Business Angels Rush To Invest In Crypto Start-Ups

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Funding cryptocurrency and blockchain start-ups took off in the UK last year as record amounts of cash were poured in by investors.

New data from Pitchbrook and London & Partners shows new companies secured more than £200 million from investors.

One of the largest pitches was from blockchain software developer Bitfury for £61 milllion.

The surge in interest from business angels easily beat the £19.11 million raised in 2017 and the £51.96 million in 2016.

Technology start-ups grabbed £2.49 billion investment from all sources last year, with £1.88 billion (72% of the total) going to the capital.

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London has also seen more money flood in than other European tech hubs such as Berlin, Paris and Stockholm.

London’s Deputy Mayor for Business, Rajesh Agrawal, said: “These figures demonstrate that London is going from strength to strength as a global hub for technology, innovation and creativity.

“The fantastic success of our tech sector is rooted in our city’s openness and our diverse, international talent pool. Regardless of the outcome of Brexit, London will remain open to innovation, talent and investment from all over the world.”

51% attack targets Ethereum Classic

Investors have lost around 41 million in a 51% attack on Ethereum Classic.

A 51% attack is when a cryptocurrency miner snatches more than half of the network to rewrite blockchain data.

The malware attack was suspected to be aimed at exchanges, but only Gate.io has admitted losing funds.

Most other exchanges have suspended Ethereum Classic transactions pending a review of the attack.

Surprisingly, the security breach has seen little reaction from the markets, with the price of Ethereum Classic moving around 4% to $4.62.

Elsewhere, cryptocurrency traders have spotted a Dash miner has earned more than $2.2 million by uncovering more than 53% of new Dash coins since September.

The holding is allegedly split across three accounts – and possibly a fourth.

“It is possible someone could try to perform a 51% before DASH implements their chainlocks. The actor could start right away. Anyone offering a service with DASH must keep an eye on the chain as long as this doesn’t change and be very careful,” said one analyst on Reddit.

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