Latest Cryptocurrency Cybertheft Could Shake Faith in Bitcoin

Hong Kong exchange Bitfinex was hacked and funds were stolen, marking a setback for digital currency Bitcoin. Bitfinex director of community and product development Zane Tackett posted on Reddit that 119,756 Bitcoins had been stolen. “Before the hacking was made public, that number of Bitcoins would have been worth about $72 million,” explains The New York Times. “Now that the currency has slumped, the figure is closer to $65 million.” During its investigation, Bitfinex has stopped all trading, deposits and withdrawals. The security breach is the latest in a series of events that could impact the viability of virtual currency. Continue reading Latest Cryptocurrency Cybertheft Could Shake Faith in Bitcoin

China President Seeks Commercial Ties with U.S. Tech Firms

During a visit with U.S. tech leaders, Chinese President Xi Jinping emphasized cooperation between Chinese and U.S. technology sectors, and highlighted opportunities for U.S. commercial relations in light of China’s “relatively high” growth over a long period of time. Although recent research has tied Chinese hacks to a military unit there, Xi protested that both countries are victim of cybertheft and all hackers are subject to international law. He vowed to ease issues creating friction between the two countries. Continue reading China President Seeks Commercial Ties with U.S. Tech Firms