logo-loader

Daily CryptoCann Report: CryptoKitties creator faces lawsuit; Traffickers sell cannabis to undercover police

Published: 05:22 26 May 2018 AEST

CryptoKitties
Starcoin is suing the game creator for stealing trade secrets

The cryptocurrency market is ending the week on a negative note with all five of the top coins in the red.

Bitcoin Cash (BCH-USD) was the top decliner of the day, down more than 6% to US$1,006.68.

EOS (EOS-USD) was down more than 5% to US$12.10 followed by Ripple (XRP-USD) which was down nearly 5% to US$0.59.

Ethereum (ETH-USD) was down nearly 4% to US$582.16 while Bitcoin (BTC-USD) was down nearly 2% to US$7,440.64.

Axiom Zen, the creator of blockchain-based game CryptoKitties in which users can collect virtual cats, is facing a lawsuit from Starcoin, according to a CCN report. The company is accused of violating a non-disclosure agreement and stealing trade secrets, causing Starcoin to lose potential investors. The San Diego-based company claims that the game creators stole its idea to create a collectible digital figure based on NBA star Stephen Curry.  AxiomZen said in a statement that there is no merit to the claim, but the “CurryKitties” campaign has been suspended for now.

READ: Daily CryptoCann Report: Ashton Kutcher donates US$4mln in Ripple; The Garden State faces a marijuana shortage

A total of US$1.2bn in cryptocurrency has been stolen since 2017, according to a report by the Anti-Phishing Working Group. Less than 20% of the amount stolen has been recoverd. In an interview with Reuters, crypto security firm CipherTrace’s CEO Dave Jevans said that the European Union’s new General Data Protection Regulation may make it more difficult to catch crypto thieves as it will restrict access to certain information. The GDPR law went into effect on Friday.

The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, saw a more than 2% decline.

Undercover police officers in France arrested two men attempting to sell them around 150lbs of marijuana, according to a Newsweek report. The traffickers approached the unmarked police car after mistaking the officers for the contact people waiting for the drugs. The police found two bales in the trunk of the car, each containing around 75lb of cannabis resin, or hasish, wrapped up in 3oz packages. France has strict drug laws with traffickers facing serious sentencing, including life in prison.

Liberty Health Sciences Inc (CSE:LHS, OTCQX:LHSIF) has signed an agreement with MM Technology Holdings LLC to be the exclusive provider of Mary’s Medicinals cannabis products in Massachusetts. The brand creates alternate methods of delivery, including transdermal cannabis patches. The brand also offers topical gels and vape pens. Shares of Liberty Health Sciences were down more than 2% to US$0.68.

Poseidon Nickel signs binding agreement with Mineral Resources to divest...

Departing Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) CEO Craig Jones and incoming CEO Brendan Shalders join Proactive’s Jonathan Jackson to discuss the divestment of Lake Johnston to Mineral Resources Ltd (ASX:MIN). Jones, who has played a pivotal role in this strategic move, shared insights on...

4 minutes ago