TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Leaked pentagon “Zbellion” war game includes BTC. China blocks OTC traders’ bank accounts for exchanging tainted currency. Most Coinbase users are willing to leave the exchange over privacy concerns. Robinhood traders are buying blockchain ETF again. Chainalysis introduces investigation and compliance support for Zcash and Dash, and illegal mining operations in Russia have caused more than $6 million in losses.
Pentagon “Zbellion” War Game Features BTC
A war game scenario called “Zbellion,” where members of the Z Generation use their tech-savviness to syphon funds from established institutions for operations through malware, was leaked by The Intercept. Zbellion includes BTC as a means of moving funds across the whole network without using the traditional fiat system that can otherwise be easily tracked by law agencies. The game states Z Generation individuals are more inclined to trust cryptocurrencies than in already established institutions like banks.
China Blocks OTC Traders’ Bank Accounts for Trading “Tainted” Crypto
The government of China started blocking bank accounts of OTC traders that have been moving funds supposedly tainted by illicit activities. The news was announced by Sun Xiaoxiao, the owner of an OTC trading desk, whose bank accounts have indeed been blocked for this reason. Some brokers have also been questioned about the source of the tokens they bought, implying there is general worry over tainted cryptocurrency. The measure could impact several thousand people, including brokers and traders in the country.
Coinbase Users Willing to Leave Exchange Over Privacy Concerns
Results from Delete/Stop Using Coinbase poll:
Out of the 5000 responses that answered either Yes or No:
66% said "Yes" – they would be willing to delete or stop their Coinbase account
33% said "No" – they would not stop using Coinbase
Interested to see the long term results
— Josh Rager 📈 (@Josh_Rager) June 6, 2020
More than 60% of Coinbase users, the popular US-based exchange would be willing to leave the platform, according to a Twitter poll by Josh Rager, founder of Blockroots. Recently, public documents showed Coinbase preparing to sell its blockchain analysis software to the IRS and the DEA to facilitate cryptocurrency tracking for these agencies. While Coinbase stated this was a separate initiative and it would not place data of exchange customers in danger, trust in the exchange seems to have been undermined.
Robinhood Users Buying US Blockchain ETF
Users of the fee free trading app Robinhood are buying US-based blockchain ETF in big quantities, according to data collected from Robintrack, a site that lets anyone track how many users hold a particular stock over time. Data indicates the number of holders for the three US blockchain ETF available in the platform (BLCN, BLOK, and LEGR) has gone up since March. The reason behind this could be the recuperation of the price of BTC, which has gone up significatively since from when it fell to sub $6,000 levels.
Chainalysis Introduces Investigation and Compliance Support for Dash and Zcash
Chainalysis, a blockchain analysis firm, introduced investigation and compliance support for Zcash and Dash. While these currencies are touted as privacy coins to transact, the privacy features are opt-in and rarely used, and that feature makes tracking of operations on these blockchains possible for most real-use applications. “Through Chainalysis’ technology and our customers’ vigilance we can make sure that these coins keep being used by legitimate, law-abiding people and businesses,” the company stated.
Illegal Russian Miners Have Stolen Over $6.6 Million in Three Years
Rosseti, a Russian state-owned power company, reported it faced losses of $6.6 million for power theft over the course of the last three years. The company stated illegal miners used different tactics to avoid being detected. Miners would use different facilities to conceal operations while patching illegal connection to the power grid using their transforming stations. Tampering with power meters was another technique used by miners to pay less to the company.
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