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BIG Blockchain Intelligence Group Inc. Comments on Perception that Cryptocurrencies Are Not Secure & How Regtech and Fintech Sectors Can Mitigate Associated Risks
(via TheNewswire) Vancouver, Canada / TheNewswire / January 11, 2018 - BIG Blockchain ...
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[{"type":"text","content":"BIG Blockchain Intelligence Group Inc. Comments on Perception that Cryptocurrencies Are Not Secure & How Regtech and Fintech Sectors Can Mitigate Associated Risks(via TheNewswire)\n\n \nVancouver, Canada / TheNewswire / January 11, 2018 - BIG Blockchain Intelligence Group Inc. (CSE:BIGG) (OTC:BBKCF) (WKN:A2JSKG) (\"BIG\" or the \"Company\"), a developer of Blockchain technology search and data analytics solutions, is pleased to provide an insider perspective on the emerging mass media notion that Cryptocurrencies, such as Bitcoin, are not secure, or are less secure than fiat (\"paper\") money. As Cryptocurrencies become increasingly mainstream in use and demand, the RegTech (regulatory technology) and FinTech (financial technology) sectors require an accurate picture of the inherent risks associated with Cryptocurrencies, and how to mitigate those risks.\n\n\n \nFrequent news stories about money laundering contribute to the common perspective that Cryptocurrencies lack security. By way of example, the January 2018 story of the US government receiving approval to auction off 513 Bitcoin and 512 Bitcoin Cash, currently valued at around $8.5 million; the cryptocurrency assets were seized from an investigation involving drug trafficking and conspiracy to commit money laundering (source: ccn.com).\n\n\n \nNews stories of hacking have also contributed to the perception of Cryptocurrencies lacking security. Examples from 2017 alone included: the cryptocurrency exchange EtherDelta being hacked and suffering the loss of \"tremendous amounts of wealth\"; the Korean exchange Youbit filing for bankruptcy and closing after being hacked twice that year; crypto-mining marketplace NiceHash reportedly losing tens of millions of dollars from an attack in 2017; and Tether, a start-up that works with exchanges, reportedly losing $31 million toward the end of the year. This trend is likely to continue in 2018.\n\n\n \nFormer Supervisory Special Agent Robert Whitaker, BIG's recently appointed Director of Forensics and Investigations commented: \"In the face of these news reports, it's understandable to think of Cryptocurrencies as less secure and riskier than fiat currencies. But the reality is that Cryptocurrencies are far more trackable than paper money.\"\n\n\n \nLance Morginn, CEO of BIG, stated, \"When it comes to managing the risks associated w...