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Crypto News Weekly – 13.07.18

Litecoin buys a bank?
Has Litecoin just purchased a bank? In the news this week it was announced the Litecoin Foundation had acquired approx a 10% stake in the German bank WEG. The deal came about after Charlie Lee’s involvement as an advisor with Swiss venture TokenPay led to them transferring the minority share to the Litecoin Foundation with talk that TokenPay have the reserve right to increase their shareholding.

XInxi Wang (board member of the Litecoin Foundation) tweeted:

“We tried hard to open a bank account for the LiteCoin Foundation. Now we just bought a bank. If you cannot kill us, you make us stronger.”

It was noted by some commentators that even though WEG Bank has a bank license at present it has not been operating with the full range of banking services but rather as an intermediary for loans to banks.

Bancor hacked for $22.5 million on Monday
Bancor, a decentralized crypto currency exchange, was hacked on Monday for $22.5 million after one of the wallets used for initiating smart contracts on trades was hacked and drained of $1 million of PundiX, $10 million in native Bancor tokens and $12.5 million of Ethereum. The exchange managed to freeze the Bancoir tokens but has lost the remaining $13.5 million from its own funds.

The market seemed to react adversely with the overall market cap dipping by approx $20 billion over a half day period following the news, and the Bancor token (BNT) losing half of its value.

Bancor held its own ICO in June 2017, raising $153 million in funds for the development of the project.

Chinese world cup gambling ring arrested
Chinese police in Maoming, in southeastern China, have announced they have performed multiple raids to break up an illegal gambling ring that was using cryptocurrencies to take bets on the World Cup.

The operation, which rang across numerous websites and social platforms, had gamblers download apps to their phones to enable cryptocurrency payments on match results, and the police claim to have disrupted up to 20 criminal gangs involved. The scheme involved up to 330 000 members and took bets in Bitcoin, Ethereum and Litecoin with over $1.5 billion of virtual currency being seized along with hard assets of $ 750,000.

This is in the same week that Brazilian former footballer Ronaldinho has announced he is launching his own cryptocurrency the Ronaldinho Soccer Coin which is the words of their promotional video is based around four ideas, Connect, Smile, Play and Bet.

For the 540 Chinese citizens now under formal arrest following China’s push, this must seem a difficult one.

Would love to know what the Hand of God Maradona coin concept will be, Connect, Snort, Play and Bet? sold for $10M
The famous domain name has been sold with a rumored price tag of $ 10 million. The domain was registered by a forward-thinking Matt Blaze, a professor of computer and information science at the University of Pennsylvania in 1993 and over the years he has repeatedly refused to consider selling, telling people they should stop even contacting him.

Cryptocurrency card provider Monaco, who went to ICO raising $ 54 million in June of last year, have bought the domain to launch a rebranding after a recent run in weeks where the currency has risen by over 100% at its highest point.

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