online journal the top ten ICO’s in 2017 to date are:

 

10. MONETHA

Although this project was only launched a short while ago, the amount of money raised surprised a lot of people. Monetha aims to provide a globally trusted commerce solution powered by the Ethereum blockchain to merchants in all industries. By raising US$36.6 million during the crowdsale, the ICO showed that people have high expectations for this project moving forward.

9. AETERNITY

Bringing smart contract technology to the masses will not be easy by any stretch of the imagination. Aeternity aims to do exactly that by making smart contracts interface with real-world data.  Whether or not the company will be successful in doing so remains to be seen. However, with US$36.96 million raised during the ICO, there are plenty of reasons to be optimistic about this concept.

8. SONM

The world of supercomputing can benefit from more decentralization. Although SONM is competing against other projects in this industry, it also has a tremendous amount of potential. Its ICO raised US$42 million, which is a modest amount compared to how highly-valued this project can become, given enough time. There is not much hype surrounding SONM, as the team mainly focuses on developing a working ecosystem rather than making empty promises.

7. MOBILEGO

One of the more fascinating projects to date goes by the name of MobileGO. Bringing the world of cryptocurrency and mobile gaming together is quite a major undertaking. However, the project has seen its fair share of successes so far. This also explains how it raised US$53.069 million during its initial crowdsale. It’s definitely a project worth keeping an eye on moving forward.

6. TENX

In the world of cryptocurrency-related debit cards, one can never have enough competition. TenX is one of the ICO projects launching in 2017 which aims to make a big impact in this regard. By raising US$64 million during the ICO, there has been a lot of initial interest in this project. However, that amount of money is no guarantee for success whatsoever.

5. STATUS

Many people will recall the Status ICO for the wrong reasons. It’s not because the project is bad, as some real progress has been made. Unfortunately, the Status ICO highlighted major scalability issues for the Ethereum network, which got stuck due to the number of people trying to invest. When everything was said and done, Status raised US$90 million rather quickly.

4. BANCOR

The Bancor ICO has received a lot of initial interest due to the involvement of Tim Draper. This project is also one of those ICOs which sold out very quickly, for obvious reasons. Raising US$153 million is not shabby. It will be interesting to see what the team will do with this money, as the expectations of them are incredibly high.

3. EOS (STAGE 1)

The EOS project has turned a lot of heads even though no one knows for sure if the team can deliver on its promises. There is a lot of interest in the concept, though, which has already translated into successfully raising US$185 million during its ICO. Putting that money to good use will be the number one priority right now.

2. TEZOS

Creating a decentralized blockchain capable of governing itself through a digital commonwealth sounds pretty interesting on paper. Bringing this technology to the masses will be something else entirely, though. Tezos successfully raised US$232.319 million to bring this blockchain to fruition. Whether or not the product will succeed in the end still remains to be determined.

1. FILECOIN

A lot of people were legitimately surprised by the Filecoin ICO, for obvious reasons. This project raised US$257 million out of the blue, even though the concept appears to be solid. A decentralized file storage network will certainly have major implications. Users will also earn Filecoin for hosting files, which is something a lot of enthusiasts will look forward to

These are some of the success stories to date, however, there have been many ICO’s that took advantage of the unregulated investment vehicle and The Securities & Exchange Commission (SEC) issued several stern warnings to investors about the dangers and risks involved with ICOs although they have yet to issue any regulations I am confident that they are forthcoming. China and South Korea both issued total bans on  ICO’s until they can come up with some regulations while the United States has issued several warnings and has stated that they may pursue enforcement actions retroactively against any ICO’s that are done prior to whatever regulations they may come out with in the future. The Merkel recently published the following three ICOs as being obvious scams:

3) OPAIR

The Opair ICO was one of the earliest noted scams in ICO history happening back in 2016. They raised more than $1M with the promise of decentralized debit cards.

