PureBit exit scams for $2.7+ million – November 9

Current Bitcoin Price: $6383 (as of 12:00 PM PST)

The cryptocurrency market is slumping for the second day in a row, undoing this week’s hard work to change the market bias. Bitcoin is down a percent, with Ethereum down 1.5% and XRP up 0.23% — one of the only green numbers in the top-20.

As usual, a closer look at the chart shows that most of the day’s action has happened in single, thirty minute time spans shifting the price up or down a few dozen dollars.

Top Bitcoin & Crypto News Stories for 9th November 2018

PureBit exit scams for $2.7+ million

Just this month, the ICO for an up-and-coming cryptocurrency exchange has been collecting the funds needed to launch their operations. The release date for their platform was set to be for just later this month.

However, the anonymous PureBit founders have pulled yet another exit scam, extracting over 13,000 Ethereum tokens from their ICO wallet and pulling the plug on all communications, including their website.

FunFair contract allows token manipulation

FunFair is a blockchain casino that’s provably fair for all involved, and it’s built onto the Ethereum network with its proprietary FUN token. But what lies in the smart contracts of that token?

A Reddit user has discovered a supposed vulnerability in the FunFair “Token” contract, which allows a certain wallet (presumably that of the developers) to move tokens around at will and mint new ones.

Reddit co-founder: bear market “good for innovation”

While the downwards spiral in cryptocurrency prices since earlier this year has resulted in a bleak market outlook, a handful of startups are growing out of the rubble, and projects are continuing to develop.

Reddit co-founder Alexis Ohanian has gone as far as to say that this bear market is “good for innovation”, adding that the growing possibilities for usage could turn the market around:

“How it comes out of the current crypto winter, we still think it will come back to real use cases.”