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Cryptocurrency Midday Report

Jun 28, 2018

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  • The recently hacked cryptocurrency exchange, Bithumb has lowered its estimated losses from the hack to USD$17mm. The hack occurred June 20th and the South Korean Ministry of Science has launched an investigation to probe into the hack. Bithumb has cited that loss estimates have been lowered because there has been cooperation and support from other cryptocurrency exchanges. The exchange announced the amount of each cryptocurrency that was stolen, and Bitcoin was the biggest target
  • The Bank of England has warned finance firms over having exposure to cryptocurrency assets. Sam Woods, the chief executive of the Prudential Regulation Authority (PRA) issued the warning which was directed on tokens. Woods wanted to remind financial institutions that they have a fiduciary responsibility. His warning further stated that institutions should minimize risk from trading cryptocurrency assets
  • IBM has partnered with companies Walmart, Nestle, Dole Food, Driscoll’s, Golden State Foods, Kroger, McCormick, McLane, Tyson Foods, and Unilever to create a blockchain to track food globally on its supply chain.  It is called the Food Trust blockchain and the partnership aims to better these companies’ ability to handle food recalls.  The Food Trust blockchain can store the information of around 1 million different items.
  • Node Capital, a Beijing-based blockchain venture funding company, announced plans to invest ~USD$86.5 million into exclusively-American blockchain startups with ether. The VC firm has invested in over 160 crypto projects including projects focusing on storage, application, and technology development, as well as digital asset transactions, and news information.  Node Capital is just one of many VC firms with the intentions of capitalizing on opportunities to get involved in the blockchain boom.