Binance Hacked, Bitmain’s Hashrate Drops Noticeably, Fidelity’s Bitcoin Trading Soon To Launch — The Crypto2Cash Chronicle
The most important and interesting crypto news, coming to you straight from the Crypto2Cash Office.
Binance Hacked
Chinese crypto exchange Binance, arguably the biggest exchange in the whole industry, has been hacked. The security breach happened on May 7th at 17;15 UTC and a total of 7000 BTC (ca. 41 million) were stolen, which Binance says is around 2 percent of their total funds. In a public AMA (Ask Me Anything), Binance CEO Zhao Changpeng talked about “rolling back” the Bitcoin blockchain to retrieve the funds, basically performing a 51% attack on the network, but after very harsh criticism the idea was quickly dropped. He further tweeted, that all remaining funds are “safu”and that no user funds were stolen. The Binance website currently says that all deposits and withdrawals are currently suspended, until the company conducts a thorough security review. This review is expected to last for around a week. The price of Bitcoin dropped by as much as 4.2% as news of the hack broke, but the largest cryptocurrency quickly recovered.
Bitmain’s Hashrate Drops Noticeably
Chinese cryptocurrency mining giant Bitmain has recently updated it’s hashrate disclosure for April. In this report, Bitmain looks at the total hashrate of all mining gear issued by them, that use the SHA256 algorithm, which is used in the Bitcoin and Bitcoin Cash mining network. The total hashrate has dropped from 1,692 quadrillion hashes per second to just 237, showing a decrease of almost 86 percent. This suggests that many miners are switching to different mining gear, as the total hashrate of the Bitcoin network is steadily increasing again. With the Bitcoin block halving approaching, Bitmain has hinted at a new product that could be released to the market in early 2020, possibly increasing it’s share in the market again.
Fidelity’s Bitcoin Trading Soon To Launch
Fidelity Digital Assets, the subsidiary of Fidelity Investments, will reportedly launch “within a few weeks” according to Bloomberg. The new service will only be available for institutional investors and will see big funds enter the world of crypto. At launch, the service will mainly focus on Bitcoin, however other cryptocurrencies could be added over time. Fidelity is joining an expanding list of traditional investing platforms entering the crypto space, further boosting crypto adaption over the world.
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