According to global director of fintech strategy at Autonomous Research LLP Lex Sokolin, “it looks like crypto hacking is a $200 million annual revenue industry”.
Last week, posts began to flood the r/BinanceExchange subreddit complaining about unauthorized sell orders. In one such post, u/shashankkgg laments that all of his altcoins were sold at market price:
“WTF is happening! Binance just sold all my alts at market rate and I have got just the Bitcoin now. Is it because of account getting hacked or binance bot issue? Have raised a ticket 715903 for this.”
This is why people are always telling you to keep your crypto off exchanges. According to global director of fintech strategy at Autonomous Research LLP Lex Sokolin, “it looks like crypto hacking is a $200 million annual revenue industry”. According to him, hackers have jeopardized more than 14% of the Bitcoin and Ether supply. Being that blockchain is such a new technology, the industry hasn’t had time to solve vulnerabilities and blockchain could potentially be more defenseless than previously imagined.
JP Morgan Gets in the Game with Crypto Report for Asset Managers: On its website, institutional banking goliath JP Morgan published an official report on the benefits blockchain brings to the financial and business sectors. Targeted towards asset managers, it calls blockchain “the real deal,” implores financial bigwigs to get off the sidelines, and projects the future of blockchain adoption by touting its potential impact on legacy organizations.
If You Can Cough Up the Cash, Coinbase Has a Crypto Index Fund Ready to Take It: Earlier this week, Coinbase–perhaps the world’s most popular place to buy and sell popular coins for cash–announced that it would be establishing its own cryptocurrency index fund. Heralded as the Dow Jones of crypto, the Coinbase Index Fund will consist of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and will be open only to accredited investors. Calling it the Dow Jones of crypto may be a bit embellishing. Sure, it’s the first index fund from one of crypto’s big boys, but the Dow Jones is open to all investors and includes an average 30 stocks at a given time, not 4.
Real Estate on the Blockchain? It’s Real, Alright, and It’s Happening in Vermont: The first ever blockchain-driven real estate transaction took place this past Thursday in South Burlington, VT. The transaction took place thanks to Propy Inc., a blockchain real estate company that the city partnered with back in January. Sources close to the business deal championed that transaction and South Burlington’s initiative to oversee it, branding that city as a “global blockchain leader.”
New York Federal Judge: Cryptocurrencies are Commodities: US District Judge Jack Weinstein validated this week what the CFTC has been saying since 2015: crypto is a commodity. The NY State judge made the landmark ruling on Tuesday, and it will allow the CFTC to continue its lawsuit against Patrick McDonnell and Coin Market Drops for fraud.