Get caught up after the Holiday weekend on all things Crypto! In today’s Crypto Minute: 3 ICOs based in Alabama are under pressure; Another $20 million stolen, this time its Bitcoin Gold; and Maersk makes a splash with a new Blockchain partnership.
Three Alabama Based ICOs Receive Cease-and-Desists
According to ICOExaminer, the ICO projects LEV, Platinum and Extrabit have all received Cease-and-desists from the Alabama Securities Commission (ASC). Extrabit went so far as to claim a “185% return on investment (ROI) quarterly, to every investor that keeps a constant positive balance in their EXB Wallet.” This comes shortly after the North American Securities Administrators Association (NASAA) announced 35 pending or completed enforcement actions since the beginning of May.
Hacker Steals $20 Million In Bitcoin Gold, Verge and Monero
As seen on Silicon Republic, a hacker used a “51 percent attack” to steal $20 million worth of Bitcoin Gold, Verge and Monacoin. $17.5 million was made up of Bitcoin Gold after the hacker gained control of the network’s hash rate, reversed transactions and ran off with 388,000 tokens. A 51 percent attack is when someone controls enough computing power to make majority decisions on a blockchain network. When covering their tracks, the hacker used an overwhelming amount of computing power to force others to accept the falsified transactions. More info on the rise of stolen processing power can be found in the original article.
Shipping Giant Maersk Announces Insurance on the Blockchain
According to ccn.com, the shipping behemoth Maersk has introduced a new insurance platform called Insurwave, which is a joint venture between Guardtime, a software security provider, and Ernst & Young, an accounting firm. These three companies will help manage risk for 1000 vessels and support more than 500,000 transactions in their first year together. Microsoft Azure is providing the Blockchain technology for the partnership.