$100 Million Liquidated on Defi Protocol Compound Following Oracle Exploit

$100 Million Liquidated on Defi Protocol Compound Following Oracle Exploit

Lenders on decentralized finance (defi) protocol Compound on Thursday got liquidated for a massive $103 million, according to analytics provider Loanscan. This happened after what appears to be an oracle exploit on the Dai stablecoin.

An apparent error or malicious attack to the Dai-dollar-peg data supplied by the Coinbase oracle pushed the price of the stablecoin to about $1.30 – a premium of 30% – leaving some users on Compound under-collateralized.

Compound gets its pricing data from Coinbase Pro. Now, once this happened, and based on the built-in protocol rules, this could only mean one thing – forced liquidation of the borrower’s position.

According to Alex Svanevik, chief executive officer of data analytics firm Nansen, the liquidations affected the third-largest COMP farmer, who was liquidated for $46 million. Svanevik told industry media that, “As far as I can tell, Compound worked exactly as it should. But questions will be asked about the oracle.”

Compound, the third-largest defi platform, allows users to borrow funds such as Dai from each other. However, to borrow, a user is compelled to provide collateral that exceeds the amount they are borrowing – meaning all loans should be over-collateralized.

When the price of Dai spiked in the suspected Thursday oracle exploit, liquidations occurred because the loans had become under-collateralized.

For example, if a Compound user borrowed the equivalent of $100 in Dai, and then the price of the stablecoin rose to $1.30, it means the user’s borrowed amount has also increased to $130. However, if the user has less than this amount in collateral, they would be considered under-collateralized. Compound will liquidate them.

This is the platform’s biggest liquidation yet. In July this year, Compound saw $6.3 million worth of liquidations in 24 hours. Some observers criticized Compound for relying on a centralized platform like Coinbase for its price feeds.

“It boggles my mind that we are in late 2020 and defi platforms are still vulnerable to oracle attacks,” said one Twitter user @linkfrogposter. “This is why the Chainlink price feeds [for example] uses multiple sources of information (multiple independent node operators and multiple independent data providers). A median is then calculated.”

What do you think about Compound’s $100 million liquidations? Let us know in the comments section below.

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Renowned Finance Youtuber Andrei Jikh Invests Over $100K Into Cryptocurrencies

Renowned Finance Youtuber Andrei Jikh Invests Over $100K Into Cryptocurrencies

The popular Youtuber Andrei Jikh published a video this week to his 978,000 Youtube subscribers explaining that he invested over $100,000 into crypto assets. Jikh details why he spent the funds on digital assets and he plans to share his investment experience in another video.

Andrei Jikh is a popular Youtuber with close to a million subscribers to-date, and his channel concentrates on personal finance, the stock market, and investing. Usually, his videos cover traditional investment assets like stocks, but during his latest video published on November 20, he discussed an entirely different investment vehicle. Jikh invested over $100k in BTC and ETH and he explains how he thinks his investment will do in 12 months.

Right away, Jikh details that he purchased 7.5 BTC ($130,195) and 120 ETH ($63,044) and in his video the market prices are much different than they are today. After explaining the number of bitcoin and ethereum he purchased, Jikh said he left $10,000 in his Gemini account in order to dollar-cost average the rest of the funds every day. Jikh then goes on to describe the meaning of what a cryptocurrency is to his 978,000 Youtube subscribers.

Renowned Finance Youtuber Andrei Jikh Invests Over $100K Into Cryptocurrencies
Since Andrei Jikh made his initial investment his portfolio of BTC and ETH has dropped in value due to the November 26, 2020, crypto-economy price dump. Crypto assets like BTC have dropped in value on November 26 for the past three years in a row.

“At the time of making this video this investment is sitting at roughly $200,000,” Jikh said during the video. “It’s made up of 7.5 BTC, and about 120 ETH. In addition to that, I have roughly $10,000 in my Gemini account where I have set for it to invest that money at $2,000 a day.”

Jikh further added:

There is a max 21 million supply of BTC and in the US there is around 112 trillion dollars in terms of household wealth. If we assume 1% of the US population is interested in investing, that’s around 1.2 trillion dollars. If we divide this hypothetical 1% demand by the max supply – we get a rough price of $57,142 per coin. If we get 2% of the population interested in investing the price doubles to $114,284 a coin. There are 46.8 millionaires in this world, there will only be 21 million bitcoin in existence. That means less than half of all the millionaires in the world will ever own an entire bitcoin.