It should have been pretty obvious from the start, that a no-name group of individuals could not overhaul the banking system and provide decentralized debit cards that would work anywhere right off the bat, but with more and more exciting new Blockchain technology hitting the markets, people were hopeful.

Things started to unravel when users pointed out that the Opair team seemed to have fake LinkedIn profiles, and despite providing tons of personal information and pictures, refused to attend events or go on video calls for “privacy reasons.”

Not long after the Opair token was listed on exchanges, lots of coins were rapidly dumped, the main website was taken offline and the team went silent.

Sleuths on Bitcointalk.org later realized that the conman behind the Opair later launched at least one other scam ICO known as EBITZ (a Zcash clone) as the scammer use some of the same server DNS records for the new website.

2) BITCAD

There is still a bit of debate about BitCad, if it was a downright scam or if it was just a failed attempt at something larger. But, none the less a lot of people lost a lot of money.

BitCad raised $5M promising to be, well, everything. The BitCad ICO project aimed at replacing nearly every component of modern business, government, trading and transaction facilitation and gave very few insights into how they were going to make this happen.

While at first, they boasted a pretty large team, after the ICO team members started to depart the team quite rapidly, and announcements from the team ground to a halt.

The team was supposed to deliver the first component of the platform back in May 2017, that included a smart contract constructor and biometric verification, by October 2017 they were also supposed to launch a dispute resolution department, a multistakeholder token model, and a decentralized trade engine. None of which have been launched yet.

People are still holding their breath hoping for signs of life in the BitCad platform, but this is another ICO where they were either being sold snake oil or a team took on a project that was way over their heads.

1) AUTHORSHIP

Authorship was an ERC20 token that raised $1M with the promise of creating a system for writers, translators, and journalists to earn and exchange ATS tokens for their works.

Participants should have been skeptical when the tokens creators mentioned the desire to build out this token from their experience running the bookstore: http://www.ireadbooks.org/ – it doesn’t take a rocket scientist to realize that the terrible e-commerce website that only sells pencils and blank notebooks isn’t much of a “bookstore.”

They also listed their address as “11015 York Road Cockeysville Maryland” which is the home of an entirely unrelated ‘Precision Auto Mechanics” business which seems to have no relation to the coin creators.

What really did in Authorship though was their failure to distribute tokens from the bounty and referral programs. It wasn’t until then that users realized they had been scammed and started digging into the addresses above.

Arguably had Authorship distributed the tokens, we may have categorized this just as a failed attempt at an ICO rather than a downright scam.

What is an ICO?

Prime-Ex-About-PEX-Initial-Coin-Offering-ICOICO stands for Initial Coin Offering and it’s a fundraising vehicle that has become very popular over the past few years and is similar to an IPO. Here’s a very good definition on Investopia:

An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.

Also called an Initial Public Coin Offering (IPCO).

BREAKING DOWN ‘Initial Coin Offering (ICO)’

When a cryptocurrency startup firm wants to raise money through an Initial Coin Offering (ICO), it usually creates a plan on a whitepaper which states what the project is about, what need(s) the project will fulfill upon completion, how much money is needed to undertake the venture, how much of the virtual tokens the pioneers of the project will keep for themselves, what type of money is accepted, and how long the ICO campaign will run for. During the ICO campaign, enthusiasts and supporters of the firm’s initiative buy some of the distributed cryptocoins with fiat or virtual currency. These coins are referred to as tokens and are similar to shares of a company sold to investors in an Initial Public Offering (IPO) transaction. If the money raised does not meet the minimum funds required by the firm, the money is returned to the backers and the ICO is deemed to be unsuccessful. If the funds requirements are met within the specified timeframe, the money raised is used to either initiate the new scheme or to complete it.

