Nubank, Latam’s most valuable bank, has partnered with Lightspark, a cryptocurrency-focused financial services company, to bring its customers access to Lightning Network transactions. With this partnership, Nubank expects to lower costs and get more flexibility for users to take advantage of its trading platform, according to Thomaz Fortes, Executive Director for Nubank Crypto. Nubank to […]
Bitcoin News
Latam Insights: Paraguay Unveils Bitcoin Mining Centric Development Strategy, Itau Unibanco Rolls Crypto Trading for All Customers
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Paraguay unveiled a bitcoin mining-centric strategy, Itau Unibanco rolled out crypto trading services for all its customers, and Worldcoin decided to establish a hub in Argentina. Paraguayan Minister Unveils Future Economic Strategy Centered […]
Bitcoin News
70% of Korean Crypto Exchanges Fail to Repay Customers After Closure, Regulator Says
A joint research effort by Korean regulators — the Financial Supervisory Service (FSS) and Korea Financial Intelligence Unit (FIU) — has revealed that seven out of 10 cryptocurrency exchanges in South Korea failed to fully return investors’ money after ceasing operations. “And even if they did, just one or two employees were tasked with giving […]
Bitcoin News
Hacked Japanese Crypto Exchange to Raise 50 Billion Yen to Repay Customers
DMM Bitcoin, a major cryptocurrency exchange based in Japan, has revealed its plan to secure 50 billion yen (0 million) to repay customers after a significant security breach resulted in the loss of 4,503 bitcoins. The BTC leaked from the platform’s wallet on May 31. To ensure full reimbursement for affected customers, DMM Bitcoin plans […]
Bitcoin News
Court Approves Crypto Lender Genesis’ $3 Billion Payout to Customers
Crypto lender Genesis Global obtained court approval Friday to return approximately billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values. […]
Bitcoin News
Rockwallet Steps in to Adopt Wyre’s Customers Following Shutdown
According to the crypto payments company Wyre, based in San Francisco, which ceased operations in June 2023, the multi-currency self-custodial wallet platform Rockwallet has taken over Wyre’s entire customer base. On Thursday, Rockwallet announced it has been reaching out to customers to ensure a smooth transition in their digital asset endeavors, eliminating the need for […]
Bitcoin News
Vanguard Blocks Customers From Trading SEC-Approved Spot Bitcoin ETFs
Several investment firms, including Vanguard, reportedly block customers from trading spot bitcoin exchange-traded funds (ETFs). “Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash,” the firm explained. Dissatisfied with the lack of spot bitcoin ETF options, some customers closed their Vanguard accounts and moved their funds to other platforms that offer them.
Vanguard Has No Plans to Offer Spot Bitcoin ETF Trading
Excitement buzzed through financial markets on Thursday as U.S. spot bitcoin exchange-traded funds (ETFs) finally began trading after years of anticipation. The Securities and Exchange Commission (SEC) approved 11 of them on Wednesday.
However, soon after the market opened, some people shared on social media platform X that their financial institutions, including Vanguard, aren’t offering spot bitcoin ETFs. A Vanguard spokeswoman confirmed to CNBC that the company has no plans to launch a bitcoin ETF of its own or to list funds from other issuers, stating:
While we continuously evaluate our brokerage offer and evaluate new product entries to the market, spot bitcoin ETFs will not be available for purchase on the Vanguard platform. We also have no plans to offer Vanguard bitcoin ETFs or other crypto-related products.
“Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio,” the Vanguard spokesperson added
Frustrated by Vanguard’s stance on spot bitcoin ETFs, several bitcoin enthusiasts said they closed their Vanguard accounts and moved their funds to platforms, like Fidelity, for access to these newly approved products. A number of users also reported that Vanguard now only allows them to sell their Grayscale Bitcoin Trust (GBTC) holdings, even though they were previously able to buy them.
Just fully transferred my retirement account from @Vanguard_Group to @Fidelity because Vanguard won't support Bitcoin ETFs, and appears to be manipulating the price of Bitcoin by only allowing people to sell GBTC, not buy.
It's easy, takes just 5 mins. pic.twitter.com/DnzzYu1YPl
— Vanessa Harris (@technologypoet) January 11, 2024
Several other investment banks, including UBS, Morgan Stanley, Bank of America’s Merrill Lynch, Citi, and Edward Jones, also reportedly held off on offering spot bitcoin ETFs to their customers on the first day. While some plan to offer access in the future, possibly with certain conditions, others haven’t indicated their stance.
What do you think about Vanguard choosing not to let customs trade the recently approved spot bitcoin ETFs? Let us know in the comments section below.
Crypto App Shakepay Reveals Data Breach Affecting a ‘Small Number’ of Customers
In a recent announcement, Shakepay, the Canadian crypto app, disclosed a data breach involving unauthorized access to personal information of a select group of its customers. The breach, detected on Dec. 13, 2023, compromised data but did not affect any bank accounts, crypto wallets, or customer credentials.
