Blockchain Report — 12/6/2018

Summary: Cryptocurrency Scammers Get $78,000 In Under Three Months In Singapore; Cryptocurrency Bear Market Is Forcing Ethereum Co-Founder To Restructure His Company; Ethereum Classic Dev Team Shuts Down

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Cryptocurrency Scammers Get $78,000 In Under Three Months In Singapore

According to The Next Web, Singapore citizens have lost $78,000 to cryptocurrency scams in the past three months. This is based on information discovered by Singapore authorities, who uncovered a series of fraudulent cryptocurrency marketing campaigns.

In the marketing campaigns, people claim that they’ve earned massive returns on their Bitcoin investment in fake companies. These marketing campaigns convinced Singaporeans to send cash to these fake companies, in which they did not receive anything in return. These fraudulent campaigns used Singapore celebrities to increase the credibility of the claims.

Despite the blatant scam, it appears that Singapore authorities will not be able to do much to stop this. Currently, Singapore does not have any regulations on the cryptocurrency industry. This means that they cannot enforce any rules to protect investors, because there are no rules to enforce in the first place.

Cryptocurrency Bear Market Is Forcing Ethereum Co-Founder To Restructure His Company

According to Forbes, the fall in prices for the cryptocurrency market has forced several different blockchain and cryptocurrency companies to rethink their long-term strategy. One such person who is restructuring their company is Joseph Lubin, the co-founder of Ethereum and chief executive of ConsenSys.

ConsenSys is an firm that develops applications on top of Ethereum. The company is now reorganizing into “ConsenSys 2.0”, as Lubin calls it, and will focus on efficiency, accountability, and attention to revenue. Underperforming projects in ConsenSys will be removed. Lubin says of the restructuring:

“We must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are… We now find ourselves occupying a very competitive universe. We must recognize that what got us here will probably not get us there, wherever ‘there’ is.”

Ethereum Classic Dev Team Shuts Down

According to CCN, a major Ethereum Classic development team known as ETCDEV is shutting down. ETCDEV initially launched in 2016. Igor Artamonov, the founder and CTO of ETCDEV, stated on Twitter that due to a lack of funds the team will have to shut down. The public note stated:

“As is publicly known, we have struggled with funding our operation in the last few weeks…This was partially due to the market crash, combined with a cash crunch in the company.”

The Twitter account for Ethereum Classic stepped in, and stated that just because ETCDEV was shutting down does not mean that all development for Ethereum Classic was halting. In a tweet, Ethereum Classic stated:

“Ethereum Classic is not ETCDEV
Ethereum Classic is IOHK, ETC Co-op, ETC Labs, ETCDEV, and a litany of volunteers.
Keep Calm, and Build On.”

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