Day: August 23, 2018

Hacked Crypto Exchange Bithumb Made $35 Million Profit in First Half 2018

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South Korean cryptocurrency exchange Bithumb made net profits of 39.34 billion won (about $35 million) in the first half of this year, despite a rough June for the firm. Vidente, a video equipment maker that owns 10.55 percent of Bithumb and 10 percent of its holding company, revealed the financial data to a South Korean financial regulator on Thursday, according to local news agency Yonhap. Before deductions, the filings state, Bithumb collected a total of $270 million in revenue within the first six months of 2018, with $194 million in operating profits.…

World Bank to Settle $73 Million Blockchain Bond on Ethereum Next Week

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The World Bank has priced what it deems the ‘world’s first public blockchain bond’ at AUD$100 million ($73 million) in a settlement to occur next week. The two-year bond, designed to improve the efficiency of automated financing for countries with extreme poverty by moving away a decades-old manual bond sales process, will be settled on August 28 by the Commonwealth Bank of Australia (CBA), Reuters reported on Thursday. Dubbed ‘Bondi’ for Blockchain Operated New Debt Instrument – with a subtle nod to Australia’s famous Bondi beach’ – the bond will…

Stockholm IT Ventures AB Subsidiary Partners With Valens Bank for “Crypto Fund Trading”

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Stockholm IT Ventures AB (SITV), a Swedish company specializing in cryptocurrency and blockchain technology, has announced its subsidiary has finalized a software license agreement with Valens Bank, according to the official August 22 press release. The agreement between Blocktrade Technology Ltd. (BTT), a subsidiary of SITV, and the German Valens Bank will allow the “multi-currency financial services startup” to “use the BTT Crypto Trading Toolbox exclusively for Crypto Fund Trading.” The press release notes that this is the second agreement between BTT and Valens Bank connection with digital financial services.…

Bitcoin Price Defends Key Support Despite ETF Rejection

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Bitcoin is teasing a minor rally today, having defended key support at $6,230 despite a string of bad news. At press time, the leading cryptocurrency is changing hands at $6,400 on Bitfinex – down 3 percent on a 24-hour basis. Meanwhile, 94 out of the top 100 cryptocurrencies by market capitalization are flashing red, according to CoinMarketCap. The risk-off tone in the cryptocurrency markets is likely associated with the US Securities Exchange Commission’s (SEC) rejection of several proposals for bitcoin exchange-traded funds (ETFs) on Wednesday. Further, it was reported earlier…

North Korea Hacks Cryptocurrency Exchange With ‘First’ macOS Malware

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North Korean hackers have infected a cryptocurrency exchange with malware for both Windows and macOS for reportedly the first time, Russian internet security company Kaspersky Lab announced Thursday, August 23. In Kaspersky’s report, the company reveals the malware — dubbed “AppleJeus” — made its way into the systems of an unnamed exchange after an employee downloaded a “tainted” app. Kaspersky now believes the app came from a fake developer with fake security certificates in a major operation by North Korean hacker collective Lazarus Group. The malware aimed to steal cryptocurrency…

Hawaii Representative Reveals Crypto Holdings of ETH, LTC After Rule Change

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Hawaii’s Democratic Representative Tulsi Gabbard has joined the list of U.S. politicians who have invested in cryptocurrency, having disclosed purchases of Litecoin (LTC) and Ethereum (ETH), Bloomberg reports Thursday, August 23. Citing an income filing from August 14, the publication notes Gabbard purchased between $1,001 and $15,000 worth of the two assets at some point in December 2017. At the time, both were highly volatile, rising steeply towards the end of the month after Bitcoin (BTC) hit all-time highs around $20,000. Depending on the exact date of the purchases, Gabbard…

Bitcoin Price Watch: BTC/USD Forming Double Bottom Near $6,220

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Key Points Bitcoin price declined sharply and trimmed most of its yesterday’s gains against the US Dollar. There was a break below a major bullish trend line with support at $6,570 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair revisited the $6,220 support area and later recovered above the $6,300 level. Bitcoin price declined sharply below $6,550 against the US Dollar. BTC/USD is forming a double bottom pattern near the $6,220 level. Bitcoin Price Analysis Yesterday, we saw a solid upward move above the…

Bitcoin Drops 4% as More ETFs Get Rejected, Did Market Overreact?

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Over the past 24 hours, the crypto market has dropped slightly in value, led by the 4 percent decline in the Bitcoin price. Ethereum, Ripple, and Bitcoin Cash fell by 5 percent. The majority of analysts in the space have attributed the recent fall in the Bitcoin price to the rejection of several Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Almost immediately after the decision of the US SEC was released, the Bitcoin price dropped from $6,400 to $6,250. But, the market rebounded relatively quickly…

Ethereum Classic Price Analysis: ETC/USD Remains Supported Near $11.80

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Key Highlights Ethereum classic price declined from the $13.50 swing high and broke $13.00 against the US dollar. There was a break below a major bullish trend line with support at $12.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair spiked below the $12.00 support and formed a low at $11.89 before finding support. Ethereum classic price fell below important supports against the US Dollar and Bitcoin. ETC/USD found support below $12.00 and it is currently consolidating losses. Ethereum Classic Price Support There was…

Crypto Startups Are Destroying Millions of Coins – And Investors Love It

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Throwing away revenue? It might not make sense in conventional business, but don’t tell that to crypto entrepreneurs. Indeed, for some projects, economist Joseph Schumpeter’s notion of “creative destruction” is taking on a literal meaning in that they’re actively destroying their own money supply – and generating value for investors in the process. It’s turning out to be an unexpected benefit of the initial coin offering (ICO) model, whereby startups and projects fuel and fund their projects with a scarce digital asset they create. In short, these projects can use the token…