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/).

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/

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/).

AmEx Is Hiring to Help Sell a Ripple Powered Blockchain Product

https://www.coindesk.com/amex-hiring-help-sell-ripple-powered-blockchain-product/

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/

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/

Dead Cat Bounce? Bitcoin May Struggle to Hold Above $7K

https://www.coindesk.com/dead-cat-bounce-bitcoin-may-struggle-hold-7k/

Kakao, Korean Government Plan to Solve Social Problems with Blockchain

https://www.coindesk.com/kakao-korean-government-plan-to-solve-social-problems-with-blockchain/

Lithuania Publishes ICO Guidelines, Aligns with United States’ Sentiment

https://www.ccn.com/lithuania-publishes-ico-guidelines-aligns-with-united-states-sentiment/

Abu Dhabi Securities Exchange Partners UK FinTech for Blockchain Applications

https://www.ccn.com/abu-dhabi-securities-exchange-partners-uk-fintech-for-blockchain-applications/

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/

Forget Prices, Ethereum Is Offering a Different Value in Afghanistan

https://www.coindesk.com/afghanistan-ethereum-code-to-inspire-value/

Money-Laundering Task Force Wants Binding Rules for Crypto Exchanges

https://www.coindesk.com/money-laundering-task-force-wants-binding-rules-for-crypto-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/

Apple Blocks Crypto Mining Apps On Its Products

https://www.coindesk.com/apple-blocks-crypto-mining-apps-products/

UN Trade Body Examines Blockchain's Potential in Supply Chains

https://www.coindesk.com/un-trade-body-examines-blockchain-potential-in-supply-chains/

Female Cryptocurrency Investors Doubled in Six Months: UK Exchange Research

https://www.ccn.com/female-cryptocurrency-investors-doubled-in-six-months-uk-exchange-research/

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/

Colombian banks have closed all the accounts of South American cryptocurrency exchange Buda.com (https://www.buda.com/colombia#?market=btc-cop) without warning or explanation.
The company experienced a similar issue in Chile some months (http://www.emol.com/noticias/Economia/2018/03/29/900648/BancoEstado-da-el-golpe-final-y-cierra-cuentas-de-las-tres-plataformas-que-transan-criptomonedas-en-Chile.html) back, where several banks decided to close its account along with those of several other exchanges. According to local news (https://diariobitcoin.com/index.php/2018/06/08/bancos-colombianos-cierran-cuentas-a-plataforma-de-intercambio-buda-com/), the move by the Colombian banks was unexpected, and the banks didn’t disclose why it was closing the accounts. Buda.com sent an email to its customers where it explained the problems it was facing which were affecting withdrawals.The exchange said the closure of its accounts was sudden which affects the company’s operations and its users seeking to access their funds in Colombian pesos.Buda.com CEO Alejandro Beltrán said the closed accounts were domiciled with Bancolombia, BBVA and Davivienda.Buda.com started noticing (https://www.infobae.com/cripto247/mercados/2018/06/08/todos-los-bancos-colombianos-cerraron-la-cuenta-del-unico-exchange-de-criptoactivos/) irregularities on the Bancolombia platform before bank officials told the exchange its account had been closed.The move by the banks might be linked to an internal circular (http://www.finanzaspersonales.co/ahorro-e-inversion/articulo/los-riesgos-utilizar-bitcoin/53309) from the Colombian Financial Superintendent wherein banks were advised not to interact with crypto platforms.Beltrán, however, believes the circular was a recommendation to the banks, not an order. Other Colombian exchanges such as BitINKA and Panda Exchange haven't reported any issues with the banks.A day before the banks closed Buda.com's accounts, the Colombian Senate held a session (http://senado.gov.co/component/k2/item/28084-pie-noticias) on the potential of cryptocurrency and blockchain technology. Senator Navarro Wolff, who convened the Third Senate Committee, stated that blockchain technology can be beneficial to the country in the areas of finance, electoral systems and management of public contracts. But Wolff also stipulated, "Regulation is required to protect the consumer and the user."



This article originally appeared on Bitcoin Magazine (https://bitcoinmagazine.com/).

Congressional Bill Calls for Study of Crypto Use in Sex Trafficking

https://www.coindesk.com/congressional-bill-calls-study-crypto-use-sex-trafficking/