With September coming to a close with yesterday’s close, here is brief recap of all major Bitcoin and cryptocurrency news events of the past month.
MicroStrategy MSTR Doubles Down On Bitcoin
In August, business services company MicroStrategy made headlines when it became the first publicly-listed company to convert portions of its cash reserve into Bitcoin. The company purchased $250 million worth of Bitcoin, taking over 21,000 coins off the open market.
In the press release announcing the first purchase, company CEO Michael J. Saylor remarked:
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
Three weeks after this original announcement, a Securities and Exchange Commission filing indicated MicroStrategy was looking at increasing its exposure to Bitcoin despite it already making up a large portion of its
Singapore-based cryptocurrency exchange KuCoin disclosed today a mega hack. In a statement posted on its website, the company confirmed that a threat actor breached its systems and emptied its hot wallets of all funds.
Hot wallets are cryptocurrency management apps that are connected to the internet. Cold wallets are stored offline.
Cryptocurrency exchanges like KuCoin use hot wallets as their temporary storage systems for assets that are currently being exchanged on the platform, and they are used to power conversion operations and funds transfers.
KuCoin said it detected the hack after observing “some large withdrawals” from its hot wallets on September 26.
The company said it started a security audit and discovered the missing funds. KuCoin said the hacker managed to steal Bitcoin assets, ERC-20-based tokens, along with other types of tokens.
Currently, the loss is estimated at a minimal $150 million, based on an Etherium