Russia has been in the process of creating and using a blockchain-based voting system. This system is playing a key role in determining the changes to be brought into the country’s constitution. Given Russia’s strategic presence in the world, having internal and external enemies of the state is not anything new. So, it was not a surprise when one of the observation nodes on the blockchain came under attack from a hacker.
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According to a recent report published by an Israeli Security Firm ClearSky, upwards of $200 million have been stolen from exchanges in multiple attacks. Published on Wednesday, the report shared an estimate about the amount of money the group stole. The statement says, “We estimate that the group managed to rake in more than $200 million in two years.” The report also goes on to say, “We assess with a medium level of certainty that the threat actor has links to the East European region, Ukraine, Russia or Romania in particular.”
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In an interesting development on Thursday, the Italian Banking Association (ABI) made an announcement saying that the banks in Italy are willing to give a shot to a digital form of the Euro. ABI has more than 700 Italian Banks, making it a highly commanding association. The decision is welcome news for a lot of people and there is also official support for the project. The European Central Bank (ECB) will be officially backing the implementation of the digital currency as the project moves forward by participating in the upcoming experiments, testing, and other related projects.
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President Donald Trump has reportedly given Treasury Secretary Steve Mnuchin orders to take a hard stance against bitcoin. The report came in from John Bolton, the former national security advisor who claimed that this conversation happened between the President and the Treasury Secretary. Apparently, President Trump said to Mnuchin, “Don’t be a trade negotiator,” after which he ordered him to “Go after bitcoin [for fraud].”
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As of late, Bitcoin has been the hot topic for expectations of going beyond the $10,000 mark, again. It did happen at the beginning of the year but only a few days back, the cryptocurrency saw a sudden drop in its value. Falling by nearly 8%, it put a lot of investors in a lot of trouble as they got stuck. The reduction of $800 in value did not faze the market at all and trading continued to happen. Soon afterwards, the high expectations of breaking previous records came rushing back.
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Blockchain technology is probably one of the most secure types of networks that currently exist. Given the vast amount of monetary information it contains, it is obvious that anyone creating a blockchain would want the top of the line security. However, there is still quite a long way to go for most new blockchains and that is what the CEO of Elrond Network Beniamin Mincu wants to address. The founder of the Transylvanian network wants to build a better blockchain and the company has created a new blockchain that they want to test using trial by fire.
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Tuesday marked one of the biggest drops in the price of Bitcoin in a small time frame. The price, which was standing above $10,000, dropped by a massive 8%, landing at $9,298. The drop occurred in less than 5 minutes, taking with it any hopes that the market had of seeing it grow beyond $11,000.
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It was not long ago that Facebook unveiled project Libra to provide a stable cryptocurrency for the masses. However, like most cryptocurrencies, it faced one inevitable snag in its flow and that is the regulation. After a long time trying to get it regulated and seeing an incredible amount of pressure from politicians and the regulatory authorities, Facebook eventually decided to change its strategy. Instead of providing the Libra cryptocurrency to the world, they have decided to move into supporting financial systems that include both fiat currencies like the US Dollar and Euro, and also work on crypto to make sure it is ready in the future.
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The recent Bitcoin halving has cut down the rewards received by miners by half. The value of one block, which used to stand at 12.5 bitcoin is now sitting at 6.25 bitcoin, and it is showing its impact quite clearly. The amount of mining power bitcoin has had before the halving event has been going down steadily. The total computing power allocated to bitcoin previously was sitting at 122 exa-hashes per second (EH/s). This value has been seeing a constant drop over the last 10 days.
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An interesting development that unfolded recently is JP Morgan’s move to take on crypto clients. This has come as quite a surprise, albeit a pleasant one, since it was not a long time ago that the CEO of JP Morgan Jamie Dimon called bitcoin a fraud. The CEO at that time gave explicit warning to traders that if anyone was found dealing in with Bitcoin, they would be fired immediately. He has always been a critic of bitcoin and cryptocurrency in general. It was in November of 2015 when he declared that bitcoin would not survive, a time when the price of bitcoin was around $400.
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