Hackers Stole Around 14% of ETH and BTC Supply

According to Autonomous Research, in less than a decade hackers stole $1.2B in BTC and ETH
19 January 2018   804

Lex Sokolin, global director of fintech strategy at Autonomous Research LLP said to Bloomberg that in less than less than a decade hackers stole $1.2B in BTC and ETH.

It looks like crypto hacking is a $200 million annual revenue industry. Hackers have compromised more than 14 percent of the Bitcoin and Ether supply.

Lex Sokolin

Global director of fintech strategy, Autonomous Research LLP

In addition, the theft of the сryptocurrency was a loss for companies and governments of about $ 11.3 billion - potentially it could be taxes and commissions from legal transactions, said WinterGreen Research CEO Susan Eustis.

Vulnerabilities are also subject to smart contracts. June 17, 2016, one of the most large-scale attacks in the crypto industry took place - due to a mistake in the code, the promising and very popular project The DAO lost more than $ 60 million.

Co-founder of Quantstamp Richard Ma believes that in part the fault is the old-fashioned thinking of programmers.

When you have a bug, you release a patch. With a smart contract, you deploy it to the network, and it’s not possible to ever change it again.

Richard Ma 

Сo-founder, Quantstamp 

However, according to him, this opens up new opportunities for companies specializing in cyber security. For example, in March, Quantstamp will release an automated tool for checking smart contracts for errors. In addition, established and well-known companies in this industry, including McAfee Inc., can also be redesigned to protect innovative systems.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   195

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.