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CryptoCann™ Report: US Senator Elizabeth Warren speaks out against crypto; Cannabis consumers celebrate Halloween with spooky strains

Senator Warren stated that she believes crypto is easy to steal and expressed concern that investors were being scammed via initial coin offerings
Pumpkins and gourds surrounded by smoke
Leaf Science compiled a list of Halloween cannabis strains, including Frankenstein and Black Widow

The Crypto Report

The Senate Banking Committee held a hearing on cryptocurrency Thursday with several senators speaking out against digital assets.

Senator Elizabeth Warren (D-MA) stated that she believes cryptocurrency is easy to steal and expressed concern that investors were being scammed via initial coin offerings, as per a Forbes report.

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“The challenge is how to nurture productive aspects of crypto with protecting consumers,” said Warren.

While senators acknowledged that crypto and blockchain can be useful tools in the world of financial services, the volatility and security concerns may outweigh the benefits.

The senators’ concerns aren’t entirely unwarranted.

Losses stemming from crypto hacks have risen to nearly US$1 billion so far this year, according to a report from blockchain security company CipherTrace shared by CoinDesk.

A total of US$927 million has been stolen by hackers in the first nine months of 2018, which is 3.5 times higher than the US$266 million stolen in 2017.

Japanese exchange Coincheck had US$530 million worth of digital assets stolen, making it the largest heist of the year.

CipherTrace predicts that the total amount will exceed US$1 billion by the end of the year.

The Cann Report

The countdown clock is ticking away as marijuana legalization heads to Canada next week.

Ahead of the legalization, Facebook Inc (NASDAQ:FB) has decided to lift its block on cannabis-related search results, as per a MarketWatch report.

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The social media giant had enacted the ban in an attempt to prevent illegal marijuana sales through the platform.

“We are constantly working to improve our search results so that we minimize the opportunity for people to attempt illicit drug sales while showing content that is allowed on Facebook and is relevant to what you are searching,” said Facebook spokeswoman Sarah Pollack in an emailed statement to MarketWatch.

Cannabis-related pages that have received the company’s verification check mark will now show up in search results. Businesses need to provide a publicly-listed phone number and other information as part of the verification process.

Facebook pages for Canadian government entities and advocacy or industry groups will now be accessible via searching for cannabis-related terms as well.

Cannabis connoisseurs with a love for Halloween are in luck this October.

Marijuana publication Leaf Science compiled a list of 10 spooky strains to celebrate the season. The list includes strains named after Spiderman villain Green Goblin, real-life villain Jack the Ripper, Frankenstein’s monster and the deadly Black Widow spider.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

Join our Crypto, Blockchain and Cannabis Telegram group here

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