This week in Bitcoin – Aug 12th, 2019

Hi, I’m Nate Martin from and here’s what happened
this week in Bitcoin in 99 seconds. Binance clients take note; it appears that KYC
data from around 10,000 users have been stolen from the exchange and leaked online. The hacker was attempting to
blackmail Binance for 300 BTC or would otherwise release the users’ photos. Binance refused to comply
with the blackmail demands. The exchange has offered a 25 BTC
reward for info on the attacker. The British tax authority sent demands for
customer information to major UK-based crypto exchanges, including
Coinbase, CEX.IO, and eToro. The agency is looking for client names and
transaction records as it seeks unpaid taxes. This move echoes the letters sent directly
to US tax payers by the IRS in July. South Korea’s government is taking a
more active role in crypto regulation. The country’s Financial Services Commission
plans to directly oversee the nation’s crypto exchanges by introducing
a new system of licenses. Blockstream, the Bitcoin-focused tech company
revealed it runs two major mining facilities in Canada and the US. Together, their data centers have 300 megawatts
of power and host mining operations for financial giant, Fidelity, and
LinkedIn founder, Reid Hoffman. Blockstream plans to host more
mining partners in the future. And finally, currently, Bitcoin ranks 11th out of all
global currencies in terms of base money supply. “Base money” refers to
physical notes and coins only. Bitcoin’s market cap is higher
than the South Korean Won and the Australian
or Canadian Dollar. That’s what happened this week in Bitcoin.
See you next week.

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