The Crypto Report
Cryptocurrency thefts are on the rise this year with exchanges like Bithumb and Coinrail losing millions at the hands of hackers.
A California teen was arrested for allegedly stealing more than US$1mln in Bitcoin via a cellphone hijacking scheme, as per a CoinTelegraph report.
The teen reportedly used a “SIM swapping” technique, a process in which hackers have telecom providers transfer a person’s phone number to a SIM card and then use the phone number to reset passwords on cryptocurrency exchange accounts.
Photos of the hacker’s spoils, including a 2018 McLaren luxury sportscar, were reportedly posted to Instagram.
A US investor and co-founder of an angel group for Bitcoin investors sued AT&T for US$224mln earlier this month when his cryptocurrency was stolen via a similar scheme. He argued that the wireless carrier was complicit in the theft by not following the proper safety measures to transfer his information.
The Cann' Report
Solis Tek Inc (OTCQB:SLTK), a horticulture lighting specialist, welcomed a famous face to its board of directors.
Peter Najarian, a contributor to CNBC’s “Halftime Report” and “Fast Money”, will join the board of the cannabis tech company.
“With my experience in capital markets, I am positioned to provide knowledge that will help Solis Tek achieve its mission to bring safe, consistent and quality products to patients and legal consumers,” said Najarian in a press release.
Tiffany Davis, Solis Tek’s chief operating officer, will also a new addition to the board.
An RBC Capital Markets analyst estimated that the legal cannabis market in the US could be worth US$47bn within a decade, as per a Business Insider report.
Analyst Nik Modi said recreational use, particularly concentrates and edibles, is driving the market’s growth.
"Estimates already suggest that the US category alone is $50 billion, which compares to spirits $58 billion, wine $65 billion, and beer $117 billion," wrote Modi. The US$50bn estimate includes illegal sales as well.
The analyst praised Constellation Brands Inc’s (NYSE:STZ) recent US$4bn investment in Canadian cannabis company Canopy Growth Corp (NYSE:CGC), saying that more companies should have “the foresight to invest in future revenue streams.”
Cannabis-focused private equity firm CannaRoyalty Corp (CNSX:CRZ) reported its second-quarter results.
The Ontario-based company reported earnings of C$0.18 per share on revenue of C$3.5mln
Back in the US, MedMen Enterprises Inc (OTC:MMNFF) signed a deal granting the cannabis company the use of the Woodstock name.
The company has the right to manufacture and distribute Woodstock branded cannabis products in six states, including California and Nevada.