North Korea sees crypto hacking funds, Hong Kong regulation talk, more comments from Jamie Dimon, a Bitlicense for a Bitcoin ATM service, and Tether solvency evidence, all while Bitcoin rattles around slightly in price at around $6,315 (via Blockmodo press time data). Lets take a closer look!
North Korea’s $571 Million Crypto Hacks Are Just The Tip Of The Iceberg
Cybersecurity Intelligence agency “Group-iB” recently released information showing a North Korea as the home to a significant portion of stolen crypto assets.
According to Group-iB, “it has been revealed that 65 percent of the $882 million in cryptocurrency stolen from exchanges ends up in North Korea”, reported Crypto Insider.
From January 2017 until now, hackers from North Korea have pirated roughly $571 million – which equates to almost 5% of North Korea’s Gross Domestic Product (GDP).
Hong Kong Issues New Rules To Regulate Cryptocurrency Funds And Exchanges
News comes out of Hong Kong today with parameters applicable to crypto associated funds, possibly seeing future exchange regulation, reported CoinTelegraph.
The Securities and Futures Commission (SFC), a regulating body for Hong Kong, stated in an announcement today that they have “identified significant risks associated with investing in virtual assets and these are set out below. In order to address these risks, the SFC is issuing guidance on the regulatory standards expected of virtual asset portfolio managers and fund distributors. The SFC is also exploring a conceptual framework for the potential regulation of virtual asset trading platform operators”.
Jamie Dimon Comments On Bitcoin Yet Again, Says He Doesn’t Give A Sh*t About It
Last night saw Jamie Dimon (CEO of JPMorgan) at it again with more negative comments regarding Bitcoin.
CoinTelegraph reports on a CNBC video about Jamie Dimon’s comment – “I never changed what I said, I just regret having said it. I didn’t want to be the spokesman against Bitcoin. I don’t really give a sh*t, that’s the point. Blockchain is real, it’s technology, but Bitcoin is not the same as a fiat currency.”
Readers will remember Jamie Dimon is famous for his quote last fall, calling Bitcoin “a fraud”, as reported by CNBC.
New York Awards First-Ever BitLicense To Bitcoin ATM Company
New York is known for its hard line on cryptocurrency regulation with its BitLicense.
12 crypto companies now have a license granted by the New York State Department of Financial Services (NYDFS).
Coinsource, (a Bitcoin Teller Machine – BTM) was granted the most recent license of the 12 mentioned crypto companies.
Coinsource “already has 40 BTMs in the state, having been operating under a provisional license pending full approval”, reported CoinDesk. CoinDesk also reports – this is the first BitLicense given to a Bitcoin ATM service.
Tether Produces Letter Vouching For Dollar Deposits, But Bank Hedges
More news today on the Tether (USDT) front, with headlines that the stablecoin has found a new home at Deltec Bank and Trust Limited in the Bahamas.
Furthermore, the bank released a letter stating USDT solvency, with enough USD to sufficiently back the Tether stablecoin.
“To show proof of its bank balance, Tether released a letter dated November 1 that appeared to come from Deltec, confirming “the portfolio cash value of your account with our bank was US$1,831,322,828″ as of October 31”, CoinDesk reported today.
Tether has been in the spotlight more often over the past several weeks, seeing significant drops in the coin’s price at times.
Crypto Insider Celebrates the 10th Anniversary of The Bitcoin Whitepaper
Satoshi Nakamoto’s “Bitcoin: A Peer to Peer Electronic Cash” system was published on October 31st 2008, and both digital money and the entire world of finance have never looked the same since then.
In order to celebrate this remarkable achievement, Crypto Insider has published two articles: the first one is an ode to the merits of the whitepaper which is meant to remind us all that our participation in the cryptocurrency space is all due to the bold efforts of Satoshi, while the second piece is an interview with Lyn Ulbricht – the mother of Ross Ulbricht.
Bitcoin is the technological innovation which started all the blockchain revolution in finance, while Ross is usually referred to as the second most important person in the history of cryptocurrencies, as he provided the first empirical and irrefutable evidence that Bitcoin can be used as a currency.