Crypto News | NEM Lets Coincheck Hackers off the Hook?

The last 24 hours have been particularly tumultuous, with many good and bad news taking their turn in the spotlight. To start things off, the NEM Foundation has announced that it will no longer be tracking the XEM tokens stolen by Coincheck hackers a bit more than a month ago. According to the official press release, the company has provided “actionable data” to law enforcement authorities, who will take it from there. Some experts estimate that more than half of the coins were already laundered on the darknet, and the Coincheck hackers may get away with it. After successfully paying back the affected customers more than $440 million, Coincheck is still recovering from the massive attack.

On the positive side of things, the last couple of days have been great for ICOs. Air Asia has announced its own cryptocurrency, which will make the company the first airline and largest company in South East Asia to launch an ICO and enter the crypto market. The cryptocurrency will complement Air Asia’s Big Point Loyalty program as a currency and a payment platform, with more functionality to follow.

The CEDEX ICO, in turn, has been a great success. The token pre-sale raised $20 million in under 4 hours. CEDEX aims to lift the shroud of mystery surrounding the rather exclusive diamond investment industry by introducing a blockchain-based diamond exchange, making diamond investing simple, all-inclusive, and efficient.

As these examples illustrate, ICOs are the norm today, with some shining examples, and some scams and pump-and-dump schemes. Faced with this new reality, the UK wants to regulate, while Fujitsu wants to innovate. The UK’s Finance Department will be launching a new cryptocurrency task force, likely a prelude to more regulation in the near future. On the other hand, IT giant Fujitsu has opened a Blockchain Innovation Center, based in Brussels. Research and development will be the Center’s main objectives, providing new solutions in collaboration with private and public sector organizations.

Is it all in vain, though? According to Twitter CEO Jack Dorsey, new digital assets will never be able to replace Bitcoin. In fact, he believes they will all disappear, as well as all other currencies. On Wednesday, he said that there will eventually be only one currency and that this currency will be Bitcoin.

Be that as it may, many have pointed out that the latest Facebook scandal involving Cambridge Analytica highlights the importance of blockchain technology when it comes to protecting individuals’ data. Consequently, exploring blockchain technology has many more applications than just trying to replace Bitcoin and fiat currencies.

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