Today in crypto, courts denied Craig Wright’s dismissal request, the National Bank of Kuwait joined Ripple, and mainstream companies expressed skepticism in blockchain. Researchers also found vulnerabilities in popular crypto hardware wallets, and Huobi’s Derivatives Market broke $1 billion in trading volume.
Catch the details on today’s news:
Craig Wright Denied Attempt To Dismiss Lawsuit Over Billions In Bitcoin
A current ongoing lawsuit alleges Craig Wright deceived partner Dave Kleiman out of billions of dollars in bitcoin. Dave Kleiman died in 2013. However, Ira Kleiman, Dave’s brother, is suing Wright.
The lawsuit posits that Wright stole Dave’s bitcoin, as well as intellectual property held within bitcoin’s technology.
Wright reportedly tried to dismiss the lawsuit back in April. According to recent developments yesterday, “most counts of Wright’s motion have been denied,” CoinDesk reported today.
CoinDesk continued, quoting the recent court document. “Here, the Court finds that Plaintiffs have sufficiently alleged a claim for conversion. The Amended Complaint alleges that Defendant converted at least 300,000 bitcoins upon Dave’s death and transferred them to various international trusts, which was an unauthorized act that deprived the Plaintiffs of the bitcoins therein. Accordingly, Plaintiffs’ claim for conversion (Count I) survives Defendant’s Motion to Dismiss.“
National Bank Of Kuwait Taps Ripple For New Remittance Service
Ripple gained another client as the National Bank of Kuwait (NBK) recently jumped on board Ripple’s blockchain payment ecosystem.
Announced yesterday, NBK will now utilize NBK Direct Remit, which uses Ripple’s network for fast blockchain-based payments.
NBK will open the service for the country of Jordan initially, with more nations to come in the future.
“NBK is charging a fee of 1 Kuwaiti dinars ($3.29) per transaction for Jordan transfers if funds are sent to its local branch. For customers using other banks, it will levy 5 KWD ($16.47) per transaction. The default limit for transactions is capped at 2,000 KWD ($6,586),” CoinDesk detailed.
Expect More Of The Same For Blockchain In 2019, Say CIOs
UPS has reportedly tested several blockchain technology applications. Although the company noted they did not find many advantages in using the technology.
According to a Wall Street Journal report today, Chief of UPS engineering and information Juan Perez said, “I don’t expect significant benefits in 2019, primarily because the technology itself is continuing to evolve and mature … it requires a lot of parties to come to the table to participate and evaluate the technology.”
United Airlines Inc. has also not found their niche yet, as executive vice president of technology and chief digital officer Linda Jojo explained, “We have a small team looking at blockchain, but we are still searching for the killer use case.”
Research Team Demonstrates Hard Wallets Vulnerabilities, Trezor Promises Firmware Update
At a recent conference, popular hardware wallets Trezor One, Ledger Nano S, and Ledger Blue were proven hackable via a planned demonstration.
Researchers were able to hack the Trezor One by utilizing custom firmware. “However, they pointed out that this exploit only works if the user didn’t set a passphrase,” CoinTelegraph reported.
Trezor stated an upcoming firmware update in January will fix the issue.
Ledger Nano S and Ledger Blue devices also contained vulnerabilities.
Daily Traded Volume On Huobi’s Crypto Derivatives Platform Breaks $1 Billion
Huobi’s crypto Derivatives Market (DM) is apparently booming as daily trading volume recently breached the $1 billion mark.
Huobi Global is behind one of the world’s most sizeable crypto spot trading exchanges, and opened Huobi DM in November 2018.
“The new platform allows traders to trade Bitcoin (BTC) and Ethereum (ETH) contracts that aim to allow for arbitrage, speculation, and hedging,” explained CoinTelegraph according to information from a press release yesterday.
EOS trading on Huobi DM also reportedly began today.