Early investors in the operation are usually motivated to buy the cryptocoins in the hope that the plan becomes successful after it launches which could translate to a higher cryptocoin value than what they purchased it for before the project was initiated. An example of a successful ICO project that was profitable to early investors is the smart contracts platform called Ethereum which has Ethers as its coin tokens. In 2014, the Ethereum project was announced and its ICO raised $18 million in Bitcoins or $0.40 per Ether. The project went live in 2015 and in 2016 had an ether value that went up as high as $14 with a market capitalization of over $1 billion.

ICOs are similar to IPOs and crowdfunding. Like IPOs, a stake of the startup or company is sold to raise money for the entity’s operations during an ICO operation. However, while IPOs deal with investors, ICOs deal with supporters that are keen to invest in a new project much like a crowdfunding event. But ICOs differ from crowdfunding in that the backers of the former are motivated by a prospective return in their investments, while the funds raised in the latter campaign are basically donations. For these reasons, ICOs are referred to as crowdsales.

Although there are successful ICO transactions on record and ICOs are poised to be disruptive innovative tools in the digital era, investors are cautioned to be wary as some ICO or crowdsale campaigns are actually fraudulent. Because these fund-raising operatives are not regulated by financial authorities such as the Securities Exchange Commission (SEC), funds that are lost due to fraudulent initiatives may never be recovered.

In early September, 2017, the People’s Bank of China officially banned ICOs, citing it as disruptive to economic and financial stability. The central bank said tokens cannot be used as currency on the market and banks cannot offer services relating to ICOs. As a result, both bitcoin and ethereum tumbled, and it was viewed as a sign that regulations of cryptocurrencies are coming. The ban also penalizes offerings already completed.

Read more: Initial Coin Offering (ICO) Definition | Investopedia http://www.investopedia.com/terms/i/initial-coin-offering-ico.asp#ixzz4ukp8acvA
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What is a Smart Contract?

smart-contracts-5-638I’ve been asked many times recently what exactly is a “smart contract” and it’s a bit difficult to explain to most people. They are in the two-dimensional “paper contract” mindset when I’m trying to explain a three dimentional decentralized blockchain asset. Here is the Wikipedia version:

smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts were first proposed by Nick Szabo in 1996.[1]

Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.

Smart contracts have been used primarily in association with cryptocurrencies. The most prominent smart contract implementation is the Ethereumblockchain platform,[2] where they are known as a decentralized application (dapp, stylized ĐApp).

The real-world smart contract that gained mainstream coverage was The DAO, a decentralized autonomous organization for venture capital funding, running on Ethereum, which was launched with US$250 million in crowdfunding in May 2016 and was hacked and drained of 3,689,577 ETH three weeks later.[3]

History[edit]

The phrase “smart contracts” was coined by Nick Szabo in 1996, and reworked over several years. Szabo’s first publication, “Smart Contracts: Building Blocks for Digital Free Markets” was published in Extropy #16,[4] and then later reworked as “Formalizing and Securing Relationships on Public Networks.”[5]These documents described how it would be possible to establish contract law and related business practices through the design of electronic commerceprotocols, between strangers on the Internet. Szabo describes smart contracts as:

New institutions, and new ways to formalize the relationships that make up these institutions, are now made possible by the digital revolution. I call these new contracts “smart”, because they are far more functional than their inanimate paper-based ancestors. No use of artificial intelligence is implied. A smart contract is a set of promises, specified in digital form, including protocols within which the parties perform on these promises.[6]

Szabo, inspired by researchers like David Chaum, also had a broader expectation that specification through clear logic, and verification or enforcement through cryptographic protocols and other digital security mechanisms, might constitute a sharp improvement over traditional contract law, even for some traditional kinds of contractual clauses (such as automobile security interests that provide for repossession) that could be brought under the dominion of computer protocols.[7]

With the present implementations, based on blockchains,[8] “smart contract” is mostly used more specifically in the sense of general purpose computation that takes place on a blockchain or distributed ledger. In this interpretation, used for example by the Ethereum Foundation[9] or IBM[10], a smart contract is not necessarily related to the classical concept of a contract, but can be any kind of computer program.

