VanEck to Inform SEC About Bitcoin ETF

Earlier the SEC rejected all applications for the launch of Bitcoin-ETF
25 July 2018   522

New York investment fund VanEck Associates has made a new attempt to inform SEC of its position on bitcoin-ETF and potentially push it to issue a permit to launch such a financial instrument.

As Bitcoinist writes, on July 20 VanEck sent a letter to the SEC, in which it again expressed its belief that the industry is ready to accept and support the ETF.

As you may know, earlier the SEC rejected all applications for the launch of Bitcoin-ETF. In addition, in January the Commission informed VanEck representatives that it was necessary to give "satisfactory" answers to a number of questions, before it would consider it possible "appropriate for fund sponsors to initiate registration of funds that intend to invest substantially in cryptocurrency and related products."

Apparently, VanEck believes that the company has those "most satisfactory" answers.

In the Staff Letter, you raise a number of concerns for cryptocurrency and cryptocurrency-related investment funds concerning valuation, liquidity, custody, arbitrage, potential manipulation, and other risks. We believe these concerns have appropriate answers […] moreover, by offering investors exposure to bitcoin through a regulated investment product, we believe the proposed ETF will be consistent with the Securities and Exchange Commission’s […] mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

VanEck Letter

VanEck also analyzes each of the risks outlined by the Commission in detail and explains why they do not consider them an obstacle for launching Bitcoin-ETF.

Given the proposed ETF’s regulation under the Securities Act of 1933 and 1940 Act and the fact that it offers exposure via regulated and surveilled bitcoin futures, we reasonably expect the proposed ETF to reduce potential manipulation and operational risk associated with a bitcoin investment product. 

VanEck Letter

In June VanEck and SolidX filed a joint application for the opening of VanEck SolidX Bitcoin Trust - bitcoin-ETF, which will be immune from theft and loss of access to funds. The proposed product will be tied to a new index from Van Eck, which instead of exchanges will collect the price of bitcoin from US-based over-the-counter platforms. 

G Suite & Target Twitter Accounts Hacked

Scammers hacked verified G Suite and Target Twitter account to use it for another fake "crypto giveaway"; 5.8634 bitcoins received
14 November 2018   99

Twitter accounts of one of the leaders in US retail Target and Google G Suite services were hacked by unknown, who immediately announced the free giveaway of bitcoins. The legitimate owners returned access to their pages quickly enough, but fraudsters still managed to get about $ 30,000.

After hacking the account G Suite, which has more than 800k subscribers, announced the distribution of 10 000 BTC. As reported by The Next Web, this post was deleted after 10 minutes. At the moment, Google has not commented on the situation.

Scammers message
Scammers message

Account Target, which has a little less than 2M subscribers, announced the distribution of 5 000 BTC.

Representatives Target confirmed hack of account, starting an investigation into the circumstances of the incident.

Early this morning, our Twitter account was inappropriately accessed. The access lasted for approx. half an hour & one fake tweet was posted during that time about a bitcoin scam. We have regained control of the account, are in close contact with Twitter & are investigating now.

As exploers show, there were no transfers to the of hackers of the G Suite account. However, with the help of a post on the Target page, attackers were able to get 5.8634 bitcoins.