Cryptos reverse as Ethereum Classic may have sustained a network attack
Jan 07, 2019
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Crypto Market Recap
- Cryptocurrency markets turned mostly lower in afternoon trading as Bitcoin (BTC) is down 0.88% in the last 24 hours to USD$4,035.69. TRON (TRX) and Stellar (XLM) are outperforming major coins this afternoon, up 2.57% and 2.38% in the last 24 hours to USD$0.123794 and USD$0.023528, respectively. Ethereum Classic (ETC), meanwhile, lags the broad cryptocurrency market, down 7.62% in the last 24 hours to USD$5.03 as investors digest the possibility of a 51% attack, as discussed below.
Crypto Developments in Financial Services
- DX Exchange, the Nasdaq-powered digital exchange that announced the launch of tokenized stock trading on the Ethereum (ETH) blockchain last week, unveiled available listings in a series of Tweets on Sunday. Users will be able to trade stocks of some of the largest companies in the world, including Amazon, Baidu, Apple, Facebook, Google, Intel, Microsoft, Netflix, Nvidia, and Tesla, on the Nasdaq-Financial Information Exchange protocol-powered platform. Currently, the platform is only available to investors in the European Union.
- CoinfloorEx, a subsidiary of UK cryptocurrency exchange Coinfloor, will be repurposed in order to offer physical Bitcoin (BTC) futures trading in Asian markets, according to an interview between the CEO and Bloomberg on Monday. CoinfloorEX will be rebranded as CoinFLEX and is reportedly owned by a mix of individuals, including early BTC entrepreneur Roger Ver. According to the head of the venture, Mark Lamb, the futures contract will deliver BTC upon a contract’s expiration rather than a cash payment.
Crypto Regulatory Environment
- The cost of handling US government subpoenas and navigating other regulation is quickly becoming a, “barrier to entry,” for cryptocurrency exchanges wishing to enter US markets, that is, according to San Francisco-based crypto exchange Kraken. When asked about inquiries from US regulators, Kraken replied, “US is about 1/5 of clients but 2/3 of requests. US agencies are much more active and are much less surgical. For many requests, we have no matches. It wouldn’t be surprising to find that the same subpoenas go out to everyone in the hopes that a match will be found.”
General Crypto News
- Ethereum Classic (ETC) may be sustaining a 51% attack on its network, although early reports are conflicting. Late last night, the official Ethereum Classic Twitter account tweeted, “There have been rumors of a possible chain reorganization or double spend attack. From what we can tell the ETC network is operating normally.” The official Twitter account of Coinbase, however, tweeted that, “Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain.” The reported double spend amounts to 88,500 ETC, worth about USD$460,000 at the time of writing.
- NEM Foundation in Argentina and CISPREN, an Argentinian trade union of journalists, have signed a memorandum of understanding to develop a blockchain technology solution for copyright protection in the country. The memorandum of understanding details a Proof-of-Concept for the project to develop a platform to protect intellectual property rights. The prospective platform will require journalists to upload content the blockchain network and feature a time stamp as proof of authenticity.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio