UK's Financial Watchdog Issues Letter to Banks on Crypto Risks
https://www.coindesk.com/uks-financial-watchdog-issues-letter-to-banks-on-risks-of-crypto/
https://www.coindesk.com/uks-financial-watchdog-issues-letter-to-banks-on-risks-of-crypto/
CoinDesk
UK's Financial Watchdog Issues Letter to Banks on Crypto Risks
The U.K.'s Financial Conduct Authority has written to bank CEOs over the risks of "facilitating financial crimes which are enabled by cryptoassets."
KODAKCoin Inks Arena Partnership to Store NBA, NHL Photos
https://www.coindesk.com/kodakcoin-inks-arena-partnership-store-nba-nhl-photos/
https://www.coindesk.com/kodakcoin-inks-arena-partnership-store-nba-nhl-photos/
CoinDesk
KODAKCoin Inks Arena Partnership to Store NBA, NHL Photos
Created by WENN Digital, KODAKOne and the KODAKCoin is announced to launch at 6 major OVG sports venues reaching over 10 million fans per year.
Switzerland’s mortgage bank Hypothekarbank Lenzburg (Hypi) has announced that it will open business accounts for crypto companies.
While cryptocurrency and blockchain technology have been widely accepted in Switzerland, the banks have not been as friendly. With the exception of the Falcon Private Bank, which offers (http://www.cnbc.com/2017/07/12/switzerlands-legendary-banking-system-gave-bitcoin-vote-of-confidence.html) asset management services, Hypi will be the first Swiss bank to open its arms to the crypto community.Hypothekarbank Lenzburg CEO Marianne Wildi said (https://www.finews.ch/news/banken/32069-hypothekarbank-lenzburg-marianne-wildi-krypto-blockchain-firmenkunden) that a bank like Hypi, focused primarily on technology, has to engage with the blockchain industry. "As a bank that is technologically oriented and pursues a cooperative strategy in the field of fintech, it is also one credibility to work with the young industry of crypto and blockchain companies in Switzerland."Wildi, who has advocated for the introduction of a crypto-franc (http://fintechrockers.com/wp-content/uploads/2018/01/180131-Fintechrockers_Swiss-National-Blockchain-and-Cryptocurrency_Expose%CC%81_EN_V3.2.pdf) in the past, added that while her bank is looking forward to working with crypto companies, they are well aware of the money laundering problems that come with them.She said the bank had studied the relevant compliance issues and risks associated with the industry, in addition to informing the Swiss regulators (https://bitcoinmagazine.com/articles/swiss-regulator-gives-clear-guidelines-launching-icos/) before deciding to work with crypto companies.According to Wildi, the selection process for new customers will be rigorous as Hypothekarbank Lenzburg will only consider blockchain companies after carrying out in-depth due diligence on them. The bank will use an experienced third party to analyze inquires and run background checks before the bank makes a final decision.The announcement from Hypothekarbank Lenzburg comes some few days after the Swiss Blockchain Taskforce launched a petition (https://blockchaintaskforce.ch/petition/) calling for "bank accounts for blockchain companies."Switzerland is a prime incubator for everything crypto and blockchain related. New data reports (https://poseidon01.ssrn.com/delivery.php?ID=770086120101088007119095103075108102097019000017052006005002008125002117010120029098011033116011014051125089009098090075082102119041046028050094103093105116001125064032079123015068094091017003084081098093081071120086118015114019073113030006006081083&EXT=pdf) shows the country is the largest contributor of ICO funds relative to the number of ICOs launched elsewhere. The Swiss city of Zug, known as "Crypto Valley" will also conduct its first municipal vote (https://www.swissinfo.ch/eng/system-test_-crypto-valley--zug-to-trial-blockchain-voting/44177440) using a blockchain on June 25, 2018.
This article originally appeared on Bitcoin Magazine (https://bitcoinmagazine.com/).
