Roundup – 05/02/19 – Coinsquare Hit by Crypto Winter – Next Exchange to Lay Off Its Staff & more

Coinsquare Hit by Crypto Winter – Next Exchange to Lay Off Its Staff

Coinsquare is the most recent exchange that was hit by the crypto winter. The exchange had to layoff 40 of its employees in total which represents a third of Coinsquare’s total staff. Among the laid off employees are also two executives, CFO, Ken Tsang, and COO, Robert Mueller. An official statement to the layoff came also from Martin Hauck, the company’s Head of Talent: “The ever-evolving digital currency/cryptocurrency space has been volatile and unpredictable. Many similar companies in our industry have had to make some tough choices in recent months and Coinsquare has had to as well. The company has made the decision to part ways with a number of talented members of the Coinsquare team.”

Indian Governmental Panel Fears Crypto Could Undermine Rupee

The panel that received the task to investigate the impact of cryptocurrencies on the economy, society and politics of India is reportedly fearing that cryptocurrencies could undermine the Rupee. The panel exists since 2017 and is led by Subhash Chandra Garg, the economic affairs secretary in the ministry of finance. However, this panel is only one of two panels. The second panel is much more positive on cryptocurrencies and its representatives stated in December that a total ban on cryptocurrencies would hinder the economic innovation of the country. As long as no decision is found, trading cryptocurrencies is banned in India.

How Other Crypto Markets May Benefit From A Ban On ICOs In South Korea

South Korea has maintained its ban on local Crypto initial coin offerings (ICOs). The move by the government last week could end up helping the other major Crypto markets in the region such as Japan and Thailand among others. The report on the official stand of the government was released on Friday by an official task force.

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QuadrigaCX Users Claim to Have Identified the Main Cold Wallet

The story of QuadrigaCX and its lost funds continues as the community of QuadrigaCX’s users are investigating the case on their own. One user on Reddit claims to have found the cold wallet that allegedly belongs to the deceased Gerald Cotten. However, other redditors pointed out discrepancies that make it unlikely for the wallet to be Quadriga’s infamous cold wallet. Another blog post on Medium from a user that is now suspended also claimed to have found the wallet. However, the user applied methods that were questionable as another user on Reddit pointed out. While the community investigates on its own, a legal investigation is still ongoing as well. A court hearing on the case will take place tomorrow.

Cryptocurrency Independence under Threat As New Regulations Take Effect

Cryptocurrency independence will be put to test as new regulations in different parts of the world take effect. The regulations are meant to streamline the industry but eliminating risks that are associated with digital currencies such as fraud.

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