Decrypto Daily Update – June 20, 2018

Market Snapshot

Total Market Cap: $282,940,473,130
24 Hour Volume $14,278,427,971
BTC Dominance: 40.1%
BTC-O: $6,742.39
BTC-H: $6,822.50
BTC-L: $6,709.92
BTC-C: $6,769.94

South Korean exchange, Bithumb, hacked for ?35,000,000,000.

In an official statement on their website, Bithumb said they “noticed that between last night and today early morning, about 35,000,000,000 KRW (~$30 million USD) worth of cryptocurrencies was stolen.” As a result of the hack, deposits and withdrawals have been halted for the time being. To ease panic, Bithumb has stated they will compensate users for any lost funds.

  • Great response from Bithumb on the PR and damage control front. Fortunately, $30 million is only about two weeks of revenue for Bithumb.
  • I’m putting on my tin foil hat here, but the market really feels scripted to me – an exchange hack right as the market is showing some signs of life. A $30 million heist also seems like the right amount to cause a small drop, but not enough to cause a huge panic in this already bearish market. BitGrail lost $200 million and Coinrail lost 37.5 million – Bithumb dwarfs these two exchanges in terms of volume and market dominance. $30 million from a Top 5 exchange? Weird.

Decrypto Daily Update – June 8, 2018

Market Snapshot

  • Total Market Cap: $339,056,139,543
  • 24 Hour Volume $14,250,839,610
  • BTC Dominance: 38.3%
  • BTC-O: 7,650.82
  • BTC-H: 7,741.27
  • BTC-L: 7,650.82
  • BTC-C: 7,678.24

Huobi announces its public blockchain, Huobi Chain.

Over the next 18 months, Huobi will be developing its own public blockchain platform similar to Ethereum and EOS. The platform is designed to “mitigate financial risks with supervision and consensus, optimize the trading process with blockchain technology, and safeguard users’ rights and interests with community autonomy.”

  • The price of HT (Huobi Token) has exploded recently, thanks to many announcements from Huobi – Huobi 10 crypto index, HADAX trading platform, and now Huobi Chain. It’s great to see an exchange working so hard to innovate and create new products instead of just accepting millions of dollars from completed ICOs to list their s***coins before fleeing to Malta to find a bank to store all that money. Oh don’t worry, I’m not talking about any exchange in particular…
  • Similar to Ethereum and EOS, Huobi Chain is a public blockchain platform that will offer smart contract execution, financial value exchange, fundraising capabilities, securitization, and more.
  • HT ERC-20 tokens will be swapped to mainnet tokens following Huobi Chain’s launch in 18 months.
  • I wonder what kind of incentives there will be to use Huobi Chain. How will Huobi attract developers and users away from  the likes of Ethereum and EOS – projects that aren’t tied to any specific exchange.

Bithumb is cleared of allegations of tax evasion.

Korea’s National Tax Service has successfully completed a tax audit of South Korean cryptocurrency exchange, Bithumb. The exchange has been cleared of any allegations of tax evasion, and have been ordered to pay its original tax bill of $28 million.

  • Wow, that took a while… Almost 5 months!
  • I wonder if we’ll start seeing some classic Korean volume from Bithumb again. At one time, Bithumb was one of the leaders in trading volume. Today, the exchange ranks 28th in BTC volume. Yikes.

ICON announces a partnership with Deloitte Startup Advisory Group.

ICON Foundation has signed a MOU with Deloitte SAG to collaborate on development and commercialization of blockchain projects.

  • This is a huge partnership. Deloitte is one of the largest accounting firms in the world, and their extensive client list includes many Fortune 500 companies you’ve probably heard of.
  • It sounds like partnership is mutually beneficial. ICON is interested in building up its network to make novel connections between them – this will likely result in business workflows that are not possible without blockchain. Deloitte is interested in using ICON’s technology and expertise to stay competitive in the real world.


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