One of the world’s largest asset managers has updated its code of ethics to account for the blockchain-based fundraising method.
CoinDesk
Crimean Government Employees Fined for Mining Bitcoins at Work
Two former Crimean government employees were fined 30,000 rubles each for using official resources to mine bitcoin.
CoinDesk
Australia: Two Bureau of Meteorology Employees Questioned About Cryptocurrency Mining
Wednesday of last week, the Australian Federal Police (AFP) executed a search warrant at the Bureau of Meteorology in Melbourne. According to ABC, people familiar with the raid said two employees were questioned regarding the use of the bureau’s powerful computers to mine cryptocurrencies. The rest of the bureau’s IT team was held in a conference room and told to wait while the two were questioned, they said. At least one of the employees who was questioned by the AFP has since gone on leave. As of yet, no one has been officially charged, but the investigation is continuing.
Cryptocurrencies are created by computers that have been tasked to solve complicated mathematical algorithms in a process known as mining. Over time, the equations become more difficult to solve, requiring miners to harness more computational power. Just last month, a group of scientists at a Russian nuclear research center were arrested for allegedly using the facility’s supercomputer to mine cryptocurrencies.
While mining cryptocurrency is not illegal, use of the bureau’s computers to carry out the process could be an illegal use of government resources. A spokesperson for the bureau and the AFP declined to answer questions, citing the ongoing investigation. This news comes just a month after the Bureau of Meteorology apologized for hosting fake ads that directed people to a Bitcoin scam, though it seems there is no connection between the scam and the current investigation.
If the employees were mining cryptocurrency, they may have been using the bureau’s computers to either avoid the significant electricity costs associated with mining, or they may have been taking advantage of the bureau’s powerful computational power, said Dr. Chris Berg, from the Royal Melbourne Institute of Technology’s Blockchain Innovation Hub.
“One possibility is that they’re trying to use some of the equipment that the Bureau of Meteorology have. The Bureau of Meteorology has some very fast computers. Another possibility, though, is that they’re just trying to get the Bureau of Meteorology to pay for the electricity. Mining is a very electricity-intensive task and they probably didn’t want to pay for it themselves,” said Dr. Berg.
With the dramatic rise in the value of cryptocurrencies over the past year, there have been several high-profile cases of dubious mining operations. One was in the form of YouTube ads which hijacked the computers of unsuspecting viewers to mine cryptocurrencies. Cyber-hackers also installed crypto-mining software onto a Tesla cloud account, and even more recently, 11 people were arrested for stealing computers from data centers in Iceland for mining.
The post Australia: Two Bureau of Meteorology Employees Questioned About Cryptocurrency Mining appeared first on NewsBTC.
CFTC Gives Green Light for Employees to Trade Cryptocurrencies
The U.S. Commodity Futures Trading Commission has given its staff permission to invest in cryptocurrencies, according to a report.
CoinDesk
Employees of Canadian Bitcoin Company Kidnapped For Ransom, Freed
A Canadian peer-to-peer Bitcoin exchange has fallen victim to a failed heist attempt. The incident occurred at Canadian Bitcoins, a business located in the Nepean area of the city of Ottawa.
According to reports in the Ottawa Sun, three armed suspects gained entry to the Concourse Gate property out of which the company works. Those storming the building were armed with handguns. Police state that the suspects tied four employees up and attempted to coerce them to complete a Bitcoin transaction to an address provided by them.
Digital heist
One of the victims is said to have needed medical attention, resulted by an attack by one of the suspects using the butt of a handgun. However, a fifth employee who the suspects were unaware of was able to alert the authorities. This caused the gang to flee.
Whilst there were few other witnesses to any of the on goings of Tuesday morning, one employee of a company a few doors from the Canadian Bitcoins’ office states that he saw police cars quickly descend on the scene at the time of the heist. They are reported to have responded with guns drawn.
Of the three suspects, one was spotted by officers running into a nearby ravine. They called for backup and quickly made an arrest. However, the other two members of the group are still at large.
