Margin Lenders on Poloniex Lost $13.5 Million Due to Flash Crash

Margin lenders on American cryptocurrency exchange Poloniex have lost around $13.5 million due to a flash crash. Poloniex announced about the incident in a blog post published on June 6. Poloniex revealed that on May 26 a severe price crash in the clams (CLAM) market led to margin loans losses amounting to roughly 1,800 bitcoin (BTC), or approximately $13.5 million at the time. The incident affected 0.4% of all users and resulted in the reduction of all active BTC loans by 16.202%. The exchange subsequently froze all of the defaulted…

Nearly $10 Million in XRP Stolen in GateHub Hack

Hackers have reportedly compromised nearly 100 XRP Ledger wallets on cryptocurrency wallet service GateHub. The incident was announced by GateHub in a preliminary statement on June 6. In the statement, GateHub reveals that it was notified by some of its customers and community members that funds on their wallets had been stolen. The company estimates that hackers managed to compromise around 100 XRP Ledger wallets. Although the company did not initially identify any nefarious activities on its platform, it began an investigation on the matter, wherein it discovered increased application…

Margin Lenders Lost $13.5 Million in May to Poloniex Crypto Crash

Crypto exchange Poloniex revealed in a post Thursday that lenders in its bitcoin margin lending pool suffered a loss of 1800 BTC — roughly $13.5 million at current market prices — due to a flash crash in the Clams (CLAM) market on May 26. Poloniex’s peer-to-peer margin system includes both lenders and borrowers, the lenders of which are pooled together and rewarded in interest for lending out their funds. In order for a user to borrow the margin funds being lent, he or she must hold a certain amount of…

Tax Authorities Say Crypto Traders Owe Them $93 Million

Japan-based entities have failed to report their crypto gains valued at 10 billion yen ($93 million) over the past several years by March 2019, local national newspaper Asahi Shimbun reports on June 5. According to Asahi, about 30 crypto-related businesses and 50 individuals have not declared their revenues from cryptocurrency trading as of March, allegedly due to a high tax on this type of income. To date, Japanese tax regulators reportedly consider crypto-related revenues as miscellaneous income, which is taxed at 55%. In accordance with the current law, local entities…

SEC Sues Kik for Conducting Allegedly Unregistered $100 Million ICO in 2017

The United States Securities and Exchange Commission (SEC) has sued Canadian startup Kik for an unregistered $100 million token offering, the regulator officially announced on June 4. According to the SEC’s complaint, Kik violated the registration requirements of Section 5 of the Securities Act of 1933. The agency is seeking a permanent injunction, disgorgement plus interest, and a penalty. Specifically, the securities watchdog alleged that in late 2017, Kik raised $100 million through a digital token sale that was not compliant with U.S. securities laws, as it had not registered…

Tron CEO Justin Sun Pays $4.5 Million for the Right to Dine with Warren Buffet

Photo: Pixabay The Oracle of Omaha, Warren Buffet, can afford to become a connoisseur of fine food. Although the Berkshire Hathaway founder ranks among the wealthiest people worldwide, he never eats or lives like a king. He is famous to reach the age of 88 on a diet of Coca Cola and Utz potato sticks for breakfast. Buffet also enjoys Dairy Queen Sundaes and fast food from McDonald’s. What would Buffet think of someone on May 31 bidding to pay more than $4.5 million to have lunch with him? On…

Tech Startup Fluree Raises Nearly $5 Million in Seed Round for Blockchain Database

North Carolina-based Fluree has raised $4.7 million in its first funding round for the company’s blockchain-based database system, according to a report by Tech Crunch on June 3. The firm’s blockchain database product, FlureeDB, purports to be “an immutable, time-ordered blockchain database” according to its documentation. Additionally, users can reportedly choose to run the database privately or on a federated blockchain network. CEO Brian Platz explained: “If you want 100% decentralization, something like Bitcoin, it’s going to be slow. You can’t have your cake and eat it too. If you…

Tron CEO Pays $4.5 Million to Give Warren Buffett His Best Crypto Pitch

By CCN: In a frankly incredible turn of events, crypto hater Warren Buffett is going to have lunch with Justin Sun – not that he has any choice in the matter. The Tron founder won Buffett’s GLIDE charity auction with a record $4.5 million bid. Tron Founder Pays $4.5 Million for Warren Buffett Pow-Wow To make matters worse for the billionaire who once called Bitcoin “rat poison squared,” TRX’s Sun is going to bring along a bunch of his blockchain pals for the ride. I officially announce I’ve won the…

World’s Biggest Banks Splash $63 million on a Blockchain Digital Currency

By CCN: Some of the world’s biggest banks are partnering with London-based Fnality International to create a blockchain digital currency for faster cross-border transfers. These banks from Japan, Europe, and the United States are hoping that issuing a utility settlement coin (USC) will lower transaction costs of cross-border payments by cutting out intermediaries. Fnality International has received $63.1 million in capital from the 14 participating banks. These banks include Barclays of Europe and the United States’ State Street; Japan’s MUFG Bank and Sumitomo Mitsui Banking Corp as well as UBS…

Grant Thornton: Bankrupt New Zealand Bitcoin Exchange Cryptopia Has $4 Million Liability

​​Liquidators of dissolved New Zealand-based cryptocurrency exchange, Cryptopia, released its first report on May 31, 2019. The report detailed the current state of the exchange along with its financial status and revealed a liability of over $4 million. $4.22 Million Outstanding Debt Following the liquidation of New Zealand-based cryptocurrency exchange, Cryptopia, David Ian Ruscoe and Malcolm Russell Moore of the accounting firm, Grant Thornton, the exchange’s liquidators recently published its first report, which revealed the “state of affairs” of the company. According to the report, the liquidators were still in the…