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Coincheck Promises to Reimburse Over USD 400 Million to Victims of NEM Coin Theft
Coincheck, one of Japan’s largest digital currency exchanges, has promised to use its own funds to reimburse more than USD 400 million to customers who lost their NEM cryptocurrency coins on Friday. The company claims that the amount covers nearly 90% of the NEM coins lost in the attack. According to BBC News, the stolen coins were apparently “kept in a ‘hot wallet,’ which is a part of the exchange connected to the internet, as opposed to a “cold wallet’, where funds are stored securely offline.”
Ministry of Finance of the Russian Federation (Minfin) Submits Bill to Legalize Cryptocurrency Trading
The Ministry of Finance of the Russian Federation (Minfin) has submitted the Digital Assets Regulation Bill, which legalizes cryptocurrency trading and places some restrictions on ICO investments. As reported by the Coin Telegraph, the Central Bank of Russia instead believes that the cryptocurrency exchange rules should be only applied to tokens that would attract financial investments. The current bill limits non-licensed investors in Russia to 50,000 rubles in each particular ICO, but alterations to the bill may be made up to July 1, 2018.
SEC Shuts Down Krops ICO for Selling Unregistered and “Highly Speculative” Securities
The Securities and Exchange Commission (SEC) has shut down an “illegal” ICO by Krops, an online marketplace for farm products. According to Inquirer.net, the SEC alleges that Krops — along with Black Cell Technology Inc., Black Sands Capital Inc. and Black Cell Technology Ltd. — was selling unregistered and “highly speculative” securities in its ICO. The SEC ruled that Krops’s ICO satisfied all of the four elements of the Howey test.
Blockchain Connect Had 1,500 People Attend, Despite Capacity of 962
Blockchain Connect, the “first U.S.-China blockchain conference,” brought together over 1,000 scientists, entrepreneurs, investors, and developers from all over the world in San Francisco. Although the conference’s venue, the Palace of Fine Arts, holds 962 people, over 1,500 people attended the event — according to CNBC. Entry tickets for the conference ranged between USD 500 and USD 1,000.
RocketICO Adopts DAICO Model on its Fundraising Platform
RocketICO claims that it will adopt a DAICO model, recently proposed by Vitalik Buterin. According to a press release from RocketICO, to the DAICO gives more control to investors as they tie access to funds with milestones in product development. RocketICO aims to get “rid of fraud and weak ICO projects in the market, as well as simplifying the interaction process between projects and regulators.”