While cryptocurrency and blockchain technology have been widely accepted in Switzerland, the banks have not been as friendly. With the exception of the Falcon Private Bank, which offers (http://www.cnbc.com/2017/07/12/switzerlands-legendary-banking-system-gave-bitcoin-vote-of-confidence.html) asset management services, Hypi will be the first Swiss bank to open its arms to the crypto community.Hypothekarbank Lenzburg CEO Marianne Wildi said (https://www.finews.ch/news/banken/32069-hypothekarbank-lenzburg-marianne-wildi-krypto-blockchain-firmenkunden) that a bank like Hypi, focused primarily on technology, has to engage with the blockchain industry. "As a bank that is technologically oriented and pursues a cooperative strategy in the field of fintech, it is also one credibility to work with the young industry of crypto and blockchain companies in Switzerland."Wildi, who has advocated for the introduction of a crypto-franc (http://fintechrockers.com/wp-content/uploads/2018/01/180131-Fintechrockers_Swiss-National-Blockchain-and-Cryptocurrency_Expose%CC%81_EN_V3.2.pdf) in the past, added that while her bank is looking forward to working with crypto companies, they are well aware of the money laundering problems that come with them.She said the bank had studied the relevant compliance issues and risks associated with the industry, in addition to informing the Swiss regulators (https://bitcoinmagazine.com/articles/swiss-regulator-gives-clear-guidelines-launching-icos/) before deciding to work with crypto companies.According to Wildi, the selection process for new customers will be rigorous as Hypothekarbank Lenzburg will only consider blockchain companies after carrying out in-depth due diligence on them. The bank will use an experienced third party to analyze inquires and run background checks before the bank makes a final decision.The announcement from Hypothekarbank Lenzburg comes some few days after the Swiss Blockchain Taskforce launched a petition (https://blockchaintaskforce.ch/petition/) calling for "bank accounts for blockchain companies."Switzerland is a prime incubator for everything crypto and blockchain related. New data reports (https://poseidon01.ssrn.com/delivery.php?ID=770086120101088007119095103075108102097019000017052006005002008125002117010120029098011033116011014051125089009098090075082102119041046028050094103093105116001125064032079123015068094091017003084081098093081071120086118015114019073113030006006081083&EXT=pdf) shows the country is the largest contributor of ICO funds relative to the number of ICOs launched elsewhere. The Swiss city of Zug, known as "Crypto Valley" will also conduct its first municipal vote (https://www.swissinfo.ch/eng/system-test_-crypto-valley--zug-to-trial-blockchain-voting/44177440) using a blockchain on June 25, 2018.
This article originally appeared on Bitcoin Magazine (https://bitcoinmagazine.com/).
CNBC
Bitcoin just got a vote of confidence from Switzerland's legendary banking system
Falcon Private Bank said the Swiss Financial Market Supervisory Authority, or FINMA, gave the bank the green light on managing bitcoin assets.
South Korean Exchange Coinrail Hacked, $40 Million in Crypto Reported Stolen
https://bitcoinmagazine.com/articles/south-korean-exchange-coinrail-hacked-40-million-crypto-reported-stolen/
https://bitcoinmagazine.com/articles/south-korean-exchange-coinrail-hacked-40-million-crypto-reported-stolen/
Bitcoin Magazine - Bitcoin News, Articles and Expert Insights
South Korean Exchange Coinrail Hacked, $40 Million in Crypto Reported Stolen
South Korean cryptocurrency exchange Coinrail reported a hack on its website on June 10, amounting to over $40 million worth of altcoins and tokens.
South Korean cryptocurrency exchange Coinrail reported a hack on its website during the early morning hours of June 10, 2018. The thieves allegedly made off with over $40 million worth of altcoins and assorted tokens.
