At press time, Ether is trading at a stable price point of $214.06, thereby showcasing a minor value gain of around 1.45% since yesterday afternoon. As is clear from the chart below, ETH has finally found some stability after having dipped below the $200 threshold around a week back. However, as an overall bearish sentiment continues to loom large over the global crypto sector, it is still unclear as to what the future really has in store for Ether at this point.

Korean Exit Scam Makes Way With Around $2.7 Million Worth of ETH

The crypto industry is known to be plagued with a number of scams that are designed to rip off unsuspecting investors of their hard-earned money. In this regard, it is now being reported that a South Korean crypto startup has pulled off an exit scam wherein the owners of the firm were able to steal thousands of Ether tokens from their initial backers.

According to local media outlets, PureBit, a firm that promoted itself as being a crypto exchange platform, was able to procure a total of 13,000 Ether (ETH) before the owners swiftly transferred the received ETH into their personal wallets.

Decentralized Exchanges Witness Drop in Daily Trade Volume Following the SEC’s Latest Regulatory Actions

After reports of the SEC taking stringent action against EtherDelta starting surfacing all over the internet, it is now be being said that a lot of crypto traders are shying away from using decentralized crypto trading platforms till they hear more from the regulatory body regarding its future plan of action in relation to DEXs.

According to the SEC, the folks over at Etherdelta were illegally indulging in activities related to securities trading— something which the government body found to be in direct violation of its existing rules of conduct.

Final Take

While the ETH ecosystem has been facing a lot of backlash from investors over the past couple of weeks (especially regarding its failed Constantinople Hardfork), people like Eric Vorhees, the CEO of ShapeShift, still continue to view the premier digital asset as a force to reckon with in today’s digital currency market.

At the time of writing this article, Ethereum possesses a total market cap of USD $21.9 Billion.


Shiraz is a cryptocurrency journalist and analyst living in Melbourne, Australia. When not exploring the emerging blockchain ecosystem, he loves to play the blues and dabble in the world of meditation.


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