What if Bitcoin is manipulated? — Weekly digest, June 18-22 ’18

All in this week’s news digest: Tether’s dollar reserves, Bithumb was hacked, young millionaires invest in crypto, Tron bought BitTorrent, Zilliqa created a fund, Jim Cramer's opinion, Akon launches Akoin, Coinbase is accused of fraud, SEC froze one ICO's account & other news.

  • The news of the week! Tether finally opens the curtain to allow some kind of probe. The report states that it has enough funds on its accounts to back every usdt token in circulation, and it's published by Freeh, Sporkin & Sullivan LLP, the legal firm. Still, it's not a full audit.
  • Bithumb was hacked for $30 million. The funds were stolen from a hot wallet. Bithumb already claimed that all users who lost their funds will be compensated. However, contrary to an ordinary practice, the news about this hack didn't influence the crypto market.
  • A new poll shows that 55,9% millionaires would like to invest in cryptocurrencies at some point. The majority of them are under 40 years old, older millionaires aren’t interested in crypto as much as younger ones.
  • Tron bought BitTorrent for $140 Million, which sparks controversy talks. The opinions vary, but the overall sentiment is more confused, as the purpose of the acquisition is unknown.
  • Another man filed a patent to a cryptocurrency-related trademark. He claims that he is the real Satoshi Nakamoto and now he owns the rights for Bitcoin Cash name.
  • Zilliqa created a fund to encourage the development of DAPPs on its blockchain. The fund is equivalent to $5 million and it will be used to finance the selected projects which contribute to Zilliqa ecosystem. Each funding is divided into 3 rounds, depending on the reached milestones.
  • Circle makes clear how does it choose the new assets to add to its platforms. There are five main characteristics to evaluate crypto assets: team, business model, fundamentals, technologies, and market performance. Using these metrics, Circle chooses the worthy projects from many cryptocurrencies and tokens.
  • Jim Cramer, a host of ‘Mad Money’ on CNBS, explains his opinion on cryptocurrencies. He thinks that centralized banks are slowly losing the competition to other financial services and to crypto. The younger generation doesn't trust the banks. Also, cryptocurrencies and PayPal help bank the unbanked, so people can finally control their own money, Cramer says.
  • The famous rapper Akon launches his own coin, called Akoin. For many past years, Akon has been deep into charity, now he wants to build a 2000-acre cryptocity in his homeland, Senegal.
  • The SEC received 115 complaints which accuse Coinbase of fraud. Many complaints mention the unavailability of any support in solving problems regarding the withdrawal of funds or problems with transactions.
  • Mick Mulvaney, the head of the Office of Management and Budget, says that U.S. regulation of cryptocurrencies is necessary to protect investors. However, he says, the over-regulations shouldn’t discourage people from entering the cryptospace, the balance must be found.
  • Microsoft launches a new enterprise blockchain for rights and royalty processing. The new blockchain will be capable of handling more than a million of transactions per day. It has the potential to become one of the largest enterprise blockchains in the world.
  • SEC has got a court order to freeze the banks accounts of a fraudulent ICO. PlexCoin ICO, organized by Dominic Lacroix, promised its investors more than 1,300 percent return in a month and raised $15 million, but never fulfilled its promises.
  • Volkswagen confirmed that the first product using IOTA's Tangle will be released in 2019. Tangle will be used to update the car's software and will be a part of the Volkswagen Connect system. However, the exact launch date is unclear.
  • The CEO of Nasdaq Adena Friedman is worried that ICOs may harm many retail investors. She said that she basically agrees with the SEC on the topic of ICOs being the unregistered securities offerings and that there must be more transparency in such crowdfunding companies.


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