A few other watershed moments Jikh believes is boosting bitcoin’s maturity is Paypal’s recent announcement to support the asset, Fidelity’s upcoming exchange-traded product, and the big purchases stemming from firms like Square, Microstrategy, and Grayscale.

“On top of that, Stanley Druckenmiller who is a very wealthy hedge fund manager revealed that he now also owns Bitcoin, Mexico’s second richest man, billionaire Ricardo Salinas Pliego revealed he holds 10% of his net worth in Bitcoin, and even Ray Dalio is no longer sure of his skepticism,” Jikh stressed.

Of course, Jikh ends the video by telling his subscribers that the video is not investment advice. The Youtuber likes to share his investment strategies and he’s done so in many other videos for “entertainment purposes only.”

Jikh’s jump into the crypto space follows numerous luminaries this year getting into bitcoin. For example one of the most popular Youtubers, Pewdiepie told his 107 million channel subscribers he’s been getting into cryptocurrencies and non-fungible token (NFT) asset games. Hit record producer “Murda Beatz” told his fans that he purchased bitcoin last October and the Grammy-nominated rapper Logic dropped $6 million into bitcoin last month.

Jikh’s latest crypto video can be seen below and it has been viewed more than 129,000 times so far. Jikh’s fans and the commenters seem to like the latest financial investment video from the Youtuber, while others think he’s crazy.

What do you think about Andrei Jikh’s talking about investing in crypto in his latest video? Let us know what you think about this subject in the comments section below.

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Spending Sats: A Look at This Year’s Bitcoin Black Friday Deals

Spending Sats: A Look at This Year's Bitcoin Black Friday Deals

Every year the shopping holiday called Black Friday allows consumers to get better deals on products and services. On November 24, the day also known as ‘Bitcoin Black Friday’ will provide crypto users access to deals when they purchase items with digital assets like bitcoin. Due to the fact that bitcoin prices have been on a tear this year, the Bitcoin Black Friday holiday madness is in full swing.

Bitcoin Black Friday is back and there are all kinds of deals strewn across the worldwide web. During the crypto winter throughout 2018 and even in 2019, the anticipated shopping holiday for bitcoiners lost some of its charms. However, this year, thanks to the crypto economy’s colossal gains, Bitcoin Black Friday patrons will find many unique deals.

Spending Sats: A Look at This Year's Bitcoin Black Friday Deals
The web portal

One specific web portal that typically attracts bitcoin spenders looking for deals is the popular website The web portal is bigger than usual and showcases active deals, products related to bitcoin, hardware wallets, VPN services, art, food and beverages, and apparel as well.

Deals include products from Trezor, Etoro, Ledger Wallet, Namecheap, Guns N’ Bitcoin, Blockchain Kicks, Blockfi, Start9 Labs, Bitsoaps, and Bitcoin Magazine physical copies. There’s apparel from Atoms, TFTC, Mycryptowatches, Krypto Threadz, Mt Socks, and Layer One.

The web portal also hosts educational services like “Bitcoin 101,” “How to get and accept bitcoin,” and “Building the Bitcoin circular economy.” is now connected with Bitcoin Magazine, but it was originally conceived by the bitcoiner Jon Holmquist in 2012.

In addition to the web portal, the largest crypto payment processor worldwide, Bitpay has announced it is promoting the use of digital assets on Black Friday as well.

“To support crypto users, Bitpay has been working with its merchant partners to extend special offers for crypto purchases on Black Friday, November 27, 2020,” the company explained in a recent announcement. “The full list, as well as a curated list of additional places to spend crypto this holiday season, can be found by visiting the Bitpay merchant directory.”

Spending Sats: A Look at This Year's Bitcoin Black Friday Deals
Consumers can find Bitcoin Black Friday deals via Bitpay’s merchant directory.

With the Bitpay merchant directory, consumers looking for Black Friday deals can spend their crypto at Ace Jewelers, Blocklete Games, Hostkey, Inverdiamond, Murf Electric Bikes, and Atheist Shoes.

“This is a win-win for crypto users and Bitpay merchants,” Bitpay cofounder and CEO, Stephen Pair detailed. “With the price of bitcoin near an all-time high, crypto enthusiasts are looking for a way to cash-in and spend their earnings on holiday gifts and Bitpay merchants want to attract new buyers this holiday buying season. We anticipate these special deals will showcase to merchants and consumers that crypto is one of the fastest and easiest ways to shop,” the Bitpay cofounder added.

Spending Sats: A Look at This Year's Bitcoin Black Friday Deals
Users can also hunt for deals on the website, which showcases merchants who accept a variety of crypto assets like LTC, BCH, and ETH.