Shakepay Addresses Data Breach Concerns, Offers Free Credit Monitoring to Impacted Users
The breach at Shakepay, which offers commission-free services for trading bitcoin (BTC) and ethereum (ETH), was identified following unusual activity on an employee’s work device. Shakepay’s security team quickly responded, deauthenticating and removing the compromised device from their network. This action was part of the company’s incident response protocol, aimed at minimizing the impact of such breaches.
Shakepay’s investigation revealed that the breach, active between March and December 2023, resulted in the extraction of personal details of a small customer segment. Potentially exposed information includes names, emails, addresses, birth dates, phone numbers, occupations, trusted contacts, account balances, and transaction history. This incident highlights the growing challenges faced by digital currency platforms in safeguarding user data.
Several individuals on the social media platform complained. “Nobody can protect your data,” one person responded to Shakepay’s announcement on X (formerly Twitter). “I don’t care how good of a company you are. The weak link employee will get owned. KYC information = future stolen information. Also March to December? Thats bad opsec.” Another person wrote:
So your company is responsible for doxxing a bunch of people that trusted you.
Following the breach, Shakepay said it advised customers to be vigilant of fraudulent activities. Recommended protective measures include upgrading to stronger account security methods like two-factor authentication, being cautious of suspicious communications, and changing passwords. The company has emphasized the importance of logging in only through official channels and using unique, strong passwords.
To support affected customers, Shakepay disclosed the company has implemented additional security measures and is offering two years of free credit monitoring to help mitigate risks of identity theft. The company has established a dedicated email address for affected customers and is actively engaging with law enforcement and regulatory authorities to investigate the breach and prevent future incidents.
“Your trust is the most important thing for us at Shakepay and we will do everything we can to maintain it,” the company’s message concluded. “Please know that the security of your money and personal information is always our top priority, and we continue to carefully monitor the situation and use every recourse to protect your personal data and pursue bad actors.”
What do you think about the Shakepay data breach incident? Share your thoughts and opinions about this subject in the comments section below.
Wallet of Satoshi Exits US Market Amidst Record-Breaking Month, Leaving Customers to Seek Alternatives
On Friday, Wallet of Satoshi, a provider of Lightning Network payment services, announced its departure from the U.S. market, though it refrained from providing specific reasons. The firm informed its U.S. clientele that they could “withdraw and transfer” their funds to a different wallet.
Wallet of Satoshi Halts U.S. Operations
A recent update on X (previously known as Twitter) revealed that Wallet of Satoshi (WoS), headquartered in Australia, is ceasing operations in the United States. WoS, an application available on iOS and Android, enables users to manage bitcoin (BTC) and Lightning Network transactions. Daniel Alexiuc established the company in 2018.
The announcement from WoS expressed, “We’ve made the difficult decision to remove our app from the U.S. Apple and Google app stores, and will not serve U.S. customers going forward.” The statement emphasized, “This decision doesn’t come lightly. Our commitment to providing a secure, user-friendly, and compliant platform globally is unwavering. Our top priority is the safety and interests of our customers and our company.”
Further, the WoS statement mentioned:
We understand this may be disappointing news and we share your frustration. We’re hopeful that future developments will allow us to revisit and possibly resume our operations in the U.S.
This move coincides with what was shaping up to be a record-breaking month for WoS, as observed by Kevin Rooke. “Wallet of Satoshi is on pace to process over 1.1 million Lightning payments in November,” stated Rooke two days prior. He attributed the surge in transactions this month largely to effective Lightning advertising.
What do you think about the Wallet of Satoshi leaving the U.S. and pulling its apps from the Google Play and Apple App Store? Share your thoughts and opinions about this subject in the comments section below.
Stitch Launches Payment Service Allowing Customers to Settle With Crypto in South Africa
A new product offering recently launched by Stitch, a South African payment service provider, now enables customers to settle transactions with crypto. According to Stitch, this new functionality makes it possible for customers to pay with bitcoin (BTC) or ether (ETH).
Local Businesses to Receive Payment in Local Currency
A South African payments service provider, Stitch, has reportedly launched a service which enables customers to settle transactions with crypto. Developed on top of the local crypto platform Valr’s application programming interface (API), this functionality makes it possible for customers to directly pay with bitcoin (BTC) or ether (ETH).
According to a statement released by Stitch on Nov. 21, the “pay with crypto” service makes it possible for customers “who wish to buy goods and services using crypto to do so directly, and the business will get settled in ZAR [South African rand].” For companies and merchants, using this service helps overcome concerns about the volatility of the two cryptocurrencies.
Commenting on the development, Blake Player, Valr’s head of growth, reportedly said:
“The Stitch integration expands the options Valr customers have to spend crypto balances in South Africa to the e-commerce market. We’re expecting high growth in the volume of crypto payments as it becomes more widely accepted.”
Meanwhile, the Stitch press release also identifies online marketplaces, e-commerce businesses, gaming and trading platforms as some of the businesses that stand to benefit from leveraging this new payment option. Similarly, local and international travel providers leveraging this service will be able to “appeal to a wider user base.”
For his part, Stitch President Junaid Dadan said the crypto payment option will accord clients “an opportunity to reach and serve this audience, without the need to take on direct volatility risk.”
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What are your thoughts on this story? Let us know what you think in the comments section below.