Implementations[edit]

Systems such as Ethereum emerged after the first successful blockchain deployment. These were designed to achieve greater Turing completeness and create vast value chain ecologies.[clarification needed][11]

Notable examples of implementation of smart contract technology are:

  • Ethereum implements a Turing complete language on their blockchain. It is the most-used smart contract platform.[2]
  • Namecoin is a replicated domain name registry.[12]
  • Ripple (Codius), development halted in 2015[13]
  • Automated Transactions[14] is another turing complete smart contract language, used in cryptocurrencies like Burstcoin and Qora. An example for its usage is atomic cross-chain trading.[15]

Security issues[edit]

A smart contract is “a computerized transaction protocol that executes the terms of a contract.”[16] A blockchain-based smart contract is visible to all users of said blockchain. However, this leads to a situation where bugs, including security holes, are visible to all but may not be able to be quickly fixed.[17]

Such an attack, difficult to fix quickly, was successfully executed on The DAO in June 2016, draining US$50 million in Ether while developers attempted to come to a solution that would gain consensus.[18] The DAO program had a time delay in place before the hacker could remove the funds; a hard fork of the Ethereum software was done to claw back the funds from the attacker before the time limit expired.[19]

Issues in Ethereum smart contracts in particular include ambiguities and easy-but-insecure constructs in its contract language Solidity, compiler bugs, Ethereum Virtual Machine bugs, attacks on the blockchain network, the immutability of bugs and that there is no central source documenting known vulnerabilities, attacks and problematic constructs.[2]

Replicated titles and contract execution[edit]

Szabo proposes that smart contract infrastructure can be implemented by replicated asset registries[20] and contract execution using cryptographic hash chains and Byzantine fault tolerant replication. Askemos implemented this approach in 2002[21][22] using Scheme (later adding SQLite[23][24]) as contract script language.[25]

One proposal for using bitcoin for replicated asset registration and contract execution is called “colored coins”.[26] Replicated titles for potentially arbitrary forms of property, along with replicated contract execution, are implemented in different projects.

Hypothesised advantages of a smart contract over its equivalent conventional financial instrument include minimizing counterparty risk, reducing settlement times, and increased transparency.[27] As of 2015, UBS was experimenting with “smart bonds” that use the bitcoin blockchain[28] in which payment streams could hypothetically be fully automated, creating a self-paying instrument.[29]

In popular culture[edit]

Karl Schroeder‘s 2002 novel Permanence features a “rights economy” in which all physical objects are nano-tagged with contractual requirements, so that payment may be enforced for all uses of proprietary information, e.g., a military mission in deep space must continuously justify the cost-benefit ratio of each ship or it will stop working.

See also[edit]

PR: LAToken Closed Round 1 of the Token Sale at $330m Valuation – Bitcoin News

London, August 30, 2017 – LAToken, the first tokenized assets platform, has completed the Round 1 of its Public Token Sale way ahead of schedule at $330 million valuation*. We sold 30,000,000 LATs, raising $9,54 million in 3 days.

LAToken Public Token Sale will be completed in 4 Rounds with the proceeds used for tokenization and trading development of the key asset classes. The price will increase in each round. Round 2 starts on September, 5. We will sell 50,000,000 LATs at 0,0011 ETH. The proceeds will be used for tokenization and trading development of Real Estate. The price for Round 3 will be 0,0013 ETH.

LAToken is a blockchain platform that tokenizes and makes tradeable assets ranging from equity and debt to real estate and works of art. Crypto investors can already trader Apple, Amazon, and Facebook shares, as well as gold and oil on our platform and diversify their portfolios with blue chips, safe haven assets, and commodities, using cryptocurrencies.

«LAToken bridges the crypto- and real economies by enabling our clients to trade real assets in cryptocurrencies. This will make markets more efficient, transparent and cost effective. We are happy that so many people share our vision and believe in LAToken», — says Valentin Preobrazhenskiy, CEO of LAToken.

