Embezzlement, $26 Million Loss Bankrupts Korean Crypto Exchange Coinbin

Coinbin, the South Korean Cryptocurrency exchange which took over hacked exchange Youbit, is filing for bankruptcy with losses equating to over $ 26 million. Cryptocurrency and Cash Transactions Stopped According to reports by Business Korea, the bankruptcy announcement was made by Coinbin CEO  Park Chan-kyu on February 20, 2018. After which cryptocurrency and cash settlements were stopped and will now be performed as part of bankruptcy procedures. Park revealed the Coinbin employee in charge of cryptocurrency balances at the exchange, also the previous CEO of Youbit, had neglected his responsibilities and embezzled Coinbin funds. Park said: We are preparing to file

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Exit Scam? Mismanagement? Coinbase Digs Into Failed Crypto Exchange QuadrigaCX’s ‘$150 Million Loss’

Brian Armstrong, the CEO of Coinbase, one of the world’s largest crypto exchanges, said that the company conducted internal research on the QuadrigaCX case. QuadrigaCX has been claiming that Gerald Cotten, its CEO, passed away with sole control over its cold wallets containing $ 150 million in various cryptocurrencies including Bitcoin and Ethereum. However, independent researchers claimed that there is not enough evidence to prove the existence of cold wallets operated by Cotten. Armstrong also stated that balances from the QuadrigaCX cold wallets were moved out in early 2018. 1. We identified clusters that look like QCX's "cold storage", were controlled

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China’s Uber-Killer Didi Suffers $1.6 Billion Loss, Begins Complete Overhaul With 2,000 Layoffs

Didi Chuxing, the ride-hailing and transport service based in China, has outlined steps to commence a firm-wide layoff that is expected to affect 15% of its total workforce after suffering a reported $ 1.6 billion loss in 2018. Cheng Wei, Didi’s Chief Executive Officer, told management that the layoffs are necessary if the company is to remain profitable and ward off competition from some new entrants in the Chinese ride-hailing industry. Wei also reportedly confirmed that following the layoffs, Didi would ensure the improvement of its core mobility service, while ceasing operations in units that are considered to be “non-essential” to its

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Notorious Bitcoin Exchange QuadrigaCX May be Sold to Compensate Crypto Victims for $150m Loss

When QuadrigaCX announced last month that CEO Gerald Cotten had suddenly died and roughly $ 150 million in cryptocurrency ($ 180 million Canadian) was inaccessible as a result, the crypto world went nuts. According to a CBC report today, the notorious Bitcoin exchange may be sold to compensate victims. Additionally, Cotten’s encrypted laptop will be handed over to lawyers for the exchange’s creditors and “eventually given to a court-appointed monitor.” Canada’s Biggest Bitcoin Exchange May be Sold So far, the company filed for protections under a Depression-era law that prevents complete destruction of insolvent businesses in Canada. They are considering selling the

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Saudi Arabia Hedges Majority of 4.9% Stake in Tesla as Wall Street Expects Musk to Forecast a Q1 2019 Loss

Saudi Arabia has reportedly slashed its exposure to Tesla. Part of the SEC’s complaint against Tesla and Elon Musk last year was related to Musk’s claims that Saudi Arabia was backing him in taking the company private. The SEC fined Tesla and Musk separately for $ 20 million each in the debacle. According to the Financial Times, the Saudi Public Investment Fund made a move on January 17th to hedge its investments against expected damage to TSLA stock. They retain their 4.9% holdings in TSLA, but they will not actually lose any money if things go south for TSLA. The arrangement

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Insider leaks: Jihan is stepping down feom CEO role as he sees high probability of bankruptcy, decreasing personal liability! Early estimates for Bitmain 2018 Profits is USD1.2bn LOSS!!!

Insider leaks: Jihan is stepping down feom CEO role as he sees high probability of bankruptcy, decreasing personal liability! Early estimates for Bitmain 2018 Profits is USD1.2bn LOSS!!! submitted by /u/DesignerAccount
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Bitcoin – The Currency of the Internet

My friends had no problem buying #bitcoin at $7K all the way to $20K. Most of them have panic sold at a loss and now won’t dare to re-invest at $4K. Something tells me this cycle will repeat again at $40K to $80K per $BTC. 🤔

My friends had no problem buying #bitcoin at $  7K all the way to $  20K. Most of them have panic sold at a loss and now won't dare to re-invest at $  4K. Something tells me this cycle will repeat again at $  40K to $  80K per $  BTC. 🤔 submitted by /u/Bitcoin1776
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Bitcoin – The Currency of the Internet

Canadian Bitcoin Miner Hut 8 Reports Q3 Loss of $8.7 Million. What do you think about Hut 8’s quarterly performance? Let us know in the comments below.

Canadian Bitcoin Miner Hut 8 Reports Q3 Loss of $  8.7 Million. What do you think about Hut 8’s quarterly performance? Let us know in the comments below.

Hut 8 Mining Corp., a Canadian bitcoin mining company, has released its third quarter earnings report, which shows a net loss of US $ 8.7 million on higher depreciation costs. Depreciation spiked to $ 13.3 million, wiping out mining profit which came to $ 6.7 million.

Revenue Soars but Profits Fall

During the third quarter of 2018, the Toronto-listed miner extracted 1,978 BTC at a cost of $ 3,394 per coin, almost half the average market price of bitcoin for the three months, which averaged $ 6,400. Hut 8 said this difference explains the profit on mining, at margins of about 51 percent. Overall, the company mined 3,581 BTC for the nine months to Sept. 30, and 4,200 BTC since operations began in December 2017.

According to the earnings release published Nov. 8, Hut 8 reported revenue increase of 126 percent to $ 13.4 million from $ 5.9 million the previous quarter due to increased operational capacity. The $ 189 million-valued company deployed an additional 16 Blockboxes in September at its mining facility in the City of Medicine Hat (CMH), bringing it to a total 56 Blockboxes at the site.

Adjusted earnings before interest, tax, depreciation and amortization soared 86 percent to $ 5.5 million from $ 2.96 million a quarter earlier, “largely as a result of increased revenue from the new facility at CMH.” Hut 8 expects to see improved efficiency of the ASIC chips used to mine bitcoin during the colder months in Alberta, western Canada.

Through Bitfury, Hut 8 has access to a proprietary mix of hardware, software and operational expertise to construct, optimize and manage data centres in low-cost and attractive jurisdictions.

Shares of Hut 8 are up 4.21 percent at $ 2.25 in Toronto trading at the time of going to press. Over the past 52 weeks, Hut 8 shares have reached a high of $ 3.80 and a low of $ 1.77.

What do you think about Hut 8’s quarterly performance? Let us know in the comments below.

https://i.redd.it/imycyxv6uhx11.png

submitted by /u/hexabond
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Bitcoin – The Currency of the Internet