Lastly, another web portal crypto advocates can leverage to hone in on Black Friday deals is the web portal

“Crypto Black Friday is a directory with online shops where you can pay in bitcoin and other cryptocurrencies,” the website notes. “Bitcoin (also via Lightning Network), litecoin, ethereum, dash, bitcoin cash, ripple, binance coin [are] accepted here. This platform was created to celebrate Crypto Black Friday, a one-day event that brings together bitcoin merchants and bitcoin users. The bitcoin user base is growing and the bitcoin payment experience is getting better, the number of crypto merchants is increasing year by year.”

At the time of publication, showcases a number of bitcoin and crypto asset-related shops from firms like Ellipal, Bitrefill, Namecheap, Cheapair, Bitgear Australia, and Shopify. There’s also four different sections to choose from which highlight products and services like electronics, clothing, travel, and gift cards.

For instance, in the clothing section crypto spenders could get discounts on items stemming from Airbrushcustoms, Jojovo, the Dallas Mavericks, and Elliemei. In electronics, there are deals from companies like Dish Network, Overclockers UK, Avnet, Openbazaar, and Newegg.

The amount of deals for this year’s Bitcoin Black Friday is quite larger than years prior and merchants are likely pleased to accept the digital asset with market prices so high. Of course as usual a great majority of the merch being sold on Bitcoin Black Friday is crypto-related but there are an awful lot of other deals people can find on traditional items as well.

Because many crypto enthusiasts and bitcoiners have seen their assets increase in value by many multipliers this year, it’s likely they might want to spend some of those gains on trinkets.

What do you think about this year’s Bitcoin Black Friday? Let us know what you think about this subject in the comments section below.

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Ideaology’s IEO Ushers the Launch of Blockchain Platform for Innovators

Ideaology's IEO Ushers the Launch of Blockchain Platform for Innovators

PRESS RELEASE. DUBAI, UAE – Ideaology is proud to announce its IDEA token pre-sale on December 1, 2020. The pre-sale event is an initial exchange offering (IEO) on P2PB2B exchange. Users will have a chance to purchase IDEA tokens with a 22% discount before the IDEA token public sale.

Ideaology aims to be the “Biggest Blockchain Ecosystem in 2021 and beyond”. Along with the pre-sale launch, Ideaology’s Active IDEA platform will go live on December 1, 2021 as well. The very existence of Ideaology is a testament to how the model it’s promoting works. With its upcoming IEO and subsequent launch on crypto exchanges, Ideaology’s Active IDEA aims to become the first blockchain-powered platform to pave the way for users to collaborate on promising blockchain projects while investing in these ventures as well.

“Freelancers don’t necessarily work on online freelance platforms, and clients or companies don’t necessarily look for talents on those websites. Many of them are running their independent business from their websites or agencies, and looking for clients via advertisements, email marketing, leads generation, and other techniques. This is why we need to ask the question: why would a freelancer choose a website like Upwork, Fiverr, or Freelancer to sell his services when they can be part of a platform where they can offer their expertise and services on a platform specifically created for their exposure and convenience?”, said Khaled Alkalbani, Founder and CEO at Ideaology.

Whether you are an investor looking for the right project to pour your resources on, a business developer that needs funding to start his empire, or a digital nomad looking for a platform where you can provide meaningful services and earn, Active IDEA strives to be the go-to platform for all online professionals.

Within the Active IDEA platform, members can collaborate as they invest and find projects that they have passion for. Members of the Ideaology community will be enabled to launch a startup through crowdfunding, but at the same time, will also have the opportunity to work with startups.The Ideaology team calls this whole process “collabvesting” – where Active IDEA users can invest in startups while also giving startups and freelancers to collaborate on projects.

“We believe that our IEO launch with P2PB2B enables Ideaology supporters and P2PB2B users to have a smooth and convenient experience in participating in our pre-sale for the IDEA token. We trust that P2PB2B will also offer a great IDEA token pre-sale experience for everyone interested to purchase IDEA tokens at an early stage.”, said Amar Kovacevic, Co-Founder and CTO at Ideaology.

By establishing a platform where online professionals can start collabvesting, and jumpstarting it with a pre-sale of their IDEA token, Ideaology just became one of the most promising blockchain companies in 2021 and beyond.

