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Winklevoss Twins Hire NYSE Executive

Winklevoss twins hire NYSE executive: The Winklevoss twins have turned to an executive from the New York Stock Exchange, hiring Mr. Robert Cornish to oversee Gemini’s use of Smarts. 

Gemini, the Winklevoss’ crypto exchange, has been in action since 2015, and adding Cornish to its team marks another instance of how crypto exchanges are looking to work with traditional financial markets.

Before, it was Coinbase hiring NYSE executives, but now, based on the July 6th announcement, it appears to be the Winklevoss’ turn. 

Winklevoss Twins Hire NYSE Executive 

Today, Gemini announced that Robert Cornish would be joining its team. Cornish, the now-former New York Stock Exchange CTO, will join Gemini management later in July; he had his last day on the job last week. 

Cornish will be in charge of overseeing Smarts, which is a market surveillance technology Gemini is using from Nasdaq. It’s likely Cornish will do this with ease, as he spent most of his time at the New York Stock Exchange overseeing Pillar, an ambitious project. 

Moreover, Cornish will “ensure that Gemini continues to deliver the best platform experience to our customers,” said Tyler Winklevoss.

Elaborating further, Tyler Winklevoss said Cornish will make sure Gemini continues to “set the standards of excellence for the cryptocurrency industry.” 

Crypto Exchanges on the Prowl 

The Winklevoss twins aren’t the only ones to dip into the financial pool. In fact, they are just the latest.

Three days ago, Coinbase – which is Gemini’s rival – hired Peter Elkins from the NYSE to build a market surveillance platform. He’s not the only former NYSE employee working at Coinbase, either. In March, Coinbase hired Emilie Choi and Eric Scro. 

What Else?

Aside from hiring the NYSE executive, what else have the Winklevoss twins been up to? Has Gemini made any more recent announcements?

Definitely! The company has been attending a few conferences, such as the Crypto Evolved conference in June. In addition, Gemini opened Zcash (ZEC) trading on May 22nd. 

The Takeaway

Do you think hiring Cornish was a smart move? Will he accomplish all Tyler Winklevoss hopes for? Or, is it simply a move to get back at rival Coinbase, for hogging all the New York Stock Exchange executives? 

Let us know in the comments below!

>> Stellar (XLM), Cardano (ADA), and Tron (TRX): BIG News

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Bithumb Hack Investors Repaid | $30 Million to be Returned

Bithumb hack investors repaid: Another week, another crypto exchange hack. Last Monday, June 11, the world awoke to the news of the Coinrail hack. This week, another South Korean exchange was also hacked. This time around it was Bithumb. In the Bithumb hack, roughly $30M in digital assets was stolen.

Don’t worry, though – Bithumb has confirmed that investors will be fully compensated.

Bithumb Hack: How it Went Down

On Wednesday, June 20th, Bithumb posted on social media that the crypto exchange had been hacked, with the amount lost totaling to $30M. Of course, this caused immediate panic in the crypto sphere.

Before the fear could spread, however, Bithumb retracted its statement shortly after it was released. This plan backfired, as Bithumb deleted its statement without providing any clarification on the matter, causing the public to become more upset and panicked.

The reason for the retraction, according to a Bithumb spokesperson, is that the company needed to finish its investigation into the breach first. After that, the public could be informed.

That’s exactly what happened today, June 21st.

The Real Details: Bithumb Hack Investors Repaid

Today, Bithumb confirmed that a hack did take place, and a total of $30M was lost. While the amount lost is severe, developers and the Bithumb security team are already waist-deep in the recovery process of customer assets that were stolen. Bithumb is working with KISA to recover some of the funds that were stolen.

This could have been a lot worse. Bithumb could have been late on reporting the incident, which means portions of the funds could have been unrecoverable by then. Plus, Bithumb (though this would have sparked public outcry) could have chosen not to compensate investors for the losses.

Bithumb posted two statements regarding compensation, with one saying “the amount of damage that occurred this time will be fully covered by Bithumb’s own company fund.”

Then, on Twitter, the crypto exchange wrote:

The Bithumb Hack Takeaway

The hacking of crypto exchanges is not new. Many have fallen victim to it, while others are waiting for their turn. And when it comes to all exchanges, the challenge is protecting user funds. That’s why it’s so serious when a crypto exchange hack occurs.

Luckily, the Bithumb hack was resolved quickly, and a solution is on the way. The amount lost is still bad, but hopefully, Bithumb will be able to learn from this and perhaps add additional security features.

>> Charlie Lee Talks Bithumb Hack, Bitcoin Price, and Lightning Network

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