Crypto Week in Review: What Binance Hack?

‘Men in Black’ (1997) / Sony Pictures

Each Sunday, we breakdown the most important crypto market news from the past week for SludgeFeed Premium members, including key events and stories you might’ve missed from a variety of news outlets.

Top Headlines This Week ?

Binance Loses $41 Million in ‘Large Scale’ Bitcoin Hack

Binance suffered a coordinated hacking event on Tuesday night that resulted in 7,000 bitcoin (BTC) being stolen from the platform’s hot wallet.

According to a recent update by Binance CEO Changpeng Zhao, on May 7 at 17:15:24 (UTC), hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info, in addition to the bitcoin which was moved in a single transaction, somehow bypassing the 100 BTC withdrawal limit.

Report: Fidelity Will Launch Institutional Crypto Trading Soon

According to a report published on Monday by Bloomberg, which cites an individual familiar with the matter, Fidelity is planning on rolling out OTC bitcoin trading within the next few weeks.

JPMorgan Quietly Reboots the Blockchain Behind Its JPM Coin Cryptocurrency

Over the last six months, technologists spread across London, Singapore and the U.S. have “rebooted” Quorum, the megabank’s private version of the Ethereum blockchain, said Oli Harris, JPM’s head of Quorum and crypto-assets strategy.

New Bitcoin (BTC) and Ethereum (ETH) ETF Submitted to the SEC

According to the prospectus, the new ETF would be managed by Crescent Crypto Index Services LLC, a subsidiary of Crescent Crypto Asset Management LLC. The USCF Crescent Crypto Index Fund (XBET) intends to issue shares that trade on the NYSE Arca stock exchange.

HTC’s Next Smartphone Will Run a Full Bitcoin (BTC) Node

On Saturday, HTC’s Chief Content Officer Phil Chen revealed at the Magical Crypto Conference in New York, HTC is planning to release a low-cost version of its blockchain phone called the Exodus 1s, which will have the capability to act as a full node for the Bitcoin network.

Major Crypto Firms Consider Creating Scammer Blacklist

According to a recent report by Bloomberg, 35 firms including DRW Holdings’ crypto unit, Mike Novogratz’s Galaxy Digital (TSXV:GLXY), and Ripple got together in Chicago this week to discuss building a blacklist of groups “known to renege on trades or engage in nefarious activities.”

Congressman Calls for a Bill to Outlaw Cryptocurrency in the US

Brad Sherman, a California Democrat, called for members of Congress to join him in introducing a bill to outlaw cryptocurrency purchases by Americans.

During the May 9 Committee on Financial Services, Sherman claimed that cryptocurrency is supplanting the US dollar in the financial system when it comes to conducting illicit activity.

Facebook (FB) Warms up to Crypto Ads as It Prepares to Launch Its Own Coin

Facebook (FB) has officially gone almost completely full-circle in regards to cryptocurrency advertising on its platform, as the company removed most of the restrictions it had in place on Wednesday.

According to a blog post, Facebook is following up on a previous decision to make companies whitelist prior to posting advertisements related to blockchain technology and other crypto-related information.

Tencent’s (TCEHY) WeChat Bans Merchant Crypto Trading

WeChat, the popular Chinese messaging app owned by Tencent (TCEHY), has released an update to its Payment Service Protocol that bans merchant users from trading or engaging with cryptocurrencies.

Video of the Week ?

7-Day Market Performance ?

  • Top-100 Index (ALT100): 22.97%
  • Exchange Tokens (ALTEXC): -1.15%
  • Privacy Coins (ALTPRV): 12.29%
  • Masternodes (ALTMSN): 5.74%

Market Movers ?

Bitcoin (BTC) Price Surges Above $7,000 as the Crypto Market Retakes $200 Billion
Ethereum (ETH) Surges as Futures Seem Inevitable, Dapp Volume Hits ATH High in April

More Headlines ?

Decentraland (MANA) Partners With the Team Behind CryptoKitties
Voyager Lands Partnership to Bring Crypto Trading to Institutional Clients
Boston Fed Announces Plans To Design a Blockchain ‘Supervisory Node’
Bloomberg: Facebook (FB) Assembling ‘PayPal Mafia’ Style Blockchain Team
Arcade-Style Blockchain Game Battle Racers Launches Closed Beta
Abra Enables Native Access to 16 Altcoins Including Dogecoin (DOGE) and TRON (TRX)
Poloniex Plans to Add Staking for Cosmos (ATOM) This Summer
Justin Sun Predicts Q2 Gains for TRON (TRX) and BitTorrent (BTT)
BitGuild PLAT (PLAT) Migrates to TRON (TRX) on May 10
QuadrigaCX Has $21 Million in Assets and Owes $160 Million: EY Report
The Winklevoss Twins Are Giving Away 1 Bitcoin (BTC), Here’s How To Win
ICYMI: Multicoin Capital Recently Revealed Its Crypto Investment Thesis
ConsenSys Ventures Managing Partner Kavita Gupta Leaves the Firm
Nobel Laureate Economist Joseph Stiglitz Thinks We Should Shut Down Crypto
Binance Goes All-In on Cosmos (ATOM) Support, Adds 3 Stablecoin Trading Pairs
Apple (AAPL) Censors the Dapp Browser on Binance’s Trust Wallet App
CZ Claims Binance Isn’t Trying to Compete With Other Blockchains or DEXs
Coinbase Custody Now Supports More Than 30 Cryptocurrencies

Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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