In today’s selection 5 the most discussed news of the crypto and blockchain world. Don’t miss it!
Faults Crypto Exchanges
The New York Office of the Attorney General (OAG) has released a report on cryptocurrency trading platforms, finding that many are vulnerable to market manipulation and referring several exchanges to another agency for potential violations of state law.
The NYAG’s inquiry was launched in April, seeking voluntary participation from 13 of the world’s most notable trading sites, including Coinbase, Kraken, Bitfinex, Bittrex, and Binance, among others. The process carried forward in spite of the refusal to participate from some exchanges.
Coinbase hires LinkedIn executive
Cryptocurrency exchange startup Coinbase has hired LinkedIn’s head of analytics and data science Michael Li. His career to date has revolved around incorporating data into financial services, e-commerce and social networks, he wrote in the post. He believes that there are “endless possibilities” for using data in the cryptocurrency and blockchain space.
Data will be essential to empowering Coinbase’s mission, and core to company’s strategy to deliver the most trusted and easiest-to-use cryptocurrency products and services. I feel privileged to take on this challenging and rewarding new role to start the next chapter of my career.
A Hong Kong investment firm, Grandshores Technology Group, controlled by Yongjie Yao, has plans to raise over HK$100 million (US$12.75 million) in order to back a Japanese Yen based stablecoin. Grandshores is currently working with a mid-tiered Japanese bank which was not named in the report. Demand for the Yen-based stablecoin has already been established and the group has plans to launch it by the end of this year or early next. A Yen based coin would provide a good alternative for USD backed stablecoins, especially for the Asian market which already dominates crypto trade volumes.
Blockchain will become the mainstream technology in the next three to five years. We are entering the next stage of blockchain evolution, a stage which is akin to when computer operating system was transiting from MS-DOS [disk operating system] to MS-Windows.
Fake EOS tokens
Thieves have fabricated 1 billion EOS based tokens, ironically also named EOS, in order to purchase a number of tokens from Newdex, a decentralised exchange. Since the EOS tokens we’re fake and have no value, the hackers managed to lift around $58,000.00 worth of BLACK, IQ and ADD tokens from Newdex. This case showed one of the vulnerabilities of the EOS platform.
The thieves eventually traded the collection of tokens for real EOS cryptocurrency. Newdex later revealed the attackers managed to siphon 4,028 real EOS (approximately $20,000) to cryptocurrency exchange desk Bitfinex. Ultimately, it’s the Newdex dApp users left to suffer losses, which amount to roughly $58,000.
Regulation of ‘Wild West’ Crypto Market
British lawmakers called for the regulation of the domestic cryptocurrency market which they claimed to be the “Wild West”, whilst insisting rules could help the UK become a “global centre for crypto-assets”.
“Bitcoin and other crypto-assets exist in the Wild West industry of crypto-assets. This unregulated industry leaves investors facing numerous risks,” said Treasury Committee chair Nicky Morgan. “Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury Committee strongly believes that regulation should be introduced”.
Thank you for attention! Have a productive day!