Crypto.IQ Daily Digest June 8, 2018

EXCHANGES • FROM CCN.COM.COM
No Illicit Activities: South Korea’s Biggest Cryptocurrency Exchange Cleared by Government

+IQ THOUGHTS
It’s good to see this difficult chapter in Korean cryptocurrency come to a close with Bithumb only having to pay back taxes.

When South Korean government regulators closed in on the country’s top cryptocurrency exchanges, it felt a lot like they were trying to collar and leash the sector and not necessarily acting to protect investors. The government investigation ran from January through April, but regulators found nothing illegal going on.

And that’s our biggest takeaway.

While the company was ordered to pay $28 million in taxes, the government found no evidence of illicit activities, tax evasion, or suspicious business operations.

We like this outcome, but it’s impossible not to wonder how this all would have turned out if the people of South Korea hadn’t responded so strongly to the government targeting exchanges.
Following the government action against Bithumb and other South Korean exchanges, there was massive public outcry. That led public officials to backpedal from threats of shutting down crypot or severely curtailing it.

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SECURITY • FROM COINDESK.COM

Blockchain’s Once-Feared 51 percent Attack Is Now Becoming Regular

+IQ THOUGHTS

To us, this only means that ways to successfully fend off 51 percent attacks will emerge.

If you’ve watched Bitcoin and blockchain for any length of time, you’ll understand exactly what we’re talking about. We’re not saying that 51 percent attacks will go away or that blockchain will reach a point where these attack are never successful.

We are saying that effective ways to respond to these threats will emerge, that projects adopting these methods will withstand the threat better than ones that don’t.

The solution will move through space, network by network. Why? Because in crypto, all threats are met with adaptation from some development team somewhere. The adaptation then becomes part of cryptocurrency evolution as it spreads.