Twitch Quietly Stops Accepting Cryptocurrency Payments

Twitch.tv, a popular live streaming platform that as of May 2018 has over 15 million daily active users, has recently quietly stopped accepting bitcoin and bitcoin cash payments, as the options to pay with these cryptocurrencies seemingly vanished.

The company’s move was first spotted by users on Reddit, who pointed out they were no longer able to pay for subscriptions using cryptocurrencies. While some noted they didn’t even know the company accepted cryptos, others started cancelling subscriptions to boycott the company for the move.

While it isn’t currently clear why Twitch removed the payment option, a low transaction volume could be behind it, as most users seemingly didn’t even know it was there in the first place. Some have already contacted support to figure out what’s going on. Looking at the platform’s payments options shows there’s, at press time, no way to pay using crypto.

The company notably added cryptocurrency payments in mid-2018, allowing users to pay for subscriptions to their favorite streaming channels using various top cryptocurrencies, including BTC, BCH, ETH, and LTC.

The move came through another company called StreamLabs, which provides streamers on various platforms with a full suite of software to help them manage content, livefeeds, and donations. It also helped them accept donations in cryptocurrency.

Per another Reddit thread, StreamLabs has also dropped its support for cryptocurrencies. While the transaction volume associated with these could be behind the move, it’s worth pointing out a video game streamer was gifted over $70,000 worth of bitcoin earlier this year while on Twitch.

Twitch is notably a subsidiary of Amazon, as it was acquired by the e-commerce giant for $970 million back in 2014. It’s said to have over one million concurrent users on average, and has over 2.2 million broadcasters.

In the past, companies accepting cryptocurrency payments temporarily dropped them over technical difficulties. As covered, Chess.com recently revealed on social media it was unable to accept over 100 BTC payments over difficulties with its payment processor.

Twitch hasn’t responded to CryptoGlobe’s request for comment by press time.

Canadian Teen Charged in $50 Million Crypto Crime Ring

Michael LaVere
  • Eighteen-year-old Samy Bensaci from Montreal has been accused of participating in a $50 million crypto crime ring.
  • The hackers used SIM-swapping techniques to gain access to the accounts of cryptocurrency holders. 

A Canadian teenager has been charged by authorities in connection to a $50 million SIM-swapping scam targeting cryptocurrency holders. 

According to a report by Infosecurity Magainze, eighteen-year-old hacker Samy Bensaci of Montreal has been accused by Canadian authorities for his role in a crime ring that stole millions from American and Canadian cryptocurrency investors. 

The scam involved a SIM-swapping technique to illegally gain access to the cell phones of crypto holders before hacking into their accounts. 

Lieutenant Hugo Fournier, a spokesperson for the Sûreté du Québec Candian Police Force, said the elaborate fraud was responsible for the theft of “$50 million from our neighbors to the south and $300,000 in Canada. 

Don Tapscott, head of the Blockchain Research Institute, and his son Alex were among the alleged victims of the hack. Tapscott later confirmed that he had been affected by the scheme, telling The Star, 

We can confirm that last year a hacker attempted steal crypto assets from our company and its employees. That attempt was unsuccessful. We cooperated with the police [and] have been impressed with their determination to bring those responsible to justice.

Bensaci was arrested in Victoria, British Colombia in November and later released on a $200,000 bail. 

Featured Image Credit: Photo via Pixabay.com