Bitcoin News — Bitcoin

South Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

Posted by Kevin Helms on

South Korean cryptocurrency exchange Upbit has reportedly started marketing new crypto exchanges in Thailand and Indonesia as part of its global expansion plans. The company recently launched an exchange in Singapore. Over 130 coins and 240 trading pairs will be offered on both of the new Upbit exchanges, according to their websites. Also read: Yahoo! Japan […]

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Crypto Markets See Mixed Signals After Recent Downturn

Posted by Ana Berman on

Major cryptocurrencies are seeing mixed signals after a few days in the red, with Bitcoin hovering around $6,400.

Sunday, Nov. 8: crypto markets are seeing mixed signals after a recent downturn, with the top 20 cryptocurrencies mostly in the green, as data from Coin360 shows. Bitcoin (BTC) faces minor losses, while Stellar (XLM) is the only major coin to grow steadily throughout the weekend.

Market visualization from Coin360

Market visualization from Coin360

Similar to most of the major currencies, Bitcoin (BTC) is seeing mixed signals with its price fluctuating around $6,400 as of press time. During this week, the top cryptocurrency had its main peak on Wednesday, Nov. 7, trading over $6,500 at the time, and then mildly declining by the end of the week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

The second largest currency, Ethereum (ETH), is in the green after several days of decline throughout the week, trading at around $212 at press time. On Tuesday, Nov. 6, Ripple (XRP) briefly overtook Ethereum by market capitalization, repeating a pattern that has occurred several times this year. However, the next day, Nov. 7, the coin regained its position.

 

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP) is hovering around zero percent change on the day with its price at $0.50 as of press time. After a short take-off in the beginning of the week with the peak at Nov. 6, when XRP was trading at $0.55, the coin is back to the moving averages.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

Total market capitalization of all cryptocurrencies is around $213 billion at the press time, surpassing $214 billion throughout the weekend and then going slightly backwards, but still above the $207-210 billion levels it held holding in October. The daily trading volumes on Nov. 11 have reached $11.7 billion as of press time.

Weekly total market capitalization chart

Weekly total market capitalization chart. Source: CoinMarketCap

Stellar (XLM) is one of the top 20 currencies that gained the most in price — up 5 percent as of press time trading at $0.26 — while Cardano (ADA) has gained more than 2 percent on the day. Monero (XMR), in its turn, is in the red, seeing the most visible loss — down 2.5 percent on the day to press time— among the leading currencies.

The weekend is marked by ongoing legal battles with unregistered crypto-related companies in several countries.

In the U.S., the Colorado State Securities Commissioner issued a cease and desist order to four Initial Coin Offerings (ICOs) for allegedly offering unregistered securities. Meanwhile, Germany’s financial regulator ordered the partial cessation of activities by a U.K.-based crypto-related firm that offers cross-border trading on its platform. And in South Korea, crypto trading platform Zeniex has been forced to close amid the recent government crackdown on unregistered crypto exchanges.

Chinese mining giant Bitmain has also initiated litigation in U.S., suing an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April.

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Korean Exchange Terminating After Regulator Crackdown

Posted by Kevin Helms on

Cryptocurrency exchange Zeniex has announced that it is terminating all services after South Korea’s financial authorities started cracking down on unauthorized crypto funds. The exchange is asking its customers to withdraw their cryptocurrencies before the end-of-service date. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Terminating Services and Fund Zeniex, an exchange launched in May, […]

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Colorado Takes Action Against Four More ICOs – 12 in Total

Posted by Kevin Helms on

Colorado Takes Action Against Four More ICOs - 12 in TotalThe Division of Securities of the U.S. state of Colorado has issued four new cease-and-desist orders to stop as many companies from promoting their tokens to residents of the state. So far, action has been taken against a total of 12 initial coin offerings by the state’s securities commissioner. Also read: Yahoo! Japan Confirms Entrance Into the […]

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Mining Giant Bitmain Sues Unknown Hacker for Alleged Theft of $5.5 Million in Crypto

Posted by Helen Partz on

Bitman sues unknown hacker who allegedly stole $5.5 million worth of crypto by using Binance and Bittrex wallets for manipulation of MANA token.

China-based Bitcoin (BTC) mining giant Bitmain has sued an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April, according to a lawsuit filed with the U.S. District Court for the Western District of Washington at Seattle on Nov. 7.

As stated in the court document, an unknown hacker, referred to as “John Doe” in the case, managed to take over Bitmain’s Binance account and used stored Bitcoin to manipulate the price of altcoin Decentraland (MANA) and then steal the profits.

Bitmain says in the court document that the amount of the company’s losses “exceeds” $5.5 million in “Bitcoin and other digital assets,” and specifying that the defendant was able to steal “approximately 617 BTC.” The document cites that the unauthorized action took place on April 22, when Bitcoin was trading at around $8,935.

The document also explains that as a part of the “scam,” the unknown hacker used two of their own accounts on now-second largest crypto exchange Binance, as well as on Bittrex, with around 2.3 million MANA already acquired on Bittrex. “John Doe” reportedly placed purchase orders from Bitmain’s digital wallet offering to buy MANA “and other digital assets” with Bitmain’s bitcoins at a price that was “far above the going market rate.” The defendant also allegedly further artificially inflated MANA’s price by using Bitmain’s BTC to buy Ethereum (ETH), which was then used to buy MANA.

According to the lawsuit, the hacker further carried out a number of orchestrated trades in the reverse direction between BTC and MANA from Bitmain’s wallet and their own, eventually reportedly completing the theft by transferring BTC from their Bitmain account “ultimately into a digital wallet on the Bittrex cryptocurrency trading platform.”

In Mid-October, Cointelegraph reported that losses caused by hacks of crypto exchanges in the first nine months of 2018 have exceeded the numbers for the whole year of 2017 by 250 percent, with $927 million stolen.

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