Crypto News, June 11, 2018: Red Day

Highlights: Coinrail hit for $40 million, EOS doesn’t have its votes yet, and surprise! the internet draws dicks on things.

Korean Exchange Loses $40 Million In Attack

Source: Tech Crunch

Korean cryptocurrency exchange Coinrail lost over $40 million in altcoins this weekend following a hack. Among the tokens stolen were those issued by Pundi X (over 3% of their total volume), Aston X, DENT, and over $1 million in Tron. The hack hit users directly, with no word from Coinrail as to whether they plan to reimburse their customers, but they have made attempts to freeze the tokens.

Canadian Government Proposes Digital Currency Regulations

Source: Canada Gazette

The Canadian government is looking to strengthen its regulatory power over entities which deal in digital currency. New legislation sponsored by the Department of Finance seeks to classify entities which handle cryptocurrencies as “money service businesses” (MSB), which would then need to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with regulatory requirements. The proposal is an attempt to address usage of cryptocurrency to facilitate criminal activity.

EOS Vote Update

Source: EOS

EOS is in the process of voting for its block producers. At the time of this writing, they have just over 3% of the needed 15% of votes to activate the network.

Partnership: KODAKOne & OVG

Source: KODAKOne

The KODAKOne blockchain platform has announced a partnership with the Oak View Group (OVG) to bring its services to six major OVG arenas, including NBA and NHL venues. The partnership will allow fans to leverage the KODAKOne blockchain for their in-venue photos, including the opportunity for monetization.

Ledger Adds Support for NANO, Nimiq

Source: Twitter

Ledger announced support for NANO and Nimiq today via their Twitter. Apps are available in the Ledger Manager.

Binance Will Offer Euro Trading Pairs

Source: Bloomberg

Binance CEO Zhao Changpeng confirmed today that the exchange plans to launch fiat trading pairs. The first fiat currency will be the Euro, with plans to add other (unspecified) pairs in the future.

Binance Moving to Jersey

Source: Twitter

No, not that Jersey. Binance has reportedly entered into a memorandum of understanding with Digital Jersey, a project on the island of Jersey in the English Channel with the goal of making the nation a leader in digital finance. Jersey embraced digital currency early, around 2014, and as a result is able to offer a well-developed infrastructure for exchanges and other cryptocurrency projects. So while we would have loved to see CZ on the Boardwalk, we’ll concede this is probably a smarter business move.

Thailand SEC Released Digital Currency Regulations

Source: CoinTrust

Thailian’s SEC has released it’s regulatory requirements for trading and investing with digital currencies. Most notably, it seems the SEC has taken a firm stance against trading cryptocurrency for fiat. All exchanges and businesses which handle cryptocurrencies must apply for a license and pay an annual fee on total trading volume. Entities have until the end of June to comply.

Lithuania Offers Regulatory Guidance to ICOs

Source: Finance Ministry

The Lithuanian Finance Ministry has published a set of “comprehensive guidelines” for ICOs in the country. The guidelines, it says, help clarify expectations of businesses which handle digital currencies, but are not yet official policy.

Wells Fargo Bans Credit Card Crypto Purchases

Source: Bloomberg

Wells Fargo joined the likes of Bank of America and JP Morgan in placing limitations on digital currency purchases by credit card holders. Citing risk due to market volatility, a spokeswoman for Wells Fargo stated that they would “continue to evaluate the issue as the market evolves.”

Tezos Announces New KYC Requirements

Source: Tezos

The Tezos Foundation will now require KYC / AML checks for contributors, according to an official announcement today. Requirement specifics were not given other than “identification documents.” Current contributors can submit KYC prior to the new betanet or after the launch, but will not be able to access their allocations until KYC is complete.

“Bitcoin Maven” Faces Sentencing in LA

Source: NBC

Theresa Tetly, Los Angeles’s “Bitcoin Maven,” could face up to 30 months in a federal prison for operating a Bitcoin-to-cash business in violation of federal regulations. The prosecution is also seeking to seize 40 BTC from the six-figure operation.

Twitter Scams Are Now A $5 Million Enterprise

Source: Twitter

All those Twitter giveaway scams have been adding up to a tidy sum - by an estimate provided by MyCrypto tools, over $5 million in ETH has been sent to nearly 500 scam addresses. You heard it here first, from Hardly “Not Giving Away ETH” Difficult.

Shark Week: World Economy Edition

Source: Bloomberg

It’s a big week in global finance. Donald Trump is meeting with Kim Jong Un, The Fed is set to hike interest rates again, and Putin will meet the Saudi crown prince just before an OPEC meeting. A busy week, to be sure - read the full itinerary of economic happenings in the source link above.

$20 Million in ETH Stolen From Geth Node Users

Source: CryptoGlobe

A known security vulnerability in the Ethereum Geth node clients has resulted in a theft of over $20 million in ETH. In 2015, Ethereum issued a statement regarding a vulnerability in the JSON-RPC interface warning users that enabling it (it is disabled by default) and opening the port publicly left them open to attack by anyone who discovered their public key and IP address. The hack appears to have targeted users who were either unaware or apathetic.

CryptoKitties Founder: Ethereum “150 Million Times” More Expensive Than AWS

Source: CoinDesk

CryptoKitties founder Bryce Bladon says that dapps running on Ethereum are 150 million times more expensive in processing than Amazon Web Services. While the number is eye-popping, Bladon and others point out that the technology underlying decentralized applications is still “in its infancy” and that despite inferior performance, consumers are seeing the value of switching from centralized solutions.

Essentia Launches Multi-Chain Dapp Store

Source: Medium

Essentia, a decentralized data management protocol, has announced the “world’s first” multi-chain dapp store. Through the use of its proprietary ESS token, the marketplace will allow users to purchase and use dapps from multiple blockchains without needing to hold native tokens for each one. ESS holders will have a stake in choosing projects for future integration, and dapp developers can earn those tokens as rewards for usage statistics.

Free Money, with a Side of Sellout

Source: AVINOC

Another day, another referral link. AVINOC is offering an airdrop worth $1.5 million in about two months. Follow the link to register.

Satoshi’s Place Gets Internet’d

Source: Satoshi’s Place

According to an ancient internet proverb, “If you give them a canvas, they shall draw dicks.” Satoshi’s Place, a pixel-buying site à la the Million Dollar Homepage, has embraced this philosophy wholeheartedly, adding an actual counter to track the number of pixelated dicks (Dixels? Dixels.) which users have paid for the privilege to draw. Current count: 104. Stay classy, internet.

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