Executives announced that roughly 30 percent of the tokens the exchange was housing have been taken, which amounted to nearly (https://techcrunch.com/2018/06/10/korean-crypto-exchange-coinrail-loses-over-40m-in-tokens-following-a-hack/) $20 million worth of NPXS (Pundi X) tokens, $14 million of Aston X, $6 million in tokens for Dent and over $1 million TRON. At press time, an investigation is underway, and law enforcement officials are working to figure out who was behind the attack. Coinrail states (https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck):“Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking at it with an investigative agency, related exchanges and coin developers.” Coinrail’s daily trading volume is roughly $2.5 million. Though it is technically one of the smaller digital currency exchanges, Coinrail still ranks among the top 100 across the globe according to Coinmarketcap.com (https://coinmarketcap.com/exchanges/coinrail/). Still, Kim Jin-Hwa of the Korea Blockchain Industry Association describes the company as a “minor player” and says he can “see how such exchanges with lower standards on security levels can be exposed to more risks.” The Coinrail hack is the fifth major theft this year (https://mashable.com/2018/06/11/coinrail-exchange-hack/#ncPy0_o.xiqq). Trouble began in January after nearly half-a-billion in cryptocurrency was stolen from popular Japanese exchange Coincheck. BitGrail in Italy was hit in February, which resulted in over $200 million worth of cryptocurrency disappearing in just a matter of minutes. Coinsecure was the third victim, and saw over $3 million worth of bitcoin stolen from its wallet last April.In addition, an attack occurred just last week (https://bitcoinmagazine.com/articles/japanese-syndicate-wallet-hacked-10-million-reported-missing/) on Japan’s Shopin, a universal shopper profile based in Japan. One of the company’s token distributors was recently hacked and saw roughly $10 million in assorted tokens disappear overnight. The distributor lead kept all tokens in hot wallet storage despite warnings from Shopin executives, who claim she was even sent instructional videos regarding the kinds of wallets that should be used. “Investors have been increasingly worried about cybersecurity issues,” says Adrian Lai, founding partner at Hong Kong-based investment firm (http://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html) Orichal Partners. “At this stage, obviously, the standard is not high enough.”At press time, bitcoin is trading for roughly $6,700 — about $900 less than where it stood just 48 hours ago. Ethereum has also dropped from about $602 to $521.
This article originally appeared on Bitcoin Magazine (https://bitcoinmagazine.com/).
Executives announced that roughly 30 percent of the tokens the exchange was housing have been taken, which amounted to nearly (https://techcrunch.com/2018/06/10/korean-crypto-exchange-coinrail-loses-over-40m-in-tokens-following-a-hack/) $20 million worth of NPXS (Pundi X) tokens, $14 million of Aston X, $6 million in tokens for Dent and over $1 million TRON. At press time, an investigation is underway, and law enforcement officials are working to figure out who was behind the attack. Coinrail states (https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck):“Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking at it with an investigative agency, related exchanges and coin developers.” Coinrail’s daily trading volume is roughly $2.5 million. Though it is technically one of the smaller digital currency exchanges, Coinrail still ranks among the top 100 across the globe according to Coinmarketcap.com (https://coinmarketcap.com/exchanges/coinrail/). Still, Kim Jin-Hwa of the Korea Blockchain Industry Association describes the company as a “minor player” and says he can “see how such exchanges with lower standards on security levels can be exposed to more risks.” The Coinrail hack is the fifth major theft this year (https://mashable.com/2018/06/11/coinrail-exchange-hack/#ncPy0_o.xiqq). Trouble began in January after nearly half-a-billion in cryptocurrency was stolen from popular Japanese exchange Coincheck. BitGrail in Italy was hit in February, which resulted in over $200 million worth of cryptocurrency disappearing in just a matter of minutes. Coinsecure was the third victim, and saw over $3 million worth of bitcoin stolen from its wallet last April.In addition, an attack occurred just last week (https://bitcoinmagazine.com/articles/japanese-syndicate-wallet-hacked-10-million-reported-missing/) on Japan’s Shopin, a universal shopper profile based in Japan. One of the company’s token distributors was recently hacked and saw roughly $10 million in assorted tokens disappear overnight. The distributor lead kept all tokens in hot wallet storage despite warnings from Shopin executives, who claim she was even sent instructional videos regarding the kinds of wallets that should be used. “Investors have been increasingly worried about cybersecurity issues,” says Adrian Lai, founding partner at Hong Kong-based investment firm (http://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html) Orichal Partners. “At this stage, obviously, the standard is not high enough.”At press time, bitcoin is trading for roughly $6,700 — about $900 less than where it stood just 48 hours ago. Ethereum has also dropped from about $602 to $521.
