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Are ICOs crashing Ethereum? Crypto News Weekly: 17/08/18



All the talk is about ICOs dumping Ether for fiat and killing the market, Bitmain look to IPO, Playboy sues blockchain contractor and Bitcoin Cash saved by Bitcoin developer.

Czech hacker offered $17M for hard drive

A Czech hacker who had his hard drive seized by the police in investigations for fraud, is alleged to have offered a policeman a $17 million bribe to remove the hard drive which, hidden in the encrypted data, held 3200 Bitcoins. The offer was made through an intermediary, but everything went awry when the police officer in question reported the matter and Peter Krzystka has now had attempted bribery added to his upcoming charge list.

Bitcoin Cash saved by competing Bitcoin developer

As everyone is aware, there has been a bitter rivalry between the original Bitcoin and its fork headed by Bitcoin Jesus, Roger Ver, that has usually led to a lot of slanderous bad press between said parties.

Bitcoin Core developer Cory Fields has stated that he found a critical security flaw in the BCH code in April and privately and discreetly reported it, allowing it to be quietly patched which if it had not could have lead to a complete devaluation of the currency.

Playboy sues Blockchain contractor for limp performance

Playboy is suing Global Blockchain Technologies for breach of contract. After going to ICO in February and claiming to have raised $22 million from investors for its new VIT token which would allow subscribers to pay anonymously for premium services, the company is now suing its partner. The case is based around claims they have never delivered the ability to incorporate the token to their sites and never paid back $4 million. Investors must be wondering at this stage about the wisdom of investing into an ICO that now seems to be sinking into legal battles without delivering any returns.

Since its initial release, the token has devalued to less than a quarter of its initial market price.

Bitmain prepares for possible $3B IPO

The Chinese world leading manufacturer of cryptocurrency mining chips is said to be preparing for a possible September IPO, which could top $3 billion with a listing on the Hong Kong stock exchange.

One of the more profitable crypto related businesses was also reported to be sitting on over $500 million of Bitcoin Cash and $132 million of Bitcoin, and an IPO would allow them to realize funds without crashing the market. This would allow them to further invest in startups and AI technology.

The company has been the center of controversy previously, and has been accused of releasing old technology to the market while keeping cutting-edge advances for its own operations to give it an unfair advantage.

Cryptocurrency cap crashes as ICOs cash out

As the market took a further tumble this week to low levels that haven’t been seen since Autumn of last year, there have been many accusations that ICO projects are cashing out of Ethereum in panic. Monitoring projects SanBase and TrustNodes both reported large individual sales from parties that amounted to approx 100 to 125,000 ether, or approx $40 million.

The two largest movements came from Cobinhood (25,630 ether) and Atonomi (12,000 ether), although Atonomi denied it was cashing out and said it was changing contracts. The CEO of Bitmex, Arthur Hayes, went even further in scathing attacks on Ethereum calling it a double-digit shitcoin that would drop below $100.

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