Wednesday, September 30, 2020

Crypto News from the world: Week in review, 7th September

The Takeaway:

This article focuses on the highlights of the cryptocurrency industry in the last week. Miss nothing and stay acquainted with the weekly global crypto trends.

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The cryptocurrency revolution is finally gaining the attention it deserves. The steady evolution of industry drives innovation and expansion of its use cases. Weekly advancements in the crypto world are collated in the Chaintimes Week in review.

 

Electrum Bitcoin wallets infected with Glupteba

In the latest news, a malware named Glupteba was found by developers in the system of people who were using Electrum Bitcoin wallet. This malware works as a browser history stealer and router exploiter.

The malware would drop these two systems that would continue their work by accessing the browser history of the user to get cookies, account names, and passwords. Once these are found, the router would help the attackers to route the malicious traffic to the system and hide the correct IP address.

 

Is Bakkt behind the billion-dollar whale?

Recently, a whale alert website discovered a huge transaction that took place which involved billions of dollars worth of Bitcoins that were sent from multiple addresses to a single address.

There are rumors in the crypto community that the transfer of 94,500 BTC can be linked to Bakkt. Bakkt announced earlier about the launch of Bakkt Bitcoin Futures which would offer physically-settled futures contracts.

 

NYDFS approves Binance and Paxos’ stablecoin: BUSD

Binance and Paxos have teamed up to launch a USD backed token known as Binance USD(BUSD) next month. New York State Department of Financial Services has approved the distribution of the token.

BUSD will be listed on Binance exchange, and Paxos will act as the custodian and issuer of the token. The beginning trade allowed for the stablecoin will be in exchange for BNB, Bitcoin, and XRP.

 

China appoints a new head for the digital currency department of Central Bank

China is involved in a launch race with Facebook’s Libra, and they have taken a step ahead by appointing a new head for the digital currency department of Central Bank.

Mu Changchun is appointed as the new head and will replace Yao Qian, who was the first director of PBoC. The research department of digital currency was set up in 2016 to study the possibility of issuing a centralized digital currency as the commercial ones were gaining popularity.

Mu Changchun last month stated that the digital currency is almost ready and a pilot program will be started on digital currency research as part of Beijing’s plan to become a model city.

 

Winklevoss twins announce the launch of a trade settlement service- Gemini Clearing

A new platform is introduced for the people who deal with off-exchange trading or over-the-counter crypto trades. Gemini Clearing is a platform that allows the users to settle the OTC trades between Gemini accounts.

OTC trades are either arranged between two parties or are carried out with the help of a third party. Gemini Clearing helps in providing regulated clearing and settlement services for such trades.

 

Swiss National Bank is not sold on stablecoins

President of the Swiss National Bank, Thomas Jordan, (SNB) believes that stablecoins backed up by foreign currencies can hamper the monetary policy of Switzerland.

Jordan further explained that a Swiss franc stablecoin wouldn’t have an immediate impact on the Swiss monetary policy. However, if the public was given access to a digital currency issued by the central bank, this could pose a threat to the financial stability of the country.

 

Bullish Bitcoin Predictions

BTC saw a massive surge in the price in the last few weeks of July, but since then, it has been struggling to maintain a stable trend throughout the month of August. Peter Brandt, however, predicted that Bitcoin had entered its 4th parabolic phase and BTC will soon see a bullish trend.

Similarly, BitMEX CEO, Arthur Hayes from the top of the mountain, took the news to his Twitter and predicted that Bitcoin would rise towards the $20,000 mark as it climbs higher in the coming month.

 

Billion-dollar whales can initiate and maintain a 51% attack- Nick Szabo

Nick Szabo is a cryptographer and cryptocurrency researcher. He recently hinted that a 51% attack could take place due to massive BTC transactions.

He pointed this out in light of the 94,500 BTC transaction between unknown wallets and urged people not to tempt faith with this level of trust. 

 

Kingpin scammer killed by his minions

Abdul Shakoor, the mastermind behind a 458Cr Bitcoin scam in India was found dead in Dehradun. Police have arrested five members of the core team who allegedly killed the man.

During the questioning, the accused mentioned how Abdul was deceiving his partners and told them that his Bitcoin account got hacked. They didn’t believe him and decided to torture him to get the password of the account but this lead to Abdul’s death. Police are further investigating the matter to get more details.

 

Binance bootlegs its Futures documents from BitMEX’s

Binance recently embarrassed themselves when they posted the Testnet Futures launch which in reality is the plagiarised version of BitMEX’s documents.

BitMEX, in a tweet, congratulated them for copying their work by saying “glad to see you enjoyed reading our documentation as much as we enjoyed writing it.” These documents were word-to-word copied from BitMEX’s documents. Later on, Changpeng Zhao accepted the mistake and promised to get it fixed.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Charles Carter
Charles Carter
Charles is an experienced researcher with a Master of Public Administration degree from Humber College, Canada. Apart from being fascinated about blockchain and cryptocurrencies, he loves to drive around the town in his collection of cars.

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