The third week of October has been exciting for the cryptocurrency markets. Perhaps the biggest news is that Ethereum (ETH) has delayed its until early 2019. The Constantinople hard fork was originally planned for November and will optimize code, reduce the ETH block reward for new blocks, and progress Ethereum's goal to move toward a hybrid proof-of-stake consensus mechanism. Another proposal called ProgPow could bolster Ethereum's resistance to ASIC miners. The developer team did not want to rush the momentous changes and instead postponed the updates to January or February.
Here is the rest of the week in review:
The Financial Action Task Force (FATF) announced that it will release international cryptocurrency regulation guidelines next summer. The intergovernmental body that serves as a money laundering watchdog stated that countries will need to enforce licenses and regulations on crypto exchanges and wallet providers. The FATF added that countries should coordinate to combat the use of virtual assets for crime and terrorism and that the organization will cooperate with law enforcement agencies to work toward that goal.
Lazarus, North Korea's infamous hacking group, has stolen over half a billion dollars worth of cryptocurrency since 2017, according to a cybersecurity vendor's report. Lazarus stole $571 million worth of crypto from attacking exchanges and ICO platforms. Hackers also used methods like spear phishing, fake ICO websites, and malware to steal crypto. The report predicts that the number of attacks in the future will rise, as more hackers are attracted to the lucrative crime. It also adds that mining pools could be targeted by hackers through 51 percent attacks that manipulate the blockchain data.
The US Securities and Exchange Commission (SEC) announced on Thursday that it will launch a new office to help advise fintech startups and initial coin offerings (ICOs). The SEC's Strategic Hub for Innovation and Financial Technology, or FinHub, will work with companies experimenting with blockchain or distributed ledger technology, automated investment advice, and artificial intelligence. The SEC chairman stated that the agency will also work with investors and market actors to assist with capital formation, financial services, and investor protection. The FinHub is expected to streamline regulatory relationships with the blockchain space.
Crypto prices remained range bound this week, ending at around $210 billion after bouncing some from last week's dip. In the top 100, the biggest losers are Vitae (VITAE), down 14 percent, Nebulas (NAS), down 13 percent, and Dogecoin (DOGE), down 13 percent. The biggest gainers are Ravencoin (RVN), up 146 percent, Stakenet (XSN), up 45 percent, and Bytom (BTM), up 25 percent. Both volatility and volume are still low.
The author does not hold any positions in any of the securities above.