South Korea’s Largest Crypto Exchange Raided by Police – September 2

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $11,422

Bitcoin has plunged back down to the low $11,000s today, less than a day after breaking the $12,000 mark. Prices reached as low as $11,232 before finding a range.

Top-20 altcoins have taken a big hit, as Ethereum falls 5%, XRP drops 4%, and EOS takes a 7% tumble. There were two winners, however, with Binance Coin rising almost 4%, and TRON defying all odds with an 18% jump.

Top Stories for September 2, 2020 πŸ”₯

πŸ‘‰ South Korea’s Largest Crypto Exchange Raided by Police

Bithumb, South Korea’s largest cryptocurrency exchange, has reportedly has its headquarters raided by police.

Sources say that the reason for the raid was a $25 million token sale on Bithumb, which resulted in the loss of millions of investor dollars.

Bithumb chair, Lee Jung-Hoon, has been accused of fraud and moving money internationally in an illegal manner.

πŸ‘‰ Ethereum Mining Revenue Hits New 24hr All-Time High of $17M

24-hour Ethereum mining revenue reached $17 million yesterday, a new all-time high for the network.

The new record was hit amidst skyrocketing fees, triggered by a continuation of the recent DeFi craze, as total fees more than tripled the highest figures from the December 2017 crypto boom.

Bitcoin’s single-day record still sits at $21.4 million, which also occurred in 2017.

πŸ‘‰ Another Day, Another DeFi Giant – KIMCHI Locks $500M

Yet another new DeFi platform has landed several hundred millions of dollars in total value locked, as KIMCHI attracts $500 million from yield farmers.

The figure was hit within just hours of the platform’s release – a clone of the SushiSwap platform which took inspiration for the Uniswap decentralized exchange.

Since the $500 million peak, total locked value has retreated to about $150 million, a hefty figure despite the smart contract not yet being audited.