Friday, March 15, 2019

And...guilty as charged 😨

March 15, 2019

Mt. Gox CEO is Found Guilty of Record Tampering 5 Years After Hack

On February 24, 2014, Mt. Gox customers were shocked to find the world's largest Bitcoin exchange had been hacked for 744,408 Bitcoins and that they would not be receiving their money.

The event sent Bitcoin's price tumbling for the next two years in one of the deepest slumps the digital asset has ever witnessed.

Since then, former CEO Mark Karpeles has been battling in Japanese court for his freedom to fight accusations of embezzlement and record tampering.

Guilty, but not jailed

First reported by Bloomberg, Karpeles will walk away without jail time, provided he doesn't commit a violation within the next four years.

While the court found him guilty of record tampering for mixing personal funds and business funds together, Karpeles was clear of any embezzlement evidence - the worse of the two crimes.

The court's verdict read:

"The charge of electronic record tampering is true and deserves punishment, but there's no criminal evidence of embezzlement...There is no excuse for the defendant, who is an engineer with expert knowledge, to abuse his status and authority to perform clever criminal acts."

It's not over yet

Though Karpeles' personal case is over, the Mt. Gox mess still continues. The payout process is happening - just slowly.

Last month, blockchain entrepreneur Brock Pierce suggested Mt. Gox gets revived to pay back victims quicker via a new asset called "Gox Coin."

Karpeles has since dismissed the idea and will stick to the original plan that carries only one customer question: "Where is our money?"

EXCHANGE

Cboe is Putting it's Bitcoin Futures Market on Hold

"CFE is not adding a Cboe Bitcoin (USD) ("XBT") futures contract for trading in March 2019," the exchange notified traders on Thursday.

Allegedly, the exchange will be reviewing and "assessing its approach" to its digital asset offerings.

That being said, any outstanding Bitcoin futures contracts will still remain available for trading - the latest ones expiring in June.

Volume troubles

In response to the announcement, critics pointed to weak trading volume.

"That's cause Cboe bitcoin futures trading volumes have been getting crushed by CME," John Todaro tweeted.

But it's true. Open interest at CME is nearly 600% higher than Cboe despite launching at nearly identical times.

REPORT

White Hat Hackers Get Paid After Spotting 43 Vulnerabilities in Blockchain Projects

A new report by The Next Web is showing that blockchain project code might not be as secure as advertised.

From February 13 to March 13, white hat hackers found 43 vulnerabilities that would draw $23,675 in bug bounty rewards.

The top bug-spotted projects being:

12 - Unikrn
6 - Omise
5 - EOS
4 - Tendermint
3 - Augur
3 - Tezos
2 - Monero
2 - ICON
2 - MyEtherWallet

BITS

But wait, there's more...

💰 Consensus algorithm Tendermint has raised $9 million in a Series A round from multiple investors including Paradigm, Bain Capital and 1confirmation among others.
🇯🇵 Japan will hold its first ever trial concerning a cryptocurrency cyber-theft.
🚨 Google has deleted a crypto malware that was targeting Blockchain.com and MyEtherWallet users.

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