LAToken attracted top-notch experts from global financial institutions, IT and security companies to its Advisory Board, that now includes Bradley Rotter (Rivetz), Anish Mohammed (Hyperloop), Hague Van Dillen (Franklin Templeton). Just a few days ago the former COO of UBS and Senior Regulatory officer of Deutsche Boerse Cecilia Mueller Chen joined our team to advise on legal and regulatory compliance.

About us

LAToken transforms access to capital and enables cryptocurrencies to be widely used in the real economy by making real assets tradable in crypto.
We decentralize capital markets, making them more transparent, efficient and sustainable while removing the cost of traditional middle men and “too big to fail” institutions.
This results in smarter capital flow, empowering people across the world to bring their most productive ideas to life for the ultimate benefit of society.

Contact details

Tel: +44 7509 764697
Email: ico@latoken.com
* with frozen tokens taken into account

Press Contact Email Address
kate@latoken.com
Supporting Link
https://sale.latoken.com/

‘Source: PR: LAToken Closed Round 1 of the Token Sale at $330m Valuation – Bitcoin News

SEC Warns of ICO Schemes After Suspending 4 Firms – Bitcoin News

The U.S. Securities and Exchange Commission (SEC) has issued a warning about companies making Initial Coin Offering (ICO) claims. It warns of schemes including pump-and-dump and market manipulation as well as points out how companies may use ICOs to boost their stock prices. The warning follows the trading suspension of four companies’ shares by the Commission.

Also read: SEC Suspends Trading of Bitcoin Firm’s Shares After 7000% Price Jump

SEC’s Warning

The SEC’s Office of Investor Education and Advocacy on Monday issued a warning to investors “about potential scams involving stock of companies claiming to be related to, or asserting they are engaging in, Initial Coin Offerings (or ICOs).” The Commission wrote:

These frauds include ‘pump-and-dump’ and market manipulation schemes involving publicly traded companies that claim to provide exposure to these new technologies.

SEC Warns of ICO Schemes After Suspending 4 Firms“There may be situations in which companies are publicly announcing ICO or coin/token related events to affect the price of the company’s common stock,” the SEC detailed. Therefore, the trading of such stocks may be suspended “to protect investors and the public interest,” the agency added.

Some circumstances that could lead to the suspension of trading include a lack of current, accurate, and adequate information about the company. In addition, questions about the accuracy of publicly available information as well as insider trading and potential market manipulation can also lead to trading suspensions.

4 Recent Trading Suspensions

The SEC also revealed on Monday that it has recently suspended the trading of four companies’ shares for making “claims regarding their investments in ICOs or touted coin/token related news.” The four companies are First Bitcoin Capital Corp., Ciao Group, Strategic Global, and Sunshine Capital.

SEC Warns of ICO Schemes After Suspending 4 FirmsFirst Bitcoin Capital Corp
News.Bitcoin.com recently reported on the suspension of First Bitcoin Capital Corp’s shares after they rose almost 7000%. In July, the company announced that its subsidiary Coinqx Exchange Ltd acquired tokens called “the Internet of Money” which would eventually trade under the symbol XOM. The company says that it would allow a buyback at a set rate of 2 shares for 1 XOM token.

Ciao Group Inc
Ciao Group, which has changed its name to Numelo Technology, had planned an ICO for later this year. However, the SEC suspended the trading of the company’s shares on OTC Markets from August 10 to 23. The shares still have not resumed trading at press time.

Strategic Global Investments Inc
SEC Warns of ICO Schemes After Suspending 4 FirmsStrategic Global Investments revealed in July that it intends to sponsor over 60 Counterparty cryptocurrencies which it claims are fully SEC compliant. The first one will be the tokenized asset Troptions, expected this fall. However, the SEC suspended the trading of the company’s shares from August 4 to 17, and the U.S. Financial Industry Regulatory Authority (FINRA) also independently requested some information from the company. Its shares have not resumed trading at press time.

