Tag: cryptocurrency

Bitcoin exchange president’s death puts millions out of reach

OTTAWA, Canada (AFP) — A Canadian cryptocurrency exchange was granted bankruptcy protection on Monday after its president took passwords for accounts containing Can$180 million ($137 million US) to his grave when he died suddenly. In a statement, QuadrigaCX said it sought protection from creditors after weeks of attempting to “locate and secure our very significant cryptocurrency reserves” following the death of its president Gerald Cotten. Nova Scotia’s high court granted the application made by Cotten’s […]

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Hackers steal $30m from top Seoul bitcoin exchange

  SEOUL, South Korea (AFP) — Hackers stole more than $30 million worth of cryptocurrencies from South Korea’s top bitcoin exchange, sending the unit’s price falling around the world on Wednesday. The virtual currency was priced at $6,442 dollars late afternoon in Seoul, down about 4.4 percent from 24 hours earlier, after the latest attack on Bithumb raised concerns over cryptocurrency security. Hyper-wired South Korea has emerged as a hotbed of trading in virtual units, at […]

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Bitcoin ‘whales’ pulling cryptocurrency strings

  by Kevin Trublet © Agence France-Presse LONDON, United Kingdom (AFP) — Bitcoin, the star of the cryptocurrency world, is widely seen as a freewheeling tool as open as the internet itself. But analysts have cast doubt on the veracity of that perception, highlighting that the bulk of bitcoin is in fact heavily concentrated in the hands of a powerful few. Some 1,000 bitcoin holders — out of a total 11 million — hold some 35.4 […]

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Cryptocurrencies tumble after S. Korea hack

HONG KONG, China (AFP) — Cryptocurrencies plunged in Asia on Monday after a hack on a South Korean exchange sparked fresh concerns about the safety of the digital units. The attack on Coinrail comes months after Japanese firm Coincheck said it had lost more than $500 million in a January hack. Coinrail did not specify the value of the currency that was taken in the attack at the weekend but said it was working with authorities […]

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Pacquiao to launch own cryptocurrency

(Agence France Presse) — Boxing icon Manny Pacquiao said Wednesday he would launch a cryptocurrency to connect with fans, but also backed the regulation of virtual currencies. Pacquiao, one of the world’s most successful boxers, is the latest athlete to launch a virtual currency, following Floyd Mayweather and former England striker Michael Owen. The Singapore-based Global Crypto Offering Exchange (GCOX), in which Pacquiao has invested, said it would unveil the “PAC Token” later this year, […]

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Bitcoin’s true believers vow to ride out currency rollercoaster

by Ali Bekhtaoui  Agence France Presse NEW YORK, United States (AFP) — The crowds have thinned somewhat at Bitcoin Center, leaving just the true believers in the volatile cryptocurrency. “Two months ago we couldn’t breathe here” due to the throngs, recalled Nick Spanos, founder of the trading and educational hub in lower Manhattan. “People outside couldn’t get inside.” The center, which was set up in December 2013, calls itself a one-of-a-kind epicenter for all things […]

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Vietnam eyes cryptocurrency crackdown after alleged $660 million scam

HANOI, Vietnam (AFP) — Vietnam has vowed to tighten regulations on cryptocurrencies as authorities investigate an alleged multi-million-dollar fraud in the country, where digital units are traded in a shadowy and unregulated market. Paying with cryptocurrencies is illegal in Vietnam, where they are not recognized as a legitimate tender by the central bank. However, there are currently no laws explicitly banning the possession of assets such as Bitcoin and Ethereum. Regulators have battled to gain […]

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Twitter bans crytocurrency ads on fraud fears

SAN FRANCISCO, United States (AFP) — Twitter on Monday announced a ban on ads for initial offerings of cryptocurrency or sales of virtual currency tokens, sending the value of bitcoin diving below $8,000. Twitter followed the lead of Google and Facebook, which earlier this year cracked down on digital currency ads to protect users from being duped. “We are committed to ensuring the safety of the Twitter community,” Twitter said in a statement. “As such, […]

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Central bank digital currencies ‘uncharted waters’: report

ZURICH, Switzerland (AFP) — The creation of digital currencies, like bitcoin, by central banks could revolutionize the global financial system but also carries significant fraud risks, the Bank for International Settlements warned on Monday. In a report, the Bank for International Settlements (BIS) said the launch of cryptocurrencies by central banks had potential benefits but could also have a detrimental impact, including exposing banking centers to a greater risk of cyber attacks. “The potential effect […]

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Record highs, record heists: where is crypocurrency heading?

by Hiroshi Hiyama and Sara Hussein Agence France Presse TOKYO, Japan (AFP) — A hacking theft that netted $530 million, a ban on Facebook advertising, regulation even in Russia and more wild price swings: despite another stomach-churning week for cryptocurrencies, analysts say they are here to stay. While headline-grabbing hacks like that suffered by Japan’s Coincheck are likely to attract the attention of regulators, experts say the “Teflon” crypto boom is now part of the […]

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Popular Line messaging app starts crypto trading spinoff

TOKYO, Japan (AFP) — Japan’s biggest messaging app Line said Wednesday it was launching a financial services spinoff to allow users to exchange and trade virtual currencies. Line said its new business would “provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance.” The transactions will be made inside the messaging app, which already incorporates a mobile payment system. Line has a relatively small presence in the US and Europe, […]

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Cryptocurrency rivals snap at Bitcoin’s heels

PARIS, France (AFP) — Bitcoin may be the most famous cryptocurrency but, despite a dizzying rise, it’s not the most lucrative one and far from alone in a universe that counts 1,400 rivals, and counting. Dozens of crypto units see the light of day every week, as baffled financial experts look on, and while none can match Bitcoin’s $200-billion euro ($242 bilion) market capitalisation, several have left the media darling’s profitability in the dust. In […]

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