Bithumb Recovered Nearly Half Of Stolen Funds

South Korean Exchange Bithumb revealed that it has recovered nearly half of the funds that was stolen by hackers last June 20, which was said to be at least 35 billion KRW or $31 Million USD.

They said that they already recovered more than 45 percent of the stolen funds reducing the value of the stolen funds to just around 19 billion KRW or $17 Million as of June 27.

This was made possible through the coordination with other cryptocurrency exchanges and foundations around the world.

The exchange also states that without their quick response to the cyber-attack, the crypto thieves would have made more damage to them.

Bitcoin: Venezuela’s Economic Crisis Alternative Solution

Hyperinflation has been plaguing the economy of Venezuela for the past 12 months. So much that one cup of coffee could cost around one million bolivar.

The country's President Nicolas Maduro has attributed this seemingly hopeless economic condition as an economic war being being wage against his government by the U.S. and country’s opposition.

However contrary to the leader’s claims about bad governance, poor economic policies and falling oil prices have been identified for this condition.

Due to this economic problem many citizens turned to bitcoin as an alternative means of storing value.

It is important to point out that a person in Venezuela who bought at the all time high of Bitcoin is better off than that of the person who has bolivar.

Line App Of Japan To Launch Cryptocurrency Exchange

The people behind Japan’s most popular chat app Line which has around 200 million users worldwide has confirmed release of their much awaited exchange dubbed Bitbox.

The new crypto exchange platform is said to be supporting 30 cryptocurrencies, offering low trading fees, supporting 15 languages and available to most countries in the world.

Idezawa Takeshi, the CEO of Line Corporation states that Line users will be able to access cryptocurrencies through Bitbox easily and securely with its state-of-the-art security systems to protect their crypto assets.

He also added that the cryptocurrencies that was selected has gone through an extensive screening process ensuring the most reliable and safest trading for users.

Coinbase To Open New Office In Portland

In a blog-post by Tina Bhatnagar, Vice President and Tech at Coinbase revealed that the company is expanding its operation in a new location particularly in Portland.

It plans to hire about 100 employees to fill in vacancies in the said location.

The new space will support multitudes of roles and purpose that will support a variety of business-related functions alongside facilitating customers support, compliance, and IT & finance work.

It has been noted that the exchange has been rapidly ramping up its support team due to the over 4000% growth of consumer demand for the platform seen in 2017.

300 Million USD Sent Paying 0.04USD FEE

Several news and social media outlets have documented a multi-million dollar transaction that was made using Bitcoin using only about 0.04 USD for transaction fees.

This transaction gained much attention not only because of the magnitude of the transaction which at current rates stands at almost $300 million but also because it highlights the practical advantage of using cryptocurrencies in the financial market.

The implementations of second layer solutions have made it possible to lower the cost of transactions that might increase the adoption.

Although there are some success in lessening the cost using the said solutions, it has not stop others from criticizing them, like the proponents of Bitcoin Cash which supports the idea of a larger block size.

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