Crypto Markets News from John Lothian News – June 11, 2018

Jeff Bergstrom

Jeff Bergstrom


‘Bitcoin whales’ control third of market with $37.5bn holdings; Wealth in nascent cryptocurrency concentrated in mystery group of 1,600 investors
Hannah Murphy – FT
A mysterious cluster of 1,600 investors known colloquially as “bitcoin whales” collectively hold $37.5bn of the cryptocurrency, or close to a third of the available total, revealing the extent to which wealth is concentrated in the nascent market.

A hacker made $120,000 hunting for bugs in the ‘flawed’ software of a cryptocurrency startup that raised a record-breaking $4 billion ICO
Zoë Bernard – Business Insider
Last week, Guido Vranken made $120,000 from his laptop while sitting in his living room. Vranken has spent the past few days combing through the source code of Eos, the software created by the blockchain company

You Don’t Have to Own Crypto to Make Money Off of It
Rob Urban – Bloomberg
Pick-and-shovel companies don’t have to choose sides to win; Competition to be first to market heats up in blockchain world
To make his fortune on cryptocurrency, Jake Benson doesn’t have to choose a winner among the hundreds of firms hawking digital tokens. He just needs to do their taxes.

Bitcoin has lost more than half its value since last year’s all-time high
Ars Technica
Amid fall, mining energy demand remains so high that Quebec utility halts new orders.
Such fluctuations don’t seem to have stopped demand for setting up new mining operations, particularly in areas where electrical power is relatively inexpensive. Demand is so high in one part of Canada that Hydro-Québec, the province’s energy utility, recently said that it would “temporarily” stop accepting energy requests from cryptocurrency mining companies “so that the company can continue to fulfill its obligations to supply electricity to all of Québec.”

Korean crypto exchange Coinrail loses over $40M in tokens following a hack
Jon Russell – TechCrunch
Another day, another crypto hack. This time it’s Korea, the crypto-mad Asian country, where an exchange called Coinrail lost more than $40 million in altcoins, ICO-issued tokens that aren’t bitcoin or Ethereum, after it was hit by an apparent attack over the weekend.

Bitcoin tumbles as hackers hit South Korean exchange Coinrail
Reuters Staff
South Korean cryptocurrency exchange Coinrail said it was hacked over the weekend, sparking a steep fall in bitcoin amid renewed concerns about security at virtual currency exchanges as global policy makers struggled to regulate trading in the digital asset.

Cryptocurrencies Lose $42 Billion After South Korean Bourse Hack
Eric Lam, Jiyeun Lee, and Jordan Robertson – Bloomberg
Theft from Coinrail renews concerns about exchange security; Bitcoin drops 12% from Friday, extending its 2018 retreat
The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year’s slump in Bitcoin to more than 50 percent.

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