The $40M Binance Hack & Fidelity Launches BTC Trading - CryptoTime Ep.13

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Today, Bitstocks Relationship Managers, Antonio Shillingford and James Coughlan, kick off the episode with the news that Fidelity Investments has revealed that they’ll be offering BTC trading for institutional investors in the coming weeks. This comes off the back of their custodial services launched at the beginning of 2019 and shows a clear appetite in the market.


This leads into a discussion about how regulation is going to impact companies engaging in essentially illegal activities by allowing for the trading of ICO coins and cryptocurrencies that are technically classed as securities, and highly likely a key reason that Fidelity has chosen to stick to only BTC for now.


Next, the pair dig into the news that one of the largest cryptocurrency exchanges, Binance, has announced they suffered a hack, seeing 7,000 BTC (worth $40M) sucked from wallets in a highly sophisticated attack, ensuring maximum impact. Binance has subsequently suspended all withdrawals as they look to clean ‘house’. CEO, Changpeng Zhao, reassured clients, in a live stream video, that funds will be replenished from their fund. In a highly controversial move, CZ also suggested that he would look to find support for a rollback of the Bitcoin blockchain to recover the stolen coins. A rollback of BTC! Supposedly the immutable blockchain. Interesting, to say the least!


Update: CZ has said that he won’t proceed with requesting a BTC rollback and that it wasn't his idea to start with.