Top Five Stories from The Last Week
Bitfinex Allegedly Covers $850 Million Loss With Tether Funds
What is this all about?
The New York attorney general's office alleged this week that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall.
How did Bitfinex respond?
Bitfinex has already publicly renounced the accusations, repeating in a blog post that both its platform and Tether are financially sound and claiming the court filings are "riddled with false assertions." Amid the allegations, Bitfinex withdrew funds worth almost $90 million from its cold wallet.
Read more here.
Samsung Planning New Blockchain Mainnet Featuring Samsung Coin
What is this all about?
According to unnamed sources speaking to a crypto industry publication, South Korean electronics giant Samsung is possibly developing a public-private blockchain with its own cryptocurrency, the Samsung Coin.
How would it work?
The alleged project would be developed by the company's dedicated blockchain division, and that it would take the form of a blockchain mainnet based on Ethereum, incorporating elements of both public and private details, noting that he or she thinks "it will be hybrid — that is, a combination of public and private blockchains."
Read more here.
India Considers Complete Ban on Digital Currencies
What happened?
An official familiar with the matter reportedly told that the government has begun inter-ministerial consultations on the "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" draft bill.
What is the reason for?
The Ministry of Corporate Affairs reportedly stated that cryptocurrencies are used in fraudulent schemes to "defraud gullible investors." The committee is reportedly considering an option to ban digital currency under the Prevention of Money Laundering Act since it could purportedly be used for money laundering.
Read more here.
'Blockchain Bandit' Has Stolen 45,000 ETH by Guessing Weak Private Keys, Report Claims
What happened?
According to a report released by Independent Security Evaluators, a so-called "blockchain bandit" has amassed almost 45,000 ethers by successfully guessing weak private keys.
How did it happen?
Adrian Bednarek, a senior security analyst, discovered the hacker accidentally after uncovering 732 private keys through his research, using a combination of looking for faulty code and faulty random number generators rather than a brute force search.
Details here.
Unconfirmed: Disney Considers $13.2 Billion Equity Deal With Stake in Korbit, Bitstamp
What is this all about?
If a $13.2 billion equity deal goes through, cryptocurrency exchanges Korbit and Bitstamp could soon have Walt Disney Corp. as their owner.
How is it possible?
According to a Korean news outlet, the chairman of online gaming giant NXC Corporation, Jung-ju Kim, plans to sell his 98.6% stake in the company. Since NXC owns 47% of Nexon, South Korea's largest game developer — which has stakes in the aforementioned cryptocurrency exchange — Disney would become a coincidental player in the cryptocurrency, pending the deal's closure.
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