Click here to join the IDEA token pre-sale event.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin

Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin

Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He argues that those committing 2% to 3% of their net worth to this digital asset today will see substantial gains in five years. Novogratz adds that while bitcoin remains a volatile asset he does not expect its price to drop to levels seen in March when it crashed to under $4,000. Instead, he asserts that “bitcoin prices shouldn’t fall below $12,000 in this current cycle.”

Evidence of a Supporting Bitcoin Price

According to a report, the bitcoin bull says unlike 2017, current “evidence supporting bitcoin prices is better than it’s ever been.” Novogratz repeats the now widely accepted view that institutional investors are driving the current bull market. Novogratz explains:

This rally is being driven by institutions slowly getting into this space, high net-worth individuals, hedge funds, real institutions. Bitcoin’s become a macro-asset.

The participation by these players along with increased regulation “should smooth out some of bitcoin’s volatility.”

Novogratz also comments on U.S. President-Elect Joe Biden’s pick for the Treasury Secretary post, former Federal Reserve Chairperson, Janet Yellen. The former Federal Reserve Chair has previously said “she is not a fan of bitcoin” and that it is a “highly speculative asset.”

Implications of Yellen’s Return

Although Yellen’s possible return as the U.S. Treasury boss has rattled some within the crypto space Novogratz is not overly worried because “a lot has changed” since she made the comments. Instead, the CEO thinks Yellen’s “general dovishness should be good for hard assets like gold and bitcoin.”

Novogratz concludes by sharing his thoughts on altcoins saying:

You can lose 60% of your money in a day. And so fair warning, if you’re going to play in those things, do it with small size and know what you’re doing.

Meanwhile, not everyone agrees with the narrative that the entry of institutional investors into the crypto market is the only significant factor behind the bitcoin bull-run. Marcus Swanepoel, the CEO Luno exchange says retail volumes have increased in the past few months.

In a Twitter post, Swanepoel writes:

This bitcoin bull run is not just from institutions. Our (retail) volumes in South Africa, Malaysia, Nigeria, and Indonesia all trebled over last month and (are) at all-time highs. Emerging market consumers are voting with their money and they’re ready for a better financial system.

Meanwhile, at the time of writing, bitcoin had dropped from over $19,350 reported on many exchanges to just above the $17,000 handle.

What are your thoughts on Novogratz’s belief that BTC will not go below $12,000 in this cycle? Share your views in the comments section below.

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Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy

Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy

The price of bitcoin and a great number of digital assets plunged in value during the early morning trading sessions on November 26, 2020. Bitcoin’s price dropped from a high of $19,319 on Wednesday evening only to lose over $2,000 during the course of the morning hours (EST) on Thursday morning.

  • Cryptocurrency markets have shed enormous value on Thursday, November 26, 2020. The entire market cap of all 7,700+ digital assets has lost over 5% in value and rests just below the $500 billion mark. ($498B)
  • BTC prices touched a high on Wednesday evening at $19,319 per unit and slid to a $16,870 low during the early morning trading sessions on Thursday. The price has increased since the bottom on Thursday and so far, BTC has shed 10.9% in USD value. The price of BTC is currently swapping for $17,277 per unit.
  • Out of precisely 7,784 cryptocurrencies worldwide across 33,471 markets, there’s roughly $291 billion in global trade volume. Out of the entire crypto-economy, the Bitcoin Dominance Index is hovering around 62% on Thursday dropping 2.5% since the recent price high.

Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy

  • The second-largest crypto-asset ethereum (ETH) has lost over 12% so far and each ether is swapping for $522 per coin. Ethereum has a market cap of around $59 billion at the time of publication.
  • Significant drops in cryptocurrency values across a myriad of markets are not unusual on November 26, as the occurrence has taken place every year for the last three years in a row.
  • The cryptocurrency XRP shed over 21.18% so far, and the asset is currently swapping for $0.53 per XRP. Still, during the last seven days, XRP prices skyrocketed and are still up 78% over the last week.
  • The fifth-largest market cryptocurrency valuation is held by bitcoin cash (BCH) markets as each BCH is swapping for $278 a coin. Bitcoin cash has shed considerable value losing 18.5% during the last 24 hours. At the time of publication, bitcoin cash (BCH) has an overall market cap of $5.18 billion on Thursday.
  • The cofounder of Definer, the defi network for digital loans, savings and payments, Chyna Qu explained this week that crypto use cases continue to grow stronger. “The true price indicator is the technology behind Bitcoin, and use cases are constantly growing. We predict that bitcoin will peak at the end of this year at around $40,000.”
  • While most people have been upset about the recent crypto-economy dump a number of people said the correction was due many days ago. “This pullback is healthy,” Heidi Chakos (@blockchainchick) tweeted on Thursday.

