Top Five Cryptocurrency News Of The Week May 4 – 11, 2019

Top Five Cryptocurrency News Of The Week May 4 – 11, 2019

crypto news

Many news broke during the course of the just concluded week, however, only the top five of will be mentioned below.

Hackers Withdraw 7,000 Bitcoins in Binance Crypto Exchange Security Breach

The number one cryptocurrency exchanges by daily trade volume, Binance has experienced a major security breach. The exchange revealed that the hackers employed a variety of tactics including phishing and viruses to obtain a large number of 2FA codes and API keys in addition to other information. A total of 7,000 BTC was stolen during the security breach.

Bitfinex Releases Official White Paper for $1 Billion Exchange Token Offering

Troubled cryptocurrency exchange Bitfinex has recently released the official white paper for its exchange token sale. The exchange made it known that it will be launching a dedicated platform for projects to raise funds via similar initial exchange offerings (IEOs) starting from next month.

The exchange will raise up to $1 billion worth in the tether (USDT) stablecoin by selling its own exchange token, dubbed LEO, in a private sale.

Bitmain Discloses 88% Drop In Its Own Bitcoin Mining Power

According to a recent report, Bitcoin miner manufacturing giant, Bitmain’s internal bitcoin mining operations are generating 88 percent less computing power than a month ago. This is clearly suggesting that the firm has reduced its mining capacity.

According to the hashing power disclosure that the company releases each month, the hash rate of all Bitmain-owned hardware running the SHA265 algorithm – which the bitcoin and bitcoin cash networks are based on – which was at 2,072 PH/s about a month ago is now standing at just 237.29 quadrillion hashes per second (PH/s).

Starbucks to Track Coffee Using Microsoft’s Blockchain Service

In order to encourage transparency, leading coffee maker, Starbucks will start providing consumers with more information on its coffee products using a blockchain system that will track beans from “farm to cup.”

To achieve this, the coffee maker will partner with Microsoft to harness its Azure Blockchain Service in tracking coffee shipments from across the world, bringing “digital, real-time traceability” to its supply chains.

SIX Stock Exchange May Issue Its Own Token, Says Exec

According to its head of securities and exchanges, Switzerland’s top stock exchange SIX is likely to issue a token to meet its goal of digitizing traditional assets. This is likely to take place following a trial expected to be completed late this summer.