Crypto News Weekly - Bithumb Hacked, McAfee Scared?, Turcoin Fraud in Weekly Roundup 22.06.18

Korean Bithumb exchange hacked for over $30 million, Goldman Sach’s CEO - it's too 'arrogant' to say Bitcoin won't have a future, EOS network freezes for 5 hours, John McAfee warns against promoting ICOs, Turcoin fraudulent scheme in Turkey nets over $212 million.

Turcoin fraudulent scheme in Turkey nets over $212 million

In Turkey, one of the founders of a large cryptocurrency scheme called Turcoin, which promoted itself as Turkey’s Crypto Coin, has fled the country with investors’ cash possibly up to the value of $ 21 million. The investors’ scheme, which seems very similar to BitConnect and other fraudulent Ponzi schemes, is thought to have received $ 212 million since its inception and hitting trouble when it first stopped paying out “guaranteed returns” at the beginning of June. For an investment of $ 315, participants were promised monthly returns of $ 52.

John McAfee warns against promoting  ICOs

John McAfee has been hitting the headlines again this week, stating that he no longer will be promoting ICOs and stating that all those promoting ICOs could be looking at arrest. This comes less than a week after Mcafee called legislators to come to a one-on-one TV debate about crypto and regulations.

McAfee’s tweets have been previously advertised as being available for a budget of

$ 105,000 per promotional tweet by his team saying that the effect of a McAfee tweet can bring in over a $ 1 million of direct investment in some previous cases.

EOS network freezes for 5 hours

The EOS network is keeping itself in the news as it moves over to being a completely independent and launched network. Over the weekend, the network froze for 5 hours, leading to a lot of concern and speculation that it had been compromised, but no such news followed. The governing structure is now being put in place by voting stakeholders with a lot of concern within the community on how decentralized control will be. As the controlling body suspended some accounts for fraudulent behaviour, more concerns of centralized control were raised.

Goldman Sach’s CEO - it's too 'arrogant' to say Bitcoin won't have a future

The CEO of Goldman Sachs, Lloyd Blankfein, during a lunchtime session at the New York Economic Club on Tuesday, has said, “its too arrogant to say Bitcoin won’t have a future”, whilst admitting the currency wasn’t for him. This contrasts vividly with other big names such as JP Morgan CEO Jamie Dimon, who has embarked on a constant mission to express his dislike of Bitcoin and cryptocurrencies. Lloyd Blankfein is due to stand down from Goldman Sachs later this year after a successful 12 year spell successfully leading the company.

Korean Bithumb exchange hacked for over $30 million

One of the largest Korean cryptocurrency exchanges, Bithumb, has suffered a hack that has cost more than $ 31 million, one week after another Korean minor exchange was hacked for $ 37 million. The hack was announced by the exchange via Twitter with the markets suffering a swift adjustment over a few hours but overall another bear run seems to have been averted with Bithumb saying it would immediately reimburse the losses.

At the same time, the Bitcoin network suffered unusually and strangely high levels of traffic that sent immediate transaction fees rocketing to a level they have not been since last year leading to speculation that it was linked the funds being moved linked to the Bithumb fraud.