Check out all the crypto price action today in real-time by leveraging for the latest values on your favorite digital assets.

What do you think about the recent crypto-economy correction? Let us know what you think about this subject in the comments section below.

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Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin to Circumvent Country’s Overvalued Exchange Rate

A former Microsoft software engineer and co-founder of Buycoins Africa Tomiwa Lasebikan says some Nigerians expatriates are now using bitcoin to circumvent the country’s overvalued exchange rate when sending remittances.

According to Lasebikan, the Central Bank of Nigeria (CBN)’s fixed exchange rate of $1:380 is robbing recipients 20-30% of their remittance value each time they retrieve funds. At the time of writing, the parallel exchange rate of one dollar to the Naira is 1:480, according to Abokifx.

Similarly, importers that are hamstrung by the country’s rigid foreign exchange regulations, are now resorting to bitcoin when making payments online or across borders. Speaking in an interview, Lasebikan says bitcoin has also given Nigerian residents an opportunity to pay for services or utilities that the CBN usually deems unnecessary. He says:

Another thing would be for people who want to have access to resources outside the country…You want to pay for Nexflix, Apple Music. All of the things the government is aggressively clamping down on.

The software engineer explains that Nigerian authorities had, prior to this year’s events like Endsars protests, “been oblivious to the immense potential of bitcoin.” During the lockdown period, cryptocurrency usage in Nigeria grew and the country is now ranked as one of the top cryptocurrency markets. It is events in the crypto world in the past twelve months that may have helped change the Nigerian government’s perception of cryptocurrencies.

Consequently, as Lasebikan acknowledges, officials might now want to take action to slow down the adoption of digital currencies by Nigerians. According to Lasebikan, one simple way authorities can achieve this is by clamping down on centralized crypto exchanges, enforcing more rigorous KYCs or driving crypto companies out of the traditional banking infrastructure.

Still, as Lasebikan explains, this “will not kill bitcoin or the value of bitcoin” because the “majority of crypto activities happen in informal channels.” He says any clampdown will not result in the dropping of peer to peer trading which is initiated via Whatsapp or Telegram social media chat groups.

Bitcoin trading is censorship-resistant and there is no way for Nigerian authorities to stop or reverse transactions. Awareness of this and other attributes about bitcoin means the CBN and others will not succeed in any effort to control the digital currency. For crypto users, knowing of this is reassuring and it helps to maintain or accelerate the adoption momentum.

Do you agree with Lasebikan about the immense power of bitcoin in Nigeria? Share your thoughts in the comments section below.

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ZK International Subsidiary xSigma Introduces New Defi Project

ZK International Subsidiary xSigma Introduces New Defi Project

PRESS RELEASE. xSigma Corporation, a wholly owned subsidiary of ZK International Group (NASDAQ:ZKIN), was launched in 2018 as a blockchain research and development lab to solve real-world infrastructure challenges. After two years of intensive research into smart contracts and other blockchain-based solutions, xSigma shifted its focus to decentralized finance, or defi, in an effort to bring unfettered open-source finance to individuals and businesses worldwide.

XSigma’s foray decentralized finance has come at an opportune time in the market’s evolution. Although defi burst onto the scene in 2020, it quickly became the fastest-growing segment of the blockchain industry. Despite this tremendous growth, defi isn’t without issues. Users of these protocols have complained about a faulty user experience, impermanent loss, pricing error and smart contract vulnerability. These myriad issues have cast defi in a negative light among mainstream institutional investors.

The xSigma defi protocol has been designed to solve the countless issues plaguing the market today. As the first defi project to be backed by a publicly-listed company, xSigma has been built to capture the true value of decentralized finance. XSigma’s first order of business will be to launch a decentralized stablecoin exchange that offers fair farming terms for liquidity providers and an intuitive user experience for traders.

Stablecoins have emerged as one of the largest markets in the cryptocurrency industry, providing investors with immediate liquidity, price stability and redeemability. By November 2020, the combined market capitalization of all stablecoins was over $24 billion. Hundreds of millions worth of stablecoins are exchanged each day–a figure that is expected to rise steadily as we enter the next phase of global adoption.

