Crypto Mining Firm Giga Watt Files for Bankruptcy, Faces Eviction in Washington County

Major U.S. crypto mining and blockchain firm Giga Watt has filed for bankruptcy on Monday, Nov. 19, Washington daily newspaper Wenatchee World reported yesterday, Nov. 20. The top-five crypto mining firms entrant has reportedly filed for Chapter 11 protection in the Eastern District of Washington bankruptcy court, claiming that the firm is “insolvent and unable to pay its debts when due.” According to the court documents, Giga Watt is holding between zero to $50,000 worth of assets, with estimated the number of creditors accounting for not more than 50, while…

Bear Markets ‘Do Bear Things,’ but BTC Has ‘Gigantic’ Potential

Spencer Bogart, a partner at the venture capital firm Blockchain Capital, believes that crypto opportunities are “still gigantic” despite the current bear market, the expert claimed in an interview with Bloomberg on Monday, Nov. 19. The expert at the crypto and blockchain-focused venture capital startup has maintained his pro-Bitcoin (BTC) stance, pointing out the critical role of “programmable money,” which is supposed to gain even more popularity over time. Considering programmable money as a “multi-trillion dollar idea,” Bogart emphasized the fact that Bitcoin has become the “biggest bull markets of…

South Korea Science, Food Ministries to Use Blockchain for Tracing Beef Supply Chain

The South Korean government will use blockchain technology for tracing beef and providing consumers with information from the food supply chain, Yonhap News Agency, the largest news agency in South Korea, reported yesterday, Nov. 20. Blockchain technology has been implemented into the pilot program that is to be launched jointly by the Ministry of Science and ICT and Ministry of Agriculture, Food, and Rural Affairs. The testing phase of the program is scheduled for December and the official launch of the system is to be in January 2019. According to…

Ex-SEC Commissioner and Investment Banking Veteran Join Bitfury Team

Blockchain technology firm Bitfury has added an investment banker to its board of directors, and a former U.S. Securities and Exchange Commission (SEC) member to its advisory board, according to an official company blog post Nov 21. Founded in 2011, Bitfury is recognized as the largest non-Chinese company that develops Bitcoin (BTC) blockchain software and provides infrastructure for BTC mining. The newly-appointed voting member to the Bitfury board of directors, Antoine Dresch, is co-founder of tech industry-focused private equity (PE) fund Koreyla Capital. Dresche has over 20 years of experience…

Amidst Recent Market Crash, Susquehanna ‘Crypto King’ Emphasizes Crypto Is a ‘Long Game’

Bart Smith, digital asset head at U.S.-based global trading and technology firm Susquehanna, has said he is still a long-term Bitcoin (BTC) believer amidst the market crash during an episode of CNBC’s “Fast Money” Nov. 20. Speaking just as the price of Bitcoin had plummeted to its lowest levels since October 2017, Smith — who is also known by the moniker of “Crypto King” — emphasized this was a “long game” and that “every great idea is volatile.” He noted that while figures from the world of mainstream equity strategy…

Liquidity Provider Sues Crypto Exchange for $13.7 Mln in Singapore’s First BTC Court Case

Crypto exchange Quoine and major liquidity provider B2C2 are the opposing parties in Singapore’s first court case involving Bitcoin (BTC), which began Nov. 21, Singapore-based English-language daily The Straits Times reports. The case concerns an alleged reversal of crypto transactions in the spring of 2017. In a legal battle at the Singapore International Commercial Court, B2C2 alleges Quoine reversed seven Bitcoin to Ethereum (ETH) trades it attempted to perform in April 2017. The reversal, which Quoine in court documents said was due to a technical glitch, involves a total of…

Crypto Bear Market Gives UK Regulators Breathing Space to Finalize Crypto Regulation

The cryptocurrency market crash has eased pressure on the U.K.’s financial regulator to introduce hasty new rules for the sector, Reuters reported Nov. 20. As Reuters outlines, the U.K.’s Financial Conduct Authority (FCA) had been pressed to expedite new regulation for the rapidly growing crypto space, raising the risk of a heavy-handed approach that could impede investment and stifle development. Now that the sector has settled, government officials and FCA representatives indicate they will be taking more time to fine-tune the balance between investor protection and fostering financial innovation. Speaking…

SWIFT India Partners With Fintech Firm for Blockchain Pilot

SWIFT India has partnered with fintech firm MonetaGo to pilot a distributed ledger (DLT) network designed to improve the efficiency and security of financial products, according to a press release published Nov. 20. SWIFT India is a joint venture established by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication) and a number of major Indian and international banks, including HDFC Bank and the Bank of India. The organization provides messaging services to domestic market infrastructures, banks and corporates. Per the announcement, the new program based on MonetaGo’s financial services network…

Italian Securities Watchdog Orders Unauthorized Crypto Companies to Cease and Desist

The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered three crypto-related companies providing unauthorized investment services to cease and desist, an official release states Monday, Nov. 19. The first company, a trading platform called Richmond Investing, has purportedly violated the Consolidated Law on Finance (TUF) — a fundamental law governing Italian financial markets — by failing to register as a financial intermediary in the country. The  Italian securities market regulator has also suspend the activities of two other companies, Crypton Ltd. and Eagle Bit Trade, along with…

Cybersecurity Firm Detects Cryptojacking Malware on Make-A-Wish Foundation Website

Hackers have infected the website of global non-profit organization the Make-A-Wish Foundation with cryptojacking malware, according to a report by cybersecurity firm Trustwave posted Nov. 19. According to Trustwave researchers, crypto jackers managed to incorporate a JavaScript (JS) miner CoinImp into the domain worldwish.org in order to illicitly mine privacy-focused cryptocurrency Monero (XMR). Similarly to the notorious Monero mining software CoinHive, CoinIMP has reportedly been using the computing power of website visitors to mine cryptocurrency. Per the report, the CoinImp script infected the website through the drupalupdates.tk domain, which is…