Cryptonews weekly report, 7-15 July

Cryptonews – This week in cryptosphere

1. CoinKit announced Binance Coin in their platform
Binance is officially two years old and is one of the most successful crypto exchange in the world with over 40 million visits every month. In lieu of Binance’s 2nd anniversary, CoinKit announced that it has integrated Binance Coin for tipping on their platform.
Most cryptocurrencies have a very niche use-case, and BNB is one among them. BNB can be used to get a discount on trading fees on Binance, and additional perks on Binance exchange, like IEOs and other trading competitions. There have been merchants accepting BNB as a form of payment, which is a good use case for most cryptocurrencies; however, the best use case that can be widely used by crypto enthusiasts daily is tipping.
Binance Coin can now be tipped to users on Slack, Discord, Telegram, and even on Twitter, where most of the crypto community is active. BNB coin has been a good trajectory even though the bear market; the coin pumped by more than 600% since the start of 2019.
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2. Bitpoint loose 2.3 million of dollars in a hack attack
Cryptocurrency exchange operator Bitpoint Japan Co said Sunday it found an additional 250 million yen ($2.3 million) worth of digital currencies stolen after losing around 3 billion yen in an earlier hack.
The Tokyo-based company said the latest hacking was discovered at overseas exchanges that use the trading system provided by Bitpoint Japan. The cryptocurrency exchange operator said Friday it suspended all transactions and services after it was hacked for 3.5 billion yen. The company said Sunday the initial loss is now estimated at 3.02 billion yen.
Bitpoint Japan stores five cryptocurrencies — bitcoin, bitcoin cash, ethereum, litecoin and ripple — in its so-called hot wallet system that is connected to the internet, according to a press release issued by its parent firm Remixpoint Inc.
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3. The samsung-backed consortium developing a blockchain-based mobile ID system
A Samsung-backed consortium, involving six other major South Korean firms, is developing a blockchain-based mobile identification (ID) system. The firms include Woori Bank, KEB Hana Bank, SK Telecom, KT, LG UPlus and Koscom, an IT service arm of the Korea Exchange, SK Telecom announced Sunday.
A “self-sovereign identity” system, in which consumers are able to protect their own data, is being developed by the participants for faster services. For instance, a student can be issued a new ID in less time as they won’t have to submit related papers in person, thanks to blockchain technology.
Samsung will manage the data through its Knox solution, a mobile security solution pre-installed in most of its smartphones and other gadgets, per the announcement.
The consortium plans to extend the system to services such as academic certifications, insurance and leisure activities at amusement parks, among others.
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4. Liechtenstein Financial Market Authority Approves State-of-the-Art Tokenized Real Estate Investment Product
For the first time in Europe, the Liechtenstein Financial Market Authority (FMA) has approved the offering prospectus for a tokenized real estate investment product.
CROWDLITOKEN AG is thus a pioneer for new financial innovations. The Security Token Offering (STO) is now running in European countries. By using blockchain technology, qualified and retail investors are enabled to invest in first-class real estate in Europe. Also, the Swiss Financial Market Supervisory Authority (FINMA) has confirmed that no special regulatory approval is needed to market this new class of digital assets in Switzerland.
The company CROWDLITOKEN AG, based in Triesen/Liechtenstein, is launching a security token that combines the advantages of direct and indirect real estate investments. CEO Domenic Kurt comments: “This represents an evolution in the world of financial products. New technologies are enabling us to launch a first-class product that not only offers new investment opportunities but also remedies inefficiencies, cuts costs, and safeguards transparency.”
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5. Tether accidentally creates token. How does this happen?
Controversial dollar-backed stable coin Tether, confirmed yesterday that they mistakenly created $5 billion worth of their token in a monumental blunder.
The mistake has been put down to human error which saw an intended $50 million transfer turn into a $5 billion one after decimals point were put in the wrong places. This occurred during a routine procedure where Tether was assisting the exchange platform, Poloniex.
Fortunately, the issue was quickly resolved with the Tether team managing to burn the unintended creations within 4 minutes of the mistake. Thus preventing a knock-on effect, the ripples of which could have been felt across the crypto market.
The process saw them burn $500 million worth of USDT, before burning a further $4.5 billion to eradicate the ghost funds and remedy the issue.

CTO of Tether, who operates the same role for exchange platform, Bitfinex, explained, “Unfortunately we have to play with different toolchains across multiple blockchains (sic) and sometimes issues happen. We’re working anyway to prevent this from happening in the future.”
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