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Largest ever cryptocurrency hack reported $500 million go missing

Uncategorized January 29, 2018

iDeal-Classifieds-Cryptocurrency-Hack Japanese cryptocurrency exchange Coincheck confirmed that $524 million worth of digital coins (cryptocurrency) had been reported stolen— making this the largest single hack on an exchange, even outweighing the Mt. Gox breach of 2014. NEM, the 10th-largest cryptocurrency by market value, fell 11% over a 24-hour period following the hack. The previous largest theft was pegged at $450 million in 2014 from a Tokyo-based exchange. That’s according to Japanese newspaper Asahi Shimbun, which reports that Coincheck said that some 500 million units of a cryptocurrency known as NEM, worth about 58 billion yen, had been taken from customers’ wallets. Continue reading …
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Bitcoin Drops as China bans cryptocurrency offerings

Uncategorized September 5, 2017



After a a series of investigations, on Monday The People’s Bank of China banned initial coin offerings — raising funds by launching new digital tokens. There was no mention of cryptocurrencies such as Bitcoin or its rival Ethereum, but the announcement sent stocks sliding anyway.

The burgeoning market for cryptocurrencies, which has grown very rapidly that one bitcoin was worth more than an ounce of gold in March, has seen digital currency entrepreneurs flocking to ICOs to create and sell digital tokens to investors, who include many celebs.

Still, regulators are not taking to ICOs well. The practice, which Bloomberg said netted $1.6 billion in the last year, has prompted security concerns from the US Securities and Exchange Commission. The Commission released advisories in July and August saying some ICOs should be regulated like other securities, warning of risks that come with investing in ICOs, including scams.

ICOs are a form of “unauthorised and illegal public financing,” the People’s Bank of China said in a statement, adding that ICOs have “seriously disrupted economic and financial order” in China.

The People’s Bank said the country has banned all sales and currency conversions involving digital tokens, and prohibited all financial institutions and non-bank payment organisations from offering any services to ICOs.
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    by on October 5, 2017 - 4 Comments

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    by on September 13, 2017 - 2 Comments

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