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Binance, one of the world’s largest cryptocurrency exchanges, said hackers withdrew 7,000 Bitcoins worth about $40 million via a single transaction in a “large scale security breach,” the latest in a long line of thefts in the digital currency space.
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Binance decided against responding to the hack with a rollback: i.e. aiming to incentivize miners to form a consensus to wield 51% of the network’s hashing power to reorganize the blockchain’s transactions after the loss.
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The Binance hackers are moving their stolen BTC into smaller and smaller wallets in an effort to hide their tracks.
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Decentralized algorithmic stablecoins (eg DAI) do not contain any of the risks outlined in this summary of the Tether situation. While they do contain a host of other risks, those that value transparency migrate may migrate to DAI.
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Bitfinex has released the official white paper for its $1B exchange token sale, said it will also launch a dedicated platform for projects to raise funds via similar initial exchange offerings.
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As is currently being done, crowd-sourcing of pricing data feeds is fundamentally broken for stablecoins because the incentives are misaligned. Stablecoins that rely on this fundamental mechanism should be considered broken.
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Relative to other shadow banks, fintech lenders serve more creditworthy borrowers and are more active in the refinancing market. Fintech lenders charge a premium of 14–16 basis points and appear to provide convenience rather than cost savings to borrowers.
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53% said that blockchain has become a critical priority for their organization this year, and 40% are willing to invest $5 million or more in new blockchain initiatives over the next year.tags: Fintech Blockchain
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Austria’s Raiffeisen Bank International (RBI) has announced it will pilot R3’s Marco Polo blockchain network for trade finance.
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Charlie Munger, Warren Buffett’s partner at Berkshire Hathaway, expressed concern over the rate at which money is printed by democratic governments. Ironically, Munger, a skeptic of bitcoin, may have accidentally pointed out the merits of the dominant cryptocurrency.
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At the heart of the initiative, under way for more than a year and code-named Project Libra, is a digital coin that its users could send to each other and use to make purchases both on Facebook and across the internet, according to people familiar with the matter.
Kiffmeister FinTech Daily Digest 05/08/2019
