South Korea’s relaxed stance on cryptocurrencies boosted the sentiment in the market and pushed prices higher. In Japan, there was another mishap at a cryptocurrency exchange that was under the scanner after the Coincheck hack. Venezuela kick-started the sale of its cryptocurrency. And Elon Musk’s Tesla fell victim to a “cryptojacking” attack.
Here is a wrap up of the main news from the cryptocurrency market over the last 14 hours.
South Korea To Support ‘Normal Transactions’ In Cryptocurrencies: Watchdog
South Korea apparently relaxed its stance on cryptocurrencies on Tuesday as the country’s financial services watchdog said the government will support “normal transactions” in such currencies. The comment by Choe Heung-sik, governor of the Financial Supervisory Service, boosted the sentiment in the market, sending prices of cryptocurrencies such as Bitcoin higher. Further, the top official said the government will “encourage” banks to make transactions with cryptocurrency exchanges, the state-funded Yonhap news agency reported.
Japan Cryptocurrency Exchange Allows Zero Yen Trades After Glitch
A Japanese cryptocurrency exchange, which is being probed by regulators over security concerns, said it allowed trades to take place for zero yen or free, due to a glitch in its price calculating system. Zaif, a cryptocurrency exchange run by the Osaka-based Tech Bureau Corp, is among the 16 registered with the Financial Services Authority. Japanese cryptocurrency exchanges are under the scanner after the massive theft at Coincheck, which is unregistered, in January.
Japan’s Registered Cryptocurrency Exchanges To Form Self-Regulatory Body
Japan’s 16 registered cryptocurrency exchanges are set to establish a self-regulatory body in April to win back public trust, Reuters reported. The proposed watchdog would be independent of the two cryptocurrency industry groups – the Japan Blockchain Association and the Japan Cryptocurrency Business Association, the Nikkei said.
Venezuela Raises $735 Mln From ‘Petro’ Cryptocurrency Launch
Venezuela raised $735 million in the first day of a pre-sale of its “petro” cryptocurrency held on Tuesday, President Nicolas Maduro said. He hopes the cryptocurrency would help the country to avoid US sanctions to secure international funding. Maduro did not produce any name of investors and evidence for the figure. Critics have pointed out that the cryptocurrency is set to fail and could be deemed illegal.
Tesla’s Cloud Hacked For Crypto Mining
Electric vehicle maker Tesla’s Amazon cloud account was hacked by an unidentified hacker or a group of them, who used it to mine cryptocurrency, reports said citing security researchers. The breach was discovered and disclosed by a cybersecurity startup RedLock. They found Tesla’s credentials on a Kubernetes console, a Google-designed software application, which was unsecured. Hackers used crypto-mining software called Stratum. The entire extent of the hack remains unclear. A Tesla spokesperson said no customer privacy or vehicle safety or security data were compromised.
Two Blockchain-related Bills Get Wyoming House’s Approval
Two blockchain-related bills, including Open Blockchain Tokens Exemptions Bill, were unanimously passed by the Wyoming House of Representatives, which would give cryptocurrencies some legality in the state. Three more bills related to blockchain are being considered by the legislature to be voted on soon. House bill or HB 70, known as the utility token bill, and HB 19, known as the bitcoin bill, were both approved in the House by a vote of 60-0. The bills need to be passed in the State Senate and signed by the state’s governor to get official recognition.
As of 6.34 am ET on Wednesday, Bitcoin was down 2.85 percent at $11,082.89 and Ethereum was lower by 4.81 percent at $891.17 on Coinbase.