Today's Crypto Updates:
- Possible Hack Of Third-Party Tools Affects Binance Exchange Users
- Crypto Markets Take A Slump After Quiet Week
- MT Gox Crashed Bitcoin, Trustee Sold the Bottom Blockchain Data Reveals
- Russia Prepares to Legalize Crypto Markets by July
Summary Of Today's News:
3rd party Binance tools hacked. Crypto markets nosedive. MT Gox behind recent crypto crashes? Russia legalizing crypto markets soon. Read all about it below!
1. Possible Hack Of Third-Party Tools Affects Binance Exchange Users
Source: https://cointelegraph.com/news/possible-hack-of-third-party-tools-affects-binance-exchange-users
Key Highlights:
"Users of Binance, the top cryptocurrency exchange in the world by trade volume, are reporting suspicious activity in their accounts stemming from an apparent hack on Reddit, March 7"
“Binance has stated that the issues stem from third-party tools and that “there is no evidence” of the platform itself being compromised. The only users affected are those who have issued API keys on their accounts.”
Crypto Phil's Take:
I literally said a few posts ago how crappy it would be for the markets at large if something were to happen to one of the larger exchanges such as Coinbase or Binance. Luckily, the "hack" seems to be limited to some 3rd party tool and not the entire Binance platform. But still, you can see exactly how the markets reacted to a relatively small "hack" like this.
2. South Korean Government Bans Officials From Crypto Holding And Trading
Key Highlights:
"Crypto markets were relatively quiet most of the week until today, when the top five took a dip of over 8 percent. Bitcoin (BTC) stayed between $10,500 and $11,500, until this morning when it fell to $9,693.95"
“Uncertainty surrounding the security of the major exchange may have influenced trader confidence, resulting in the slump in prices this morning.”
Crypto Phil's Take:
This price slump is definitely directly related to the first bit of news I covered. Again, we're lucky that this "hack" was limited to 3rd party tools and not the actual Binance platform itself.
3. MT Gox Crashed Bitcoin, Trustee Sold the Bottom Blockchain Data Reveals
Key Highlights:
"The MT Gox trustee has sold half a billion worth of bitcoin and bitcoin cash between December 2017 and February 2018 it was revealed today."
"Blockchain data analysis suggests the time of sale correlates considerably with the timing of the December crash and subsequent price falls in bitcoin."
Crypto Phil's Take:
This makes a lot of sense. Selling off billions of dollars worth of Bitcoin could definitely trigger the downward price movement we saw in the past few months. And it looks like that's exactly what did happen. The scary part here is that apparently the trustee has hundreds of billions worth of Bitcoin left still. So another dump could potentially happen again in the future.
4. Russia Prepares to Legalize Crypto Markets by July
Source: http://www.coindaily.co/2018/03/07/russia-prepares-to-legalize-crypto-markets-by-july/
"In a report by the Russian parliament’s official publication on March 1, Russian president Vladimir Putin has set a deadline on July 1 for relevant cryptocurrency legislation to be adopted in the country."
"Russian authorities are therefore planning to pass new legislation that would effectively legalize cryptocurrency markets by summer 2018."
Crypto Phil's Take:
This comes as no surprise to me. Countries that outright ban cryptocurrencies are putting themselves in a bad position. Both from a technological perspective and also from a monetary one. It makes sense that Russia wants to get in on the cryptocurrency action.
