Bitcoin

Bitcoin Daily: Fusion Suspects Inside Crypto Theft; UK Sees Royal Scam

cryptocurrency, regulation, bitcoin

Criminals have stolen around $6.4 million from Fusion Protocol, a blockchain-powered platform for exchanging “stablecoins.”

“Today, September 28th, 2019, the Fusion swap wallet was compromised, resulting in theft of 10 million native FSN and 3.5 million ERC20 FSN tokens. Investigations so far show that this is the only wallet affected. Furthermore, as of now, we have not received any report that other holders’ wallet were impacted,” the company wrote in a blog post. “After the currency was stolen, abnormal wash-trading behavior occurred, and some of the stolen tokens were sold across exchanges, in particular Bitmax and Hotbit.”

In other news, asset managers need to start over with their plans for a cryptocurrency exchange-traded fund.

Van Eck Associates Corp. gave up on its plans for a Bitcoin ETF earlier this month, leaving only two contenders looking for approval from the U.S. Securities and Exchange Commission (SEC).

“It’s far more likely that an ETF would be denied than approved,” said Bloomberg Intelligence analyst James Seyffart. “The primary thing this SEC is concerned about is manipulation and trading in unregulated markets.”

“The primary concern is that there are too many concerns,” added Ryan Giannotto, director of research at GraniteShares Inc., which had two Bitcoin ETF proposals denied. “The regulator fundamentally just does not like the idea of a crypto ETF — that’s the long and short of it.”

Scammers have send out fraudulent letters from Buckingham Palace asking for donations to save the U.K. economy.

The letter — which claims to be sent by the Queen’s private secretary — states that the Queen has already raised 82-percent of the $23 billion (£19 billion) that must be paid to the EU, but they need to ‘rise [sic] the rest until October 19, 2019,’” according to Hard Fork.

“We want this letter to remain anonymous as we do not wish the subject to go viral. This could affect the agreements we have in order to obtain the bilateral agreement,” it states.

And employees of the Bank of Ireland will testify in the case against Mark Scott, a former partner with international law firm Locke Lord accused of laundering $300 million in OneCoin proceeds using corporate accounts at the bank.

Three employees have been called, according to Hard Fork: Deidre Ceannt, who worked in foreign direct investment between 2014 and 2017; Derek Collins, who was executive vice president and relationship director in 2016; and Gregg Begley, who allegedly processed paperwork submitted by Scott.

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