Bitcoin 

UPbit Loses $49 Million Worth of Crypto in Major Hack

UPbit, a South Korean-based crypto exchange, has lost 342,000 worth of ether (ETH), accounting for approximately $49 million USD, in a hack earlier today. UPbit Says Investors Assets Are Safe The exchange has suspended its deposit and withdrawal service after confirming in a statement that the assets had been stolen from the Upbeat Ethereum hot wallet to a previously unknown wallet address. UPbit has said that it will cover the losses but added that it may take at least two weeks before the exchange’s services are fully functional again. Any…

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Cryptocurrency 

tZERO, Overstock’s Crypto Platform, Loses a Major Investor

Overstock’s security token platform, tZERO, has lost a major investor following the departure of CEO Patrick Byrne last week. Another Blow for tZERO During interim CEO Jonathan Johnson’s very first investor call in his new role, he confirmed that Makara Capital “will be not investing in tZERO right now.” However, he did mention that Makara would continue to monitor the development of tZERO and possibly reconsider in the future. The news is another blow for Overstock’s security token platform, as in August 2018, Overstock announced that Makara would invest $404 million USD…

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Blockchain 

SIRIN Labs Loses One Quarter of Its Staff to Poor Finney Sales

According to media site Globes, the team behind blockchain smartphone Finney has laid off a quarter of its workforce. Sirin Labs has let go of 15 team members after overestimating sales of its innovative device. The company said it had received 160,000 Finney pre-orders in late 2018, so what’s happened? Sirin Labs Loses Workforce The company has said in late 2018 that it only needed to sell 80,000 devices in order to make a profit. Now it seems, not only have those pre-orders not translated to actual sales, it hasn’t managed…

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Blockchain 

Bitcoin Price Drop | BTC Loses $400 in Just 30 Minutes

It was looking so promising for Bitcoin price last week. The largest coin by market cap surged passed the $4,000 USD mark, only to crash back down on Sunday, February 24th. Bitcoin Price Drop Bitcoin dropped a huge $400 USD in just 30 minutes, declining 10% from $4,150 to roughly $3,805 in a short space of time. There was no catalyst for the sudden drop, except for investors taking their profits while they can. $4,180 was a six-week high for the coin, and while the price has dropped, daily volumes…

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Cryptocurrency 

GMO Mining Halted | GMO Internet Group Loses Mining Revenue

Japan’s GMO Internet Group has published a report on its in-house crypto mining operations. The IT giant confirmed that it took a steep hit in its overall GMO mining revenue. However, it steadily increased its monthly BTC mining rewards. GMO Mining Revenue The company showed “extraordinary loss” from its hardware manufacturing sector in Q4 of 2018. As a result, GMO said it will “no longer develop, manufacture and sell” miners. The company only entered the mining hardware sector in 2017, so that was very short-lived. However, while it will close its hardware…

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Bitcoin 

Bitcoin Drop | Bitcoin Loses $200 in 24-hours, Crypto Market Follows

The crypto market is suffering huge losses across the board today. And leading the drop-off is the largest coin by market cap; Bitcoin dropped from over $6,500 to a new two-week low of $6,243 in early trade today. The coin has lost over $200 in a 24-hour period, and as happens more commonly than not, there is no definite reason for the sudden drop. Bitcoin Drop The sudden Bitcoin drop has come somewhat as a surprise. The world’s biggest coin has been hovering between $6,600 and $6,400 for 14-days straight. A…

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