Israeli Man Indicted for Stealing $9 Million Worth of Dash, Nearly 1% of Its Supply

Francisco Memoria

An Israeli man, Afek Zard, has reportedly been indicted over the alleged theft of 74,990.74 Dash, or over $9 million worth of the privacy-centric cryptocurrency, equivalent to nearly 1% of its circulating supply.

According to local news outlet News1, Zard managed to steal the equivalent of 0.85% of Dash’s circulating supply as he was close to the victim, Alexei Yaromenko, who was reportedly an early cryptocurrency investor who has been accumulating since 2013.

Dash wasn’t launched until 2014, and even then it was trading at less than $1 per coin. At press time, CryptoCompare data shows it’s at $123, although at the time of the alleged theft Dash was trading at $85.

Per the Israeli news outlet, Yarmonlenko taught Zard how cryptocurrencies work and helped him start trading them himself. The indictment document filed by Giora Hazan, Yarolenko’s attorney, reveals Zard had access to the victim’s residence, and took advantage of his absence.

Data shows the allegedly stolen Dash was in Yaromenko’s wallet until March 1, but were soon transferred out once Zard allegedly used the victim’s computer. The funds were sent to four wallets believed to be controlled by Zard, which is now being accused of theft, money laundering, and more.

Notably, Dash adoption has seemingly been on the rise. A Dash-enabled smartphone has been gaining popularity in Venezuela, and ransomware operators have started to demand the cryptocurrency – along with bitcoin – whenever they encrypt the files in a victim’s computer.

Earlier this year, however, it has been reported that a single entity could be controlling 51% of the cryptocurrency’s hashrate. This, as analysis conducted by a Reddit user found three of the four top Dash wallets were controlled by one entity, which as of January of this year had mined 26,665 Dash.

Binance Futures Launching Perpetual Contract for QTUM

On Wednesday (February 19), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a perpetual contract for QTUM (currently the 34th most valuable cryptoasset by reported market cap).

Here is how Binance Info describes QTUM:

"Qtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation.

"Qtum is a hybrid blockchain application platform.

"Qtum’s core technology combines a fork of bitcoin core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases.

"We believe this will allow Smart Contracts and Decentralized Applications to run on a familiar foundation while offering a robust environment for developers.

"The underlying technology uses an 'Account Abstract Layer', which acts as a bridge between the EVM and the Unspent Transaction Output model of Bitcoin Core. There will be Oracles and Datafeed functionality, allowing developers to create Smart Contracts built around trusted sources of information."

Binance Futures' new product is being launched at 08:00 (UTC) on 20 February 2020.

According to Binance's announcement, "to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts."

Also, it is worth keeping in mind that, as with the NEO/USDT perpetual contract, which was announced last Sunday (February 16), "perpetual contracts on Binance Futures are similar to the trading pairs on the spot market," and they are "priced and settled in the same manner."

Binance Futures users will be able to choose between 1x and 50x leverage.

Here are some of the main specifications for the contract:

  • Base Asset: QTUM
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 QTUM
  • Tick Size: 0.001
  • Minimum Contract Qunatity: 0.1
  • Maximum Contract Quantity: 1 million
  • Base Initial Margin Rate: 2.00%
  • Base Maintennce Margin Rate: 1.00%
  • Liquidation Fee: 0.5%

The other 22 perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, TRX/USDT, ETC/USDT, LINK/USDT, XLM/USDT, ADA/USDT, XMR/USDT, DASH/USDT, ZEC/USDT, XTZ/USDT, ATOM/USDT, BNB/USDT, ONT/USDT, IOTA/USDT, BAT/USDT, VET/USDT, and NEO/USDT.

Featured Image Courtesy of Binance