For the first time in forever, this week in bitcoin was strangely subdued. No major price movements, no regulatory crackdowns and no Tether collapse. Iota got into a bit of a pickle and then blamed everyone else, as Iota is apt to do, but that’s all. Everything was uneventfully ticking over, right up until Friday, when word broke of a record-breaking hack from the Land of the Rising Sun – yes, the very same land from where the world’s previous largest hack emanated. Turns out this week wasn’t so forgettable after all.
Tangle Loving Blues
Iota got themselves into a bit of a tangle at the start of the week, but thankfully they had the good grace to apologize and vowed to learn from their mistakes. Ah, who are we kidding? Their overgrown manchild of a CEO lashed out at anyone and everyone for reporting the news because shooting the messenger is always easier than tidying up your own mess. First there was the story of Iota users losing $4 million from wallet hacks, followed by an analyst’s report that the altcoin was severely overvalued.
Meanwhile, South Korea was quietly getting its crypto affairs in order with a shade more dignity than team Iota. We reported on how a new system will enable the country’s exchanges to share date with banks, as officials released guidelines on how the bank-exchange relationship should operate moving forwards.