On Wednesday, Facebook CEO Mark Zuckerberg testified before the House Financial Services Committee on Capitol Hill. The subject was Facebook’s finance sector, and specifically their plan for a new global cryptocurrency, known as Libra, that would be run entirely through Facebook. Lawmakers from both parties came together over their skepticism of the system, which would see Facebook and partner corporations in charge of their own currency beyond the control of any government. Unlike other cryptocurrencies, designed at their core to have no central regulating authority and thus to be independent…
Bitcoin exchange QuadrigaCX made headlines in February when the founder’s mysterious death overseas left all funds completely inaccessible. Now, investigations by the agency overseeing the exchange’s bankruptcy have revealed that the funds only Gerald Cotten could access may have been mismanaged while he was alive. Nearly 200 million dollars were effectively lost after Cotten’s death, as only he held the password needed to access the encrypted laptop on which he ran his entire business. Investigations launched after the exchange went silent revealed that supposed storage accounts had been emptied before…