📌 Bitcoin’s Surge, Bithumb Hacked Again, and SEC Issues Framework

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BTC Passes $5k… Why?

So what’s to blame? Some people are pointing to an April Fools’ Day story that the SEC had approved Bitcoin ETFs, while others are saying it has to do with a single $100 million dollar order.

Whatever it is, we’ll take it. 😉

And if you’re reading this letter for the first time in a few months looking for any confirmation on whether to buy again or not… you’re out of luck. We urge everyone to not make any rash investment decisions this week, especially after this (dare we say, temporary?) pump.

 

Inside Job? Bithumb Cryptocurrency Exchange Hacked a Third Time in Two Years

South Korean cryptocurrency exchange Bithumb admitted to getting hacked again on Friday, March 29. At this point, we can all agree Bithumb hasn’t learned from their past mistakes. This is the third such incident the platform has reported in the past three years.

According to CoinDesk Korea, many exchanges manage wallets with secure, multisig systems. Bithumb however only used a single key… leading many to believe this was an inside job. Like most hacks, additional details will continue to spill throughout the week.

 

Coinbase CEO Wants to ‘Overthrow Some Corrupt Dictators’

A Q&A livestream on April 2, featuring none other than Coinbase CEO Brian Armstrong, briefly veered into the absurd when the 36-year-old told viewers that he’d love it if his company could help topple some governments. Yes, you read that correctly.

 

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DEEP DIVE


The 100+ Projects Pioneering Decentralized Finance

Decentralized finance has grown into one of the most active sectors of blockchain in 2019. From stablecoins, decentralized exchanges and wallets… to payment networks, lending and insurance platforms, marketplaces, and investment engines — the decentralized finance ecosystem is flourishing.

To help with this growing ecosystem, Consensys put together a wide-reaching list of the projects pioneering decentralized finance, broken down by category.

 

Coinbase is Getting into the Proof-of-Stake Business. What Does that Mean?

Last week Coinbase announced that it will provide custodial staking services for its larger clients, allowing them to benefit from owning proof-of-stake (PoS) based cryptocurrencies. Bottom line: Coinbase Custody clients will now be able to squeak out more returns from their PoS assets via staking.

The service will roll out first for the Tezos network, and Coinbase says it will soon add support for staking on the Maker stablecoin system. 🚀

Here’s a solid foundational piece from Meltem Demirors explaining why “2019 is shaping up to be the year of staking.”

 

Public Market Recap Q1

The folks at Skew love numbers… and they just released a really good Q1 recap on all things crypto derivatives. Get ready for a lot of graphs, trends, and charts.

TL;DR: BTC volatility is pretty weak these days. Volume is healthy. And correlations are still very strong.

 

Ethereum is Game-Changing Technology, Literally.

People often ask, “What is Ethereum for?” Previous answers to this question often included the phrase “world computer”, but despite some interesting examples, it’s been difficult to answer this question at a more abstract level. Virgil Griffith offers a potential answer to this question for all you game theory fans out there:

“Ethereum is an unprecedented arena for playing cooperative games.
And moreover, Ethereum enables powerful economic vehicles we don’t yet understand.”

 

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REGULATORY FRONT


🏛️ Long Anticipated, SEC Issues Framework & Analysis for Digital Assets

Let’s start with the obvious – clarity from the SEC in the regulatory space regarding blockchain technology and digital assets has been long-awaited for many. And while the statement represents the views of the SEC Staff and is not viewed as a set in stone rule, regulation, or statement of the Commission, this publication should be positively received by this fast emerging sector of Fintech.

If you want the finer details on the recent announcement, we suggest you read what Katherine Wu broke down for us this morning. For a bigger picture, here’s the less-enthusiastic Preston Byrne on the matter.

 

🚨 Police Freeze Bank Accounts, Seize Luxury Cars in Probe of $22 Million ICO Promoter Vanbex

Canadian police have frozen assets owned by the founders of blockchain services company Vanbex (FUEL), as part of a fraud investigation into a 2017 ICO that raised $22 million.

So what do they have to show for that $22 million? Two condos, two range rovers, a Lamborghini lease, and millions of dollars in high stakes gambling debts. Oh yeah, and no working product.

Last month the cars and condos were worth more than the tokens entire market cap.

 

TWEET OF THE WEEK


 

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