Despite the inherent benefits offered by stablecoins, the exchange market is dominated by a few big players. Curve’s dominant position has allowed it to get away with offering a poor user experience, opaque token distribution and complex governance and farming systems.

xSigma is building a stablecoin exchange from the user side, not the developer side. Through its proven technologies, the xSigma platform prioritizes user experience by offering a simplified interface that appeals to both crypto veterans and new traders. XSigma’s team is implementing new innovations in the stablecoin exchange market, including a revamped reward structure. The platform will burn SIG tokens with exchange fees, effectively pushing up demand for the governance token while also capping supply in the same manner as Bitcoin’s 21 million-unit hard cap.

XSigma will accomplish these goals through the dedication of its award-winning and highly reputable team. The team has been assembled to not only deliver a state-of-the-art project, but to bring a new level of legitimacy and transparency to the defi ecosystem.

The xSigma team is led by Alex Lebed, a software engineer formerly of Facebook, Amazon and 1Inch. Alex is also the founder of and the prizewinner of ethNY (awards from Binance labs, Wyre, Matic), ethBoston and ethDenver hackathons.

He is aided by Kamal Obbad, a Harvard graduate and former Google engineer who was featured in Forbes 30 Under 30 in healthcare.

Daniel Garay is an xSigma project manager who used to work at Ripple and Google.

The soon-to-be-launched xSigma stablecoin exchange will bring a new level of transparency, accountability and user experience to the defi industry. The project’s dedicated team of engineers, software developers and project managers are committed to delivering the project over the next three years. In the meantime, continue to expect major updates on the evolution of xSigma DeFi.


About ZK International Group Co., Ltd.

ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the “Water Cube”, and “Bird’s Nest”, which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia.

For more information please visit Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company’s SEC filings please visit

About xSigma Corporation

XSigma Corporation, is a wholly-owned subsidiary of ZK International Group Co., Ltd. Together with ZK International, has launched xSigma as a research and development lab back in 2018 to solve real-world infrastructure challenges. Its mandate was to explore new opportunities in smart contracts, supply chain management and other blockchain-based solutions.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Asset Manager Vaneck Launches Physically-Backed Bitcoin Exchange-Traded Note

Asset Manager Vaneck Launches Physically-Backed Bitcoin Exchange-Traded Note

On November 25, the asset manager Vaneck announced the launch of an exchange-traded product (ETP) called the “Vaneck Vector Bitcoin ETN.” The exchange-traded note is physically-backed by bitcoin and listed on the trading exchange Deutsche Böerse Xetra. The newly listed Vaneck bitcoin ETN provides investors with the opportunity to buy and sell the ETN, and participate directly in the performance of bitcoin without actually purchasing the crypto asset.

There’s a new bitcoin (BTC) exchange-traded note available on the exchange Deutsche Böerse Xetra, a marketplace for the trading of shares and other securities. The novel ETN is issued by the asset manager Vaneck, an investment management firm with an estimated U.S. $49 billion assets under management (AUM). On Twitter, the digital asset strategist and director at Vaneck/MVIS, Gabor Gurbacs announced the new bitcoin ETN on Wednesday.

“Today Vaneck launched a bitcoin ETN,” Gurbacs tweeted. “The ETN is physically-backed by bitcoin and listed on Deutsche Böerse Xetra. Launching a bitcoin ETP was a top priority for Vaneck. We succeeded. Vaneck hopes to serve many in Europe and Asia,” the strategist added.

According to the announcement, the performance of the Vaneck physically-backed bitcoin ETN will be recorded by leveraging the MVIS Cryptocompare Bitcoin VWAP Close Index.

“Our bitcoin ETN is fully collateralised. This means that the money invested in the ETN is actually used to buy bitcoin,” Dominik Poiger, Product Manager at Vaneck explained during the launch announcement. “In this way, each ETN represents a certain amount of bitcoin,” Poiger added. Vaneck has also disclosed that the asset manager has partnered with Bank Frick, a crypto custodian regulated in Liechtenstein.

All of the bitcoin held custodially for the Vaneck Vector Bitcoin ETN will be held in cold storage the company notes. Bank Frick has dedicated time to the integration of cryptocurrencies into the regulated banking environment, the firm’s executive Raphael Haldner detailed.

“Thanks to our early market entry, we can demonstrate established and secure processes and extensive expertise,” the Head of Fund and Capital Markets at Bank Frick, Haldner said. “All participants can – at all times – verify the existence of the collateral,” Vaneck Vector Bitcoin ETN web portal also discloses.

Vaneck’s announcement explains that it is easy to purchase and store the new bitcoin ETN and its “uncomplicated as trading in shares or ETFs.” This is in contrast to creating a wallet and learning the step-by-step process of how to securely store digital assets in a noncustodial fashion.

