BITHUMB HACKED – $30 Million in crypto lost
“Just when I thought I was out, they pull me back in!” Just when we think the bulls are gathering the troops, the hackers (and exchange) bring us back down. One of the largest exchanges in the world, Bithumb, based in South Korea was recently hacked for $31 million. How did that affect the Bitcoin price? Not much. We are still holding that $6000 support, fam.
The top 5 in terms of marketcap remains unchanged but all showed weekly growth as per the Livecoinwatch image below. The overall cryptocurrency market in the past week increased from $279bln to $289bln representing a 3.5% increase in the past seven days. Your bags are not the only ones suffering. EOS is the only in the top 5 which did not recover as well week to week, likely to do with the news of the “constitutional crisis” their block producers are having.
Bitcoin: BTC dropped 4% to $6772 in the past week as of this post. Even with the news of the Bithumb hack Bitcoin held that strong $600 support and showed signs of life. How many more Bart patterns are we going to see this year? It wouldn’t surprise me if “The Bart” becomes an accepted crypto technical analysis pattern in the future.
Ethereum: Aaaaand it’s back. Or is it? ETH grew 10% over the past week settling at $537 as of this post. I don’t really see many people saying “buy ETH at $500, you will never see it again” on the social media anymore. I wonder why?
TETHER (USDT): Tether is back in the news this week so we figured we would highlight it in this weeks Dispatch. The idea behind Tether to have each USDT token backed 1:1 by USD reserves. By holding a US dollar for every USDT Tether token, Tether claim that the value is pegged to the USD and will remain stable. The very definition of a stablecoin.
This is great for people looking to secure profits from their holdings, and even better for day traders – nobody wants to profit by exchanging one coin for another only to see both plummet in value. This is great idea, unfortunately the lack of transparency from Tether itself has many doubting each token is backed by a US dollar.
There is not much in terms of price to discuss, because Tether should never deviate from it’s value of $1. That’s not the case as you can see below. USDT has deviated from it’s 1:1 pegging of the dollar, most drastically when it came onto exchanges in February 2015 and again between April and June 2017.
What’s new at Crypto is Coming
Square Granted Bitcoin Trading License – Payment processing company Square has been granted a New York BitLicense, which enables them to operate a cryptocurrency exchange and allow New York residents to trade Bitcoin.
Law firm Freeh, Sporkin & Sullivan LLP (FSS) confirms Tether fully backed by USD – The often criticised and controversial company Tether shared a “transparency update” via twitter yesterday.
Total Dominance: The Story of Binance – The exchange has seen meteoric growth, reaching the highest volume of any exchange just six months after launch and valued at almost $2 billion within the same time frame, making it the fastest ever platform to reach ‘tech unicorn’ status.
Crypto Facilities To Launch Litecoin Futures – UK cryptocurrency exchange, Crypto Facilities, is set to launch Litecoin derivatives contracts from Friday, June 22, according to rumours. The exchange will be offering both short and long positions with weekly, monthly, and quarterly maturities for LTC joining Bitcoin (BTC) and Ripple (XRP) futures. The exchange also added Ethereum (ETH) futures last month.
Underdog EOS Block Producers you should root for – The purpose of this piece is to highlight some of the best candidates at risk of not getting enough votes to earn a spot, and why you might want to support them with your vote, to have a more decentralised and stronger EOS network.
EOS BPs heavily controlled by exchanges (2 from Huobi) and other potential issues – Adding to our recent series of posts on EOS, Nic Carter did a quick recap of the current 21 EOS block producers filtering them by organization, % of stake, affiliation with any cryptocurrency institution, geographical legal jurisdiction. Makes sense to vote for those underdog BPs, eh?
EOS leaving exchanges vulnerable to hacks? – Whoa, that’s a lot of heat for EOS aint it? Crypto enthusiast Emin Gun Sirer put up an interesting thread today on twitter predicting a massive exchange hack in the next 12 months….all because of potential EOS vulnerabilities.
