This week in Bitcoin – Dec 2nd, 2019

Hi, I’m Nate Martin from and here’s what happened this week in Bitcoin. Worth nearly $50 million in Ethereum,
342,000 ether was hacked from South Korea’s Upbit exchange. The hack occurred during maintenance and
is one of the largest Ethereum thefts ever. The exchange has suspended operations
for at least a couple of weeks but plans to repay users for the loss. It remains unknown
how the attack was conducted. In yet more bad exchange news,
East Asian exchange IDAX Global reported that its CEO had vanished, reason unknown. All withdrawals and deposits have officially been
halted, although some users had already reported having issues withdrawing their funds. These issues, along with the CEO’s disappearance have led to rumours of an exit scam. Ethereum developer, Virgil Griffith,
was arrested at Los Angeles International Airport for contravening the
International Emergency Economic Powers Act. Against warnings, Griffith went to North Korea
to present information which could be used by the regime to evade international
sanctions or launder money. Griffith faces up to 20 years in jail. Cryptocurrency exchange Coinbase
has patented a self-learning compliance enforcer that shutters “bad” user accounts. The U.S Patent and Trademark Office-issued patent, describes an automated system accompanied by a scoring mechanism that together root out non-compliant user accounts specifically ones suspected of
trafficking in illegal activity. And finally, German parliament has passed
a new bill which would allow German banks to sell and store crypto, beginning in 2020. The bill still awaits approval from Germany’s states, but it stands as a sign that crypto adoption and mainstream financial integration has gathered serious momentum. That’s what happened this week in Bitcoin.
See you next week.


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