MVIS and CryptoCompare have launched the MVIS CryptoCompare Benchmark Rate (BBR), a rules-based index that covers the highest-ranked exchanges in CryptoCompare’s Exchange Benchmark. At launch, these include Bitstamp, Coinbase, Gemini, itBit, and Kraken.

CiperTrace has published a report revealing cybercriminals have, in the first five months of this year, already stolen $1.4 billion worth of cryptocurrency.

Civil, a ConsenSys-backed startup that aimed to decentralized the funding and “vetting” of journalism, is shutting down after four years in the space.

Top stories in the Crypto Roundup today:

• MVIS and CryptoCompare Launch the MVIS CryptoCompare Bitcoin Benchmark Rate
• Cybercriminals Have Stolen $1.4 Billion Worth of Crypto so Far This Year
• ConsenSys-Backed Startup Civil Shuts Down After Four Years

At the time of writing, bitcoin (BTC) is trading at $9,511.46 (-5.88%) with a daily Top Tier volume of $3.59 bn. As for ether (ETH), it is trading at $237.01 (-4.59%) with a daily Top Tier volume of $1.93 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,205.53 (-1.44%).

MVIS and CryptoCompare Launch the MVIS CryptoCompare Bitcoin Benchmark Rate

MV Index Solutions GmbH (MVIS) and CryptoCompare have announced the launch of the MVIS CryptoCompare Bitcoin Benchmark Rate (ticker: BBR), an index designed to offer a robust hourly price for Bitcoin in USD.

BBR is a rules-based index that covers the highest-ranked exchanges in CryptoCompare’s Exchange Benchmark. At launch, these include Bitstamp, Coinbase, Gemini, itBit, and Kraken. The index serves as a reference rate for funds, asset managers, and exchanges who want to build financial products on bitcoin, including derivatives and ETPs, using a robust index. The index is based on an average of quantity weighted median prices.

SEBA Bank AG, the Swiss bank for digital assets and cryptocurrencies specializing in investments, trading, and custody, was closely involved in the development of the reference rate and will use it to launch innovative products for the market. Daniel Kuehne, Head of Asset Management at SEBA, said:

“It is essential for derivatives on cryptocurrencies to have a representative reference rate which is robust against market distortions and manipulations.”

MVIS Managing Director Thomas Kettner noted the firm is pleased to “launch this index, which is designed to provide a price for bitcoin which is hard to manipulate.” CryptoCompare co-founder and CEO Charles Hayter said the firm is pleased to “offer investors a premium tool to better measure the performance of their Bitcoin exposure.”

Cybercriminals Have Stolen $1.4 Billion Worth of Crypto so Far This Year

Digital asset intelligence firm CipherTrace has released a report revealing that so far this year cybercriminals have managed to steal $1.4 billion worth of cryptocurrency. Cybercriminals are, as such, on track to make 2020 a record year, potentially surpassing the $4.5 billion stolen in 2019.

According to CipherTrace, there was an uptick of “insider jobs” at cryptocurrency-related businesses this year that led to an increase in theft. The firm also noted bad actors are capitalizing on the coronavirus pandemic to propagate phishing and ransomware campaigns to steal crypto.

These campaigns include emailing unsuspecting victims while posing as renowned organizations – including the World Health Organization and the Red Cross – to ask for cryptocurrency donations. Websites covering COVID-19 are also filled with malware helping attackers steal funds.

On the dark web, CipherTrace added, vendors are selling fake coronavirus vaccines and cures. Out of the $1.4 billion stolen so far this year, $1.3 billion were stolen via fraud and misappropriation, not hacks or direct theft.

ConsenSys-Backed Startup Civil Shuts Down After Four Years

ConsenSys-backed crypto startup Civil, which aimed to decentralized the funding and “vetting” of journalism, is shutting down after four years in the space. The company’s website now shows a message from CEO Matthew Illes, where he wrote:

“We built innovative technology, supported award-winning journalists, and inspired many people all over the world with our vision for a more participatory media landscape. But ultimately, we failed to sustain ourselves independently.”

Civil’s goal was to create a “self-governing marketplace” for journalism using blockchain technology. It raised $5 million from ConsenSys in 2017 and gained traction with the Associated Press and Forbes, before spiraling down in a series of failed initial coin offerings.

The Civil team will now work at ConsenSys to keep on developing decentralized identity software for the Ethereum network. The Civil Registry and Civil tokens are “open-source and operational, but there will be no further active development of management on our part.”

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