This article originally appeared on Bitcoin Magazine (https://bitcoinmagazine.com/).
TechCrunch
Korean crypto exchange Coinrail loses over $40M in tokens following a hack
Another day, another crypto hack. This time it’s Korea, the crypto-mad Asian country, where an exchange called Coinrail lost more than $40 million in altcoins, ICO-issued tokens that aren’t bitcoin or Ethereum, after it was hit by an apparent attack over…
AmEx Is Hiring to Help Sell a Ripple Powered Blockchain Product
https://www.coindesk.com/amex-hiring-help-sell-ripple-powered-blockchain-product/
https://www.coindesk.com/amex-hiring-help-sell-ripple-powered-blockchain-product/
CoinDesk
AmEx Is Hiring to Help Sell a Ripple Powered Blockchain Product
The partnership between American Express, Ripple and Santander Bank that began back in November of last year is reaching new heights.
Polychain, Outlier Ventures Back Blockchain Startup's Plan for Web 3.0
https://www.coindesk.com/polychain-outlier-ventures-back-blockchain-startups-plan-for-web-3-0/
https://www.coindesk.com/polychain-outlier-ventures-back-blockchain-startups-plan-for-web-3-0/
Coindesk
Polychain, Outlier Ventures Back Blockchain Startup's Plan for Web 3.0
Haja Networks aims to create a new set of database protocols which will help build an infrastructure for the Web 3.0.
Korean Banks Can Use Blockchain to Verify Customer IDs from July
https://www.coindesk.com/korean-banks-can-use-blockchain-to-verify-customer-ids-from-july/
https://www.coindesk.com/korean-banks-can-use-blockchain-to-verify-customer-ids-from-july/
CoinDesk
Korean Banks Can Use Blockchain to Verify Customer IDs from July
A national banking group from South Korea is to roll out a blockchain-based ID verification system for domestic banks next month.
Dead Cat Bounce? Bitcoin May Struggle to Hold Above $7K
https://www.coindesk.com/dead-cat-bounce-bitcoin-may-struggle-hold-7k/
https://www.coindesk.com/dead-cat-bounce-bitcoin-may-struggle-hold-7k/
CoinDesk
Dead Cat Bounce? Bitcoin Price Recovery Could be Short-Lived
A corrective rally may lift bitcoin over $7,000, but holding on to gains won't be easy, the technical charts suggest.
Kakao, Korean Government Plan to Solve Social Problems with Blockchain
https://www.coindesk.com/kakao-korean-government-plan-to-solve-social-problems-with-blockchain/
https://www.coindesk.com/kakao-korean-government-plan-to-solve-social-problems-with-blockchain/
CoinDesk
Kakao, Korean Government to Solve Social Problems with Blockchain
Kakao's blockchain subsidiary has announced it will work with a government-backed agency to develop blockchain projects focused on social services.
Lithuania Publishes ICO Guidelines, Aligns with United States’ Sentiment
https://www.ccn.com/lithuania-publishes-ico-guidelines-aligns-with-united-states-sentiment/
https://www.ccn.com/lithuania-publishes-ico-guidelines-aligns-with-united-states-sentiment/
CCN
Lithuania Publishes ICO Guidelines, Aligns with United States’ Sentiment
The Ministry of Finance of the Republic of Lithuania released guidelines for ICOs in the country on June 6. The published guidelines follow statements by the United States’ SEC that align ICOs as securities, as CCN reported last week. Lithuania has stood…
Abu Dhabi Securities Exchange Partners UK FinTech for Blockchain Applications
https://www.ccn.com/abu-dhabi-securities-exchange-partners-uk-fintech-for-blockchain-applications/
https://www.ccn.com/abu-dhabi-securities-exchange-partners-uk-fintech-for-blockchain-applications/
CCN.com
Abu Dhabi Securities Exchange Partners UK FinTech for Blockchain Applications
Read the story Abu Dhabi Securities Exchange Partners UK FinTech for Blockchain Applications posted in our category on CCN.com here.
