Kathleen Moriarty was unable to help the Winklevoss twins get regulatory approval to sell bitcoin exchange-traded funds. That’s because she’s a lawyer and financial superhero, not a magician.
Moriarty is dubbed Spiderwoman because she helped pioneer the first Standard Poor’s Depositary Receipts, abbreviated SPDR and pronounced “spider.” Her ability to get the green light for what were then a new type of ETF made her the perfect person to get the Winklevoss Bitcoin Trust off the ground.
Unfortunately for Moriarty and for Cameron and Tyler Winklevoss, the SEC hasn’t budged , and a hack last week of the Hong Kong-based Bitfinex indicates yet another reason why, writes Bloomberg Intelligence analyst Eric Balchunas.
To be clear, it’s not the Winklevosses or their trust that were hacked, and there’s no suggestion that there are any security vulnerabilities at their proposed fund.
More than 119,000 bitcoins were stolen from Bitfinex, with a value of about $65 million, prompting the company to reduce all of its account holders’ balances by 36 percent, it announced Sunday. And that’s just the latest hack in a series of bitcoin-related disasters. More