Lots of things going down in the crypto world this week, with Telegram fighting to keep their project alive and a whole lot of other stuff.
UPbit Ether Loss
Ethereum is having a bad day as crypto exchange Upbit has confirmed the theft of $50M worth of ether. As reported yesterday, $50M was sent from Upbit’s wallet to an unknown Ethereum address and apart from the abnormal ether outflow was the exchange moving cryptos from hot to cold wallets to prevent further losses, 10 transactions is all it took to cause so much damage, at least 340K ether has been declared stolen.
The South Korean exchange said the loss will be covered by their own assets and they suspended withdrawals and deposits for the meantime as they are trying to fix up their servers, it’ll take a couple of weeks before things get back to normal.
Crypto ATM provider Bitstop has been rolling out new ATM machines in Simon group locations for the past few weeks. They’ve done that in the group’s California, Georgia, Miami and Florida locations, the aim is to expose first-time bitcoiners to the booming crypto market and help people who shop in the malls to understand blockchain tech and crypto better.
Co-founder Andrew Barnard says Bitstop will continue to build out exposure and handhold newcomers through the process of buying their first Bitcoin. Generally, Bitstop’s project is a good one as it demonstrates a wide variety of use cases. Placing the ATMs in malls this time of the year puts Bitstop in a really good position as people tend to shop more and these shoppers will be enthused to know how the ATMs work. Malls and businesses around the world are beginning to adopt crypto ATMs. There are over 6K crypto ATMs in the world right now.
The Ghana Digital Currency Project
In other news Ghana central bank chief has announced the country’s intention to release digital currency in the “near future”. Yesterday, the governor of the country’s central bank Ernest Addison announced the intention to release the digital form of the cedi at the country’s annual banking conference; he also said that the country is undergoing rapid digitization as the use of “mobile money” has increased to about 70% in the past year.
He says his mobile money will be different from crypto, adding that it is just going to be a digital representation of the Cedi. So many other countries like China, the EU are looking into launching their cryptocurrencies.
What the Securities and Exchange Commission are Saying About Telegram
We’ve been following the SEC case regarding the Gram token closely and the judge just ordered the founder to testify in the case, the SEC is accusing Telegram for of selling unregistered securities, CEO Pavel Durov, Vice president Ilya Perekopsky and Shyam Parekh have been called up to testify.
Despite raising $1.7 billion in early 2018 to develop the TON blockchain and its associated GRAM token, Telegram has been publicly silent about its involvement in TON up until this point.