Bter will start repaying the funds it lost in the latest hack attack, and Bitcoin startup 21 Inc has raised a record $116 million. Here are the cryptocurrency highlights of week 11:
- Hacked Chinese exchange Bter will start repaying users that lost their funds in the last attack its platform. Bter is partnering with security firm Jua.com, which has also provided Bter with a 1,000 BTC interest-free loan. The remainder of the 6,170 stolen coins will be covered from future profits. Jua.com will handle the exchange’s cold wallet security in an attempt to prevent new disasters in the meanwhile.
- Bter will most likely get the chance to recover. A new research by Goldman Sachs shows that a stunning 80 percent of world digital currency trading volume comes out of China. In the past the Chinese government prohibited banks from handling Bitcoin transactions, and it still has to clarify its stance on the digital currency. Clearly, this has not prevented Bitcoin from flourishing in China.
- A new record has been set in terms funds raised for a digital currency startup. Bitcoin startup 21 Inc has announced that it has managed to raise $116 million in venture funding. The number is remarkable given that the company is vague about its plans other than intending to “help promote bitcoin adoption by the general public.”
- Bitcoin has managed to end yet another week in the green. The digital currency is trading at $284, up $7 or roughly 2.5 percent per coin since last week. The price was even close to touching $300 this week, but got stuck at about $297.
- According to ALFAquotes, the current price of Bitcoin is far from its potential price of nearly $500. If this is true, then an investment in Bitcoin right now could yield a 75 percent return. The system is said to be inspired by “the Benjamin Graham formula adopted by investors”. Interesting as it may sound, systems have proven to make false predictions in the past. It is therefore advised to make a proper assessment yourself before investing.