Sunshine Capital Inc
Sunshine Capital’s shares were suspended from trading from April 12 to 26, due to questions about “the liquidity and value of the company’s assets, namely Dibcoins.” A few days after the suspension, the company was converted into a private one. Its shares have not resumed trading press time.

ICOs Subject to Federal Securities Laws

In July, the SEC declared in a report that Dao tokens are securities and ICOs are subject to federal securities laws. However, soon afterward, 20 new ICOs were reportedly announced.

Nonetheless, the SEC’s warnings were not ignored. A number of cryptocurrency exchanges responded by reviewing their listings and policies. Bitfinex, for example, announced its exit from the U.S. Market, citing the strict regulatory environment. “Bitfinex is taking the proactive step of barring U.S. customers from trading certain digital tokens that may be deemed securities in the eyes of the SEC,” the exchange noted.

Shapeshift announced that “in light of the SEC’s statements, we will need to adapt our service offering to ensure it’s not mischaracterized as a ‘securities exchange’, adding that “we may need to delist some types of tokens from the platform.” Poloniex responded by stating that “as part of our compliance processes, we periodically assess listed tokens, and some may end up delisted as a result.”

Source: SEC Warns of ICO Schemes After Suspending 4 Firms – Bitcoin News

Cryptocurrency Cyber Crime Has Cost Victims Millions This Year – Bloomberg

  • More than 10% of ether holdings for ICOs this year missing
  • More than 30,000 have lost about $7,500 each from ether crime

Here’s another reason to be leery of the initial coin offerings being done at a staggering pace in the cryptocurrency world: there’s a one-in-10 chance you’ll end up a victim of theft.

Phishing scams have helped push up criminal losses to about $225 million this year, according to Chainalysis, a New York-based firm that analyzes transactions and provides anti-money laundering software. In such scams, investors are tricked into sending money to internet addresses pretending to be funding sites for digital token offerings related to the ethereum blockchain technology.

More than 30,000 people have fallen prey to ethereum-related cyber crime, losing an average of $7,500 each, with ICOs amassing about $1.6 billion in proceeds this year, Chainalysis estimates.

“It’s a huge amount of money to generate in such a short period of time,” said Jonathan Levin, co-founder of Chainalysis, whose software and database are used by some of the largest bitcoin companies and U.S. law enforcement agencies. “The cryptocurrency phishers are doing pretty good against all the other types of criminals that are out there.”

Indeed, the huge amount of wealth that has fallen prey to cyber criminals is approaching the losses incurred by robberies in the U.S. for the entire year of 2015, which stood at $390 million, according to statistics released by the Federal Bureau of Investigation.

ICOs are digital token sales typically that raise ether, with users transferring the funds to addresses provided by startups. Investors, sometimes eager to get early access to new token offerings have been tricked into providing their credentials to fake websites through targeted email campaigns, twitter posts and Slack messages, said Levin.

Read more about an Ethereum co-founder’s views on ICOs

Ether rose 0.3 percent to $324.92 on Thursday, according to data from coindesk, while bitcoin rose 0.4 percent to $4,151.47.

Most attacks involve creating websites or social media accounts that sound similar to the real ICO project. Levin gave the fictional example of a project named “illuminate,” which an imposter might fake by spelling it as “iIIuminate.” Using the fake account, they would solicit potential investors to send money to the criminal’s address.

His firm compiled the data by identifying so-called digital wallets used by scam artists. That information is usually public because criminals widely circulate it, hoping to fool investors into sending them money.

Other common forms of crime involve tapping into project loopholes. The DAO, or decentralized autonomous organization, is a smart contract project built on top of ethereum that was intended to democratize how ethereum projects are funded. A bug in the system was exploited and that led to the theft of $55 million worth of ether at the time.

