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ICO Scams, Antsy Enterprises and Massive Hacks: This Week in Crypto

ICO Scams, Antsy Enterprises and Massive Hacks: This Week in Crypto


Warning sign snow 760x400 - ICO Scams, Antsy Enterprises and Massive Hacks: This Week in Crypto

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Make sure you check out last weeks post here, now let’s go over what happened in crypto this week. I’d also like to wish everyone a (belated) Happy Bitcoin Pizza Day!

Price Watch:

  • Bitcoin is down  13% this week after dropping roughly 1% last week. The price declined steadily this week as the whole cryptocurrency market sheds billions of dollars. Some have attributed this drop as being the result of market manipulation. These fears have not gone unnoticed and the U.S. government has opened up a criminal investigation on crypto market manipulation. Nonetheless, analysts are still bullish with Fundstrat’s Lee calling Bitcoin “underappreciated”.
  • Ethereum is down 18% this week after dropping 5% last week. The price comes even as projects continue to be built on the platform and with much bullish sentiment. Ethereum was also in the news this week after Google attempted to hire Vitalik.
  • The entire market declined by 14% this week as heavyweights Bitcoin and Ethereum dropped precipitously. While several high profile bulls have spoken out, other researchers are less optimistic. The market was helped out a bit this week when Zcash price increased by 50% ahead of news it will be listed on Winklevii owned exchange Gemini.
  • Vanguard BearishJoe Davis, the chief economist for $5.1 trillion asset manager Vanguard, wrote in an ETF.com op-ed that although the firm is enthusiastic about blockchain technology in general, it does not believe “cryptocurrencies constitute a viable use case.” These statements have been largely disputed.

Enterprise

  • Nokia Partners with StreamrNokia, has announced a project to give people in remote rural areas. This data will then be sold to Swiss cryptocurrency startup called Streamr that tokenizes data collected by Internet-connected devices.
  • Coinbase almost as big as FidelityThe exchange now manages over 20 million customer accounts, which is nearly as many as Fidelity Investments and twice as many as Charles Schwab. The report comes as Coinbase acquired decentralized cryptocurrency platform Paradex earlier this week.
  • Walmart Files Blockchain PatentA recently released filing by the U.S. Patent and Trademark Office (USPTO) outlines a system that enables the tracking of retail products brought by a customer.
  • Amex to Integrate Hyperledger in Rewards ProgramAmerican Express has deployed Hyperledger’s blockchain technology to allow merchants to create Membership Rewards offers on their own platforms to engage customers and at the same time offer card members more opportunities to earn points.

Regulation

Startups

  • Monero Announces Digital Asset ProtocolThe lead developer of Monero has unveiled a new second-layer protocol that will allow users to create and trade digital assets on top of the privacy-centric cryptocurrency’s network. The protocol, called Tari, will make it possible to program and issue non-fungible assets like loyalty points, in-game items, and concert tickets over the blockchain. The protocol is similar to the Ethereum protocol that has allowed for the creation of programs like CryptoKitties.
  • Cryptocurrency-Powered Browser Hits 5 million DownloadsThe ad-blocking browser, which was co-founded by Mozilla Firefox creator Brendan Eich, reached this significant milestone last Thursday, just six months after crossing the one million download threshold. The browser has already established high profile relationships with several enterprises such as the Dow Jones Media Group. The browser previously raised $36 million in its ICO.
  • ‘Operation Cryptosweep’ hits ShipChainThe securities division of the South Carolina’s Office of the Attorney General has ordered blockchain startup ShipChain to stop operating in the state. The order is part of a much larger “Cryptosweep” which was applauded by SEC chairman Jay Clayton earlier this week.
  • Former Visa CEO Moves to Crypto StartupLast week, on May 19, former Visa UK and Ireland CEO Marc O’Brien said during an interview that he has been appointed as the CEO of a cryptocurrency startup called Crypterium.

Hacks

  • UCL Terminates Ties with IOTA Foundation after Identifying Exploit:  University College London, better known as UCL has officially terminated its ties with the IOTA Foundation as a response to the legal threats made by IOTA founders against cybersecurity researchers. The IOTA foundation emphasized in its response that it is not associated with the founder of IOTA.
  • Monacoin Attacked: Between May 13th and 15th, Monacoin, a cryptocurrency developed in Japan, appears to have suffered from a network attack that caused roughly $90,000 in damages. The attack is known as a “selfish mining” attack and can allow an attacker to double spend.
  • Hyundai’s Cryptocurrency Mining Pool Hacked: The mining pool of HDAC, a blockchain platform and company operated by Hyundai BS&C, a subsidiary of South Korea’s biggest car manufacturer and major conglomerate, experienced a hacking attack on May 24th and was forced to halt withdrawals temporarily.
  • XMR Mining Malware Hits Macs: The malware creates a process called mshelper. MalwareBytes researched discovered the program is a copy of a legitimate mining software called XMRig. The only difference is this version is used to create the cryptocurrency for the benefit of the hacker.
  • Taylor Suffers 2,500 ETH HackTaylor, a company that recently launched an initial coin offering (ICO) to raise funds to help develop a smart cryptocurrency trading assistant, has recently been hacked for 2,578 ETH (about $1.5 million) as well as 7% of its TAY tokens.

Featured image from Shutterstock.

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