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U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

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Cubits, a London-based digital asset trading platform, has been forced into administration after fraudsters reportedly stole €29 million (about $ 32.5 million) from the exchange in February. The company claimed “it fell victim” to an elaborate scam orchestrated in collusion with three of its clients. 

Also read: Former Mt. Gox CEO Could Face 10 Years in Jail Over Embezzlement

Exchange Enters Into Voluntary Administration

The administration means that investors cannot deposit or withdraw funds until further notice. It’s not clear how much worth of bitcoin the exchange was holding on behalf of customers at the time of closure.  Read more...

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Top Stablecoin ‘Basis’ May Shut Down Due to Regulation, What Went Wrong?

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On December 13, Frank Chapparo at The Block reported that Basis, a crypto stablecoin project that raised around $ 133 million in April, is terminating its operations and is in the process of returning the capital it raised to its investors. The project was funded by some of the largest venture capital firms in the technology space

The post Top Stablecoin ‘Basis’ May Shut Down Due to Regulation, What Went Wrong? appeared first on CCN

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The Daily: Uber Meets Bitcoin, Basis Stablecoin Shuts Down

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The Daily: Uber Meets Bitcoin, Basis Stablecoin Shuts Down

In Thursday’s installment of The Daily, we report on a highly anticipated stablecoin project that’s failed before it’s even launched, and explore the strangely centralized world of crypto Twitter. First though, we’ll start with the news that a third party app has made it possible to pay for your Uber ride using BTC.

Also read: Benchmark University Study Shines a Spotlight on Crypto Assets  Read more...

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Andreessen Horowitz-Backed Stablecoin Basis Is Shutting Down

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Back in April, a stablecoin called Basis raised $ 133 million through an initial coin offering (ICO) with a stacked lineup of investors including Bain Capital Ventures, Andreessen Horowitz, Valor Capital, Google Ventures and Digital Currency Group. Now, nine months later, Intangible Labs, the company behind Basis, is shutting down operations and returning what is left of the […]
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Bitmain Shuts Down Research and Development Center in Israel

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The ongoing bear market has caused another cryptocurrency company to downsize its operations. Bitmain, the Beijing-headquartered bitcoin mining technology giant, has now begun shutting down its research and development center in Ra’anana, Israel.

Also Read: Former Israeli Prime Minister Calls Cryptocurrencies a ‘Ponzi Scheme’

Bitmaintech Israel Closes Down

Bitmain Shuts Down Research and Development Center in IsraelAccording to reports from Israel, Bitmain’s research and development center in the country will be shut down this week. A total of 23 employees are being laid off, and Gadi Glikberg, who headed the Israeli company and served as a VP at Bitmain, will also lose his position.  Read more...

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Nearly Every Major Cryptocurrency is Down at Least 90% from All-Time High

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Earlier this year, in February, Tom Lee — co-founder of Fundstrat Global Advisors, the first Wall Street strategy firm to embrace bitcoin — opined that the crypto market had turned a corner and would see new highs in July. Nine months and several year-end price target reductions later, cryptocurrency assets remain firmly in the red. … Continued

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Swiss Crypto Valley Association Leadership Steps Down After Governance Review

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Swiss Crypto Valley Association Leadership Steps Down After Governance Review

More than half of the members of Switzerland’s Crypto Valley Association (CVA) board have announced their decision to step down in January. The news comes after reports about governance issues and allegations of conflicts of interest in the leadership of the growing organization.

Also read: Estonia to Tighten Rules for Licensed Crypto Companies

Four CVA Board Members to Step Down

Swiss Crypto Valley Association Leadership Steps Down After Governance ReviewIn a joint statement sent to CVA members, the board’s president Oliver Bussmann and three other members – vice-president Vasiliy Suvorov, the board’s secretary and treasurer René Hüssler, and Nicolas Schobinger – announced they will not be standing for re-election next month, Swissinfo reported. All of them have been in the governing body since the establishment of the association in January of last year. The statement reads:  Read more...

