The top news in the last 24 hours are shown below:
Canadian Exchange, QuadrigaCX Loses Access to Funds
QuadrigaCX, a Canadian digital asset exchange, reportedly owes its customers roughly 190 million USD and has lost access to a majority of these funds! Quadriga stored a vast amount of the cryptocurrency on their exchange in cold wallets offline. Unfortunately, the only person with access to the offline, secured funds, is the late CEO for Quadriga, Gerald Cotten who passed away in December of 2018. QuadrigaCX goes to court for creditor protection over inaccessible funds.
BitTorrent Token takes Crypto by Storm
BitTorrent Token is a cryptocurrency that announced it would be integrated with BitTorrent’s peer-to-peer file-sharing tech. The BitTorrent token sale took place on January 28th (months after BitTorrent was acquired by Tron (TRX). The ICO sold out in a matter of minutes. Consumers bought a total of 59.8 billion tokens at $0.00012! Since the ICO, BitTorrent token has been listed on Binance. It is now trading at nearly 9.6x since the initial offering price.
Facebook Crypto Project Acquires Blockchain Startup Specializing in Smart Contracts
Citing unnamed sources, financial news outlet Cheddar reports that Facebook acquired Chainspace, a blockchain firm founded by University College London researchers. The Chainspace website describes its project as “a planetary scale smart contracts platform” that uses a “distributed web of blockchains for scalability, speed and privacy.”
Snap Judgements: The Total ICO Revenue in January Isn’t as Bright as Reported
Media said that ICO-projects gained the significant $160 mln in the first two decades of January (and $347 mln per month total). This is doubtful. ICORating analysts explain why the actual sum could be at least two times lower
Money Laundering Far More Common Among Banks Than Cryptocurrency Platforms, Banks Launder $2 Trillion A Year
Cryptocurrency skeptics frequently refer to virtual currencies as ”only used by criminals to launder money.” Although such statements are severely misguided, this misconception is nonetheless quite common. Now, however, a recent report from Bloomberg now makes it understandable for anyone to see that traditional banks are involved in money laundering far more often than cryptocurrencies.
Report Claims Quadrigacx Never Held More Than 1,000 BTC
The drama surrounding Canadian cryptocurrency exchange Quadrigacx continues to intensify, with a recent report by Zerononcense claiming that the exchange has no identifiable cold storage reserves and that it has never held more than 1,000 BTC in customer funds.
Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee
The Indian government panel tasked with drafting crypto regulation is reportedly worried that cryptocurrencies could destabilize the rupee if they are accepted as payments. Its concern came to light despite evidence that cryptocurrencies do not currently pose a threat to financial stability.
Kraken Acquires British Derivatives Platform Crypto Facilities
Cryptocurrency exchange Kraken has acquired Crypto Facilities, a British digital asset trading platform and index provider, in an undisclosed “nine-figure” deal. The acquisition means that Kraken will now be able to offer both spot and futures trading in bitcoin core, bitcoin cash, ripple, litecoin and ethereum while boosting revenue by attracting institutional customers.
Cryptograffiti’s Latest ‘Running Bitcoin’ Portrait Sees Auction Bids of Over $30K
In roughly three days, on Feb. 7, Cryptograffiti’s latest art auction on Bitify will come to an end. “Running Bitcoin,” a tribute to the legendary cryptographer Hal Finney, currently has a bid of $31,000 at the time of writing. Over the past few months, Cryptograffiti has been creating fascinating pieces and unique auctions that showcase the bitcoin ecosystem from a different perspective.
Coinsquare Lays off 40 Employees in a Troublesome Month for Crypto Exchanges
Leading Canadian cryptocurrency exchange Coinsquare has reportedly laid off almost a third of its staff. The news comes after at least five other trading platforms found themselves in trouble during the past month. From the need to adapt to a prolonged bear market, overcome financial difficulties and technical issues, to coping with coin losses and hacker attacks, the dawn of 2019 has exposed some of the acute challenges the industry is facing.