Hacks, New Investments, And SEC Actions Is Latest Cryptocurrency News

The following is a summary of cryptocurrency news between June 18 and June 24, 2018: Bithumb Hacked Bitthumb, which is a South Korean cryptocurrency exchange, was reportedly hacked, losing around $30 million in funds. The exchange, which was previously the 6th largest cryptocurrency exchange in the world by trading volume, has since fallen to 10th place after suspending operations. They insist that they will not only compensate all victims of the hack, but that they will also be implementing a cold wallet for storing digital currency when they reopen for business. The South Korean government has launched a probe of the attack. Mt. Gox Enters Civil Rehabilitation Proceedings Toyko-based Mt. Gox, which was the leading bitcoin exchange in the world until security breaches shut it down, has entered civil rehabilitation proceedings. This means that the trustees of the exchange no longer have to convert bitcoins into fiat currency in order to pay off creditors. They can pay off creditors directly in bitcoin. John McAfee Ceases ICO Promotion John McAfee, who is the founder of McAfee Anti-Virus Software and a famed cryptocurrency enthusiast, announced that he will cease offering his controversial ICO promotion service over Twitter. McAfee, who plans to run for U.S. president, says that the Securities Exchange Commission (SEC) has threatened him over the service, which reportedly cost more than $100,000 per tweet. So far, the SEC has not commented in regards to the issue. CEO of Goldman Sachs Believes Cryptocurrencies Could Replace Paper Money Lloyd Blankfein, who is the CEO of Goldman Sachs, said that cryptocurrencies could one day replace paper money in the same way that paper money once replaced precious metals, such as gold and silver. Blankfein further said that paper money and cryptocurrencies are similar in that they have no intrinsic value. Stablecoin Receives $5 Million in Seed Funding Stablecoin, whose backers include Coinbase, Peter Theil and Distributed Global, just received $5 million in limited seed funding. The coin, which is still in development, hopes to maintain a stable price by keeping its assets outside of its ecosystem.