Upbit, one of the ‘big four’ South Korean crypto exchanges has reported an irregular 342,000 Ethereum (ETH) withdrawal from its wallet. While details remain sketchy as to the nature of the withdrawal, the platform says it will cover the amount from its corporate funds. Upbit: Irregular Withdrawal or Crypto Exchange Hack? In what seems like a possible hack, Upbit released an official statement on its website revealing an irregular withdrawal of 342,000 ETH (about $51 million) from its hot wallet. The platform did not state whether the withdrawal was due…
Read MoreDay: November 27, 2019
Alibaba, OneConnect Leads China’s Blockchain Patent Race
Alibaba and OneConnect scored the highest in China’s recent Blockchain Patents list after they both filed IPO prospectuses at the same time. The development of blockchain technology continues to rage on across the world, and countless corporations are struggling to take the lead. A little over a week ago, on November 18th, BlockData published a new report titled China Blockchain Patents Report 2019 and the Comprehensive Strength list of China’s Blockchain Patents 2019. The report leaves little doubt as to which Chinese companies are among the strongest in the blockchain…
Read MoreWill China’s Crypto Yuan be Used for Retail Payments or Mass Surveillance?
China’s blockchain drive has been about one thing: getting its people used to a state-backed crypto asset. The People’s Republic is determined to get its crypto yuan out as soon as possible and bankers have stressed that it will be for retail use. Knowing China, there could be other motives. Crypto Yuan Nears The former governor of the People’s Bank of China, Zhou Xiaochuan, has been discussing possible implementations of the crypto yuan. According to local bitcoin outlet 8btc Zhou spoke about two types of central bank digital currencies at…
Read MoreSouth Korean Committee Passes Bill Enforcing FATF Crypto Rules
South Korea’s national policy committee has passed an amendment establishing a legal framework for cryptocurrencies. It requires crypto exchanges and service providers to register with the country’s financial regulator and comply with the recommendations set by the Financial Action Task Force. Also read: IRS Dispels Crypto Tax Confusion Committee Passes Bill On Tuesday, the South Korean National Assembly’s national policy committee passed an amendment to the Act on Reporting and Using Specified Financial Transaction Information, local media reported. Joongang Daily described on Wednesday that the bill “will establish a legal…
Read MoreDevs Discuss Formal Specification Project for Bitcoin Cash
On Monday, Bitcoin ABC’s lead developer Amaury Séchet explained in a blog post that Bitcoin Cash will be getting its own formal specification from Bitcoin Verde programmer Joshua Green. Séchet noted that although a slew of developers have written documentation, “the existing state of affairs is poorly documented.” Green and his team writing a formal specification for Bitcoin Cash is “great news” to the software engineer. Also read: Privacy-Enhancing BCH Tool Cashfusion Begins Working Behind the Scenes Bitcoin ABC’s Amaury Séchet Discusses the Attempt to Create a Formal Bitcoin Cash…
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