Read more on how tech startups are ditching venture capital for ICOs

Levin didn’t provide data for bitcoin-related cybercrime, and not because it is any safer. He said such data is harder to track as scams are usually specific attacks on individual holders, rather than ICO-related campaigns which try to dupe many people at once.

“The overall figures mean there are infrastructure that we need to build to help prevent people from getting abused,” said Levin.

Source: Cryptocurrency Cyber Crime Has Cost Victims Millions This Year – Bloomberg

myGeoTracking Teams with Rivetz to Provide State of the Art Device Security for Mobile Field Employees – Blockchain News

myGeoTracking and Rivetz combination to ensure better mobile device and data security, and an enhanced user experience for Healthcare, Transportation, and other field service workers

Abaqus, Inc., provider of the myGeoTracking cloud-hosted mobile workforce management and transportation logistics platform, today announced it has teamed with Rivetz International to integrate the advanced Rivetz mobile security solution into its platform. Abaqus customers will benefit from hardware protected authentication and encryption capabilities for mobile security that will enable next generation solutions for field operations in industries such as healthcare, utilities and emergency responders.

“We continually strive to provide our customers with the best tools in the market to protect their data and create a great user experience,” said Shailendra Jain, CEO of Abaqus, Inc. “The Rivetz solution provides us with the advanced cybersecurity capabilities we need to meet our customer demands in industries requiring sensitive data collection in the field including healthcare, utilities and first responders.”

Rivetz’s state-of- the-art decentralized security harnesses the Trusted Execution Environment (TEE) and blockchain to protect users’ mobile data and privacy. It’s like a hidden vault (already embedded in most phones) that no OS or software can eavesdrop on. Rivetz Blockchain provides the secure recording of compliance and integrity data.

“Cybersecurity and mobile data protection is an ongoing challenge for all companies,” said Steven Sprague, Founder and CEO of Rivetz. “We are excited to help Abaqus leverage next generation cybersecurity technology to meet and exceed their customers’ expectations going forward.”

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, partner of token design and ICO architecture company Cryptoassets Design Group and co-founder and director at education company Blockchain Partners.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Beijing, Venice, Nanchang, Shanghai, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona, San Meteo etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

Visit Website

Source: myGeoTracking Teams with Rivetz to Provide State of the Art Device Security for Mobile Field Employees – Blockchain News

LAToken Tokenized Apple Shares to Sell Them for Cryptocurrencies – Blockchain News

LATokenLAToken launched test trades of tokenized Apple shares at LAT Exchange, the first tokenized assets exchange, that allows its clients to sell and buy securities and real assets using cryptocurrency.

Within weeks LAToken will list new asset classes, ranging from real estate to works of art at LAT Exchange, open the doors to assets worth trillions of dollars onto a Blockchain exchange and enabling cryptoinvestors to buy them at minimal transaction costs and maximum transparency and security.

The idea behind LAToken is that tokenizing and making tradeable assets can take the whole investing process to a new level. Here’s how our platform works. Asset owners sell fractions of their asset to a LAT-certified custodian. The LAT custodian tokenizes the asset and sells it to a wide range of investors, from hedge funds to individuals, at the LAT Exchange. Then investors can sell the asset-backed tokens on a secondary market. On the settlement date, the seller buys his asset back, or the custodian sells it at a fiat auction.

To illustrate the disruptive cost reduction we bring to equity and debt financing, here is a comparison of the listing terms and costsat the New York Stock Exchange and the ones LAToken will offer.

The differences are striking. First, we have no limit for the minimum issue volume, while listing at NYSE requires a minimum of $100 million for equity and $5 million for debt. The LAT Exchange has no annual listing fees, while companies pay $100,000 to list equities and $20,000 to list debt at NYSE. Underwriters fees for LAToken’s clients are negligible, much lower than the 2-5% at NYSE. Listing  preparation at LAToken takes less than a week, compared to approximately 6 months at NYSE. Additionally, the retail transaction fees are 1,000 times lower.

