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Crypto News Flash: Bitcoin (BTC), Ethereum (ETH), VeChain (VET), EOS, BitConnect

September 13, 2018

From Bitcoin’s impact on financial freedom to a snafu on the EOS blockchain, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin (BTC)

The CEO of Hong Kong-based crypto exchange BTCC says Bitcoin will prevail because it offers true financial freedom.

At the Blockchain Cruise Mediterranean 2018 conference, Bobby Lee said the more banks restrict and block people’s access to their money, the more he believes people will flock to BTC.

The Ethereum network may help victims of hurricanes and other natural disasters get back on their feet.

The Swiss-based startup Etherisc says it’s creating an Ethereum-based solution to tackle inefficiencies in the insurance industry. The platform promises to use smart contracts to automate the claims process, remove inefficiencies and reduce the amount of time it takes to receive payment.

Etherisc's co-founder @renatco covers the HurricaneGuard project, its future plans for the next hurricane season in Puerto Rico, and how the team is using the data of Hurricane Florence to further expand #blockchain-based #insurance across the globe https://t.co/x41F4l80Lf

— Etherisc (@etherisc) September 12, 2018

VeChain (VET)

VeChain founder Sunny Lu is responding to Ethereum creator Vitalik Buterin’s comments on the future percentage growth potential of the cryptocurrency market.

Instead of market valuations, Lu says the focus should be on blockchain and real use cases.

Why don’t we just focus on how much business value can be actually running on Blockchain and how much liquidity of cryptocurrencies we will need for this happening and growing?

— Sunny LU @vechain (@sunshinelu24) September 12, 2018

EOS

A decentralized app built on EOS is taking heat for a botched airdrop.

The developers of Trybe accidentally handed out too many tokens. To resolve the issue, they tapped into users’ individual private wallets to reverse the transactions – without notification or authorization.

The episode highlights one of the main differences between EOS and Ethereum, namely that unlike Ethereum, smart contracts on EOS are designed to be mutable.

BitConnect

Arizona and Illinois are asking authorities in India to seize the property of a number of people involved in promoting the now infamous and defunct cryptocurrency BitConnect.

The Times of India reports that the states reached out to India’s Criminal Investigation Department to launch an investigation into those suspected of taking part in an alleged scheme to make off with about $5.6 billion in investors’ funds.

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