Welcome to The Daily Forkast, November 11th, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:47 Tencent CEO sees opportunity in the metaverse.
01:46 Crypto surges after fastest US inflation rise in 30 years.
05:42 Korean court rules in favor of hacked investors.
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Bitcoin hit a new all time high of just over US$69,000 according to CoinGecko late Wednesday Asia times. Spiking after October's U.S. CPI leapt 6.2%, marking its largest gain in 30 years.
The chairman and CEO of Chinese tech giant Tencent Pony Ma, has called the Metaverse ""a very exciting but a little bit vague" concept. However, he also says he sees it as an opportunity for growth. Just last month, local media reported that Tencent was hiring dozens of employees for projects that appeared to be related to the metaverse. Over in Kazakhstan, the Minister of Energy says lawful crypto miners will not face electricity restrictions so long as they do not compromise energy security in the country. Power had been rationed after an influx of miners to the country saw electricity shortages. Meanwhile, Kazakhstan's National Association of Blockchain and Data Industry says it's pleased to see authorities shutting down illegal miners and that it sees a bright future for the sector in the country.
Over in South Korea for the first time, the court has ruled in favor of customers who lost money in a cryptocurrency exchange hacking incident. 11 investors who suffered losses after hackers hit Coinrail stealing 40 million in altcoins back in 2018, sued the exchange. What do they want? Well, they wanted two things; that the exchange be held accountable for the hacking and that it was obliged to return deposited assets. Although the police retrieved some of the stolen crypto this year, many investors lost out. So the former customers claim damages from Cornrails operator Linus, saying the exchange was at fault for the hack and that it refused to return their deposits afterwards. Coinrail shut down soon after the incident, and although it promised compensation for the lost crypto, nothing was paid out. On Wednesday, Seoul Central District Court decided that Coinrail should pay the plaintiffs 380 million Korean Won, US$320,000 in damages. However, while the judicial panel ruled that the exchange was obligated to reimburse the virtual assets deposited in each user's account as stipulated in the exchange's terms and conditions, it said the exchange was not liable for the hacking itself. The plaintiffs also claim the exchange stored the deposited crypto in its own e-wallet, which made it more vulnerable to hacking. But this claim was not accepted by the court. With the court ruling heavily based on the exchange's user agreements. It's a warning to always exercise due diligence.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Tencent #Kazakhstan #Ambergroup #MichaelWu #Coinrail #Linus
00:00 Coming Up
00:47 Tencent CEO sees opportunity in the metaverse.
01:46 Crypto surges after fastest US inflation rise in 30 years.
05:42 Korean court rules in favor of hacked investors.
---
Bitcoin hit a new all time high of just over US$69,000 according to CoinGecko late Wednesday Asia times. Spiking after October's U.S. CPI leapt 6.2%, marking its largest gain in 30 years.
The chairman and CEO of Chinese tech giant Tencent Pony Ma, has called the Metaverse ""a very exciting but a little bit vague" concept. However, he also says he sees it as an opportunity for growth. Just last month, local media reported that Tencent was hiring dozens of employees for projects that appeared to be related to the metaverse. Over in Kazakhstan, the Minister of Energy says lawful crypto miners will not face electricity restrictions so long as they do not compromise energy security in the country. Power had been rationed after an influx of miners to the country saw electricity shortages. Meanwhile, Kazakhstan's National Association of Blockchain and Data Industry says it's pleased to see authorities shutting down illegal miners and that it sees a bright future for the sector in the country.
Over in South Korea for the first time, the court has ruled in favor of customers who lost money in a cryptocurrency exchange hacking incident. 11 investors who suffered losses after hackers hit Coinrail stealing 40 million in altcoins back in 2018, sued the exchange. What do they want? Well, they wanted two things; that the exchange be held accountable for the hacking and that it was obliged to return deposited assets. Although the police retrieved some of the stolen crypto this year, many investors lost out. So the former customers claim damages from Cornrails operator Linus, saying the exchange was at fault for the hack and that it refused to return their deposits afterwards. Coinrail shut down soon after the incident, and although it promised compensation for the lost crypto, nothing was paid out. On Wednesday, Seoul Central District Court decided that Coinrail should pay the plaintiffs 380 million Korean Won, US$320,000 in damages. However, while the judicial panel ruled that the exchange was obligated to reimburse the virtual assets deposited in each user's account as stipulated in the exchange's terms and conditions, it said the exchange was not liable for the hacking itself. The plaintiffs also claim the exchange stored the deposited crypto in its own e-wallet, which made it more vulnerable to hacking. But this claim was not accepted by the court. With the court ruling heavily based on the exchange's user agreements. It's a warning to always exercise due diligence.
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Tencent #Kazakhstan #Ambergroup #MichaelWu #Coinrail #Linus
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Francisco Gimeno - BC Analyst The latest Asian crypto and 4th IR news; and globally inflation is raising its ugly head. But this time, crypto is here to help to those who dare enough to see the opportunities, the chances to get over inflation and a diminishing USD global value. This is not going to be momentary, as some in US Government says. Most think the inflation will be here for up two years or more, depending on many circumstances. What can we do but see the signs and ac on them?