In today’s edition of Bitcoin in Brief, we cover two decentralized exchanges – an Irish team that’s launching its Local Token Exchange and the already operating Bancor that has reported a security breach and admitted the loss of $12.5 million worth of coins. Also, hackers in China have mined cryptos worth $2 million using malware installed on 1 million computers, and in the US, digital forensics firm Chainalysis claims a fifth of all bitcoin is missing.
Also read: Bitmain Valued at $12 Billion, New US Crypto Exchange Opens for Business
New Decentralized Exchange Launches Next Month
Two Irish entrepreneurs are behind a project to set up a new decentralized crypto exchange in Europe. Joe Haslam and Conor O’Connor plan to launch Local Token Exchange (LTE) in August, according to the Irish Independent. The platform aims to enable trading in over 100 cryptocurrencies by the end of the year. It has already gathered a team of nine employees and six advisors.
O’Connor notes that most crypto transactions currently take place on centralized exchanges while there are very few decentralized trading platforms operating at the moment. “Our approach is peer-to-peer and it democratizes the process. Our transactions take place using smart contracts and escrow,” the cofounder explains.
His partner, who lectures in entrepreneurship at the IE Business School in Madrid, says: “When my students look at what’s happening in Venezuela, say, or the fact that the Turkish lira lost 20pc of its value against the dollar this year, I lose their interest very quickly talking about the traditional worlds of finance and accounting when crypto allows a 21-year-old to raise $25m in 15 minutes, as Reuters reported last year.”
Hacked Decentralized Exchange Freezes Coins
While the Irish team is
