Winklevoss Brothers Launch Virtual Commodity Association

The crypto billionaires twins believes that creation of this self-regulation organization is a necessary condition for market development
14 March 2018   744

Cameron and Tyler Winklevoss, the founders of the Gemini trading platform, made public the proposal that a specialized organization for the self-regulation of the cryptocurrencies called the Virtual Commodity Association (the “VCA”) could be established in the US.

Brothers think that the creation of such an organization is a necessary condition for the further development of the market.

The SRO approach has historically worked to protect and police various markets. For example, the National Futures Association is an SRO (self - regulation organization) for the U.S. derivatives industry and is a model for how the VCA can work together with the CFTC to provide additional oversight to virtual commodity cash markets. The promise of virtual commodities and their impact on the future will be profound — but individuals and institutions need to feel safe and secure when transacting. We believe a thoughtful SRO framework that provides a virtual commodity regulatory program for the virtual commodity industry is the next logical step in the maturation of this market.
 

Winklevoss Brothers

All crypto trading platform, serving American traders will be able to take part in new SRO. Members of the organization will have to agree with the rules governing the principles of safety management, tax reporting and dissemination of information. SRO participants will not be able to list tokens, which can be classified as securities, if they do not have the appropriate license.

$60M Stolen From Zaif Exchange

As a result of the attack, which occurred as early as September 14, 4.5 billion yen owned by its users were stolen from the hot wallets of the exchang
20 September 2018   292

Hackers were able to steal almost $ 60 million in cryptocurrencies from the Japanese crypto-exchange Zaif, Cointelegraph reports.

As a result of the attack, which occurred as early as September 14, 4.5 billion yen owned by its users were stolen from the hot wallets of the exchange, as well as 2.2 billion yen, which was the company's assets. Thus, the total loss of Zaif amounted to 6.7 billion yen or about $ 59.7 million.

Tech Bureau Inc, which is the operator of Zaif, in a press release says that it found a server error on September 17, after which the input / output of funds on the exchange was suspended. September 18, the company realized that the error was caused by a hacker attack, and reported the incident to the Financial Services Agency of Japan. Hackers stole 5,966 bitcoins, as well as assets in Bitcoin Cash and MonaCoin.

According to Tech Bureau Inc, Fisco Digital Asset Group will help to partially compensate for the damage caused to users by providing 5 billion yen ($ 44.5 million). Tech Bureau agreed with Fisco to dismiss more than half of its directors and corporate auditors, and Fisco in turn will become its main shareholder.

Earlier this year, Zaif already recognized the existence of a "system malfunction", using which, the clients of the exchange were temporarily able to credit trillions of dollars in their accounts with bitcoins.