#NewsFridayDigiFinex 2020 Week 17

April 24, 2020

  1. Ripple Drops Lawsuit on YouTube Over Fake XRP Cryptocurrency Scams
  2. Hong Kong’s First Regulated-Approved Bitcoin Fund Targets to Increase $100M in Asset
  3. Mysterious DForce Hacker Returns $25m Worth of Cryptos Two Days After Hacking
  4. One Bitcoin Can Now Buy You Almost 7,000 Barrels of Oil

Ripple Drops Lawsuit on YouTube Over Fake XRP Cryptocurrency Scams 

Photo by: NordWood Themes, Unsplash

On Tuesday 21st of April, Crypto Firm Ripple sued YouTube, for failing to protect its consumers from a cryptocurrency “giveaway” scam using fake social media accounts to convince victims into sending money. This was not the first time Youtube has fallen in the hands of hackers utilizing the platform to conduct fraud and scams. The Crypto company stated that scammers on YouTube have been impersonating Ripple and its chief executive, Brad Garlinghouse, to bait viewers into sending them thousands of dollars worth of XRP. Viewers are promised to receive up to 5 million XRP, worth nearly US$1 million in return. Ripple believed that this case had to be a “call to action” to stop their platforms from being overrun by fake accounts and misinformation which could possibly ruin the reputation of it’s company. However, YouTube has not immediately responded or commented on this.

Source: Channel News Asia

Hong Kong’s First Regulated-Approved Bitcoin Fund Targets to Increase $100M in Asset

Photo by: Moose Photos, Pexels

Arrano Capital, the blockchain investment arm of asset management firm Venture Smart Asia, has now met the licensing requirements from the Securities and Futures Commission (SFC) allowing it to begin dealing in cryptocurrency!  Arrano is hoping to surpass $100 million in total assets under management through a fund tracking bitcoin prices within its first 12 months of establishment. The fund marks the first of its kind to have passed regulatory approval on the basis that it solely targets institutional investors. To market to the general public, the fund would have to become an “authorized fund” under Hong Kong rules. Arrano getting the green light potentially paves the way for similar funds to begin filing for licenses in the blockchain-friendly region. Avaneesh Acquilla, chief investment officer at Arrano Capital, said that while the firm had received approvals for a bitcoin fund, he expected opportunities for other products in the future. Arrano has a second product planned for launch later in 2020 that would be an actively managed fund dealing with a basket of digital assets, according to Bloomberg.

Source: Coindesk

Mysterious DForce Hacker Returns $25m Worth of Cryptos Two Days After Hacking

Photo by:  JC Gellidon, Unsplash

A mystery hacker allegedly stole $25m (£20m) in form of crypto-currencies – and then returned the funds two days later. Records show that funds in a variety of crypto-currencies were withdrawn from a Crypto exchange, DForce based in China. A sum of $10m was taken in Ethereum, while another sum of $10m was taken in USDT and $4m in other cryptos. Apparently, the hackers have attempted to contact the platform and are currently in talks of negotiations after a police report. This attack did not only affect the platform users, partners, co-founders and staff, but also the CEO himself whose assets were also stolen from the attack.

Source: BBC News

One Bitcoin Can Now Buy You Almost 7,000 Barrels of Oil

Photo by: Life of Pix, Pexels

As the demand in Crude Oil Stocks Mount Dries Up, the world is still currently struggling and living under restrictions due to the Covid19. With a massive surplus of oil is causing prices to fall. The most recent in a series of crashes now sees crude oil trading at just less than $1 per barrel. Despite the price crash in oil markets around the world, including Bitcoin, leading cryptocurrencies on the other hand has not experienced its own dramatic price fall yet. On-going market prices are still at about $7,000. Currently, one Bitcoin is now worth more barrels of oil!

Source: BeinCrypto

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