· March 26, 2018 · 5:54 pm
Coinbase Announces Plans for ERC20 Support
Coinbase has announced its intention to support the Ethereum ERC20 technical standard — meaning more cryptocurrencies will likely be added to the popular exchange in the coming months.
Another Leap Forward
In a post on the company’s official blog, Coinbase has announced its plans to support the Ethereum ERC20 technical standard.
ERC20 — which stands for Ethereum Request for Comment 20 — is the Ethereum token standard and is a technical standard used for smart contracts on the Ethereum blockchain. As by Coinbase:
ERC20 assets have become a popular way for teams to quickly build interoperable contracts/assets.
The update, which will roll out in the coming months, will allow for the support of ERC20 assets across Coinbase products.
We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months.
We are not announcing support for any specific assets today.
— Coinbase (@coinbase)
However, the popular cryptocurrency exchange has not announced support for any specific assets or features. Notes Coinbase:
We are announcing this both internally and to the public as consistent with our process for adding new assets.
This significant announcement comes roughly one month after the popular exchange on the bitcoin network – which has significantly reduced bitcoin transaction fees on the platform.
What to Expect
The announcement from Coinbase has implications for the company’s entire family of products.
In regards to GDAX — Coinbase’s sister exchange — the company has noted that “the GDAX team will wait for additional regulatory clarity before [deciding] which ERC20 assets to support on GDAX.” However, ERC20 support will afford GDAX the ability to securely recover customer ERC20 assets accidentally sent to the exchange’s Ethereum addresses.
Though Coinbase will soon support ERC20 assets, the exchange will continue to follow company policy and only list additional assets after they are listed on GDAX. Said assets may only gain admission to the popular exchange after undergoing strict evaluations in regards to their “liquidity, price stability, and other market health metrics.”
However, the company notes that admission to the GDAX platform does not automatically mean an ERC20 token will be listed on Coinbase and that GDAX “will likely have more assets listed on the platform than the Coinbase platform.”
As is also the case with GDAX, ERC20 support on Coinbase also allows for the safe recovery of ERC20 assets accidentally sent to Coinbase Ethereum addresses.
Meanwhile, the Coinbase Custody team is considering various assets to support for deposits and withdrawals, and Coinbase Asset Management will add any asset listed on GDAX to the Coinbase Index “on a market capitalization weighted basis.”
Are you excited to learn that Coinbase will soon support the Ethereum ERC20 technical standard? Which altcoins do you expect will be added to the exchange next? Let us know in the comments below!
Images courtesy of AdobeStock, GDAX, Glassdoor
Published at Mon, 26 Mar 2018 21:54:49 +0000
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Programmer Gets 16 Months Jail Time for Bitcoin Laundering Scam
Yuri Lebedev, an immigrant from Ukraine, was sentenced to 16 months of jail for his role in a bitcoin scam that used an illegal bitcoin exchange, Coin.mx, for laundering money for a global hacking ring.
No matter how smart or lucky a criminal is, they usually end up facing the long arm of the law. The latest perpetrator to face justice is Yuri Lebedev, a Florida programmer who had emigrated to the US from Ukraine as an exchange student when he was 16. Now he’s being in jail for his role in a bitcoin scam featuring the illegal exchange, Coin.mx.
Using Technology for Criminal Enterprise
Yuri Lebedev is 39, married, and the father of three children. He’s also the tech guru behind Coin.mx, an illegal bitcoin exchange that authorities say laundered money for a global hacking network. The court found that Yuri Lebedev did not actually launder any funds himself or be personally involved in any hacking, but he was found guilty of setting up and maintaining the illegal exchange.
The group behind Coin.mx targeted financial and publishing firms, such as JPMorgan and Dow Jones & Co., to steal customer data. They then targeted millions of victims to spam “pump and dump” penny stock schemes. The cryptocurrency they received for their attacks was then laundered through the Coin.mx exchange. Yuri Lebedev had set up an array of servers to process the transactions, which were disguised to banks as restaurant delivery charges and online purchases of collectible items in order to be converted into cash. The actual operator of Coin.mx was Anthony Murgio, who was . The man behind the hacking scheme itself is Gery Shalon, an Israeli citizen, who was recently released from jail after agreeing to pay of USD.
Shining Opportunity Squandered
As for Yuri Lebedev, he explained his part in the scheme as wanting to create “cutting edge technology” and build something “that would make me exceptional.” He added that he “got carried away.” However, he is lucky in that he did not get the full ten years that he was facing.
It’s a sad twist as Yuri Lebedev had done a lot to improve his lot in life. He was born in Russia and raised in Ukraine. He was abandoned by his alcoholic father when he was 8 and raised by his mother, who was a scientist. He came to the US as an exchange student when he was 16. He graduated from Valdosta State University with degrees in physics and computer science, and he then went on to gain a Masters of Science and Physics from Florida State University. As one could see, Yuri Lebedev is an extremely bright individual and actually didn’t need to turn to crime for money.
An interesting twist on the is that the judge ruled that . US District Judge Alison Nathan ruled:
Bitcoins are funds within the plain meaning of that term. Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment.
Do you think that Yuri Lebedev squandered his opportunity by being part of a bitcoin scam? Does such laundering schemes hinder the wider acceptance of cryptocurrency? Let us know in the comments below.
Images courtesy of Pixabay, Flickr, and Public Domain Pictures.
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