Fidelity bank banner UBA banner
Bitcoin’s price crashes amid fears

By Jason Murdock on 08/03/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 892


Bitcoin’s price tanked to under $10,000 on Wednesday amid fears that a major exchange had been hacked and new regulatory warnings from U.S. authorities.

The cryptocurrency’s value fell to half that of three months ago, when it reached a whopping $20,000 per coin. But it remains volatile, and the bitcoin price reacted swiftly this week to warnings from the U.S. Securities and Exchange Commission (SEC) that “potentially unlawful” trading platforms would soon be forced to register with it or face legal action—falling to $9,520.

“If a platform offers trading of digital assets that are securities and operates as an exchange, as defined by the federal securities laws, then the platform must register with the SEC,” the agency said. The move comes as several governments aim to tame the unpredictable industry—which still operates in murky legal territory.

According to the SEC, which has launched lawsuits against exchanges operating in the U.S. including AriseBank, which was endorsed by celebrities, changes are needed in order to protect consumers and investors.

Concerns are high about Initial Coin Offerings (ICOs), which are used to raise cash.

“The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not,” it said.

“These platforms give the impression that they perform exchange-like functions…but there is no reason to believe that such information has the same integrity as that provided by national securities exchanges,” the agency added.

But the tumbling price was likely also linked to issues with Binance, a major cryptocurrency exchange based in Japan which suffered widespread issues on Wednesday. It has since declared that customer “all funds are safe” but prior to that was forced to stall all transactions. According to CoinMarketCap, Binance is one of the top three exchanges based on trading volume.

In a statement, the company said the market had experienced “abnormal trading activity” caused by a “large scale phishing and stealing attempt”. It blamed hackers who were targeting a lesser known cryptocurrency known as Viacoin (VIA).

“The hackers accumulated user account credentials over a long period of time,” Binance acknowledged on its website. “There are still some users whose accounts where phished by these hackers and their BTC were used to buy VIA or other coins.

“Unfortunately, those trades did not execute against any of the hackers’ accounts as counterpart. As such, we are not in a position to reverse those trades. We again advise all traders to take special precaution to secure their account credentials.”

Cyberattacks on major exchanges can result in vast sums of money being stolen. In January this year, a Tokyo-based company called CoinCheck was hacked which left the equivalent of $530 million missing from users' accounts.

The culprits later tried to launder the funds via the dark web.

While mystery surrounds the identities of the CoinCheck hackers, Reuters reported that South Korea’s intelligence agencies believed North Korea could have been involved. The rogue nation has been tied to numerous cyberattacks and malware outbreaks in recent years, including the Bangladesh central bank heist and the unprecedented “WannaCry” ransomware which infected computers globally.  (Newsweek)

Source News Express

Posted 08/03/2018 7:21:33 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
NASS/Executive Feud: Dogara distances self from social media...

Mikel’s Chelsea career coming to an end; Mourinho...

Gov. Ugwuanyi warns Enugu citizens against tax evasion...

Nigeria soon to get 10 modular refineries —...

6 teenagers take US governorship race by storm...

Weak economy a threat to Democracy — Saraki...

Breaking news: Ministerial nominees ordered to report to...

FG introduces security reforms at MMA

2019: IGP places police on red alert

Nike to kit Nigeria’s national teams after agreement...

Safety regulations: IATA certifies Arik, Aero Contractors, FirstNation...

Buried alive: Man left to die inside tomb...

 

Latest News 233 policemen arrested for corruption Sex video tape played in Lagos court in evidence Saraki, Dogara guilty of corruption — Legislative aides Woman dies as mobile phone explodes in bedroom, husband injured Amnesty tasks International Criminal Court, wants full-blown investigation into Boko Haram’s atrocities 2019: Okowa calls for issue-based campaign as Delta State PDP inaugurates Campaign Council DAPPMA suspends shutdown of operations, gives 5-day grace notice 2019: Dogara accuses FG of vote-buying, inducement Confusion deepens in Ogun PDP as Kashamu launches governorship campaign Buhari unveils Corruption Risk Assessment Report ASUU decries alleged intimidation of members in UNILAG by pro-chancellor 2019: Agbaje vows to free Lagos from godfatherism if elected Governor

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (429,431 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (394,556 views) Shameless Genevieve Nnaji exposes breasts in public (327,470 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (280,806 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (247,637 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,160 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (211,928 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,165 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,408 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,333 views) Lagos plane crash: Journalist releases victims’ names (167,104 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,600 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,870) Business Verdict (54) Columnists (972) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (311) International (2,801) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (64) News (41,321) Opinion (1,150) Pidgin (13) Politics (8,101) Religion (911) Sports (1,812) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera