Connect with us

Ethereum

Blockchain assists Ethereum [ETH] based MulTra to pay people for reading news

Priyamvada Singh

Published

on

Blockchain assists MulTra to pay readers for reading news
Source: Pixabay

In its recent tweet, a German company called MulTra GmbH has announced that it is working on a blockchain development project to monetize news content. While the news publishers can earn in MulTra Token [MTT], powered by Ethereum blockchain, the platform is rewarding for readers as well.

Interestingly enough, a reader consuming news on MulTra News App also gets paid in MTT. They can then use it to buy a premium subscription and get access to paid content. The app also has an inbuilt API that enables currency exchange, through which a reader may convert MTT to other crypto or fiat currencies.

MulTra's tweet

MulTra’s tweet | Source: Twitter

MulTra GmbH is a digitally fueled German company that powers a business to scale-up, enter new markets and industries. CEO of MulTra, Onik Mia’s vision is to encourage news readers to consume information from authentic sources.

The app aims at providing more freedom to the readers in supporting their favourite news publications, while simultaneously creating a space for publishers to maintain healthy news environment. The visionary also believes that his app will connect more and more people to the world of cryptocurrency. It is safe to say that MulTra News App is the first app to “pay people for reading news”.

In a Medium post, the CEO has stated:

“By using the MulTra News App, consumers are paid in the Ethereum-based MulTra Token (MTT) to read publisher content and earn cryptocurrency. We developed the MulTra News App working with feedback from major international publishers to address the challenge of monetizing news content. By using the MulTra News App, consumers are paid in the Ethereum-based MulTra Token (MTT) to read publisher content and earn cryptocurrency.”

Along with giant corporations such as Accenture, Wipro, and Deloitte. MulTra is also on the member list of Enterprise Ethereum Alliance [EEA]. EEA is an enterprise that connects Fortune 500 companies, startups, and technology vendors with Ethereum’s blockchain.

Content and finance are not the only sectors under development via blockchain. At least a small section of almost every industry today – music, healthcare, gaming, agriculture, luxury, tourism, and more have been integrated with this technology for smooth and advanced transactions. Various governments are realizing the efficient model of blockchain and shaping a positive outlook on the idea of widespread adoption of blockchain solutions.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

News

QuadrigaCX Curtain Call Part 3: Private Jets, yachts, a major bombshell and maybe a biopic?

Avatar

Published

on

QuadrigaCX Final Call Part 3: Private Jets, Yachts, a major Bombshell and possibly a biopic?
Source: Unsplash

Ernst and Young, the audit giant, the court-appointed third-party monitor and now the bankruptcy trustee of the QuadrigaCX proceedings, released its fifth report on the QuadrigaCX episode. Part 1 & 2 of AMBCrypto’s coverage can be found here, and here.

The TOYS

Gerald Cotten did what any fraudster would do; swipe all the money from his business, use it to enrich himself and his family and fail to pay anyone affected. The monitor was unable to ascertain any “records in respect to fees or compensation” paid to anyone by the exchange. Further, Cotten did not file tax returns in 2014, 2015 and 2017. However, in his statements from 2016, no income from QuadrigaCX was claimed.

The report identified several fiat transfers between Cotten and his wife, Jennifer Robertson, and the duo acquired significant “real and personal property” either personally, or via third-party corporations. Cotten and Robertson also frequented various vacation destinations using private jet services. No other income apart from the funds emanating from QuadrigaCX was used for these lavish adventures, the report said,

“The Monitor has been advised that neither Mr. Cotten nor his wife had any material source of income other than funds received from Quadriga.”

An Asset Preservation Order placed on Robertson and her property by the monitor in April listed out the assets as real properties in Nova Scotia and British Colombia, securities, cash holdings, a “personal sailing vessel,” a “personal aircraft, “several luxury vehicles,” and gold and silver coins with a total value of $12 million.

The EXPERT

Evan Thomas, a commercial litigator who delved deep into the QuadrigaCX case, stated that the ability of the exchange and its CEO to carry out such fraudulent acts right under the noses of the authorities and its customers stemmed from its lax internal governance. Cotten made sure that the administrative activities would not be logged. The litigator stated,

“Quadriga apparently had no internal controls or accounting records, no segregation of customer assets from Quadriga’s assets, and no visibility into its own profitability, ever.”

On the topic of the funds’ movement between QuadrigaCX and the aforementioned unnamed exchanges, Thomas stated that Cotten may have used fake accounts under pseudonyms to avoid suspicion and then credited these accounts with fiat and cryptocurrencies which were then “used to trade against the Quadriga users.”

Thomas stressed the link between the Markay account and the competitor exchanges where Gerald Cotten was known to control accounts under different names. He stated,

“Again, these withdrawals were primarily to other exchanges where Cotten held accounts in his name or to other parties trading with Cotten personally. Some of the transfers were to wallets controlled by unknown parties.”

Succinctly summarizing the entire QuadrigaCX debacle, Thomas concluded,

“The biggest bombshell, foreshadowed in earlier reports, is that Cotten set up fake accounts, funded them with hundreds of millions of dollars of fiat and crypto that didn’t exist, bought real crypto from users and then moved the crypto off Quadriga.”

QuadrigaCX has been a tale like no other, or every other, depending on how deep and detached you are from the world of financial frauds. It has been the ideal scam; man sets up a fake business, takes in millions of dollars worth of funds, scatters the funds in different pools under anonymous names, enriches himself and his family, before the mastermind behind it all dies, leaving the authorities clutching thin air.

Who knows? A QuadrigaCX biopic might be in the works with Ryan Gosling (Another Canadian) in the lead. Martin Scorsese should be licking his lips now.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending