Crypto Roundup: Top Cryptocurrency News From This Week

cryptocurrency coin fork

1. Cryptocurrency prices plummet sharply, with significant losses across the board

Almost all of the top one hundred cryptocurrencies by market cap have seen significant losses within the space of just a few hours today, June 22. Total market capitalization of all cryptocurrencies has dropped to just under $268.4 billion, dropping a hefty $16 billion on the day.

2. Crypto exchange, Bithumb, halts withdrawals after $31 Million hack

South Korea’s Bithumb, one of the largest cryptocurrency exchanges in the world by trading volume, has halted deposit and withdrawal services after hackers stole 35 billion won ($31 million) from the platform.

3. Kenya to Welcome Blockchain-Based Community Currencies

Grassroots Economics, a non-profit organization, has revealed plans to expand its existing paper currency system into a blockchain-based network. The initiative will seek to launch a network of blockchain-based community currencies in Kenya, facilitating local and regional commerce and peer-to-peer collaboration.

4. Akon to build a new city in Senegal with own cryptocurrency called AKoin

Singer Akon has unveiled plans to create a city in Senegal with an economy based around his new cryptocurrency, AKoin. The city, Akon Crypto City,  is described as a “real-life Wakanda,” and is set to be stationed within five minutes of the new international airport, close to the coast and a short drive from Dakar, the capital city of Senegal.

5. Malaysian government committee partners with Korean lab to develop Sharia-compliant blockchain

South Korean blockchain lab IncuBlock has signed a Memorandum of Understanding (MOU) with a Malaysian government advisory committee for blockchain tech development permissible under Sharia law.