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Swiss Bank Becomes First To Offer Cryptocurrency, Digital Wallets Still Better

International Business Times

Bitcoin's value continues to skyrocket, reaching a market value of $73.6 billion last Thursday, according to Fortune. Starting next week, the Swiss private bank Falcon will allow wealthy clients to store and trade bitcoin directly with their bank holdings. "Falcon Private Bank was the first bank to offer bitcoin directly to its clients, and thus created history," Bitcoin Suisse CEO Niklas Nikolajsen said in a press statement. "Their decision to follow up by adding ether as well as other crypto-assets has made them the go-to private bank for crypto-asset holders and investors." CoinDesk reported the bank will soon also expand to ether, litecoin and bitcoin cash.

Hackers Stole $37 Million In Ether Heist, Raises Questions About Cryptocurrency Security

International Business Times

Unknown hackers stole $37 million worth of ether from Tuesday to Wednesday, Gizmodo reported. Here's a very short and oversimplified version of what happened, based on what experts told International Business Times: Ethereum's contract writing language makes some functions public by default if they're not specifically marked as private. So a bug in a smart contract with multiple signatures could be leveraged to shift control of the wallet and approve transactions. Basically, a specific smart contract with several keys was tricked into requiring no key at all thanks to a tiny piece of public code. "Online services that'store' the funds in the cloud are most exposed to attacks and abuse," Hamid Karimi, Vice President of Business Development at Beyond Security, told IBT.