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Cryptocurrency Midday Report

Jun 12, 2018

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  • Chinese internet security firm, Qihoo 360 Netlab, reported that USD$20mm in ether (ETH) has been stolen from Ethereum mining rigs and third-party applications. The hacker stole 38,642 ether tokens. The hack exploited the ability of remote procedure call (RPC) interfaces which accessed sensitive miner and wallet information. The RPC provides third-party access via an API and if left unsecured, a hacker can access miner/wallet funds
  • Forbes has reported that blockchain-based betting will occur throughout the FIFA World Cup this year. Contestants will have to predict the outcomes of the soccer matches. Ether will be rewarded to the top 10 speculators. The prize pool currently has 42 ETH. The game was formed on a decentralized application called CryptoCup and all transactions will be viewable on the Ethereum blockchain
  • The Financial Action Task Force (FATF) is planning to develop binding rules for the world’s cryptocurrency exchanges. This gesture stems from a globally coordinated policy on cryptocurrencies which was discussed at the G20 meeting in March. Additionally, the Organization for Economic Co-operation and Development (OECD) is looking for cooperation on the tax consequences associated with cryptocurrencies
  • Russian corporations, have created a joint venture to develop blockchain projects and the digital economy. The joint venture includes MegaFon, Gazprombank, Rostec and the USM Group. The venture is called MF Technologies (MFT). The initial focus will be to develop digital financial solutions. Recently, it has been reported that Gazprombank has already experimented with blockchain technology by testing cryptocurrency transactions in Switzerland
  • GroundX, the blockchain subsidiary of South Korean messaging giant Kakao will be working with a government-backed agency to develop blockchain projects. The subsidiary will be working with the Seoul Digital Foundation to advance digitization of the national capital’s infrastructure. The development is said to begin in the second half of this year