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On July 10, 2018, news broke that cryptocurrency wallet and decentralized exchange Bancor was hit with a hack. A wallet the Bancor team used to update the protocol’s smart contracts was infiltrated, and the $ 23.5 million vulnerability allowed the hackers to run off with $ 12.5 million ETH, $ 1 million NPXS tokens and $ 10 million of Bancor’s BNT token.
Following the hack, the Bancor team froze the BNT in question in an effort to stanch its losses.
Figures from a recent poll indicate that bitcoin and cryptocurrency are still viewed with suspicion by most U.S. investors, with only 2 percent of them holding bitcoin and another 75 percent of them describing bitcoin as “very risky.” Conducted by Gallup and Wells Fargo, the poll surveyed nearly 2,000 American investors with holdings exceeding $ 10,000.
The Maltese government is gradually building a global market for cryptocurrencies as it continues to assert itself as the world’s blockchain island with crypto-friendly regulations. Thanks to such accommodating legislation, cryptocurrency companies like Binance and OKEx have flocked to the country to build out their services.
Helping to further build these services, the Malta Stock Exchange (MSE) just announced the launch of its MSX PLC, an investment vehicle that will partner with leading crypto exchanges to create joint ventures in the country. For MSX PLC’s flagship partnership, MSE signed a Memorandum of Understanding (MoU) with digital asset exchange OKEx.
Popular US-based cryptocurrency exchange Coinbase Inc. has been given approval by the U.S. Securities and Exchange Commission to acquire three companies, allowing it to list securities tokens and provide a broader range of financial services.
Coinbase has made tremendous headway in legitimizing cryptocurrency investments and delivering related services to the public in an attractive, trustworthy package. In early June, Coinbase announced that it would acquire Keystone Capital Corp., a California-based financial services company, in an effort to become an SEC-regulated broker-dealer. Coinbase COO Assiff Hiriji commented:
Despite the risks involved with investing in the still nascent cryptocurrency market, one chief security scientist believes that cryptocurrencies are still “absolutely a good thing” — they’ve just got some work to do.
‘The Trend is Obviously Not Our Friend’
CipherTrace — a company developing forensic tools and services for the Bitcoin, blockchain, and cryptocurrency markets — recently conducted a study which shows that the direct theft of cryptocurrencies is already three times more in 2018 than the entirety of the previous year. The report also suggests that losses may rise to $ 1.5 billion this year.
Ripple is staring down the barrel of yet another securities lawsuit — its third one this year.
Filed in the Superior Court of the State of California in San Mateo County, the class action alleges that Ripple and its team illegally sold and promoted XRP, Ripple’s currency, as an unregistered security.
The suit’s plaintiff, David Oconer, is demanding that the court classify XRP as a security, while also seeking relief for the “damages, recession” that he incurred from investing in the coin.