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Hong Kong Banks Hit By Bitcoin Ransom Demands

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Two of the largest Hong Kong banks were targeted with distributed denial of service (DDoS) attacks earlier this week by unknown parties demanding bitcoin ransoms.

Regional newspaper The Standard reported that the Bank of China (Hong Kong) and the Bank of East Asia were hit by the attacks last weekend. A representative for Bank of China confirmed that the attack took place on 9th May, telling CoinDesk:

“With our constant monitoring mechanism and contingency measures in place to ensure the security and operation of the Company’s website, our services and customer information have not been affected by the incident. The case was reported to the Hong Kong Police.”

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DerbyJackpot.com Becomes First US Regulated Online Gambling Site to Accept Bitcoin

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horse race DerbyJackpot.com Becomes First US Regulated Online Gambling Site to Accept Bitcoin

Through a partnership with Bitcoin merchant payment processor GoCoin, the U.S.-based gambling website DerbyJackpot.com will now accept Bitcoin for betting on horse races around the country.

DerbyJackpot.com becomes the first U.S.-regulated gambling site to accept the digital currency. Bitcoin gambling websites have existed for a long time but have mostly remained in the underground economy or have blocked U.S. customers. DerbyJackpot.com will be the first place American citizens can legally gamble with bitcoin.

“Having spent the last 18 months circling the globe educating gaming and financial regulators in Europe and Southeast Asia, I’m thrilled to see the U.S. be the first to market with a legal-regulated real-money gaming site with DerbyJackpot,” said Steve Beauregard, founder and CEO of GoCoin, “And being from Maryland, I’m especially proud to see the launch on the eve of the Preakness Stakes.

“As a Bitcoin company, compliance needs to be top of mind. Our compliance team was uber impressed with the thoughtfulness and thoroughness of the DerbyJackpot compliance program, that they were a natural fit for GoCoin,” he added.

High Demand for Bitcoin Integration

DerbyJackpot.com told Bitcoin Magazine they chose to accept bitcoin due to frequent requests from customers. The integration comes during the height of the Triple Crown of Thoroughbred Racing season, one of the most active times of the year for the sport. DerbyJackpot.com users will be able to bet bitcoin on races at the Preakness this weekend, the Belmont Stakes on June 6, and hundreds of other horse races.

Launched in 2012, the gambling startup has pioneered the growing industry of online betting for horse races. According to DerbyJackpot’s CrunchBase profile, the company has raised more than $6.5 in capital and includes Reddit co-founder Alexis Ohanian and Bullpen Capital Managing Director Paul Martino among its advisers and investors.

GoCoin also provided bitcoin payments for the first regulated Bitcoin gambling website in the United Kingdom. In October of last year, the company partnered with iGaming operator Cozy Games to enable dogecoin, litecoin and bitcoin payments for the mobile gambling company’s apps. Cozy was the first regulated gambling company to accept Bitcoin in the UK and the world.

Bitcoin in the Headlines: The Chicken and Egg Debate

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Bitcoin in the Headlines is our weekly look at bitcoin news, analysing media and its impact.

1341Screen Shot 2015 05 15 at 11.46.20 AM Bitcoin in the Headlines: The Chicken and Egg Debate

It’s the classic philosopher’s dilemma, the chicken and egg. Which came first? And how do you make sense of being stuck in that unknowing middle?

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Xapo Moves to Switzerland Citing Customer Privacy Concerns

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d5fbScreen Shot 2015 05 14 at 7.04.14 PM Xapo Moves to Switzerland Citing Customer Privacy Concerns

Xapo has officially relocated its corporate headquarters to Zurich, Switzerland, citing the country’s long history of neutrality and stability.

The bitcoin services and security firm said the transition was put in motion three months ago at the request of customers, and that now, Xapo‘s operations in Palo Alto are in the process of being reduced. As part of the transition, Xapo will hire new finance and legal staff in the central European nation while still keeping a small US presence.

Continue reading at CoinDesk

%name Xapo Moves to Switzerland Citing Customer Privacy Concerns

How Blockchain Tech is Inspiring the Art World

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617cblockchain tech art How Blockchain Tech is Inspiring the Art World

Since its creation in 2009, bitcoin’s blockchain has proved that value can be moved across a network that cuts out the traditional ‘middle men’.

While the broad strokes of distributed ledger technologies like bitcoin are a hot topic, it’s not just Wall Street or multi-national corporations that are paying attention.

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%name How Blockchain Tech is Inspiring the Art World