Bitcoin Exchange Bitfinex Hacked. Bitcoins Stolen

Bitcoin exchange and lending platform Bitfinex has been hacked and reports say up to $70-72 million worth of Bitcoin was stolen. Their own reporting of it is in a post on their blog right here. Any attempt to login to the platform shows this message regardless of if you have any BTC there or not: … Read moreBitcoin Exchange Bitfinex Hacked. Bitcoins Stolen

Should Retail Investors Care About Madden v Midland Funding case?

Madden v Midland Funding Some of you may have heard about this case and that it may/might/could/is already affecting marketplace lenders. Miss Madden had a Bank of America credit card and defaulted on her payments. Midland Funding is a debt buyer and collection agency based in San Diego. Midland bought the debt of Miss Madden, … Read moreShould Retail Investors Care About Madden v Midland Funding case?

Lending Club’s Letter to Institutional Investors

You may have heard of the Lending Club shakeup in their executive team last week. The shakeup came from the fraud the former executives perpetrated on a small subset of loans. In response to these actions, the new CEO Scott Sanborn wrote a letter to larger investors about what happened, what they are doing, and how … Read moreLending Club’s Letter to Institutional Investors

Platform Risk: What Happened to Trustbuddy?

Platform risk is something mentioned here often yet rarely discussed in detail. Now we have an example of why thinking about the platform risk (the risk that the platform itself will go out of business) is something we need to think about and consider when it comes to investing on new platforms. Thanks for the … Read morePlatform Risk: What Happened to Trustbuddy?

The Bitcoin Lenders’ Bill of Rights

  The 3 largest Bitcoin based lending sites: BTCJam, BitLendingClub aka Loanbase, and Bitbonds, combined originate around $1.5 million worth of Bitcoin based loans per month. While this number is small, the industry is fast growing and is an important part of developing the Bitcoin ecosystem as a whole as lending/investing alternatives for Bitcoin operating … Read moreThe Bitcoin Lenders’ Bill of Rights

The MSB: Why I Don’t Lend to US LBC traders and you shouldn’t either

  MSB is the shorthand for a money service business. In the US, MSBs are overseen by FINCEN (the Financial Crimes Enforcement Network), which is a part of the US Dept of Treasury. FINCEN’s primary goal is to take the lead in anti money laundering (AML) efforts and enforcement. MSBs have a 2nd level of … Read moreThe MSB: Why I Don’t Lend to US LBC traders and you shouldn’t either