Facebook crypto returns. VC launches new $300m crypto fund. Mt Gox coins coming home. - Weekly Recap 2 July
Korean Crypto Exchange Bithumb has halted withdrawals after suffering a $31m hack. This is the third hack in 12 months and comes two weeks after they received a tax bill for $28m.
Two Russian banks, Sberbank and Alfa-Bank, are testing cryptocurrency portfolios for private clients.
Tether, the issuer of a digital currency that is pegged to the US dollar, has produced a statement from their lawyer in lieu of an audit. The statement claims that on 1 June 2018 Tether had 2.55bn of USD in reserves, matching the 2.54bn market cap of the digital currency. Later in the week rumours emerged of a tether double spend attack which turned out to be an exchange integration error.
A new EU directive allows Financial Intelligence Units (FIU) to monitor cryptocurrencies to fight money laundering and terrorism.
Andreessen Horowitz has launched a $300 Million Crypto Fund. Five features of the fund they’ve highlighted include it’s long term time horizon, it’s ability to invest aggressively in poor market conditions, operational support for entrepreneurs, a flexible mandate with respect to stage, asset type and geography and finally a focus on non-speculative use cases.
Facebook has reversed it’s ban on Cryptocurrency ads, however they will continue to prevent ICO’s from advertising on their platform.
A top U.S. Secret Service official has asked Congress for help in preventing privacy coins like Monero and Zcash from being used for illicit purposes.
Mt Gox bankruptcy proceedings have been paused and will move to civil rehabilitation. The key difference is that in bankruptcy proceedings all non-fiat claims are converted into fiat based on the valuation at the time the proceedings began (in this case 2014). This approach gave Mt Gox shareholders a windfall gain due to the appreciation in the price of Bitcoin since 2014 and saw them liquidating large portions of their holdings late last year and early this year. However for civil rehabilitation the claims claims may be made in Bitcoin.
Popular messaging App Line will launch a cryptocurrency exchange for it’s 200m monthly users.
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