Cryptocurrencies Are Experiencing a Significant Drop in Value

Those who doubted virtual currency have had their worst fears confirmed: cryptocurrency’s value has plummeted 50 percent from its peak in early January, pushing Bitcoin, for example, below $7,000. Among the problems bedeviling virtual currencies are hackers, scams and Ponzi schemes. Now, the Securities and Exchange Commission and the Commodity Futures Trading Commission are scheduled to testify to the Senate banking committee about how they have been trying to corral cryptocurrency markets. Continue reading Cryptocurrencies Are Experiencing a Significant Drop in Value

Record Cryptocurrency Heist May Lead to Increased Regulation

Coincheck Inc., which operates one of Japan’s leading cryptocurrency platforms, lost ¥58 billion ($530 million) of customers’ assets to an unauthorized person from outside the system. The dollar figure represents 523 million units of the virtual currency NEM and is the largest cryptocurrency theft to date. Previously, the loss of $450 million in bitcoin from Japan’s Mt. Gox exchange was the biggest theft. Whether this puts a damper on the white-hot craze for bitcoin and its related virtual currencies remains to be seen. Continue reading Record Cryptocurrency Heist May Lead to Increased Regulation