Industry Watch 30 January, 2018

Nami | Daily Crypto News 30.01.2018

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SCMP: Hong Kong won’t ban digital currencies but will educate public on risks via campaign

The explosion of unregulated initial coin offerings (ICOs) and volatility in the price of virtual currencies is of concern to Hong Kong policymakers, who on Monday said it would not ban them, but would educate people about the risks of such investments.

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Coin Telegraph: World’s Largest Investment Company: ‘Interesting’ Bitcoin Is Under ‘Close Review’  

Isabelle Mateos Y Lago, chief multi-asset strategist at BlackRock, an investment management corporation with $5.7 trln in assets under management, has said that the company is keeping cryptocurrency under “close review” as an “interesting development.”  

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Coin Desk: Bitcoin Exchange BTCC Just Got Acquired

Bitcoin services startup BTCC said it’s been acquired by a Hong Kong-based blockchain investment fund. It did not name the buyer or reveal the price.

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Coin Desk: Japanese Electronics Retail Giant Launches Bitcoin Payments

Major Japanese electronics retailer Yamada Denki is partnering with the BitFlyer exchange to trial bitcoin payment in two of its stores.

Korean Times: WeMakePrice plans to accept Bitcoin payment

WeMakePrice (WMP), a leading social commerce platform providing e-commerce and internet advertising services, said Monday it will accept cryptocurrency payments within the first quarter of this year.

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Nikkei Asian Review: Sloppy management was behind the Coincheck cryptocurrency hack

One of the reasons for the theft of NEM coins was the use of “hot wallets,” which are connected to networks at all times. Unauthorized access could have been prevented if the digital money had been managed with “cold wallets,” but the exchange could not provide this “due to technical reasons and understaffing,” said Coincheck President Koichiro Wada. A cold wallet refers to storage that is offline, not connected to networks, and is therefore much safer.

Financial Times: Coincheck promises refund after $500m cryptocurrency heist

In a website announcement on Sunday, Coincheck said it would repay holders from company funds at a rate of ¥88.5 per XEM. The valuation is less than the ¥104 price the day before the hack or XEM’s current trading price of ¥112. Coincheck said it was still deciding when and how to repay. The net worth of Coincheck, and hence its ability to cover the debt, is unclear. The exchange’s future may depend on whether other customers demand to withdraw their funds.

Coin Telegraph: Texas Orders Suspected ‘Cryptocurrency Bank’ Scam To Leave State

AriseBank must halt all operations involving Texas residents after authorities enforce an order against the alleged ‘cryptocurrency bank.’

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