Photo: iStock
State-backed media have indicated there is high-level understanding in Beijing that the PRC needs to have its own centralized and controlled cryptocurrency that could be very similar to Facebook's Libra coin. Photo: iStock

Beijing again warns against ‘obvious crypto bubbles: China’s central bank has again warned on the risks involved with blockchain-related financing and about investments involving cryptocurrencies, especially in Initial Coin Offering (ICO) activities, reports Caixing Global. The government should strengthen supervision of the sector and prevent financial risks, argued a People’s Bank of China working paper entitled “What can a blockchain do and not do?”

Bitmain sues ‘John Doe’ for $5.5 million hack: China-based crypto mining giant Bitmain is suing an anonymous hacker for an alleged theft of $5.5 million worth of Bitcoin in April, according to a lawsuit filed with the US District Court in Seattle last week. Coin Telegraph says the court document refers to the unknown hacker as “John Doe” who, it is alleged, managed to take over a Bitmain account on the Binance exchange to first use stored Bitcoins to manipulate the price of an altcoin called Decentraland and then steal the resultant profits. The website Blockcrypto says the Bitmain court action is akin to “chasing a ghost”.

South Korean exchange Zeniex closes after crackdown on unauthorized platforms: The cryptocurrency exchange Zeniex has announced it will terminate all its operations by November 23rd after saying to continue “will be difficult.” On October 30th, Seoul regulators announced they will be continuing investigations into unauthorized crypto funds and exchanges and Zeniex was mentioned by name. Zeniex says all funds will be duly returned to its investors.

Upbit to open exchanges in Thailand and Indonesia: South Korean cryptocurrency exchange Upbit has reportedly will open crypto exchanges in Thailand and Indonesia as part of its global expansion plans after also recently launched an exchange in Singapore. Upbit says 130 coins and 240 trading pairs will be offered on the new exchanges.

FT finds useful use for blockchain!:The Financial Times, that has in the past been pretty scathing with its analysis of blockchain, says the new technology does have a use after all and that’s with cross border currency transfers. “The banking sector has seen years of overhype and experimentation surrounding distributed ledger technology,” writes the FT, “but one project led by JPMorgan Chase, the Interbank Information Network (IIN), is quietly producing results at scale.”