VeChain and DB Schenker pioneer in the use of blockchain for the logistics industry
https://www.reddit.com/r/CryptoCurrency/comments/8qitra/vechain_and_db_schenker_pioneer_in_the_use_of/
https://www.reddit.com/r/CryptoCurrency/comments/8qitra/vechain_and_db_schenker_pioneer_in_the_use_of/
reddit
VeChain and DB Schenker pioneer in the use of blockchain for the...
Posted in r/CryptoCurrency by u/skythe4 • 757 points and 261 comments
Forget Prices, Ethereum Is Offering a Different Value in Afghanistan
https://www.coindesk.com/afghanistan-ethereum-code-to-inspire-value/
https://www.coindesk.com/afghanistan-ethereum-code-to-inspire-value/
Coindesk
Forget Prices, Ethereum Is Offering a Different Value in Afghanistan
According to Fereshteh Forough, the founder of Code To Inspire, ether bounties can be a tool for teaching Afghan women about financial empowerment.
Money-Laundering Task Force Wants Binding Rules for Crypto Exchanges
https://www.coindesk.com/money-laundering-task-force-wants-binding-rules-for-crypto-exchanges/
https://www.coindesk.com/money-laundering-task-force-wants-binding-rules-for-crypto-exchanges/
CoinDesk
Money-Laundering Task Force Wants Binding Rules for Crypto Exchanges
The Financial Action Task Force reportedly aims to develop compulsory rules for the world's cryptocurrency exchanges.
Former FDIC Chair Urges Fed to Consider Issuing Central Bank Digital Currency
https://www.ccn.com/former-fdic-chair-urges-fed-to-consider-issuing-central-bank-digital-currency/
https://www.ccn.com/former-fdic-chair-urges-fed-to-consider-issuing-central-bank-digital-currency/
CCN
Former FDIC Chair Urges Fed to Consider Issuing Central Bank Digital Currency
Sheila Bair, a former chair of the Federal Deposit and Insurance Corporation in the U.S., thinks the U.S. Federal Reserve Bank should seriously consider issuing a digital currency to reduce the risk of a financial crisis and improve monetary policy. Writing…
Apple Blocks Crypto Mining Apps On Its Products
https://www.coindesk.com/apple-blocks-crypto-mining-apps-products/
https://www.coindesk.com/apple-blocks-crypto-mining-apps-products/
Coindesk
Apple Blocks Crypto Mining Apps On Its Products
In a recent update, Apple expanded their initial guidelines on cryptocurrencies to include policies on wallets, mining, exchanges, ICOs, and more.
UN Trade Body Examines Blockchain's Potential in Supply Chains
https://www.coindesk.com/un-trade-body-examines-blockchain-potential-in-supply-chains/
https://www.coindesk.com/un-trade-body-examines-blockchain-potential-in-supply-chains/
Coindesk
UN Trade Body Examines Blockchain's Potential in Supply Chains
A United Nations body that facilitates global trade is examining blockchain and smart contracts to see if they could play a role in its mission.
Female Cryptocurrency Investors Doubled in Six Months: UK Exchange Research
https://www.ccn.com/female-cryptocurrency-investors-doubled-in-six-months-uk-exchange-research/
https://www.ccn.com/female-cryptocurrency-investors-doubled-in-six-months-uk-exchange-research/
CCN.com
Female Cryptocurrency Investors Doubled in Six Months: UK Exchange Research
Read the story Female Cryptocurrency Investors Doubled in Six Months: UK Exchange Research posted in our category on CCN.com here.
Waltonchain CEO Mo Bing says, “Waltonchain will be the Qualcomm + Cisco in the blockchain industry and the ‘Google search engine’ of blockchain”
https://www.reddit.com/r/CryptoCurrency/comments/8qlh7z/waltonchain_ceo_mo_bing_says_waltonchain_will_be/
https://www.reddit.com/r/CryptoCurrency/comments/8qlh7z/waltonchain_ceo_mo_bing_says_waltonchain_will_be/
reddit
Waltonchain CEO Mo Bing says, “Waltonchain will be the Qualcomm +...
Posted in r/CryptoCurrency by u/Yayowam • 55 points and 137 comments