This week has seen Bitcoin remain uneventfully quiet: no price tremors, no regulatory upheavals, and Tether showing no signs of collapse. This was the case, but with news coming on Friday indicating that the NEM, one of the largest cryptos in the world, in fact at position ten in value, had been hacked into and $534 million stolen. This heist is record-breaking and Coincheck had to admit that indeed the heist took place.
Iota was also in the news. There were reports of users losing over $4 million as a result of wallet hacks besides analysts report that the crypto was overvalued in the first place. The CEO’s response was more astonishing and seemed to attack the reports rather than confirming and promising to look into the allegations.
South Korea, in the meantime, was cleaning its house by introducing regulations that would enable exchange share data with banks. The guidelines released detailed how the bank-exchange relationships would be governed.
Then came the Weiss ratings. Everybody has agreed that the ratings were indeed funny and only offered some sort of comic relief. The crypto ratings were horribly wrong and the financial experts seemed unaware of this.
There were other stories but the most popular one was concerning Discover, the credit card issuer, blocking access to cryptocurrency for its 44 million customers. This seems that the cryptocurrency revolution may happen without the credit cards involvement. This was anticipated.
Coincheck lost $534 million of NEM that was hacked, showing that Coincheck did not implement security features on its vaults, even the basic op-sec. the affected customers have been promised a reimbursement in Japanese Yen, at least Coincheck saving its face. This shows that indeed the crypto exchanges are making humongous profits.