Two Japanese men, a doctor from Hokkaido and an Osaka-based company exec, have been arrested for buying NEM digital currency coins connected to the infamous Coincheck hack. The breach led to an unprecedented loss of about $530 million worth of cryptocurrencies.
Major crypto trading platforms are hacked almost every other month, and the latest significant breach has led to Italian digital coin exchange Altsbit announcing its closure in May. Over 6.900 Bitcoin and 20 Ethereum coins were stolen on February 5. The anonymity provided by cryptocurrencies makes them an appealing asset for money launderers and cybercriminals, and a major hassle for the authorities.
Currently, governments, businesses and corporations depend on centralization when it comes to technology solutions. The centralized approach to manage the digital solution is not wrong, but blockchain technology can offer a way to create an accountable and transparent system. Decentralization is aimed at creating a trustless and fair ecosystem across different industries.
First, why is gold moving up?
We talked with experts and they explain the dollar is weakening. They are pricing in rate cuts they expect to U.S. interest rates. Donald Trump lashed out at the Federal Reserve, comparing it to ‘a stubborn child.’ He and the stock market are pushing for lower rates. As rates appear to be going down, gold historically moves in the opposite direction of U.S. currency. This downward push in dollars is pushing gold up.
Is gold being pushed out by cryptocurrencies?
Börse Stuttgart, Germany’s second biggest stock exchange and the 9th largest in Europe, has sanctioned two new ETNs (Exchange-traded Notes)- Litecoin (LTC) and XRP. According to a company press release, this is the first kind of announcement in Germany.
Börse Stuttgart has declared that like ETFs, ETNs are also strictly regulated, a transparent and protected instrument that can be used by an investor to invest in different assets or they can buy or sell ETNs based on the cryptocurrencies Litecoin and Ripple.