In custody
The one suspect in custody is known as Jimmy St-Hilaire, 19. He was due to appear in court on Wednesday on various charges. These include five counts of robbery, pointing a firearm and forcible confinement, plus wearing a disguise, and conspiracy to commit an indictable offence. In addition, he faces charges of carrying a concealed weapon, as well as having a loaded gun when banned from carrying firearms.
Police are also appealing to a “person of interest” who was inside Canadian Bitcoins at the time of the heist. They also spent Wednesday morning searching for a gun that was used in the attempted robbery.
Meanwhile, for those hoping to use the services of Canadian Bitcoins, a message was posted on the door of their offices. It stated that the company would remain closed until January 28 at noon. It went on to state that all online services remained unaffected.
The post Employees of Canadian Bitcoin Company Kidnapped For Ransom, Freed appeared first on NewsBTC.
$240 Bln Japanese Company To Pay Employees in Bitcoin
n A Japanese holding company will offer employees part of their salaries in Bitcoin in 2018.n
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GMO Internet to Pay 4,000 Employees Using Bitcoin
A Japanese company has taken the bold step of opting to pay their employees using Bitcoin. GMO Internet is a firm dealing in web-related matters. These include finance, advertising, and internet infrastructure. In an effort to get more familiar with cryptocurrency, they’re trialling its use as a payment method in a professional setting.
Employees at GMO Internet can opt to have up to 100,000 yen of their salary paid in Bitcoin every month. This is equivalent to around 0. The rest of their rate will be topped up with traditional currency. It’s also not compulsory, and workers at GMO Internet can still elect to be paid their entire paycheck in yen.
Harumi Ishii , a spokesperson for GMO internet told the UK’s The Guardian newspaper:
Employees can receive salaries by Bitcoin if they want to… We hope to improve our own literacy of virtual currency by actually using it.
Ishii estimated that around 4,000 workers at GMO Internet would be entitled to receive Bitcoin payments. RT News report that employees would even receive a bonus for receiving cryptocurrency. Workers can expect an additional 10% on top of their usual payment.
Outside of a few jobs in the fintech industry, this represents one of the first examples of a large company offering to pay all their employees in cryptocurrency. Back in 2014, a Canadian startup called WagePoint offered a service in which they offered clients the option to pay their employees using cryptocurrency. At the time, they estimated that they paid around ,000 annually in Bitcoin. This is minuscule compare to the maximum .6 million a month which GMO Internet would pay out should every one of their employees opt for crypto payments. However, judging by the WagePoint’s website, the service has since been discontinued.
It won’t be the first dealings the GMO Internet have had with Bitcoin. They started a trading and exchange business back in May of this year. They are also planning on launching their own mining farm next month. Therefore, it makes perfect economic sense for them to pay their staff using the currency which they have obtained for much less than the market rate thanks to their mining operation. Rather than go through the effort of exchanging their freshly mined BTC for yen and then sending that out to employees, they can pay them directly with the cryptocurrency.
It’s hardly surprising that a Japanese company have been the first to trial paying employees in cryptocurrency. This year, the government there declared Bitcoin and other digital currencies legal tender. If GMO Internet’s pilot is successful, it seems likely that others will follow suit soon.
The post GMO Internet to Pay 4,000 Employees Using Bitcoin appeared first on NEWSBTC.
Crimean Council of Ministers Fires Employees for Mining Bitcoin Using Government Computers
n What will happen to those officials who mine Bitcoins on government computers Find out in our cover.n
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Two Fewer Tims: R3 Sees Key Employees Depart for New Ventures
Blockchain consortium R3 has lost two of its most public employees, Tim Grant and Tim Swanson, who are moving onto their own ventures.
CoinDesk
Two Less Tims: R3 Sees Key Employees Depart for New Ventures
Blockchain consortium R3 has lost two of its most public employees, Tim Grant and Tim Swanson, who are moving onto their own ventures.
BitNewz.net