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Hacker
As we celebrate a quite successful 2019 in the crypto industry and enter the 
nsew: year  with new hope, hacks and scams across the industry remain a 
problem we have to face  2020. Centralized exchanges and custodial wallets 
were the most targeted institutions  across 2019 with investors losing over 
$500 million in the process. Remember Satoshi’s  words in 
the Bitcoin whitepaper released in 2008: “What is needed is an electronic 
pay-  ment system based on cryptographic proof instead of trust, allowing any 
two willing par-  ties to transact directly with each other without the need for 
a trusted third party.” The  transaction of 
cryptocurrency through exchanges and custodial wallets breaks this very  
important rule. Remember, not your keys! Not your coins.
CURRENT STATE 
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Key 
The digital currency space has seen rapid growth and expansion in 2019, 
wPithl haeigyht-e  enreds int:erest from governments and global corporations. 
Cryptos recovered from the  2018 bear market, when with Bitcoin crashed to 
as low as $3,800. The blockchain  sector has seen exponential growth in 
2019, as it became recognized by governments  and institutions around the 
world as a transformative technology. This year, blockchain  adoption 
reached new highs as it continued to find new use cases. News broke with an 
 array of exciting blockchain-related developments, with the United Nations-
led Inter-  national Organization for Migration launching a blockchain tool to 
prevent the ex-  ploitation of migrant workers, and Chinese President Xi 
Jinping giving a seminal public  endorsement of blockchain technology. 
When asked about Crypto in the new year,  Erik Voorhees, founder and CEO 
of ShapeShift, a Swiss-based instant crypto exchange  said “For 2020, I’d like 
to see perception of crypto assets return back to a balanced  state. By this I 
mean, in 2017 every crypto in existence was worth a gazillion dollars  (which 
was crazy), and in 2018/2019, there has been a similarly overly pessimistic 
view  (anything other than Bitcoin is worthless).
ADOPTIO
The next decade will be critical and formative years for how digital currencies 
Nare i:mple-  mented and regulated around the globe. The European 
Union is shaping up to be an epi-  center for the cryptocurrency space, and it 
could dominate the conversation early next  year. However, crypto-based 
companies operating in its member countries are in a battle  for their 
existence, as the Fifth Anti-Money Laundering Directive (AMLD5) comes into 
exis-  tence in two weeks. Expected to be enacted on January 10, 
2020, AMLD5 imposes strin-  gent financial data reporting responsibilities on 
cryptocurrency firms. Several EU-based  cryptocurrency firms 
have already shuttered their services, citing the incoming regulato-  ry 
measures. These include British payment processor BottlePay and Dutch 
cryptocurren-  cy mining platform Simplecoin.
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