Your Crypto Week in Data – October 8-12

The market suffered another moment of freefall in a week marred by Binance controversy, exchange buyouts and a plucky startup defining all the odds.

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A Singapore-based blockchain consortium has purchased 38% of South Korea’s largest crypto exchange Bithumb, paying 400 million won ($350 million). This may be a risky move for BK Global, a plastic surgery medical group, as crypto exchanges are notorious for getting hacked and repaying out lost funds. Researchers have found that $927 million has so far been stolen from exchanges in the first 9 months of this year, $31 million of which from Bithumb itself in June. This is 3.5 times higher than 2017 levels.

$350 million paid for a 38% stake in Bithumb.

While Binance may be trying to expand its coin offerings, it has decided to get rid of some old ones. And for good reason according to sceptics. One of the coins in question, Bytecoin, has been subject to some suspicious price jumps including a 166% pump when it got listed on Binance. After the delisting was announced, Bytecoin, along with Chatcoin, Triggers and Iconomi, suffered significant price losses as a result. Triggers was the biggest loser of the bunch, losing up to a 49% of its value in one, eye-watering drop.

Binance causes four coins to crash in price.

The market in general has also been seeing red, as per usual. Bitcoin fell $360 in less than 1 hour to rest around $6,300 where it has remained. The rest of the market collapsed in response, with many of the top ten in double-digit percentage loses. However, there’s always a plucky outlier willing to buck the trend and this time it’s 0x, an open protocol for decentralized exchanges, which is the first ERC-20 token to be listed on Coinbase Pro, formerly GDAX. It’s up 21% to $0.79. Go 0x! 

Bitcoin's price fell $360.

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