UPDATE 2-S.Korea’s Bithumb loses $32 mln in digital money heist, bitcoin falls

* S.Korea exchange Bithumb says system was hacked overnight * Bitcoin down about 70 pct from peak in Dec 2017 * Bitcoin extends losses to trade at $6,612.92 (Adds security expert comment, other details) By Cynthia Kim and Joyce Lee SEOUL, June 20 (Reuters) – South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset. 

UPDATE 1-Square obtains NY State cryptocurrency license

(Adds details on approval, context) By Anna Irrera NEW YORK, June 18 (Reuters) – Square Inc, the payments company founded by Twitter Inc CEO Jack Dorsey, has obtained a license to offer New York state residents the ability to buy and sell bitcoin through its Cash App, the company said on Monday. 

CORRECTED-Swiss crypto firm says gets licence to distribute funds

(Changes headline and first paragraph to clarify nature of approval) By Brenna Hughes Neghaiwi ZURICH, June 18 (Reuters) – Zug-based Crypto Fund AG said on Monday it had received a licence from the Swiss authorities to distribute funds (not to operate as an asset manager for crypto funds), saying it was the first time a crypto firm had been granted such permission. 

The bigger Cryptocurrencies get, the worse they perform – BIS

LONDON, June 17 (Reuters) – Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS)said on Sunday in its latest warning about the rise of virtual currencies. 

With jobs short but power cheap, Kosovars get mining – cryptocurrency

* Cheap electricity makes computing power more accessible * Few job prospects for young people in poor corner of Europe * Industry continues despite fall in bitcoin’s value By Fatos Bytyci and Maja Zuvela PRISTINA/SARAJEVO, June 15 (Reuters) – What do you do in Kosovo, one of Europe’s poorest countries, if you’re unemployed but young, computer-savvy and proficient in English?