Blockchain Blog

Bitcoin News for the week of 8/1/16

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. This week Overstock CEO Patrick Byrne said there would be a ‘historic’ announcement which will impact the bitcoin space, and controversial entrepreneur Kim Dotcom teased his upcoming Megaupload version which will utilize bitcoin. In an unfortunate turn of events, major exchange Bitfinex was hacked and suffered significant losses. We also read how blockchain tech continues to influence financial institutions, and startups are receiving capital and expanding along with the growth and adoption of bitcoin worldwide. Read about this and more, in our weekly Blockchain recap.

Announcements making headlines
![t0 photo via CoinDesk](https://blog.blockchain.com/content/images/2016/08/t0-screen.png)
t0 photo via CoinDesk
[Overstock CEO Teases ‘Historic’ Blockchain Announcement](http://www.coindesk.com/overstock-ceo-historic-blockchain-announcement/)

Newly back from a leave of absence, Overstock CEO Patrick Byrne is already promising big blockchain news ahead. Addressing a group of investors during a Q2 earnings call, Byrne spoke about Overstock and post-trade blockchain project tØ, saying “you’ll see a historic announcement in the weeks ahead. If all goes well, about four-ish weeks from now.”

Also making headlines this week is the controversial entrepreneur Kim Dotcom who said Friday that the transfers taking place over the second version of Megaupload would be linked to very small bitcoin transactions. This system will be called Bitcache and Dotcom claimed its launch would send the bitcoin price soaring. Bitcoin.com noted that the launch of the new Megaupload site will happen on January 20, 2017.

Bitfinex exchange hacked
![Picture taken at La Maison du Bitcoin in Paris, REUTERS/Benoit Tessier](https://blog.blockchain.com/content/images/2015/04/s2.reutersmedia.net_.jpg)
Picture taken at La Maison du Bitcoin in Paris, REUTERS/Benoit Tessier
[Bitcoin Worth $72M Was Stolen in Bitfinex Exchange Hack in Hong Kong](http://fortune.com/2016/08/03/bitcoin-stolen-bitfinex-hack-hong-kong/)

In unfortunate news, nearly 120,000 bitcoins worth about US $72 million was stolen from the exchange platform Bitfinex in Hong Kong, rattling the global bitcoin community in the second-biggest security breach ever of such an exchange.

Although the news is saddening to those in the space, CEOs of two different companies both agreed that there is nothing wrong with bitcoin, and that the hack shouldn’t deter big investors. The Wall Street Journal observed that the bitcoin price has stabilized following the hack, as some traders seized on the lower price to strategically buy the dip.

Venture capital and development
![Advertising image via CoinDesk](https://blog.blockchain.com/content/images/2016/08/brave-browser.png)
Advertising image via CoinDesk
[Bitcoin Browser Brave Raises $4.5 Million to Fight Online Ads](http://www.coindesk.com/bitcoin-browser-brave-raises-4-5-million-to-bridge-publishing-gap/)

The maker of ad-blocking browser Brave has raised $4.5m to expand its effort to let users voluntarily send bitcoin micropayments to their favorite websites in exchange for an ad-free experience.

Invoicing company Bitwage has announced that they have expanded their offering to Brazil. Using the service, Brazilian contractors and freelancers can now get paid in a range of foreign currencies, and receive BRL into their local bank account. Bitcoin exchange Gemini who has expanded to the UK and Canada recently, added another location to the list of U.S. states they are available in when they announced this week that they are now supporting Texas.

Worldwide FinTech news and events
![Photograph of Hong Kong via CryptoCoinsNews](https://blog.blockchain.com/content/images/2016/08/hong-kong.png)
Photograph of Hong Kong via CryptoCoinsNews
[Blockchain To Transform Fintech, Speakers Note At Hong Kong Technology Conference](https://www.cryptocoinsnews.com/blockchain-to-transform-fintech-speakers-note-at-hong-kong-technology-conference/)

Blockchain technology will have a major impact on fintech and other sectors, according to discussions during a fintech conference organized by Cyberport. Herman Lam, CEO of Cyberport, said “by leveraging the transformational nature of blockchain technology, we believe that companies would be able to navigate through game-changing challenges and capture new opportunities brought by global fintech advancement.”

Advancements in financial technology related to blockchain are happening all over the world. Banking giant SEB Group and a Danish venture capital firm have invested $4m in Coinify, a digital currency payment processor based in Copenhagen. In Singapore, several blockchain industry leaders have agreed to participate in a newly launched advisory panel organized by the Monetary Authority of Singapore (MAS) which will discuss a wide range of applications of blockchain, among other FinTech trends. However, some maintain a difference in opinion on how central banking institutions are approaching blockchain tech.

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