This week’s top headlines: JPMorgan changes its stance on cryptocurrenciesCrypto debit card provider is missing 2.1 billion in cashCanadian regulator unveils the truth behind collapsed exchange QuadrigacxUpdate: Ethereum's $5.2 million fee scandal explained
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JPMorgan states Bitcoin's market structure is more resilient than currencies, equities, treasuries and gold
A new report from JPMorgan stated that cryptocurrencies have "Longevity as an asset class", which is in stark contrast to comments made in 2017 by CEO Jamie Dimon, calling Bitcoin and cryptocurrencies a fraud.
JPMorgan Chase is now providing banking services to exchanges such as Coinbase and Gemini and last month the company agreed to pay $2.5 million to settle a class-action lawsuit for overcharging fees for crypto transactions.
Wirecard missing 2.1 billion in cash
It’s being reported that about 2.1 billion in cash is missing from one of the crypto debit card issuer's trust accounts, with the company commenting that a trustee provided fraudulent balance confirmations to make it seem that such a cash balance existed.
The scandal has caused an 80 percent plunge in the company's stock price over the last two days.
Quadrigacx CEO defrauded users before supposed death
The Ontario Securities Commission completed an investigation of what happened to the exchange after the mysterious death of CEO Gerald Cotten while honeymooning in India left a majority of Quadrigacx's users unable to access their funds. Supposedly deceased, Gerald Cotten was found to have committed a series of fraud, the regulator details.
It is being reported that 76,000 clients were owed a combined $215 million in assets but thus far only $46 million has been recovered for pay outs.
Exchange held ransom by ETH hackers
Hackers are holding an unnamed exchange to ransom after an alleged cyber-attack forced the Ethereum blockchain to facilitate two separate transactions at a cost of $5.2 million in fees, new information suggests.
Vitalik Buterin offered an explanation to the suspicious transactions, stating the "Hackers captured partial access to the exchange key; they can't withdraw but can send no-effect txs with any gas price. So they threaten to 'burn' all funds via tx fees unless compensated."
According to the report, the hackers still have access to 21,000 ETH (≈$4.83M USD).
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