“With our Vaneck Vectors Bitcoin ETN, we offer a product that allows investors to benefit from the performance of bitcoin,” Martijn Rozemuller, Head of Europe at Vaneck stressed. “Bitcoin’s low correlation to other asset classes makes it an excellent way to contribute to the diversification of a portfolio.”

What do you think about the asset manager Vaneck launching a physically-backed ETN on the exchange Deutsche Böerse Xetra? Let us know what you think about this subject in the comments section below.

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New Research Suggests Satoshi Nakamoto Lived in London Creating Bitcoin

New Research Suggests Satoshi Nakamoto Lived in London Creating Bitcoin

The hunt for the mysterious Bitcoin inventor, Satoshi Nakamoto continues to this day, as new data-driven research has been recently deployed in order to figure out the creator’s location while he/she or they worked on the network. The researchers analyzed Satoshi’s 539 Bitcointalk posts, 34 emails, 169 code commits, metadata from all the versions of bitcoin he worked on, the genesis block data, and archived data from the Wayback Machine.

Report Suggests Satoshi Nakamoto Lived in London While Creating Bitcoin

To this very day, the world is still clueless about the identity of Satoshi Nakamoto, the creator of the first cryptocurrency network Bitcoin. Just recently, research stemming from The Chain Bulletin published an editorial that attempts to hone in on Satoshi Nakamoto’s location during the creation of the world’s first blockchain.

On November 23, 2020, the author Doncho Karaivanov explains researchers combed through “Satoshi’s Bitcointalk posts, Sourceforge commits, and emails, along with other available data.” According to the research, the data points to “the most likely place the anonymous inventor of Bitcoin called home – London.”

Karaivanov says the research is data-driven and relies on timestamps that cover approximately “742 activity instances from 206 days (not consecutive).” The timestamped documentation started on Halloween on October 31, 2008, and statistics end on December 13, 2010, which was the last time the community heard from Satoshi. The researchers compiled scatter charts based on suspected time zones in order to see when Bitcoin’s mysterious inventor was awake and active.

“Common suspect locations are the UK (GMT), US Eastern (EST), US Pacific (PST), Japan (JST), and Australia (AEST),” Karaivanov’s study details. “The last two were easy to debunk, but the first three prospects needed further examination.”

New Research Suggests Satoshi Nakamoto Lived in London Creating Bitcoin
“Scatter chart of Satoshi Nakamoto’s Bitcointalk activity, from his first post on November 22, 2009, to his last one on December 12, 2010, based on [the] day of the week and time of day in the Europe/London time zone,” Karaivanov states.

During the course of Satoshi’s online activity, the researchers also note that Nakamoto posted a total of 539 times on the website forum “Looking at this data alone, we cannot determine, beyond a reasonable doubt, which time zone Satoshi lived in,” Karaivanov’s report stresses.

On Sourceforge, a code repository web portal where the Bitcoin code was once stored, Satoshi deployed 169 commits during that period of time. Again the researchers used scatter charts based on specific time zones to analyze Satoshi’s commit activity, which has proof timestamps in UTC.

Similarly, the commit charts just like the Bitcointalk post charts, are consistent and Karaivanov notes that they don’t leave a smoking gun in any of the plausible regions. Then the researchers charted Satoshi’s bulk of email activity which alone did not leave any hard evidence. However, by merging all the data from the Bitcointalk posts, commits, and emails the data starts to deduce that Satoshi’s home location wasn’t in Japan or Australia.

Bitcoin’s Genesis Block: ‘Chancellor on Brink of Second Bailout for Banks’

The biggest clue that points to Satoshi stemming from London resided in the genesis block’s initial message taken from The Times (Times of London) newspaper issue on January 3, 2009.

New Research Suggests Satoshi Nakamoto Lived in London Creating Bitcoin
The Chain Bulletin’s contributor Doncho Karaivanov’s biggest clue stems from the message Satoshi Nakamoto left in the genesis block created on January 3, 2009. The message originated from this Times of London headline which did not appear anywhere else except in the UK.

According to the researchers they deduct that Nakamoto could not have seen the Times of London headline, if the inventor was located in the United States. “This exact issue of The Times did not circulate in the United States,” Karaivanov wrote.

Karaivanov says that it would be “extremely unlikely” that the front page of the U.S. edition was formatted in the same way, as it would be entirely different than the Times of London headline in the UK. Moreover, the newspaper did have an online version of the story, but the headline was written in a completely different way. That specific online article said: “Chancellor Alistair Darling on brink of second bailout for banks.”

