Good morning and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Another morning of flux for the cryptocurrency market, as prices slipped back into the red for the third day in a row.
BTC fell 4.22 percent on the day, trading at $7,602.44, down $160 in a 24 hour period.
The bears have moved in to drive prices down, with Ethereum losing 2.61 percent to trade at $425.75, while Litecoin fell 0.81 percent to trade for $78.06.
Ripple is one of the only major cryptocurrencies to see a small gain this morning, rising 3.19 percent to trade at $0.449440.
8.36am UPDATE: “Security is not seen as a priority among crypto startups”, says expert.
The recent hack on ICO platform KickICO proves that startups dont consider security of their service when setting up, according to crypto expert and global solutions architect for Netskope, Paolo Passeri.
Speaking exclusively to Express.co.uk, Mr Passeri said: “Another week, another crypto company falling foul of hackers. Last Friday, ICO platform, KickICO, became one of the latest businesses to suffer a breach when 70 million KICK tokens were stolen. At the time of the attack, this quantity of tokens amounted to a cool $7.7 million, which was lifted from a number of wallets across the platform.”
“In this case, the hackers were able to execute the attack because they gained access to the KickCoin smart contract private key. This access allowed them to directly influence the trading of the tokens, destroying 40 wallets and instantaneously recreating them in different locations.”
“Although the breach was detected and further damage prevented, it doesn’t lessen the concern caused by the hijacking of the private key. Instances like this confirm to threat actors that security is still not being seen as a priority among crypto startups – a very dangerous oversight. The ICO landscape is uncharted territory, with around 81% of the ones launched in 2017 turning out to be scams, and because of this the remaining 19% could also be putting themselves at risk of being breached.”
7.42am UPDATE: UK Coinbase users can now buy bitcoin with Sterling
Coinbase users in the UK can now buy and trade bitcoin and other cryptocurrencies with the British pound sterling.
Previously, users had to exchange their pounds into euros before they could manage their bitcoin account, which would tax them €10 for each transaction.
This addition will make it easier and faster for UK traders to manage their crypto-wallet, allowing for same-day transactions and payments as well as withdrawals.
CEO of Coinbase UK, Zeeshan Feroz, said: “UK banks have been conservative in terms of working with crypto businesses and we’re proud to be one of the first companies to get access to domestic banking.“