Last Week in the Crypto World
Last week SKorean crypto exchange Bithumb experienced a major hack, and Japan’s Mt Gox, the most notorious exchange to be hacked in Bitcoin history, is back in the news.
In Switzerland, the Bank of International Settlements (BIS) spread some misinformation about digital currencies and blockchains.
In the US, attorney Pamela Morgan is sharing information regarding how you can plan for cryptoasset inheritance.
In China, asset management firm Reality Shares is giving investors access to blockchain-based companies at the forefront of this digital disruptive world.
On the week
The Bank of International Settlements (BIS) in Switzerland issued a new document as part of its annual economic report that warns citizens of the dangers of digital currencies. Many leaders in the crypto community have argued that the BIS is incorrect in much of what it seems to state as fact.
Hackers have reportedly made away with cryptocurrencies worth $30-M from SoKorean cryptoexchange Bithumb. The company has stated on Twitter that they would be compensating the affected users.
Bithumb writes in a blog update, “Due to security issues; we are changing our system regarding deposits of cryptocurrency. All of our customers should stop depositing cryptocurrency until we notify that it is safe to deposit cryptocurrency.”
Think ahead to your last days on the planet Earth.
The Big Qs: How qualified is your will’s executor to manage your balance sheet of bitcoin, ether, Ripple, ZenCash and Ada? And, are your loved ones ready to receive your private keys and open your hardware wallet?
In a youtube interview with Pamela Morgan, Esq., who has been working exclusively with Bitcoin and open blockchains since Y 2014 talked about the publication of her new book, Cryptoasset Inheritance Planning: A Simple Guide for Owners.
Asset management firm Reality Shares is launching China’s first blockchain ETF, which gives investors access to Chinese companies at the forefront of the blockchain revolution.
The Index, will focus on China-based companies that are fully invested in blockchain technologies. Created as a joint partnership between Reality Shares and Nasdaq in January, the fund will “identify and invest” in such companies that are applying blockchain technology as the “first native digital medium of value.”
The Japan-based Mt. Gox exchange had its bankruptcy stayed due to a petition filed by some of the creditors for the commencement of civil rehabilitation proceedings in Tokyo District Court on 24 November 2017, and heard on 22 June 2018.
At issue primarily is the exchange rate of Bitcoin at the time of the hack, approximately $480/Bitcoin.
By staying in criminal bankruptcy, the creditors would have been paid back at the exchange rate at the time of the filing; but bitcoin has risen in value significantly since then, trading at over $6,100 per Bitcoin today. This change means that creditors could be paid in terms of the amount of Bitcoin lost and not the value of the Bitcoin at the time of the loss: a significant difference.
Currently, Bitcoin is trading at 6,123.77, -42.77, or -0.6936%, as of 3:60a BST, the market is open.
Have a terrific weekend.