Crypto In-N-Out’s Mid-Week News Rundown: German Crypto Exchange Acquires an Investment Bank, Judge Rules in Favour of Canadian Bank over Crypto Exchange in $19.6 million dispute, Iran’s Development in State Backed Crypto In Light of US Sanction, Michigan Campaign Banned Cryptocurrency For Donations, Hackers Stealing Personal Information to Stage Crypto Scam
Yes, we all know about the $3 billion drop in crypto market over the last 24 hours due to the poor performance of major digital assets. What else is happening in the crypto community?
1. German Crypto Exchange Acquires an Investment Bank
On 13 November 2018, German holding company Bitcoin Group SE, which is Germany’s only regulated crypto exchange, acquired 100% of the investment bank Tremmel Wertpapierhandelsbank GmbH. As a press release, Bitcin Group SE indicate that the banking license will enable the company to ‘significantly expand’ its crypto-related offerings and operate ATMs for cryptoccurrencies in Germany.
2. Judge Rules in Favour of Canadian Bank over Crypto Exchange in $19.6 million dispute
The Ontario Superior Court was handed a $19.6 million between QuadrigaCX, Canada’s largesst crypto exchange, and the Canadian Imperial Bank of Commerce. Since October, the bank has frozen QuadrigaCX and its owner’s fund given the bank is unable to identify the owner and source of the fund. Judge Glenn Hainey of the Ontario Superior Court ruled in favour of the bank stating that the owner of the funds is not clearly established. The bank will now pass the funds to the Accountant of the Superior Court to identify the owner of the money.
3. Iran’s Development in State Backed Crypto In Light of US Sanction
Due to US sanctions global provider of financial transaction services, SWIFT, has ousted Iran. This will cause extreme difficulty for Iran to do any form of international dealings. According to a local media source, a private tech wing of the Central Bank of Iran confirmed that they had developed the said crypto-rial.
4. Michigan Bans Crypto Donations for Political Campaigns
This is so typical of the politician that after the mid-term election, announcement was made by Michigan’s campaign finance boar that campaign donations made in cryptocurrency is not allowed in the state.
5. Hackers Stealing Personal Information to Stage Crypto Scam
The verified official twitter account of the leading U.S. retailer, Target, was hacked with the retailer’s 1.92 million followers’ account and personal information being stolen. These account and personal information was then used to launch a cryptocurrency giveaway scam, from which the criminals made $38,000 of investors’ hard-earned cryptocurrencies.