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Mike Tyson Blockchain Scandal

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Mike Tyson Blockchain Scandal

Mike Tyson Blockchain Scandal

Boxing legend Mike Tyson has denied a connection with the cryptocurrency project Fight to Fame, which is suspected of financial fraud.

“I am not involved with Fight to Fame or their countdown website, nor will I be involved with anything related to Fight to Fame now or in the future. Any media reporting my current involvement isn’t accurate.”

The information about the project first appeared in the media back in April this year. Why, however, it was only recently that Tyson publicly denied its involvement in the activities of Fight to Fame is still unclear.

Tyson had headed the sports and competition committee of the previously unknown project. The information originally appeared on VentureBeat. Fight to Fame is an entertainment platform for promoting new sports stars through films and video games, and it used the former boxing champion Mike Tyson as its cover star. Meanwhile, the project utilizes a blockchain to provide a transparent and secure decentralized ledger. Project CEO Farzam Kamalabadi and Chairman of Global Operations Tim Smithe planned to conduct an initial coin offering (ICO) and issue a token that fans could use to support the fighters. To make it more appealing, the token was also named after Tyson. Likewise, as was said to a crypto YouTube vlogger, Tim Smithe attributed the idea to the eminent boxing champion. According to Smithe:

“He’s a co-founder. This isn’t like we threw Mike few tokens to say we use your name. This was his idea. He stands with the co-founders.”

The idea that Tyson himself allegedly proposed was not new, though. The founders resorted to the classic Hollywood recipe — charity and a global star’s name to market it. In an interview with blogger Crypto Beadles that was broadcast on April 13, Smithe shared plans “to host fights in 200 countries.” Thus, it was planned to help talented fighters build a career regardless of financial status or location. Smithe said during the interview:

“When you’re hosting fights in Sierra Leone or Ghana, you’re putting a spotlight on local economy or revitalizing local economy, and more importantly you’re giving kids that would never have a chance, boys and girls, men and women, young and old […] to be in a real global competition.”  

The site even contained Tyson’s quotes, but they were soon removed together with the rest of the information. The champion’s role in the project also remains unclear.

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Dream Network Is Suspected Of Manipulating Reddit Posts to Promote Crypto Projects

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Dream Network Is Suspected Of Manipulating Reddit Posts to Promote Crypto Projects
Dream Network Is Suspected Of Manipulating Reddit Posts to Promote Crypto Projects

A Reddit usar has published the results of an investigation into the manipulation of cryptocurrency sentiment and statistics.  

The user published a list of 50 accounts it dubbed the “Dream Network” which used particular types of manipulation that have become common on social media websites such as Facebook and Twitter.  

Indeed, Facebook, Twitter, and YouTube have broadcast a series of videos that explain the phenomenon and the types of manipulation used. The Reddit users’ investigation focused on two distinct methods – astroturfing and vote manipulation – which were both used to promote projects on the website’s “r/CryptoCurrency” and “r/CryptoMarkets” discussion threads.

Creating fake accounts to post messages that present the illusion of grassroots support for a project is called Astroturfing. Using this method, members of the so-called Dream Network allegedly published posts on Reddit intending to manipulate readers into believing an organic discussion was taking place in praise of a particular project. The author of the report said that accounts from the Dream Network “shill all the same projects and companies”. These included: Dreamr, Bitmax, Moozicore, Bora, Contentos and Ultra Token. The report added:

“While this is not smoking gun evidence that these projects solicited the Dream network’s shilling services, I would not say I have ever seen a legitimate project wrapped up in astroturfing at this level.”

Registered Reddit users can vote all links up or down based purely on whether they like them or find them interesting. Vote manipulation is against Reddit rules and, again, the Dream Network is said to have used its multiple accounts to increase vote scores on the various projects it was promoting. The report said:

“It’s not hard to see the profit motive and value present in manipulating crypto stats, sentiment, and discussion. As you can imagine, this is a lot of work that crypto mod[erator]s do.”

Various subreddit administrators have noted they will ban the Dream Network accounts to prevent them from manipulating their communities. Social media companies are taking an increasingly serious stance against manipulation – particularly following allegations in the past couple of years that rival parties or even foreign powers are using such techniques to manipulate opinion during general elections.  

In a report by Oxford University’s Oxford Internet Institute published in July 2018, it was suggested that much of the growth comes from political parties who have learned such techniques and strategies that were deployed during Brexit and the 2016 US Presidential election. Co-author of the report, Samantha Bradshaw, said:

“We estimate that tens of millions of dollars are spent on this type of activity. Some of the money may be spent on legitimate advertising on social media, but there is certainly a growing industry for fake accounts, online commentators, and political bots.”

