Top Trending Cryptocurrency News of the Week: JPMorgan, Morgan Creek, QuardrigaCX and Coinmama Among Major Newsmakers

February 18th, 2019

Key highlights

  • SEC begins reviewing crypto ETF again
  • JP Morgan backtracks on its crypto stance, launches JPM coin
  • Morgan Creek launches Blockchain Opportunities Fund
  • QuadrigaCX loses another CAD 500 K
  • Coinmama exchange hacked

SEC begins reviewing crypto ETF again

Well after a long wait due to Government Shutdown, US SEC is back at work. And with that comes a possibility that we may see a Bitcoin approval. Well this week SEC restarted its approval process on Bitcoin ETF as it began reviewing the Bitcoin ETF rule change proposal filed by NYSE Arca and Bitwise Asset Management on Feb. 11. The proposal itself was published in the Federal Register on Feb. 15, starting the countdown of 45 days which SEC has to make its initial decision on whether to approve, reject or extend the proposal.

JP Morgan backtracks on its crypto stance, launches JPM coin

Another wall street giant stole the news this week on crypto street and it was the initial crypto critic JP Morgan who finally laid its hand on cryptos. This week, the Wall Street Bank, JP Morgan announced that it would be launching the JPM coin which is a kind of digital currency which will be used to settle payments instantly between JPM clients. This token is kind of a stablecoin and will be pegged to the US dollar in 1:1 ratio. Fun fact this is the same JP Morgan whose CEO Jamie Dimon just a while back had called Bitcoin a fraud.

Morgan Creek launches Blockchain Opportunities Fund

Financial products that were built around traditional assets all this while are now coming to cryptos. According to the recent tweet put forward by Anthony Pompliano, Morgan Creek Digital hedge fund launched a Blockchain Opportunities Fund which will focus on investments in digital assets. This includes the USD 40 million investment that has come in from Fairfax County Police and Fairfax County Employee’s Pension plans. This also marked the first investment by any US public pension fund into cryptocurrency.

QuadrigaCX loses another CAD 500 K

Critical case of QuadrigaCX continues as the Canadian Exchange, which is struggling to get back $190 Mn back to its customers after its founder died in Rajasthan, as further dived into trouble as the recent report released shows that the exchange, last week, lost an additional $500,000 CAD worth of Bitcoin (BTC) by mistake. According to the recent report by E&Y, who is monitoring this case and trying to recover the locked cryptos, concluded that QuadrigaCX held $902,743 CAD ($682,000 USD) in their hot wallets, meaning that $179 million CAD (about $136 million USD) must be held in the inaccessible cold storage wallets.

Coinmama exchange hacked

Hacks and attack continue to haunt cryptos as Israel based crypto exchange, Coinmama suffered a massive data breach. It has been revealed that about 450000 users were affected and their emails and hashed passwords were breached. The incident comes amidst the multi-platform hack counting 24 companies affected with the total of 747 million records leaked from travel booking, streaming, and gaming sites. As per the exchange, the data of those users have been posted on a dark web registry.