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BINANCE HACKED: More than 7,000 bitcoin has been stolen from crypto exchange Binance’s hot wallets. The “large scale security breach” was discovered earlier on May 7, with malicious actors being able to access user API keys, two-factor authentication codes and “potentially other info,” the exchange’s CEO, Changpeng Zhao, said. As a result, they were able to withdraw roughly $41 million in bitcoin from the exchange. The exchange will use its Secure Asset Fund for Users (SAFU fund) to cover the loss, it said. Full Story
ROLLBACK RETHINK: Following Tuesday’s hack, Binance CEO Changpeng Zhao earlier today controversially said he and his team were considering pushing for a rollback on the bitcoin network to cancel the transactions. Zhao hosted an Ask-Me-Anything live session at 3:00 UTC on Wednesday saying, “To be honest, we can actually do this probably within the next few days,” but acknowledged there would be concerns of “negative consequences.” He later tweeted that the exchange decided not to pursue the rollback approach after speaking with various parties. Full Story
SALE DETAILS: Cryptocurrency exchange Bitfinex has released the official white paper for its exchange token sale, confirming recent reports that it’s aiming to raise up to $1 billion worth of the tether (USDT) stablecoin by selling its own exchange token, dubbed LEO, in a private offering. The sale, though, will end on May 11, not the previously reported May 10. Further, it appears Bitfinex may not necessarily conduct a public sale if it fails to raise $1 billion in the private phase. Full Story
DIY COLLECTABLES: A new app called Editional from two former Facebook employees wants to create a place where you can create – and even sell – your first cryptocollectible. The app basically allows you to create and distribute non-fungible token-based collectibles, using it to create a work of art and set a limited number of iterations. Users can grab, keep and even resell your art, with one recently going for $300. Full Story |
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| STILL BULLISH: Bitcoin pulled back from the near 6-month high of $5,970 on Tuesday, leaving a "shooting star" candle in its wake. A UTC close below $5,687 today would validate the bullish exhaustion signaled by that candlestick pattern and open the doors to a deeper pullback toward $5,300. That said, the case for a rise above $6,000 will remain strong as long as the price is holding above $5,687. Full Story |
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BEST OF THE BEST
GOLDEN FUTURE: Blockchain-based digital gold is the future for the precious metal, according to Peter Grosskopf, CEO of global asset manager Sprott. Talking to Kitco, he said that gold coins will never be a household commodity, but putting it on a blockchain allows it to be moved around quickly and cheaply between financial accounts. It will even be used in payments, Grosskopf predicted, saying, “There’s gonna be cards coming out where you can use your gold to pay for things.”
THE REST
ROYAL APPROVAL: The U.K.’s Prince Charles has given his opinion on blockchain tech, after being thrown a question while on a visit to Berlin. Twitter user “Coindorado” asked his royal highness what he thinks of bitcoin and blockchain, to which the prince replied, “Yes, yes, it’s a very interesting development.” He appeared to not know what bitcoin is, however.
NO DEMAND: PayPal thinks it’s still too soon to get directly involved with crypto and bitcoin, according to its CFO. Talking to Yahoo Finance’s The First Trade, John Rainey said that it has long looked at bitcoin, but high volatility meant there was little demand from merchants. “We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future – I just think it’s a little early on right now,” he said.
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WHO WON #CRYPTOTWITTER  |
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