Analysts Concerned About Crypto Mining Impact on AMD Share Price

While Advanced Micro Devices Inc.’s (AMD) shares have seen substantial growth in the past month due to a cryptocurrency mining boom, two analysts warn that investors could be disappointed should mining die down, MarketWatch reported June 20. In the past month, AMD’s stock has gained around 30 percent thanks to the graphic processing units (GPUs) produced by the company, which have established themselves as effective hardware for crypto mining. Some analysts, however, have expressed concern that the recent success of AMD’s stock may not last long if crypto mining quiets…

Bithumb Hack Does Not Change Bitcoin Fundamentals, Says Litecoin Founder Charlie Lee

The recent hack of leading crypto exchange Bithumb “doesn’t really change the fundamentals of Bitcoin” Litecoin (LTC) founder Charlie Lee stated in an interview with CNBC June 20. According to Lee, the price drop is a typical reaction of the market to the news about the hack, and “it happens all the time,” because people get scared. According to Lee, the hack of a crypto exchange does not affect Bitcoin’s (BTC) fundamentals just in the same way as a bank robbery should not affect the price of gold: “If the…

Toronto Stock Exchange to Trade New Blockchain ETF

The Toronto Stock Exchange (TSX) will list a new blockchain exchange traded fund (ETF) starting Thursday, Bloomberg reported June 20. The Horizons Blockchain Technology and Hardware Index ETF fund will join other ETFs from Harvest Portfolio Group Inc. and Evolve Funds Group Inc. An ETF is a marketable security that tracks an index, commodity, or basket of assets, that are proportionately represented in the fund’s shares. ETFs experience price changes throughout the day as they are purchased or sold on a stock exchange. The new ETF’s holdings include companies developing…

ICOs Pose ‘Serious Risks’ for Retail Investors Due to Lack of Oversight

Nasdaq CEO Adena Friedman recently claimed that initial coin offerings (ICOs) pose “serious risks” for retail investors, CNBC reports June 20. Speaking at the Future of Fintech conference in New York on Wednesday, Friedman expressed “real concern” about ICO projects, saying that they can seriously defraud retail investors. Friedman said this is mostly the result of insufficient public information, as well as a lack of transparency, regulation, and accountability. “To make it no rules at all, when companies can just willy-nilly take people’s money and offer no information at all,…

SEC Obtains Emergency Court Order to Freeze Assets of Fraudulent ICO

The U.S. Securities and Exchange Commission (SEC) has received an additional emergency court order to freeze the assets of Dominic Lacroix, owner of PlexCorps, in an ongoing enforcement action, Crowdfund Insider reported June 20. The SEC had previously sued Lacroix for securities fraud and received an emergency asset freeze order in December, 2017. The order was unsealed June 18. The SEC alleges that, since December, Lacroix has been using secret accounts, including an account in his brother’s name which he controlled, to dissipate assets obtained from investors with the PlexCoin…

Brazil’s Central Bank Develops Blockchain Data Sharing Platform for Financial Regulators

Brazil’s central bank has created a permissioned digital ledger platform that will enable data sharing among financial regulators, Finextra reports today, June 20. The ledger, called the Information Integration Platform for Regulators (Pier), will be used by regulators to exchange information on general authorization processes of financial institutions, ranging from administrative processes to the conduct of employees. Additional information not related to administrative sanctioning processes can also be shared if mutual interest is shown. Pier, developed by the Banco Central de Brasil’s IT department (Deinf), will connect the Securities and…

Young Millionaires Interested in Investing in Cryptocurrencies

In its World Wealth Report 2018, consulting firm Capgemini identified a marked growth of interest in cryptocurrencies among rich investors, Cointelegraph auf Deutsch reported yesterday, June 19. For the report, Capgemini interviewed high-net-worth individuals (HNWI) and asset managers around the world about their interest in cryptocurrencies. According to the report, nearly a third (29 percent) of the surveyed millionaires expressed a high interest and more than a quarter (almost 27 percent) a general interest. The potential of cryptocurrencies to generate investment returns and store value is a driving interest among…

Another Celebrity Enters the Crypto Market – Crypto Currency News

Akon launches Akoin: To add to the list of celebrities that have been entering the cryptocurrency market, singer Akon has announced that he has launched his own cryptocurrency called Akoin. Akon Launches Akoin: Cannes Lions 2018 Akon announced his new coin Akoin at the Cannes Lions 2018 ‘Blockchain, Entrepreneurship and Empowering the Future’ panel on Saturday, June 18th. Leading up the event, Akon tweeted about his upcoming stint at on the panel. I’ll be speaking at @Cannes_Lions today on “Blockchain, Entrepreneurship and Empowering the Future…Come check it out at 3:30…

Goldman Sachs Exploring Crypto Derivatives, Says COO

Leading U.S. investment banking group Goldman Sachs is exploring cryptocurrency trading derivatives, Goldman Sachs Chief Operating Officer (COO) said in an interview with Bloomberg June 20. COO David Solomon stated that the company is already assisting clients in publicly-traded derivatives such as Bitcoin (BTC) futures, and that the company is “very cautiously” considering “some other activities” in the field. According to Solomon, the purpose of the company is to “evolve its business and adapt to the environment” with respect to cryptocurrencies. “We are clearing some futures around Bitcoin, talking about…

Bithumb – Details Still Sketchy After $30 Mln Hack

South Korea’s biggest cryptocurrency exchange Bithumb is scrambling to protect users funds after a large scale hack. Initial reports from the Yonhap new agency indicate that over $30 million worth of cryptocurrencies were stolen during a cyber attack on June 19. Cointelegraph Japan was informed that the hot wallet was hacked during the night and cryptocurrency stolen included Ripple. Once the exchange was made aware of the attack, it froze deposit and withdrawal services. Bithumb has already assured customers affected by the hack will be compensated for their losses. “We…