BREAKING NEWS – $32 Million Crypto Hack at Japanese Exchange

Bloomberg reported that Japanese cryptocurrency exchange Bitpoint suspended all services after losing about 3.5 billion yen ($32 million) in a hack that involved Ripple and other cryptocurrencies.     The exchange, which is owned by Remixpoint Inc, reported that about 2.5 billion yen of stolen funds belonged to customers, while Bitpoint owned the rest.    The exchange parent company, Remixpoint shares plunged 19% to their daily lower limit, and were untraded in Tokyo as of 1:44 p.m. on a glut of sell orders.   The funds were stolen from a…

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Bithumb hack emphasizes need for Security in Crypto Industry

Korean Crypto Exchange Bithumb lost more than $30 million in the most recent crypto hack, further emphasizing the need for security in the industry. With blockchain technologies, the repercussions of a hack are much greater than in traditional technology.  Bloomberg reported that Exchanges are a juicy target for hackers, with more than a billion dollars worth of cryptocurrency being stolen.     In response to the latest hack, industry leaders highlight the importance to build confidence in the industry, follow best practice, implement a regulatory framework as well as decentralise…

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Setting New Standards for the Blockchain Industry: ICONOMI’s Digital Assets Verified by Deloitte

    ICONOMI raises the bar for transparency in the crypto industry with first blockchain audit   ICONOMI creates transparency and builds long-term trust by setting a new standard for the blockchain world On April 5 2018, audit of 80 different digital assets stated $133.6M liabilities and $210.2M reserves, therefore fully covering all their liabilities Merkle trees, as well as signature and transaction methods, were used to display user balances to verify ICONOMI is in possession of the wallets and private keys connected to their platform This approach ensures user…

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Engineer steals 100 Bitcoins in China – An Inside Job

Cryptocurrency theft by hacking is becoming all too often as the value of the market and number of cryptocurrencies increase.  But, who knows whether the hacks are from the outside or from the inside? As reported by Bitcoin.com, an engineer from Beijing was arrested after allegedly discovering a failed hacking attempt to his company he took advantage of the situation and stole 100 Bitcoins.         The engineer used his login to the server and promptly transferred the Bitcoins from the company’s wallet and sent them to an…

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Two Bitcoin Exchanges shut down as Regulators tighten grip in Japan

A shakedown is happening in Japan as regulators tighten their grip on Cryptocurrency exchanges.     As per Japanese Law, all cryptocurrency exchange operators are required to register with the FSA – Financial Services Agency, and as reported by the Nikkei Asian Review, of the thirty-two exchanges in Japan, half have registered while the other sixteen continued to operate under review. Tokyo GateWay and Mr. Exchange are the two exchanges withdrawing their applications to register.   Just one year ago, on 1 April 2017, the Japanese government passed into law…

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