Crypto News Recap: $150 Million in Bitcoin Stolen from Crypto Exchange Kucoin

Published September 28th, 2020 - 06:00 GMT
Crypto News Recap: $150 Million in Bitcoin Stolen from Crypto Exchange Kucoin
The Singapore-based exchange Kucoin announced a security breach on September 26, 2020. (Shutterstock)
Highlights
Here are the markets highlights for the week

We noticed last week that more countries and governments started taking the crypto world more seriously. While on the other hand, crypto exchanges are not taking the "security" issue seriously; making the cryptocurrencies vulnerable to hackers.

Bitcoin (Trading $10,908 at press time) continues to build on its bullish bounce as it hit the $10,700 mark at the closing on Sunday.

Source: coinmarketcap.com

On a weekly basis, Etheruem ETH (trading $359.47 at press time) was the worst performer between Ripple XRP (trading $0.245125 at press time) and Bitcoin BTC. While Binance Coin BNB (trading $26.76 at press time) climbed to the 6th position on the top 20 list, spiking more than 8% as Binance announced the farming of a new token called Flamingo (FLM) from the Binance Launchpool.

EU Crypto Regulation Coming Soon

The European Union is planning to launch comprehensive crypto regulation by 2024.
According to a Reuters report: “By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector”.

Furthermore, the European Commission published a Q&A on digital finance strategy, legislative proposals on crypto-assets and digital operational resilience, Retail Payments strategy on their website, to address the changes that need to be made in order to become more crypto-friendly. 

In another recent report by EURACTIV, an independent pan-European publication, these new regulations regulation will tackle the high volatility of cryptocurrencies including Bitcoin, and even Facebooks’ long-awaited Libra.

$150 Million in Bitcoin Stolen from Crypto Exchange Kucoin
The Singapore-based exchange Kucoin announced a security breach on September 26, 2020. 

According to the exchange’s official website “part of Bitcoin, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of Kucoin’s total assets holdings. The assets in the cold wallets are safe and unharmed, and hot wallets have been re-deployed’

In response to the attack, deposits, and withdrawals were put on hold until the exchange continue all its investigations. In a Livestream hosted by KuCoin Global CEO Johnny Lyu, the exchange offers $100,000 award to those who can provide valid information to us regarding this incident. Please contact business@kucoin.com

It' worth mentioning that the hack of Kucoin didn't influence any crypto prices which can be regarded as a positive sign and says a lot about the market's maturity.

Venezuela Legalize Crypto Mining but in National Pool

In a very ambitious move towards full adoption, Venezuela passed a law that legalizes crypto mining in a supervised national mining pool. 

Minors outside the national pool will be subject to sanctions, according to the report

Russia to Penalize Unreported Cryptocurrency Holdings

In a new law draft, Russia decided to propose harsh penalties for unreported crypto holdings according to Bitcoin.com

The new bill will be enforced on Jan. 1, 2021.
Last month, Russia decided not to criminalize crypto usage or at least not just yet. According to what we reported previously, The country has drafted a new version of the bill named “On Digital Financial Assets” as The State Duma proposition this time didn’t introduce any punishments or fines on facilitating crypto usage.

Crypto Market Cap

 
Source: coinmarketcap.com

Events to Keep An Eye On:

World Blockchain Hackathon  (Virtual) till September 30

Global Blockchain Congress (Dubai, UAE) September 29


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