Market Analysis Report (07 Dec 2017)

Nicehash Pool Allegedly Hacked — Accused of Losing US$60M

According to recent reports, the mining pool Nicehash was allegedly hacked today for 4,449 BTC or US$60M at current prices. The Nicehash pool has confirmed the organization was breached but did not disclose how many bitcoins were stolen.

The Nicehash website has been down, and pool workers have not been able to log-in for the past 6 hours. Following accusations from customers, the pool released a statement through its Reddit forum.

“Unfortunately, there has been a security breach involving Nicehash website. We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours. Importantly, our payment system was compromised, and the contents of the Nicehash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken.”

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Bank of America Wins Patent for Cryptocurrency Exchange System

Bank of America may be looking into cryptocurrency exchange services for its corporate clients. In a patent awarded by the U.S. Patent and Trademark Office on Tuesday, the second-largest bank in the U.S. outlined a potential cryptocurrency exchange system that would convert one digital currency into another. Further, this system would be automated, establishing the exchange rate between the two currencies based on external data feeds.

The patent notes this service would be for enterprise-level customers, meaning that if the bank pursues this project, it would be offered only to businesses. The patent reads:

“Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.”

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Monero to be Used for Music Merchandise

Monero, the privacy-focused cryptocurrency, revealed that it is providing a new online shopping initiative, enabling music fans to purchase merchandise from 45 artists, including Mariah Carey, Motorhead, G-Eazy, Fall Out Boy, and Toby Keith.

Launched in partnership with payment processor GloBee, and Manhead Merchandise and Global Merchandising Services, the initiative will provide discounts to customers, including 15% from Carey’s store. In a statement, G-Eazy said:

“As cryptocurrencies become more popular, it’s important that my fans have choices when it comes to how they buy my songs and merchandise. Given Monero is one of safest, most secure and most private cryptocurrencies, it’s one of the best options for my fans this holiday season.”

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