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Paxos Standard: Why the Stablecoin You’ve Never Heard of Just Might Take Down Tether

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Several months ago, crypto exchange Gemini made waves when it announced that, with permission from the New York Department of Financial Services (NYDFS), it had created a USD-pegged cryptocurrency “stablecoin” that would provider traders and institutions with a “regulated” alternative to tether (USDT), which was frequently the subject of controversy despite having a multi-billion dollar

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Crypto VC: Miners Shutting Down Is a Feature of Bitcoin’s Design

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One of the biggest victims of this year’s bear market has been the miners. The pain has been fairly evenly distributed between the large-scale enterprises, which invested significant capital to mine against falling profitability and the small-scale amateur miners, who were priced out of the market. While some view this as a major issue within […]
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Court Orders Swiss Crypto Mining Firm Envion to Shut Down

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Envion AG, a crypto-based firm that aimed to combine cryptocurrency mining with green power, has been shut down by the cantonal court of Zug, Switzerland. The company was reportedly dissolved due to an alleged unauthorized Initial Coin Offering (ICO) on November 28, local German news outlet Handelsblatt reports. Envion was established to serve as an off-grid

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The Daily: ICOs Hunker Down for Crypto Winter, Meta Stablecoins Are Coming

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The Daily: ICOs Hunker Down for Crypto Winter, Meta Stablecoins Are Coming

For those who live in the northern hemisphere, winter is coming, while in the cryptosphere it’s already here. In Wednesday’s edition of The Daily, we look at the steps ICOs are taking to preserve their capital as they wait for the markets to warm up again, heralding that winter is over.

Also read: Bitstamp to Deploy New Market Surveillance Tool to Fight Price Manipulation  Read more...

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Anthony Pompliano: Bitcoin (BTC) Will Bottom Down 85% From All-Time Highs

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Anthony Pompliano, a partner at Morgan Creek Digital Assets and notable security token advocate, believes that the 2018 Bitcoin (BTC) bear market is not over yet. In a recent interview on CNBC’s Squawk Box, Pompliano revealed his prediction that Bitcoin will experience an 85% decline from its all-time high before finding a bottom — implying a price floor of roughly $ 3,000. […]
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Bitcoin Payments Down 80% in 4th Quarter of 2018: Chainalysis Data

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Citing Chainalysis data, Reuters is reporting that Bitcoin retail payments were down 80% in September, and no mention of a rebound was present. Several things are to blame, including scalability of Bitcoin transactions (and the expensive nature of them as a result) and the volatility of the currency itself. In order to have mass adoption and

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Crackdown: Colorado Regulator Takes Down Four More ICOs

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The Colorado State Department of Regulatory Agencies (DORA) has taken action against four more ICOs, ordering them to immediately cease and desist from carrying out all activities in violation of state finance laws. In a November 20 press release posted on the regulator’s website, it was revealed that with these four new additions, Colorado Securities Commissioner

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Grayscale Down More Than $400 Million in Crypto Market Rout

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Grayscale Investments, a digital asset management firm founded by DCG, has lost more than $ 400 million in asset value in the last two weeks as the cryptocurrency market suffered significant losses. According to a recent portfolio update, the majority of Grayscale’s losses stem from the recent 20% drop in Bitcoin (BTC), which decreased the net […]
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Not Just Bitcoin: FAANG Stocks are Down $1 Trillion from Yearly Highs

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As the crypto market reels from a weeklong downturn that has forced the bitcoin price to its lowest point in almost 14 months, it appears that traditional markets do not intend to welcome investors back with open arms. Markets Erase Year-to-Date Gains Following yet another decline on Tuesday, the Dow Jones Industrial Average, S&P 500,

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Crypto Hedge Funds are Going to Start Shutting Down: Morgan Creek

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The depths of this year’s cryptocurrency bear market evidently show significant signs of further trouble. According to notable crypto figure and Morgan Creek Digital founder Anthony Pompliano, significant price drawdowns this year could lead to crypto hedge funds closing up shop soon. Hedge Funds CCN reported today of Bitcoin dropping below $ 5,000 in price, the lowest

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South Korea’s Zeniex Exchange to Shut Down After Less Than 6 Months

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Barely five months after Zeniex was launched, the South Korean cryptocurrency exchange is closing shop. The exchange, which was unveiled in May, has disclosed that it will cease all operations on November 23. Zeniex blamed the development on the problems facing its ZXG token. “… with recent issues regarding ZXG, we have gone through great

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SEC Takes Down Two Crypto Startups for Illegal ICOs

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Dutiful CCN readers may recall this journalist’s questioning of the Paragon ICO over a year ago. Paragon responded to that article with legal threats, as noted in the author’s subsequent analysis of the initial coin offering in question. Now that some time has gone by, and the whole market capitalization of Paragon is about a

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