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April 9, 2018
Congratulations to Patrick Reed for winning his first Masters tournament. We heard he’s a crypto fan… although, that can neither be confirmed or denied.

In any case, happy Monday and we hope you have an awesome week ahead!
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"If an exchange is doing business in a jurisdiction of Canada, it must apply to that jurisdiction’s securities regulatory authority for recognition or an exemption from recognition."

Kristen Rose, spokesperson for the Ontario Securities Commission, says the OSC is gathering information on several cryptocurrency trading platforms after it received complaints.

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Market Activity

(Bitcoin Cash)
* As of 8:15pm ET (04/08/2018)
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Market Recap

Overall crypto trading volume remained low last week.
Ethereum price climbs above $400 again.
Bitcoin's price hits the $7k mark.
IOTA climbs above $1, despite weak volume.

George Soros Flip-Flops on Cryptocurrency Bubble

Billionaire investor George Soros, who called cryptocurrencies a bubble in January, has flip-flopped and is now reportedly preparing to trade cryptocurrencies. Adam Fisher, the head of macro investing Soros' family office, Soros Fund Management, is now planning to trade cryptocurrencies after receiving internal approval.

Bubbles and bad guys

At the World Economic Forum (WEF) in Davos, Switzerland, in January, George Soros, in a speech, said that cryptocurrency is a "typical bubble." Soros also called Bitcoin a tool for dictators to and wrongdoers; however, he said the underlying blockchain technology could be put to "positive use" — positive use? Who knew?!

Changing his tune

It seems a bit convenient that Soros would flip-flop so quickly after his anti-crypto speech at WEF, during which he decried bitcoin for its lack of qualities relating to its usage as a currency and story of value:

“Cryptocurrency is a misnomer and it’s a typical bubble which is always based on some kind of misunderstanding. Bitcoin is not a currency, because a currency is supposed to be a stable store of value, and a currency that can fluctuate 25% in a day can’t be used, for instance, to pay wages, because the wages could drop by 25% in a day.”

Regardless of what Soros may have said previously, his investment fund’s interest in the currently low-priced (read: discounted) cryptocurrency market signals that a wave of institutional investment money is on the horizon.

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  • A class-action lawsuit has been filed against Nano (formerly RaiBlocks) and its core development team following the alleged "disappearance" of $170 million in XRB cryptocurrency from Italian crypto exchange BitGrail.
  • Coinbase has approached federal regulators about registering as a licensed brokerage firm and electronic trading venue.
  • Japan's red hot crypto market is in short supply of engineers, including cybersecurity experts and blockchain developers. 
  • Hancock Regional Hospital's CEO who was forced to pay hackers in bitcoin after a security breach now teaches others how to prepare for cyberattacks.

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SEC Freezes $27 Million Stock Sale of Blockchain Company

The Securities and Exchange Commission flexed is muscles last week when it obtained a court order to freeze more than $27 million in trading proceeds from illegal distributions and sales of restricted shares of Longfin Corp. The Nasdaq halted trading of Longfin shares following the court order.

Sky’s the limit

Longfin made headlines last December when the import/export fintech company leveraged the so-called “bitcoin mania” and pivoted to become a blockchain-focused company — the announcement saw the price of its shares soar more than 2,400% in a single day. 

Like Icarus, Longfin’s executives flew a little too close to the sun — in their case, the sun is a little something called the Securities Act. 

According to the SEC’s complaint, Longfin’s CEO and controlling shareholder, Venkata Meenavalli, issued more than 2 million unregistered and restricted shares to Andy Altahawi, the corporate secretary and a director of Longfin.

Meenavalli is also alleged to have released tens of thousands of restricted shares to two other individuals who "illegally sold large blocks of their restricted Longfin shares to the public while the stock price was highly elevated — collectively, the trio reaped more than $27 million in profits.

In a statement issued late Friday, Longfin said it plans to cooperate with the SEC in its investigation and comply with NASDAQ's request for information.

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Events and announcements happening this week:




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The Decryptionary helps to simplify some of the terminology used in the crypto space. We'll try to make it feel less like "Lord of the Rings" and more like "Lord of the Dance". Just because encryption is a core part of cryptocurrency, doesn't mean you have to be left scratching your head.

On with it...

Mining Pool

A group of miners who have decided to combine their computing power for mining a blockchain network. This allows rewards to be distributed more consistently between participants in the pool. Each participant receives a share of the reward proportionate to their work in the pool.

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Stat of the Day

$106 million — The amount paid by Canadian cryptocurrency mining giant HyperBlock for its acquisition of mining firm CryptoGlobal. 

Fun Fact

MintChip, an electronic currency launched by The Royal Canadian Mint, which borrows a lot from the philosophy of Bitcoin, is the first digital currency backed by the Canadian government.



That's a Wrap

We'll be back on Wednesday with more crypto goodies. As always, email us with any thoughts, feedback or suggestions. If you'd like to see us cover specific topics, we'd love to hear from you.

Peace out.

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