MarketWatch: Crypto Hits Low After US Justice Department Probe

U.S. State Department launches probe, while Alethio announces that more than 1000 DApps are live on Ethereum. Bitcoin Gold gets hacked.

Ramy Caspi
Read +
Follow Us

Bitcoin (BTC)

As of this morning (Thursday, May 31st), Bitcoin was worth $7,551, compared to last week’s (May 24th) $7,329, which shows a slight increase. Over the week, the cryptocurrency reached a low of $7,093 on Tuesday, when the U.S. Justice Department announced its probe into price manipulation. German prosecutors announced the sale of their seized coins from platform and in Israel, the State Attorney issued an indictment against Hilmi Git on fraudulent activities and recovered 1071 BTC. Elsewhere Korea’s Supreme Court has ordered the seizure of $1.4 Million in Bitcoin from a child pornographic website in addition to a prison sentence and a penalty.

Ethereum (ETH)

Ethereum has slightly increased in value to settle at $572 compared to last week’s $564, with its low point of $512 on the 29th when the U.S. State Department announced its probe. Analytics firm Alethio announced at the Tel Aviv Stock Exchange that more than 1000 decentralised applications (DApps) have been deployed on Ethereum.

Chinese President XI Jinping calls blockchain a "breakthrough" technology saying, “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications.” 

Ripple (XRP)

Ripple is currently trading at $0.61 compared to last week’s $0.60. This indicates that the token is stable and has a market cap of $23,986,298,441.

Currencies Direct, a UK foreign exchange (FX) brokerage firm, has confirmed that they have successful completed an international money transfer pilot scheme using Ripple’s xRapid platform and powered by native token XRP. Brian Harris, Currencies Direct product chief said, “Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers."

In Canada, hackers have demanded a ransom of $1 Million in XRP after they managed to steal personal information from 90,000 customers from two Canadian banks. CBC News reported that the Bank of Montreal and Simplii Financials were breached over the weekend. CBC News reached out to both banks for confirmation as to whether any ransom had been paid.  "Our practice is not to make payments to fraudsters," Bank of Montreal said. "We are focused on protecting and helping our customers."

BTC Gold (BTG)

BTC Gold had a tough week. Hackers used a sophisticated " 51% Attack ", managed to falsify the currency’s ledger, and stole 388,000 coins worth $17.5m from online exchanges. According to the website Bitcoinist, the records of a digital wallet show hackers made fraudulent deposits, in which the money never ended up with the recipient exchange. As of this morning, BTC Gold was valued at $42.99 compared to last week at $44.57.