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Cryptocurrency Midday Report

Jun 20, 2018

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  • Over 134 pages of customer complaints aimed at Coinbase have been filed to the SEC and the California Department of Business Oversight. One customer complained that money they transferred between Coinbase accounts never processed. The customer then went on to claim that Coinbase is holding the funds for investing purposes. Other customers complained of similar problems – losing funds. Another common theme in the files sent to the SEC were that customers could not get back into their Coinbase account and that the firm was being unresponsive.
  • Europol will be discussing with European cryptocurrencies on how to further crack down on illicit activity in a more aggressive manner. This week, the agency will be meeting with over a dozen major cryptocurrency exchanges in Europe with the end goal of preventing money laundering. Additionally, the agency is looking to enhance its capabilities in the world of cryptocurrencies.
  • Cryptocurrency EOS, which just broke off from the ERC20 platform, has just had all 21 of their block producers unanimously decide to freeze seven accounts that had been stolen from EOS community members. While this is seen as a necessary and helpful action to freeze these account keys, some protocol members were against this procedure. These members stated that “whether or not a public blockchain that has centralized nodes with freezing powers can truly be considered a permission-less blockchain.”
  • Sprint, the US’s fourth-largest mobile network operator, entered a partnership with blockchain solutions provider NXM to create a 5G car platform utilizing blockchain technology.  Sprint will use its LTE network with the platform to give car passengers access to mobile WIFI, vehicle diagnostics, a first-of-its-kind Internet-of-Things security system, cheaper gas station locations, and even parking spot location.
  • Crypto Facilities, a UK-based cryptocurrency exchange, will be launching Litecoin (LTC) derivatives contracts this Friday.  Unlike the already existing Bitcoin futures, Litecoin contracts will have Litecoin as their underlying collateral.  This is a result of high demand from clients, and could increase efficiency, liquidity, and price transparency to the cryptocurrency markets.