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Cryptocurrency End of Day Recap

May 22, 2018

  • Verge (XVG) has experienced its second hack in less than two months. Executives are citing a DDoS attack which is giving its blockchain a serious delay. The attack has lasted more than a few hours and has resulted in over 35mm XVG tokens being stolen. A reddit user noted that the hack was a repeat from last month’s hack and that not much had been done to prevent future attacks. The cryptocurrency is down 7.61% since last night’s UTC close.
  • CoinGate, a payment gateway for cryptocurrencies, is planning to launch Bitcoin Lightning Network payments on its platform. The company serves over 4,000 merchants globally and will allow companies to accept bitcoin and altcoin payments which can be transferred in BTC, EUR€ or USD$ as payouts. A CoinGate representative believes that the Lightning Network is the scaling layer that Bitcoin needs. CoinGate expects to see an increase in the number of transactions and cheaper transaction fees for users of its platform
  • The Ontario Securities Commission (OSC) is cracking down on unlicensed companies involved in the cryptocurrency space. Companies that the Commission is targeting include investment and trading companies. This is a joint effort with the US in what is being called “operation cryptosweep”
  • A bank in Argentina could soon become the first in the world to begin using Bitcoin for customers’ international remittances. Banco Mansventas (BMV) partnered with local blockchain financial services firm Bitex and are looking to move away from the SWIFT clearing network which has seen multiple failures and security problems in recent years. The service aims to reduce costs associated with international transfers and is rolling out to 50 countries with payment timeframes reduced to 24 hours
  • Payments startup, Circle has launched the full version of its crypto investment app. After a soft launch, the company has rolled out an investment focused app and one of the features is a “Buy the Market” tool for new cryptocurrency investors. The firm will mark assets up by 1% when users buy or sell a cryptocurrency but will not charge any fixed fees after that