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Moonday Mornings: Binance to give KYC hack victims VIP accounts


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Welcome to Moonday Mornings. Let’s not waste anytime, here’s the weekend’s top cryptocurrency and blockchain headlines you can’t afford to miss.

1. With every passing week the outlook for Facebook’s ‘cryptocurrency’ Libra looks worse and worse. After meeting with Suisse financial regulators last week concerns still remain for representatives of the US Financial Services Committee. “My concerns remain with allowing a large tech company to create a privately controlled, alternative global currency,” chariwoman Maxine Waters said in a statement yesterday. The fight’s not over for Libra yet.

2. Cryptocurrency mining mainstay Bitmain Technologies has allegedly placed an order for 600,000 mining chips, The Block reports. The mining chips are estimated to bring in up to $1.2 billion in profit to the mining hardware manufacturer.

3. Two Canadian nationals have been indicted for planning to steal Bitcoin. Karankit and Jagroop Singh Kkatkar from Surrey in British Columbia, claimed to work for cryptocurrency exchange HitBTC in an attempt to steal users’ login details. Coindesk reports the pair created a fake Twitter account called @HitBTCAssist posing as technical support for the exchange of the same name. The pair were able to extract over $233,000 worth of Bitcoin from on victim’s account.

4. Cryptocurrency exchange Binance has said it will give users affected by the alleged KYC document leak earlier this month VIP accounts. While the investigation is still on going, the exchange has said that some leaked images match ones that were processed by a third-party used by Binance between December 2017 and February 2018. I guess that’s one way to say sorry.

5. The worker who surreptitiously used a nuclear power plant in Ukraine to mine cryptocurrency will be forced to pay for the stolen electricity, according to the Telegraph. The individual identified to be running the illicit mining operation has also been demoted. It’s not clear if they were allowed to keep any cryptocurrency that might have been mined.

Well there it is, another weekend’s headlines caught up with. Now get back to whatever it is you do with your life.

Published August 26, 2019 — 07:55 UTC