Bitcoin This Week: Bitcoin ETF Failure Goes Unnoted, North Koreans Attack Crypto Exchange And More

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Today on Bitcoin This Week we discuss how the rejection of Bitcoin ETFs affected the market, we comment on the news malware developed by North Koreans to attack a crypto exchange and more.

North Koreans Developed Mac OS Malware To Attack Exchange

North Korean hackers have found a way to infect Mac Operating Systems with malware, according to a report by security experts at Kapersky Lab.

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The hackers posed as a developer, even offering fake security certificates to get through the door of an unnamed Crypto Exchange, and then proceeded to infect the Exchange’s system with a malware targeted at stealing crypto funds.  Unusually, the malware was designed to infect Mac Operating Systems, which are famously resistant to these sorts of attacks. Lazarus, a North Korean based hacking group, was behind the attack according to Kapersky. The complexity and scale of the operation surprised security insiders, serving to demonstrate the lengths sophisticated hacking groups will go to steal from crypto exchanges.

China Turns Up Its Clampdown On Crypto Activities

Staying in Asia, the Chinese government has ratcheted up its clampdown on cryptocurrency activities in the Communist state, issuing a warning this week against involvement in trading or exchanging digital currencies, and targeting foreign crypto services that are accessible to Chinese based traders. Last week, hotels and other venues in Beijing’s financial district were ordered to ban any conferences or public meetings that promoted cryptos.

Meanwhile, WeChat Pay and AliPay, two of China’s largest providers of money transfer services, began canceling accounts of members who use their services for the trading of Bitcoin or other cryptocurrencies. The companies are acting in response to the Chinese regulator’s demands.

Japanese Exchange Inviting Claims For Compensation

Investors who lost funds when Mt Gox went bust in 2014 may soon receive some of their money back.

The Japanese exchange was declared bankrupt four years ago following the theft of almost three-quarters of a million Bitcoin.  

Following a lengthy legal battle, the exchange has been taken out of bankruptcy by a Tokyo court, and there is hope now that investors may soon recoup some of their lost cryptos. Importantly, lawyers representing investors are requesting that funds be repaid in Bitcoin, rather than in a fiat currency based on the modest value of Bitcoin back in 2014.

Bitcoin ETF Failure Breezes Over Markets

The US Securities and Exchange Commission has finally rejected three more Bitcoin ETF’s, with proposals from ProShares, GraniteShares and Direxion all refused based on fears that the price of Bitcoin is too vulnerable to manipulation.  There is only one ETF now awaiting a decision from the SEC, with the Commission due to rule on a proposal from Van Eyk/Solid X in September, although it can delay its decision until February 2019.

The markets reacted with a shrug of the shoulders, with Bitcoin even climbing in value slightly in the days following the announcement.  The reason for investor’s nonchalance is probably the low expectations they had for approval this time around.

Markets – Bitcoin Looking Comfortable At $6700

Commentators have remarked that Bitcoin showed maturity in not reacting too negatively to that ETF disappointment.  It opened Thursday trading at $6371 but has made steady progress since then, passing $6700 on Friday for the first time in almost three weeks.  With the past two weeks characterized by small movements in Bitcoin’s value, the coin made its slow way to a week high of $6789 on Saturday, before easing back to trade closer to $6700 on Sunday.

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