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Bitcoin News Summary – August 12, 2019

Here’s what happened this week in Bitcoin in 99 seconds.

Binance clients take note; it appears that KYC data from around 10,000 users have been stolen from the exchange and leaked online. The hacker was attempting to blackmail Binance for 300 BTC or would otherwise release the users’ photos. Binance refused to comply with the blackmail demands. The exchange has offered a 25 BTC reward for info on the attacker.

British tax authority sent demands for customer information to major UK-based crypto exchanges, including Coinbase, CEX.IO, and eToro. The agency is looking for client names and transaction records as it seeks unpaid taxes. This move echoes the letters sent directly to customers by America’s IRS in July.

South Korea’s government is taking a more active role in crypto regulation. The country’s Financial Services Commission plans to directly oversee the nation’s crypto exchanges by introducing a new system of licenses.

Blockstream, the Bitcoin-focused tech company revealed it runs two major mining facilities in Canada and the US. Together, their data centers have 300 megawatts of power and host mining operations for financial giant, Fidelity, and LinkedIn founder, Reid Hoffman. Blockstream plans to host more mining partners in future.

And finally, currently, Bitcoin ranks 11th out of all global currencies in terms of base money supply. “Base money” refers to physical notes and coins only. Bitcoin’s market cap is higher than the South Korean Won and the Australian or Canadian Dollar.

That’s what happened this week in Bitcoin. See you next week.


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