Is this the cryptopocalypse? Visualizing historical BTC corrections – Check out this visual from the crew at howmuch.net. An easy way to put things in perspective and calm your nerves.
Tezos Refusing To Relinquish Funds Unless Customers Reveal Their Identities – Say what?! Tezos, a much-anticipated smart-contracts platform aiming to rival Ethereum with added features such as self-governance, is holding user contributions to the ICO hostage pending completion of KYC (Know Your Customer).
How money flows into and within Crypto (cool visualization) – Cool visual representation of how money flows in cryptocurrency from coinlib.io. Really easy way to view how money comes into crypto from fiat currencies and how it moves within the ecosystem once it’s there.
What Is A Mainnet Launch and which upcoming launches should you keep an eye on – We have a look at what is a Mainnet, why it matters for your investment and the upcoming mainnet launches you should keep an eye on.
How cryptocurrencies compare with Visa and Paypal – This graphic shows how the top cryptocurrencies (by marketcap) compare to VISA and PayPal in terms of transactions per second.
Explaining Augur for Beginners (infographic) – Augur is highly touted project in the cryptocurrency industry. With its launch date approaching, we decided to take a closer look at how the platform actually works. At it’s core Augur is a prediction market built on top of the Ethereum Blockchain.
Bitcoin ATMs around the world (visualization) – Are there any Bitcoin ATMs in your neck of the woods?
Interview: Gregor Zupanc – DAA Fund Manager at ICONOMI – If you haven’t already, check out our latest interview of ICONOMI DAA fund manager Gregor Zupanc. Get some insight into how they select which crypto to include in their fund Solidum Capital.
Bitcoin hash rate spiking to all time high…despite price slump – Miners don’t seem to be worried about the price in the short term with new entrants continuing to enter the market.
Cryptocurrency news from around the internet
Korean crypto exchange Bithumb says it lost over $30M following a hack – Just weeks after Korean crypto exchange Coinrail lost $40 million through an alleged hack, another in the crypto-mad country — Bithumb — has claimed hackers made off with over $30 million in cryptocurrency.
Bitcoin Is Controlled by China, Won’t Disrupt Banks: Ripple CEO – Wow, salty much? Since Coinbase announced Ethereum Classic (ETC) would be the next available coin on their platform the Ripple CEO has been on angry fit.
Here’s why EOS will confiscate your tokens if you HODL for too long – Bad news keeps rolling in for EOS.
Goodbye, Denver Post. Hello, Blockchain – They left The Denver Post amid newsroom layoffs and interference in the editorial process by the newspaper’s hedge-fund owners. And now those reporters and editors are creating their own news outlet, The Colorado Sun.
Research: Tether, Bitfinex ‘Manipulation’ Reason Behind 2017 Bitcoin Price Highs – EOS and Tether can’t catch a break this week. Tether (USDT) has once again become the source of criticism after a new study blamed it for Bitcoin price manipulation in 2017, The New York Times reports Wednesday, June 13.
‘Evolve & Adapt’: Goldman Sachs May Trade Cryptocurrencies, Not Just Futures – My, my, my how times change…In less than 6 months. Investment banking giant Goldman Sachs is getting more serious about launching a full-scale cryptocurrency trading operation.
29% of High Net Worth Individuals Have a High Degree of Interest in Crypto – Capgemini’s 22nd annual World Wealth Report, which tracks investment trends of high net worth individuals, found that more than half of those surveyed have at least some interest in cryptocurrencies.
Nasdaq CEO says ICOs are ‘taking advantage’ of retail investors – Initial coin offerings have serious potential to rip off retail investors, mostly due to a lack of public information, according to Nasdaq CEO Adena Friedman.
Walmart wins patent for medical records stored on blockchain – Walmart has been awarded a patent for a system that would store a person’s medical information in a blockchain database and allow first responders to retrieve it in the event of an emergency.
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