TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Coinsquare data stolen by a former employee. Avanti raises $5 million from angel investors. Coinbase experiences downtime amidst a market pump. Brave browser reaches 15 million active monthly users. $1.36 billion stolen on cryptocurrency schemes this year, and BTC remains correlated to gold.
Coinsquare Former Employee Steals Data From 5,000 Users
An employee from Coinsquare, a Toronto based exchange, allegedly stole info from current customers of the exchange, according to an article from Motherboard. The former employee gave this information to a hacking group that is studying how to use this information to perform SIM Swap attacks. “The original intent was to sell it, but we figured we would make more money by SIM swapping the accounts,” the hacking group declared. The info was confirmed by Coinsquare, who is making changes to deal with the leak.
Avanti Crypto Bank Raises $5 Million From Angel Investors
Avanti, the first American crypto bank, promoted by Caitlin Long, member of the Wyoming Blockchain Task Force and blockchain entrepreneur, raised $5 million in its angel round. The round was led by the University of Wyoming Foundation, with the participation of Morgan Creek Digital, Blockchain Capital, and Digital Currency Group, among others. Long explained the funding round allows Avanti to present a charter application to the Wyoming Division of Banking. Avanti hopes to launch next year.
Coinbase Experiences Downtime Amidst Market Pump
Coinbase, the popular US-based exchange, experienced downtime amidst the cryptocurrency pump that took BTC prices to $10,000+. According to their statement, the exchange started experiencing latency problems on 16:14 PDT, leaving customers and traders unable to manage their earnings or take profit for 40 minutes. While Coinbase managed to implement a fix for the problem, customers were vocal on social media, criticizing the exchange which also failed during other market swing opportunities.
Brave Browser Passes 15 Million Monthly Active Users
5 years ago, @BrendanEich & @brianbondy co-founded Brave. Today we passed 15 million monthly active users and 5 million daily active users. Also, 1,530 privacy-preserving ad campaigns in 1 year. Thank you to our users & looking forward to our next 5 years! https://t.co/zFAo3IcI9N
— Brave Software (@brave) June 1, 2020
Brave Browser, the cryptocurrency and privacy-friendly browser, reached another milestone last month, with more than 15 million active monthly users actively. Brave has been a pioneer when it comes to privacy, and has also taken a revolutionary approach when it comes to distributing ad revenue and giving users control over what they see. Brave, launched in 2016, and has grown steadily, but it is still small compared with other more established options.
$1.36 Billion Stolen in Cryptocurrency Schemes During 2020
2020 is looking particularly good for cryptocurrency schemes and hacks, as CipherTrace, a cryptocurrency security firm, revealed in a new report that found $1.36 billion have been stolen in cryptocurrency schemes just during this year. The biggest cryptocurrency scheme was Wo Token, stealing more than $1 billion in cryptocurrency from its customers. Coronavirus was also considered an aggravate that caused a lack of oversight. Criminals took advantage due to the urgency of the situation at a worldwide level, the report claimed.
BTC Remains Correlated With Gold
CoinMetrics, a cryptocurrency research firm, released a report stating BTC correlation with gold is quite high, going on for months. Since the coronavirus pandemic struck, BTC and gold have had similar behaviors, experiencing lows and highs at approximately the same time. VanEck, another firm, backs the correlation theory up, but with a twist. “Bitcoin’s correlation with traditional asset classes have begun to increase during the COVID-19-induced global market selloff,” it stated, introducing the coronavirus pandemic as an important factor.
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