Crypto Corner - June 20, 2018
Bithumb Hacked with $30 Million Stolen, UK Exchange Launching Litecoin Futures and Japan to Vote on Banning Insider Trading and Privacy Coins
Bithumb, the world's sixth-largest crypto exchange by trading volume, was hacked last night. According to a company announcement, the South Korean exchange had 35,000,000,000 KRW, or $31,500,000 USD worth of cryptocurrency stolen in the hack. The announcement urged investors not to deposit any funds into their Bithumb wallets for the time being, and assured users that their assets were now safe.
"...this loss will be covered by Bithumb's own reservoir, and all assets of our customers are securely saved in Bithumb's cold wallet, hence all asset is completely safe and secured."
Crypto Facilities, a UK-based crypto futures trading platform, is launching a Litecoin (LTC) derivatives contract, according to a report on Coindesk today. The report says that the new service allows long or short futures contracts with Litecoin serving as underlying collateral, with weekly, monthly and quarterly maturities.
Timo Schlaefer, CEO of Crypto Facilities, said the decision is a result of having received "strong client demand" for litecoin contracts. "We believe our LTC-dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets," he said.
Nikkei reports that the Japan Virtual Currency Exchange Association (JVCEA) will vote June 27 on newly proposed regulations that will see a ban on insider trading and "highly anonymous currencies" or privacy coins. These regulations are part of nearly 100-pages of self-regulatory measures that the JVCEA has drawn up.
Sam Mowers, Investorideas
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