According to a recent report, late last week Japanese crypto-exchange Bitpoint lost $32 million in a hack involving XRP, Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and other cryptocurrencies. After news of the incident, Bitpoint's parent firm reportedly shed 19% of its shares. In related news, a recent analysis by Coinfirm illustrates the movement of bitcoin stolen from the recent Binance hack into exchanges and potentially into other cryptocurrencies. The Binance hackers have reportedly been able to liquidate at least 1.8087 BTC (21,000.00 USD) on several exchanges.
In a recent report on blockchain technology and economic sanctions, analysts predict that cryptocurrencies may reduce the effectiveness of U.S. economic sanctions, which depend on traditional banks to monitor compliance. Currently, U.S. sanctions can still reach businesses in the cryptocurrency and blockchain space because many blockchain ventures still depend on fiat currency and conventional bank accounts; but the analysts warn that blockchain technology may eventually enable U.S. adversaries to operate entire economies outside of the traditional financial system if regulators cannot harmonize the technology with the traditional financial sector.
According to a recent report, the Iranian government is taking steps to prevent individuals from moving their money from the rial into other currencies, including bitcoin. Iranian government officials are also reportedly concerned that bitcoin miners are abusing Iran's system of subsidized electricity to earn bitcoin by mining at significantly lower electricity costs. In China, late last week Chinese authorities arrested 22 people and seized roughly 4,000 computers used for bitcoin mining after a local power company reported abnormal electricity usage. The suspects allegedly used theft devices to dodge the power bill and stole power worth nearly 20 million yuan for their bitcoin mining enterprise.
To read more about the topics covered in this week's post, see the following:
- Japanese Crypto Exchange Bitpoint Suffers $32 Million Hack
- Hackers Are Turning Binance's Stolen Bitcoin Into Fiat
- Crypto Rogues: U.S. State Adversaries Seeking Blockchain Sanctions Resistance
- Bitcoin craze hits Iran as US sanctions squeeze weak economy
- Ex-Microsoft Employee Arrested for $10 Million Crypto Theft
- Chinese police seize 4,000 Bitcoin mining computers over electricity theft
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