The founder of a defunct cryptocurrency exchange has been arrested for allegedly lying to financial watchdogs to cover up a heist of 6,000 bitcoin.
Long Blockchain Corp., the Farmingdale company formerly known as Long Island Iced Tea Corp., made “public statements designed to mislead investors and to take advantage of general investor interest in bitcoin and blockchain technology,” according to a delisting notice from the Nasdaq Stock Market.
Two of the hottest investments on Wall Street in recent months have been semiconductor stocks and cryptocurrencies, and the link is no coincidence. Cryptocurrency mining requires a massive amount of computing power, which companies such as Advanced Micro Devices, Inc. AMD 0.85% and NVIDIA Corporation NVDA 0.36%have been happy to supply at a steep price.
“Whether any of today’s cryptocurrencies will survive over the long run seems unlikely to me, although parts of them may evolve and survive,” Strongin said. “Because of the lack of intrinsic value, the currencies that don’t survive will most likely trade to zero.”
Social media has been abuzz since Tuesday’s initial sale of the forthcoming Venezuelan government-backed cryptocurrency, the petro, though reviews are so far mixed.
Announced Wednesday, San Francisco-based startup Ripple is releasing two new white papers for peer review – one describing XRP‘s consensus algorithm in a more formal way and the other outlining a way to improve the diversity of connections of each node, the software users run to relay and verify transactions on the network.
Bitcoin hit a three-week high overnight and has surged nearly 100 per cent from its lowest level this year, as its recovery continued after South Korea’s financial regulator eased its stance on cryptocurrencies, weeks after it considered shutting down digital currency exchanges.
HONG KONG/SINGAPORE (Reuters) – Some of the biggest electronics bazaars in Asia are being flooded with customers looking for the latest piece of technology: cryptocurrency mining rigs.