Digital Asset Daily 23rd May 2018: Verge vexed and vulnerable

Market Movers

  • Large losses for BTC and the majority of altcoins alike as total market cap nosedives to 354b. BTC at just under 8000 (-4.5%) and ETH at approx 640 (-7.4%). Large downswing of ETH possibly linked to EOS mainnet going live on June 2nd, but EOS itself is at 12.2 (-7.2%).
  • Biggest winners of last 24h are ZenCash (ZEN +34.4%), MaidSafeCoin (MAID +5.9%) and Zcash (ZEC +3%)
  • Biggest losers of last 24h are Holo (HOT -15.4%), Augur (REP -14.1%) and Verge (XVG -13.4%)
  • 31 of the top 100 coins saw double digit percentage losses in what has been a very rough 24 hours for the crypto markets.

Noteworthy News

  • Biggest news of the day is that Verge (XVG) has been exploited, allowing an individual to mine 35 million XVG in a period of hours rather than the weeks it’s supposed to take. This will greatly hurt the little credibility XVG already had given it’s the second exploit of the same kind to succeed.
  • IOTA will be collaborating with the United Nations Office of Project Services (UNOPS) to explore ways that the IOTA infrastructure can increase the efficiency and transparency of UNOPS operations going forward. This is a pretty major partnership for IOTA to have secured.
  • SEC Chairman Jay Clayton has announced an initiative alongside the NASAA to have a sweeping crackdown on fraudulent ICOs and fraudulent crypto investment products. Stronger regulatory oversight such as this is actually critical for the long term sustainable growth of the crypto investment space.
  • According to Vitalik Buterin, he was contacted by Google to lead a blockchain project by them. Given that he posted a poll on twitter about whether he should leave Ethereum for Google and the derisive nature of his comments, it seems a safe bet that he will not be making the switch.

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