Bitcoin is still floating around the $7,000 level. In the weekly chart, price has already crossed below the 50 MA. Possible scenarios in the weekly:
a) full on red candle which could possibly indicate continued selling pressure; may push the price down back to 6,000+ level.
b) current price action is a possible overshoot and price to retest 8,000 - 9,000 level. Meanwhile, the daily is on track to hit levels as it is now hovering around 7,000 (S1 -immediate support).
Global market cap is at $193B, while BTC's market cap is at $128B.
Canadian law firm Miller Thomson has made a request to the Royal Canadian Mounted Police (RCMP) to exhume and examine the body of Gerald Cotten, the deceased owner of the now-defunct Canadian crypto exchange QuadrigaCX. The request was made due to the "questionable circumstances surrounding Mr. Cotten's death and the significant losses" of Quadriga's customers. The exchange has been in a lengthy court case over the last year due to Cotten's supposed death and subsequent loss of access to the firm's crypto assets totaling to over $190 million.
Miller Thomson has questioned the certainty of Cotten's death which was reported in December of last year. Many have speculated that Cotten may have faked his own death, taking with him the private keys and crypto assets of the exchange.
JUST IN: A @vechainofficial buyback wallet containing 1.1 billion $VET was compromised by an unknown hacker, the firm said Friday. https://t.co/7urq6fYn87 @wsfoxley reports— CoinDesk (@coindesk) December 13, 2019
VeChain Foundation's buyback wallet has been hacked at 12:27 UTC on Friday. According to VeChain, funds amounting to 1.1B VET tokens ($6.5 million) have been withdrawn to a private address. The transaction has been tracked and the firm is working with cybersecurity firm Hacken to isolate the tokens' flow to various exchanges.
The firm has attributed the incident to human error within the foundation and applied necessary corrections to their protocols.
Yang Zuoxing, the founder and CEO of bitcoin miner maker MicroBT, has been arrested on the allegation of embezzlement of 100,000 yuan, around $15,000. MicroBT, the Shenzhen-based company, is one of the main competitors of Bitmain, and has been challenging their market dominance this year, with MicroBT's WhatsMiner bitcoin mining equipment raking in around 40% of market share.
Yang was a former employee of Bitmain, and it is unsure whether his alleged embezzlement is from his own firm or from Bitmain.
Grant Thornton New Zealand, liquidator for collapsed exchange Cryptopia, managed to retrieve NZ$7.2 million (US$4.74 million). Overall NZ$10.9 million was recovered which include NZ$5 million from third-party trust fund, NZ$4.4 million from the conversion of the exchange's 344 bitcoins and NZ$200,000 from the sale of assets. Challenges arise as the liquidation process incurred around NZ$3.7 million from distribution to preferential creditors, salaries, legal expenses, and liquidator fees leaving NZ$7.2 million that can potentially be refunded to users.
The liquidator also pointed out the difficulty in determining how much of which assets customers held on Cryptopia as the customers did not have individual wallets, and crypto assets were instead pooled in general wallets. The liquidator is expected to provide an update to stakeholders after the High Court hearing in February 2020.