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 “My dream is to build a NASDAQ on Blockchain with a wider range of tradable assets, blurring the boundaries between crypto- and real ecomonies, and offering our clients a dramatic reduction of listing costs, settlement time, and transaction costs,” says Valentin Preobrazhenskiy, CEO of LAToken. “Another advantage of LAT Exchange is that the Blockchain technology can remove one of the main challenges in the investment process — the asymmetry of information between buyers and sellers — helping us reach full transparency of transactions and protecting against accidental loss of data or its deliberate distortion, ” he adds.

The platform is already operational, and to develop it further, LAToken starts a public token sale on August 22. There will be four rounds, each designed to add a new asset class.

Source: LAToken Tokenized Apple Shares to Sell Them for Cryptocurrencies – Blockchain News

Rivetz Raises $5.5 Million in RvT Token Pre-Sale; Public Token Crowdsale Begins Today, Capped at 200,000 ETH – CryptoCoinsNews

First Decentralized Cybersecurity Token Poised to Add Unprecedented Proof and Assurance of Privacy and Security at the Hardware Level for Billions of Consumer, Business and M2M Transactions

GEORGE TOWN, CAYMAN ISLANDS – August, 10 2017, Rivetz Intl, Inc. (https://rivetzintl.com) today announced it has secured $5.5 million USD (19,000 ETH) in a private presale of its Rivet (RvT) token, a cybersecurity token developed to provide verifiable security controls for cloud authentication, IoT, blockchain, and legacy financial transactions.  The RvT token enables multifactor authentication across devices, to achieve provable security at both the transaction and authentication level. The Rivetz solution uses technology that is already built in to hundreds of millions of mobile devices to assure the keys and transactions can not be altered or stolen by malware infecting the operating system. The token sale will open to the public on August 10, 2017 at 17:00 UTC.

Institutional buyers in the presale, including BnkToTheFuture and Tally Capital, are vocal in their support for Rivetz’s multifactor authentication solution.

“We are very supportive of the goals of Rivetz and happy to add it to our portfolio of tokens,” said Simon Dixon, CEO BnkToTheFuture.com. “Turning our phones into hardware wallets in a way that is scalable will be an important advancement as the world adjust to owning their own digital assets. Rivetz CEO Steven Sprague is a true expert in the field of security, and the perfect leader to bring this innovation in personal security forward.”

“The Rivetz token distribution is a groundbreaking moment in decentralized cybersecurity,” said Matthew Roszak, managing director of Tally Capital and co-founder of Bloq.  “Rivetz provides consumer protections and simplicity that will help blockchain applications achieve their next level of adoption.  This new platform will add a crucial new layer of protection to exchanges, wallet and new tokens to ensure a level of data integrity and identity protection never before available.”

The token sale is led by leading crowdfunding platform TokenMarket. For more information, visit https://rivetzintl.com. The team is available to answer questions on  Slack  or Telegram

About Rivetz

Rivetz is focused on solving problems associated with consumer and machine-to-machine digital transactions. Rivetz technology and services aim to provide a safer and easier-to-use model for all users to protect their digital assets using hardware-based trusted execution technology. The device aims to play a critical role in automating security and enabling the controls that users need to benefit from modern services. Rivetz leverages state-of-the-art cybersecurity tools to develop a modern model for users and their devices to interact with services on the Internet. For more information, visit http://www.rivetz.com

All product and company names herein may be trademarks of their registered owners.

Rivetz Media Contact: Transform Group, rivetz@transform.pr
Rivetz Company Contact: info@rivetz.com
TokenMarket Contact: Freya Stevens, freya@tokenmarket.net

Source: Rivetz Raises $5.5 Million in RvT Token Pre-Sale; Public Token Crowdsale Begins Today, Capped at 200,000 ETH – CryptoCoinsNews