Kik CEO Says Firm Spent $5+ Million on Negotiations With US SEC: Report

Ted Livingston, the CEO of Canadian-based messaging startup Kik, told cryptocurrency news outlet Coindesk that the company spent over $5 million on ongoing negotiations with the United States Securities Exchange Commission (SEC). The news was revealed in a report published on May 16. As Cointelegraph reported at the end of January, the SEC stated that it believes that Kik’s “Token Distribution Event” two years ago violated securities laws when the company raised $97 million during the sale. Following the SEC’s recommendation of an enforcement action in November 2018, Kik was…

Circle Releases Another Attestation Report on Stablecoin USDC’s USD Reserves

Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin, USD Coin (USDC). The company reported the update in a blog post published on May 17. USD Coin is an Ethereum-based token compliant with the ERC20 standard that was first announced in May last year and released in September. Per this week’s announcement, the audit of the coin’s fiat reserves was conducted by major Chicago-based accounting firm Grant Thornton LLP. The report released by the firm states that as of April 30, 2019 at 11:59 p.m. Pacific Time…

Ripple (XRP) Bulls Firm despite Coin Metric Report

Ripple (XRP) up 25.6 percent Ripple Labs exposed by Coin Metrics as David Schwartz says it is a “timeline issue.” Coin Metrics now reports that Ripple Labs did under-reported the number of XRP released from escrow by a total of 200 million XRP while implementing the “escrow queue” differently than announced. The reaction could be heaping pressure on XRP which is fast dropping, clawing back this week’s gains. Ripple Price Analysis Fundamentals According to a Coin Metrics report, Ripple Labs is allegedly misrepresenting the actual amount of XRP in their…

Venezuela and Russia Discuss Mutual Trades in Petro and Russian Ruble: Report

Venezuela is considering to close mutual trade settlements with Russia using the ruble, Russian government-backed TV channel RT reports on May 17. Venezuela’s representative to the United Nations in Geneva Jorge Valero said they are also discussing uses for the state-owned Petro (PTR) cryptocurrency. Valero reportedly revealed that Venezuelan authorities are now working with Russia to find opportunities for eliminating the use of the United States dollar in trade deals between the two countries. As such, the two countries’ authorities are purportedly mulling the use of the Russian ruble, as…

Coin Metrics Report Highlights Discrepancies in Ripple’s Escrow System Reporting

Blockchain analysis company Coin Metrics has found discrepancies in blockchain payments network Ripple’s escrow system reporting, according to a May 16 report. Coin Metrics, which conducts analysis of various aspects of cryptocurrency tokens, investigated Ripple and discovered what it said were contradictions that required an explanation. “Coin Metrics found several important discrepancies between what was publicly reported by Ripple and what was visible on the XRP ledger,” the report summarized. The three aspects are the following: “Two quarterly markets reports under-reported the number of XRP released from escrow by a…

Smell Something Fishy? The CFTC Will Pay You to Report Crypto Scams

Nestled in the exhibition room at this year’s Consensus conference, the U.S. Commodity Futures Trading Commission (CFTC) had a message for conference goers as they weaved in and out of booths representing various projects and startups in the space: “Be on the lookout for virtual currency fraud” and if you see it, let us know. “The Whistleblower Office of the Commodity Futures Trading Commission (CFTC) is issuing this alert to inform members of the public about how they may make themselves eligible for both financial awards and certain protections while…

Just 376 People Own 33% of the World’s Ether, Chainalysis Report Says

A third of the world’s ether (ETH) is owned by just 376 people, according to Chainalysis research published on May 15. Despite controlling a large portion of ETH’s circulating supply, the study found these “whales” are responsible for just 7% of all transaction activity. Chainalysis concluded that while these individuals don’t necessarily have a meaningful impact on ETH’s price, they do contribute to market volatility when big sell-offs are made. These figures could be seen as an improvement compared with 2016, when whales owned 47% of ETH’s circulating supply. According to…

Crypto Hedge Funds Saw 46% Loss in 2018 Bear Market, PwC Report Says

The 2018 cryptocurrency bear market cost the median crypto hedge fund almost 50%, a new survey headed by PwC revealed on May 12. According to the findings, around 150 cryptocurrency hedge funds survived last year, which saw bitcoin (BTC) falling from $20,000 to just $3,000. Of those, the median loss came in at 46%, while quantitative funds — which take bets on price drops in bitcoin and altcoins — still managed to achieve overall returns of 8%. The figures underscore a troublesome time for the still-nascent crypto financial instrument economy,…

Bitcoin Breaks $8,000 for First Time Since July 2018, Stocks and Oil Report Losses

Monday, May 13 —  Following a solid to break above the $7,400 mark earlier today, bitcoin (BTC) has broken $8,000, with all top-20 cryptocurrencies trading in the green. Market visualization from Coin360 BTC is trading around $8,013 at press time, up over 13% on the day.Bitcoin’s weekly gains are now at around 38.88%. Bitcoin 7-day chart. Source: CoinMarketCap Ethereum (ETH) has seen an increase of 7.57% in the last 24 hours. The second largest cryptocurrency is trading at $202.65 at press time. The altcoin’s weekly chart shows gains of over…

New Ernst & Young Report Reveals Assets and Debts of Now-Defunct QuadrigaCX

A new report from Big Four audit firm Ernst & Young (EY) outlines the assets and debts of  major Canadian crypto exchange QuadrigaCX and its subsidiaries. The report was released on EY site on May 9. EY — a monitor to the creditor proceedings of now-defunct QuadrigaCX — has published a trustee’s preliminary report revealing that Quadriga has around $20.8 million in assets, and around $160 million in liabilities as of April 12, 2019. The debt and assets are spread between three subsidiary companies; 0984750 B.C. LTD. (the “Quadriga Estate”),…