New Research Suggests Satoshi Nakamoto Lived in London Creating Bitcoin
An image of the genesis block message which says: “The Times 03/Jan/2009 Chancellor on Brink of Second Bailout for Banks.”

The genesis block data tips the scales “heavily in favor of the GMT time zone,” the author insists. “This is without mentioning all the clues that point to Satoshi being British, like his spelling of endings with -ise instead of -ize and -our instead of -or, e.g., analyse, organise, neighbour, colour, etc,” Karaivanov’s study concludes. “Then there’s his use of the word bloody. More specifically, we not only think he is British, but that he also lived in London while working on Bitcoin.”

Karaivanov also concedes by saying that it is impossible to say with “absolute certainty” that London was the precise location. “However, we can say, with reasonable confidence, that he was located in London,” the researcher added.

Satoshi Time Zone Studies from 2011 and 2018

Karaivanov’s research is not the first time Satoshi clues have been uncovered by researching specific time zones in comparison with Nakamoto’s known online activity. In February 2018, another data-driven research study called “The Time Zones of Satoshi Nakamoto,” also attempted to uncover Nakamoto’s location during the creation of Bitcoin as well.

For instance, the report highlights an early draft of the Bitcoin paper and the paper’s online metadata. Alongside this, they looked at the metadata tied to the Nakamoto also created. Combining the two timestamp values, indicates the computer Satoshi used to do these things online was set to ‘Mountain Time Zone’ in the United States.

New Research Suggests Satoshi Nakamoto Lived in London Creating Bitcoin
The February 2018 study called “The Time Zones of Satoshi Nakamoto.”

But the 2018 paper about Satoshi’s time zones is a bit more inconclusive, as there are multiple timestamps that show Satoshi could’ve been located in a myriad of regions. For example, the 2018 study also says that Satoshi’s commits indicate his computer leveraged “British Summer Time” timestamps.

“The Time Zones of Satoshi Nakamoto” review also highlights an analysis of Nakamoto’s hourly activity that was published in 2011. That specific research from 2011 concludes that Satoshi must have lived in an EST time zone in the U.S. The 2018 investigation alludes to circumstantial evidence that Satoshi was a “night owl” and regularly pulled all-nighters online. Most of Nakamoto’s all-nighter periods took place in the “summer of 2010 and the month of February.”

New Research Suggests Satoshi Nakamoto Lived in London Creating Bitcoin
The armchair sleuth, ‘In Search Of Satoshi’ noted that Satoshi Nakamoto had a spurt of all-nighters and crammed to get bitcoin complete like a student rushing to study for a final exam.

Satoshi’s All Nighters and Cramming to Get Bitcoin Complete

One of the most compelling findings in the 2018 research suggests that Satoshi rushed toward the end of his task, after taking a brief period of time off from the Bitcoin project. The findings show that Nakamoto put little to no activity into anything Bitcoin-related during the 2010 months of March, April, and May. Then, all of a sudden, in the summer of 2010, there was a huge burst of online activity from Bitcoin’s creator.

“This is the behaviour of someone who at the end of February found himself with an all-consuming task to complete by the end of May and then had practically unlimited free time, including the latitude to work into the small hours of the night, until the following October,” the armchair detective dubbed ‘In Search Of Satoshi’ concluded on February 13, 2018.

The latest 2020 research suggesting that Satoshi lived in London and the 2018 research does show evidence weighs heavier toward a UK-based home location. In the opinion of Karaivanov and his team’s research, London definitely holds the highest probability.

“Put together, his writing style, his activity pattern, and the Genesis block message, blatantly points to the capital of England as the most likely candidate,” Karaivanov’s findings deduce.

Meanwhile, a number of cryptocurrency advocates discussed Karaivanov’s time zone study and questioned the reliability of his findings. For example, Jorge Stolfi, a professor of computer science commented on the theory after the study was published on the Reddit forum r/btc.

Stolfi said the “’London’ hypothesis implies that he worked on bitcoin straight from 17:00 to 03:00 without dinner. The ‘US/Eastern’ hypothesis would imply that he started working on it at noon and had dinner after about 22:00. The “US/Western” hypothesis would imply that he worked all day from 08:00 to about 20:00 and practically did not work after dinner.”

Stolfi added:

While all these are possible, if anything this data would confirm that he was in the US, probably in the Western part during that time — agreeing with the PDF metadata.

What do you think about the study that assumes Satoshi lived in London while creating Bitcoin? Let us know what you think about this enigmatic subject in the comments section below.

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