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Bitcoin Plunges Below $67K as JP Exchange Suffers Hack | Top Highlights | June 1, 2024

Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Crypto Price Update

Here are the crypto highlights of the day:

Bitcoin (BTC): $67,466, down 1.3% over the last 24 hours.
Ethereum (ETH): $3,761, up 0.4% over the last 24 hours.
Solana (SOL): $166.78, up 0.2% vs the previous day.

Trending Coins Update

Mantra (OM): $0.7542, up 12.3% vs the previous day.
Minativerse (MNTC): $17.21, up 51% over the last 24 hours.
Dog (DOG): $0.0063, down 14% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: Japanese Crypto Exchanged Hacked for $305 Million

DMM Bitcoin, a Japanese cryptocurrency exchange, reported a loss of 48 billion yen ($305 million) in bitcoin (BTC) due to a hack.

The details:

The exchange said 4,502.9 BTC “leaked” from the platform.
Measures have been taken to prevent further unauthorized outflows.

What happened?

Security firm Blocksec revealed that the hacker distributed the stolen bitcoin across 10 wallets in 500 BTC batches.
DMM Bitcoin assured users it will cover the loss with support from group companies.

What is the impact?

The exchange has suspended all spot buys.
Japanese yen withdrawals might be delayed.

What happened to the price of Bitcoin?

There was a dip in the price of Bitcoin amid the news of the hack. Analysts do say U.S. macro factors are also in play. This caused a market-wide selloff as most crypto are in the red today.

Zooming out: This hack is Japan’s second largest, following Coincheck’s 58 billion yen theft in 2018.

Local Crypto News 🇵🇭

YGG is conducting the Davao-leg of its road trip today.

Ownly plans to incentivize owners of its NFT and token with Ownchain node.

Educational Corner 🎓

Check out our guides into crypto and airdrops.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

SEC Commissioner Hester Peirce proposed a “cross-border sandbox” for crypto firms in the U.S. and UK to operate under regulatory oversight for two years.
Spain’s central bank, Banco de España, has initiated its third trial for a wholesale central bank digital currency (CBDC).
The New York State Department of Financial Services (DFS) has issued new guidelines requiring cryptocurrency companies to implement effective customer service policies.

Community Spotlight 🔦

Meet ICP: ICP Hub Philippines has been spearheading blockchain development across the Philippines. Their initiatives include collaborating with government agencies, local government units, and universities.

Check out the following news about ICP on BitPinas.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

21.co, the parent company of 21Shares, launched 21.co Wrapped Bitcoin (21BTC) on the Solana blockchain.
Chainlink and Circle have partnered to expand the utility of stablecoins for institutional use within the decentralized finance (DeFi) ecosystem.
A study by Access Partnership suggests that Philippine businesses could gain around $50.7 billion by 2030 through AI-powered solutions.
Global leaders gathered at the UN’s AI for Good conference to discuss the potential of artificial intelligence.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Delabs Games and Ambrus Studio have collaborated to enhance Web3 gaming. With a focus on innovation and blockchain technology, they aim to provide engaging experiences for players worldwide. This partnership promises exciting developments in the gaming industry.
NexGami, a Web3 gaming platform, secured $2.5 million in seed funding, led by Metalpha and supported by investors like KuCoin Ventures and Ledger Capital. The funds will enhance NexGami’s platform for competitive gaming, integrating traditional gamers into Web3.

Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space.

For more events and registration details, visit our Events Page.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world.

At Consensus 2024, Robert F. Kennedy Jr. emphasized the need for the U.S. to remain a blockchain technology hub.
A former Deutsche Bank investment banker, Rashawn Russell, has been sentenced to 41 months in prison for running a Ponzi-like fraud scheme involving cryptocurrency trading.
Researchers cracked the password to a $3 million crypto wallet by exploiting a flaw in an old version of the RoboForm password manager.

Catch up on these stories and more on our News Section.

Stay Connected:

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Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.

BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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