Report: $1.1 Bln In Crypto Has Been Stolen This Year

Cybersecurity company Carbon Black announced that roughly $1.1 bln worth of digital currency has been stolen in the first half of 2018, CNBC reported June 7. The security company said that criminals take advantage of the dark web to facilitate large-scale cryptocurrency theft. Estimates reportedly show that there are 12,000 marketplaces and 34,000 offerings associated with cryptotheft hackers can take advantage of. The dark web can be only accessed with the application of special software and allows users to stay anonymous and mostly untraceable. Carbon Black Security strategist Rick McElroy,…

Quebec Halts Crypto Mining Electricity Requests Amid Huge Demand, Forms New Framework

Major Canadian electricity provider Hydro-Québec will temporarily stop processing requests from cryptocurrency miners in order for the company to fulfil its obligations to supply energy to the entire province, according to a press release published June 7. Hydro-Québec is experiencing “unprecedented” demand from blockchain companies, which reportedly exceeds the electric utility’s short and medium-term capacity. In this regard, the Quebec provincial government has ordered Hydro-Québec to halt electric power sales to cryptocurrency miners, and announced a new framework for this category of electricity consumers. In the coming days, Hydro-Québec will…

Thailand’s Central Bank Eyes Creating Its Own Digital Currency for Interbank Settlements

The Bank of Thailand (BoT) is considering issuing its own cryptocurrency, the bank’s governor revealed in a speech June 5. In his keynote on Thai economic development at Nomura Investment Forum Asia (NIFA) in Singapore, BoT governor Veerathai Santiprabhob spoke of a new project in which the central bank and other Thai banks join forces to develop a “new way of conducting interbank settlement” using a central bank-issued digital currency (CBDC). According the bank, the adoption of its own cryptocurrency by the banking system would reduce the transaction and validation…

In Reddit AMA, Binance Labs Says Decentralization is ‘Investment Focus Sector’

Blockchain technology incubator Binance Labs gave an “Ask me Anything” (AMA) session on Reddit June 6, devoted to investments in crypto and blockchain projects. One of the main topics discussed at the AMA was decentralization. Answering a question about whether a totally decentralized crypto exchange is possible, Binance Lab’s director Benjamin Rameau expressed optimism about future “fully decentralized exchanges,” claiming that the company is running “multiple projects in this space.” Rameau stated that current decentralized exchanges suffer from low transactions speeds and scalability problems: “We intend to sponsor academia and…

Colombian Senate Debate: ‘Blockchain Could Change Lives’

The Colombian Senate held a debate on cryptocurrencies and blockchain “as mechanisms to modernize the digital economy” on Wednesday, according to a Senate press release published today, June 7. The Third Committee of the Senate was convened by the senator of Colombia’s Green Alliance party, Antonio Navarro Wolff, with participants including the Colombian central bank, the Ministry of Finance, the ICT Ministry, and Colombia’s Financial Superintendent. Navarro Wolff opened his speech by advocating that the Colombian state investigate blockchain “in greater depth,” saying that the technology “could change the lives…

Polish Financial Authority Says Crypto Trading Is Legal in Wake of Anti-Crypto Campaign

The financial watchdog of Poland has recently affirmed that cryptocurrency trading is completely legal in the country, according to an official announcement published on its website June 6. In its recent move, the Polish Financial Oversight Commission (KNF) sought to clarify the status of cryptocurrencies and crypto trading, “recognizing the emerging legal doubts related to the functioning of exchanges and exchange offices.” The Commission’s notice comes following the country’s ongoing orchestrated campaign against cryptocurrency use in the country. In their most recent statement, the KNF said that entrepreneurs are not…

Crypto Trading Platform Implements Automated Bots for Major Crypto Exchanges

Having emerged in September 2017, 3Commas, an international crypto trading startup, has has introduced a series of automatic trading bots for Binance. The company also has revealed its plans to launch the bots for all other major supported exchanges, like BitFinex, Bittrex, Bitstamp, KuCoin, Poloniex, HitBTC, Cex, Huobi and YOBIT in due course. The company says the bot is designed to help traders create passive income, while providing safety mechanisms to prevent losses, in case the market goes down. Choosing the investing tools According to 3Commas’ website, there are currently…

Blockchain Doesn’t Yet Meet Demands of Financial Markets

Blockchain technology is not yet ready for implementation in financial markets, according to a report by De Nederlandsche Bank (DNB) on June 7. After three years of experimenting with Distributed Ledger Technology (DLT), of which blockchain is one type, DNB — the central bank of the Netherlands —  has concluded that the current algorithms are unable to handle the volume of transactions of financial market infrastructures in a 100%-secure and energy-efficient way. According to the bank’s report, DNB has developed and evaluated four prototypes with the aim of gaining a…

UK National Archives Explores Blockchain to Ensure Authenticity of Digital Records

The ARCHANGEL project is considering using blockchain tech to create immutable entries for digital records in the National Archives of the UK, according to a blog post from the National Archives published June 6. The project – made up of the National Archives, the University of Surrey, and the UK Open Data Institute and funded by the The Engineering and Physical Sciences Research Council (EPSRC)  – is creating a blockchain prototype that will show the audit trail of how a document has been edited. Their goal, according to National Archives…

Cryptocurrency Market Gains Stability, Volume Still Low But More Bullish

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. The cryptocurrency market has started to gain some momentum and stability over the past 48 hours, with three consecutive daily buy candles recorded by bitcoin. Tokens such as OmiseGo and DigixDAO have seen notable increase in volume and price, but it is still unclear whether the market can initiate a new rally. Volume Still Low On yesterday’s report, CCN noted that if BTC recovers to the $7,700 mark swiftly from $7,300, a short-term drop to the $6,000…