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Cryptocurrency and Blockchain Videos News update 16th Sept 2019

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EOSPlay Hack Nets Gamer $110K
A hacker spent $1,000 in EOS to steal more than $110,000 in cryptocurrency through an exploit of EOS gambling game EOSPlay. A supposed bug in EOSPlay allowed the attacker to steal 30,000 EOS by using EOS REX, a major decentralized financial (DeFi) service enabling EOS lending in exchange for extra CPU on the EOS blockchain. How will this affect faith in EOS?

Square Crypto – Supporting Open Source Projects
Bitcoin (BTC)-supporting payments service Square Crypto is giving the first of what will be many grants to support open-source Bitcoin projects to BTCPay Foundation.
“BTCPay represents everything we love about open-source bitcoin projects. It exemplifies the ideals of our community and promotes adoption by letting merchants accept bitcoin, control their private keys, and self-validate their coins. It also creates powerful real-world applications for bitcoin without sacrificing user experience or requiring trusted third parties.”
So will square set the pace for new blockchain projects in the future?

Aventus Building Blockchain Application For Ticket Industry
The digital assets-focused blockchain-based protocol, Aventus, revealed its next code release Aventus Classic designed to create a more equitable and transparent ticketing industry. The release of the new ticketing protocol goes hand in hand with a $15,000 prize competition for blockchain developers. In partnership with The Satoshi Awards, developers are asked to build a blockchain-based ticketing system, where the winner will be awarded $15,000 worth of Ether. The winning build will be presented at The Satoshi Awards’ in mid-2020. Will blockchain technology help to guard against fraud and other issues in the ticket industry.

Venezuelan Crypto – The Petro – Out Performed By Bitcoin
The largest bank in Venezuela, the state-owned Bank of Venezuela, has now launched services to facilitate transactions in the country’s state-issued oil-backed virtual currency, which is called the Petro. According to Decrypt, Bank of Venezuela customers have reported a new module integrated into the management interface of their accounts so they can now register for a digital wallet that supports the Petro.

Coinbase Pro To Launch Support For Dash Token
The major cryptocurrency exchange Coinbase has announced that its professional trading platform Coinbase Pro will launch support for DASH token next week.
The launch of DASH trading is planned for 9 AM Pacific Standard Time on Sept. 17. The company also noted: “Once sufficient supply of DASH is established on the platform, trading on the DASH/USD, and DASH/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.”
How will this affect the future of DASH and also Coinbase moving forward?

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277 Arrested in Philippine Police Raid Alleged Cryptocurrency Scam

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277 Arrested in Philippine Police Raid Alleged Cryptocurrency Scam

Philippine police have reportedly raided the offices of an alleged cryptocurrency scam that was targeting investors in China.

According to a Sept. 15 report by local news outlet Inquirer.net, agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group raided the offices of Grapefruit Services Inc. in Pasig City on Sept. 11.

Authorities reportedly received a tip from the Chinese Embassy, which claimed that the firm had already defrauded thousands of investors in mainland China.

Immigration Commissioner Jaime Morente said that the Chinese government canceled the passports of all the employees, which made them illegal workers in the Philippines. Officials arrested 277 employees of the firm, all of whom are Chinese nationals.

Special economic zone

An unnamed source told Inquirer.net that Grapefruit is an authorized service provider of Golden Millennial Quickpay Inc. Ltd., which operates under a special license from the Cagayan Economic Zone Authority (CEZA).

CEZA — a government-owned corporation — oversees the Cagayan Special Economic Zone and Freeport, which is a special economic area in the north of the country. Also known as the Cagayan Freeport, the zone aims to attract foreign and local investment. The Philippine government began allowing cryptocurrency firms to operate there in April 2018.

Inquirer.net states that the firm was operating outside of the designated zone, and thus had run afoul of Philippine financial regulations.

Special regulations for cryptocurrencies

At the beginning of this year, the Philippine Securities and Exchange Commission (PSEC) postponed the issuance of final regulations for initial coin offerings (ICO), has introduced a draft version in August 2018.

In the draft, the PSEC stated that the tokens emitted during an ICO should be classified as securities, and “therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public.”

In February 2019, CEZA introduced a set of rules governing digital asset token offerings. The rules were designed to regulate the cryptocurrency industry and protect investors, affecting such issues as the acquisition of utility and security tokens.

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