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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.