Chinese Crypto Hack Job, Intruders Detained
Police in Xi'an detained three hackers suspected of stealing virtual currency worth $88 million (600 million yuan). This is the largest criminal case of virtual currency theft in the history of the country. The investigation began on March 30 this year. The police received a message stating that cryptocurrency had been stolen from a computer of a citizen named Zhang. The market value of the stolen digital currency at that time was about $14,5 million. The three detainees, presumably, studied the technology of hacking from the age of 12-13 years and later worked for major IT companies. The investigation is ongoing.
WHY IS IT IMPORTANT?
- This is the largest criminal case in the country on the theft of digital assets.
- Large theft of funds from investors can lead to stricter policies. Digital assets trading and ICO's holding are now banned in China.
Coinbase Patents Secure Bitcoin Payments System
The crypto exchange Coinbase has filed a patent application describing a safe method of payment for goods and services using bitcoin.
Coinbase plans to create a special payment portal which will allow users to pay bills directly from their bitcoin-purse. The system uses API keys which apply to different websites providing an individual version of a payment portal.
WHY IS IT IMPORTANT?
- The enhanced security system will allow users to make payments directly from their digital wallets.
- Representatives of Coinbase noted that many users are worried that private keys from their bitcoin-wallet can be stolen. Existing systems do not solve the issue of private key security.
Joseph Lubin: Potential of Crypto Industry Gets Even More Impressive
The founder of Ethereum Foundation Joseph Lubin does not consider the current decline of the cryptocurrency market an obstacle to its development.
He explained that the drop in rates for digital currencies is not unusual or novel. This process has been happening ever since the bitcoin was invented. Lubin also believes that a permanent artificial increase or decrease in value does not reflect global trends.
WHY IS IT IMPORTANT?
- The head of ConsenSys notes that volatility is created by speculative investors. He also stressed that there is a strong correlation between price increases and the development of fundamental infrastructure in the ecosystem.
- Lubin is confident that hundreds of protocols will coexist in the future in the industry, but Ethereum will continue to occupy a significant market share.
- Joseph Lubin left Ethereum and launched ConsenSys. The project helps startups to create their own platforms on Ethereum.
EOS Launches New Platform
EOS, a blockchain-network, launched a new non-profit initiative called EOS Alliance with the goal of making the system more transparent. On the official website, the initiative is presented as a coordinating group through which the EOS community would express its will. Its founding board members include R&B artist Akon. EOS Alliance will be managed by a council. Seven members of the council are appointed, and two will be elected by the community. It is expected that it will take 12 months to fully elect the council.
WHY IS IT IMPORTANT?
- EOS Alliance calls to “Empower EOS For All.” A non-profit organization will serve the EOS community by optimizing and facilitating communication and education that affect tokens owners, block manufacturers, application developers and other interested parties.
- The blockchain-network is criticized as insufficiently transparent and decentralized. This was indicated, in particular, by specialists of the rating agency Weiss Ratings and Ethereum co-founder Joseph Lubin.
The Winklevoss Brothers Created the Crypto Exchange Association
Gemini crypto exchange belonging to Winklevoss brothers, together with three other exchanges, declared the formation of the Virtual Commodity Association that might become a prototype of the self-regulating association of cryptocurrency exchanges in the U.S. The organization’s goal is to develop common standards, which are now absent in the cryptocurrency industry, as well as to increase investors’ confidence in the market. Bitstamp, Bittrex, and bitFlyer USA became the association’s first members in addition to Gemini.
WHY IS IT IMPORTANT?
- The first meeting of the new association is scheduled for September, and the agenda promises to be rich. Both regulators and potential investors see one of the major problems the opacity of the market.
- Recently, the U.S Securities and Exchange Commission has denied Winklevosses application for Bitcoin-ETF registration. The brothers faced a trading volume drop on their Gemini crypto exchange and a depreciation of their cryptocurrency reserves.
At 18:40 (GMT+1) total cryptocurrency market capitalization stands at $214 billion
Bitcoin (EXANTE: Bitcoin) $6488 (+1,35%)
Ethereum (ETH/USD) $291 (-2,91%)
XRP (XRP/USD) $0,33 (-0,87%)
Bitcoin Cash (EXANTE: Bitcoin.Cash) $547 (-2,56%)
EOS (EOS/USD) $5,12 (-0,64%)
Monero (XMR/USD) $99,9 (+4,44%) showed the best growth in the top-10
Veritaseum (+19,85%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $11,45 (-4,4 billion per day)
Mining Profitability
BTC $2,4 for 10 TH/s
ETH $0,21 for 10 MH/s
BCH $0,26 for 1 TH/s
LTC $3,5 for 1 GH/s
DASH $0,09 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 20 August VTOS
- 20 AugustDATAEUM
- 27 August Vertex
- 29 August Yamzu
- 31 August BetOnChart
Click here for the full list of ongoing ICOs.
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