This Week in Crypto: June 29, 2018 – Facebook Reverses Cryptocurrency Ad Ban

Episodes News Regulation Season 1

Facebook Reverses Cryptocurrency Ad Ban
Facebook
announced the reversal of its ban on cryptocurrency ads and will now allow pre-approved crypto businesses to advertise. However, ICOs and binary options will still be prohibited from the platform. The ban had initially started in January of this year to “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

In order to run cryptocurrency ads, you must first submit an application and be approved. Facebook suggested for users to report content that violates their Advertising Policies. This news just coming after a rumor surfacing that Facebook is looking to acquire Coinbase, the largest cryptocurrency exchange in the U.S. Facebook’s acquisition of Coinbase would legitimize their interest in the space.

UK publication The Independent discussed the likelihood of a buyout — quoting tech entrepreneur Oliver Isaacs whom stated “It wouldn’t surprise me if Facebook made an attempt to acquire Coinbase,”. “Whether [Coinbase CEO] Brian Armstrong and the team would agree is another question.”

Expedia Has Removed Bitcoin Payment Option Without Public Notice
Travel booking website Expedia.com recently stopped accepting Bitcoin (BTC) as a payment method for hotels or flights, starting from June 10, 2018. Expedia first started accepting bitcoin in June 2014, but did not comment on why they cancelled Bitcoin payments. Competitor CheapAir travel service, which started accepting Bitcoin in 2013, still accepts bitcoin for flights and hotel bookings.

Bithumb Exchange Hacked, $30 Million Stolen
On June 19, Bithumb, South Korea’s number one crypto exchange and the 6th largest exchange globally, was hacked. The attackers hijacked Bitumb’s hot wallet and stole cryptocurrencies worth $30 million. Bithumb has confirmed its intention of reimbursing users affected of the theft. The hackers managed to steal a total of 11 virtual currencies — including Bitcoin, Bitcoin Cash, Ethereum, and Ripple.

South Korea’s Ministry of Science and Technology as well as the the Korea Internet & Security Agency (KISA) launched an investigation into the hack. Authorities have also sent officers to Bithumb’s offices in Seoul to collect data and records from the company’s computers. Since the attack, Bithumb has managed to recover roughly 45 percent of the cryptocurrencies stolen during the June 20th hack. Bithumb stated “The main reason for the reduction of the damage is due to the ongoing participation, support, and cooperation of cryptocurrency exchanges and cryptocurrency foundations across the world.”

4,000 Bitcoin Seized from Dark Web Counterfeit Drug Sellers
Two men from Maryland were indicted on charges related to producing and selling counterfeit drugs on the Dark Web. According to the press release published by the Department of Justice (DOJ), the two have been taking part in a scheme to manufacture and to distribute tablets which are generally sold under the “Xanax” brand.

The indictment, which contains a total of six charges, alleges that over the span of four years – from Nov. 2013 to June 2017 – defendants Ryan Farace, 34, and Robert Swain, also 34, sold the counterfeit drugs on the Dark Web in exchange for Bitcoin and other cryptocurrencies. To date, law enforcement has managed to seize assets worth a total of $22 million including 4,000 BTC, more than $1.5 million in cash and an estimated $2.5 million in computer equipment.

EOS CTO Dan Larimer Proposes to Scrap Constitution and Start Over
EOS Chief Technical Officer (CTO) Dan Larimer wants to change its fundamental constitution and replace it with a new one. This comes after the year round EOS ICO ended and just two weeks after the launch of the project. The news caught the attention of Dogecoin creator, Jackson Palmer, who stated “What a surprise that just 2 weeks after launching, EOS is considering scrapping its entire ‘constitution’ and starting over.” Arguments were made that the current constitution vests too much power at the hands of arbitrators. As it currently stands, it requires all smart contracts on the network to be “documented with a Ricardian Contract stating the intent of all parties and naming the Arbitration Forum that will resolve disputes arising from that contract.”

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Jose Mota
Currently the host of This Week in Crypto, Jose previously founded Daily Crypto and is an experienced crypto content creator and growth hacker.
https://mota.fm/

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