A woman in Australia will go to jail for the theft of more than 100,000 Ripple digital currency tokens over two years ago, ACS Information Age reported.

The 25-year-old individual gained access to the digital currency account belonging to a man in his 50s. After changing the two-factor authentication, the individual moved a cache of digital currency to a foreign exchange. The crypto was then converted to bitcoin and moved into a number of locations. The individual will be eligible for parole next fall.

Authorities raided the individual’s residence in 2019 and confiscated electronic devices in addition to funds. They started their probe into the individual following a report that the victim could not access his exchange account.

In other news, Coinbase has left the Blockchain Association, an industry advocacy organization, The Block reported.

Coinbase announced it was leaving the group, which is based in the nation’s capital, in a letter dated Aug. 11. The letter does not specifically mention Binance.US, but The Block reported that some believe the departure was connected to the exchange gaining entry to the organization.

Hermine Wong of Coinbase wrote in the letter, “It is with considerable disappointment that I am tendering my resignation from the Board of the Blockchain Association, effective immediately,” according to the report.

Wong noted that the “resignation also serves as notice of Coinbase’s withdrawal from the Blockchain Association,” The Block reported.

Meanwhile, blockchain company Alchemy is making its offerings available to developers or firms seeking the infrastructure to create innovations based on smart contracts, Bloomberg reported.

Clients had to previously ask to harness the company’s technologies for software creation. The company, which Joe Lau and Nikil Viswanathan started in 2017, fuels seven out of 10 of the leading Ethereum applications. Will Smith and Jay Z, among other celebrities, back the company.

The firm works to assist in making a decentralized finance (defi) business model in which apps have their instructions spread throughout different computers globally.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.


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