FCoin Exchange to Default on up to $125M of User Funds – February 18

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$9,708

Bitcoin price has continued to stabilize around $9,700, following the weekend collapse from over $10,000.

Top-20 altcoins are still finding their feet, as Ethereum falls 1%, and XRP half a percent. Tezos is the day’s largest gainer, recovering with a 3% gain.

Top Stories for February 18, 2020 🔥

👉 FCoin Exchange to Default on up to $125M of User Funds

FCoin, a popular Chinese cryptocurrency exchange, has revealed that they may default on up to $125 million of user funds.

Jian Zhang, the founder of FCoin exchange recently published a blog post which outlined the reasoning for the default – saying it came down to data and “decision errors”.

Zhang has planned the launch of a new product, and has pledged to cover user losses with the profits.

👉 Russia May Freeze Bank Accounts Linked to Crypto

An amendment to anti-money laundering guidelines by Russia’s central bank has explicitly mentioned cryptocurrencies, in its criteria for freezing bank accounts.

Accounts linked to cryptocurrency transactions may now be deemed as performing “dubious transactions”.

Russia’s general legal stance on cryptocurrencies is still unclear.

👉 DeFi Lending Protocol bZx Exploited for 2,388 ETH

Popular DeFi lending protocol, bZx, has been exploited a second time for an estimated 2,388 ETH – equivalent to US$645,000.

The attack was a sophisticated one, utilizing “flash loans” and trading on an exchange called Synthetix, manipulating the price of sUSD.