Cryptocurrencies are down as Blockstream announced the official launch of its Liquid Network sidechain for Bitcoin
Oct 10, 2018
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- 1Broker, the Bitcoin futures firm charged with violating US securities laws, announced today that they would reopen the window for withdrawals starting Thursday. 1Broker is accused of acting as an unregistered security-based swaps dealer and violating money laundering laws. 1Broker opened its website to read-only mode earlier in October so investors could see their account balances. The company stressed in the announcement that they have enough funding to cover the balances of all their customers, but they needed permission from federal law enforcement before enabling the function.
- A report published by the Financial Stability Board indicates that international central banks and financial officials do not believe that cryptocurrencies pose a significant threat to the global economy’s stability. The report, titled, “Crypto-asset markets: Potential channels for future financial stability implications”, details that cryptocurrency’s total market value of USD$210 billion is miniscule, equaling just 2% of the total global value of gold. The Financial Stability Board is an international agency made up of 68 local institutions and central banks, watchdogs, and ministries of finance. The agency’s main goal is to prepare recommendations for global financial systems.
- Blockstream’s Liquid Network sidechain went live on the Bitcoin blockchain on September 27th, 2018, according to an announcement from Blockstream on October 10th, 2018. The Liquid Network sidechain project was announced initially in 2015 as a way to allow for better liquidity between different Bitcoin exchanges and brokers. In Blockstream’s post announcing the launch, Blockstream detailed that 23 cryptocurrency industry members are taking part in the Liquid Network sidechain to take advantage of faster transaction speeds between business and individuals.
- Canada’s largest cryptocurrency exchange, QuadrigaCX, has been clashing with the Canadian Imperial Bank of Commerce (CIBC) since January over access to CND$28 million of funds frozen by the CIBC. The CIBC initially froze the accounts after it failed to identify the true owners of the funds and asked a Canadian court to take possession of the funds in question. QuadrigaCX has refuted claims, saying a majority of the funds frozen belong to them.
- Ten months after a Finish national filed a claim after losing 5,564 Bitcoin, Thailand’s Anti-Money Laundering Office has seized assets worth 210 million baht (about USD$6.4 million) from the Jaravijit family. The Anti-Money Laundering office seized assets from five different bank accounts and a plot of land as reparations for the theft of 5,564 Bitcoin worth around USD$24 million at the time.
- The United States Securities and Exchange Commission (SEC) has filed for subpoena enforcement action against the alleged individuals involved in a pump-and-dump scam. The US SEC believes that Saint James Holding Investment Company Trust was involved in claims of a USD$100 million initial coin offering tied to the pump-and-dump scam. The US SEC also suspended trading of penny stock, Cherubim Interests, Inc., after it allegedly issued false statements backing-up Saint James Holding Investment Company Trust’s claims.
- Within the last month, four major cryptocurrency hedge funds with over USD$100 million of funding have debuted. All four of these large hedge funds have received backing from institutional investors and high-profile investors. The most recently announced hedge fund is Dragonfly Capital Partners, which is made up of executives from Bain Capital Ventures and Ceyuan Ventures. Cryptocurrency enthusiasts believe that these large players entering the cryptocurrency market despite cryptocurrencies being in the midst of a bear market is a strong sign.
- Zaif, the Japanese cryptocurrency exchange that was hacked for digital assets worth 6.7 billion yen (USD$59.7 million), announced a plan to offer victims of the hack financial support. The plan details that Zaif operator, Tech Bureau, is working to develop a joint support plan alongside Fisco Digital Asset Group. As part of the agreement, Tech Bureau is transferring Zaif and all of its operations to Fisco Digital Asset Group. According to the plan announced today, victims will be compensated 60% in crypto assets and 40% in fiat assets.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio