Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
SushiSwap DeFi ‘Vampire’ Sucks $1 Billion From Uniswap
The Uniswap fork known as SushiSwap has successfully migrated to its own protocol and drained over a billion dollars from the token swapping platform it spawned from in the process. Is this the new normal for proceedings in the DeFi sector?
The much-hyped SushiSwap platform has pulled off its protocol migration, successfully draining Uniswap of liquidity. It has been referred to as a DeFi vampire, and for good reason. The move highlights that DeFi is driven by choice, and avaricious yield farmers clearly wanted more Sushi. What do you think about this? You can read more by clicking here.
Investment Celebrity Jim Cramer Allegedly Investing in Bitcoin
Popular crypto analyst Anthony ‘Pomp’ Pompliano has claimed to have convinced investment guru Jim Cramer to buy Bitcoin.
Cramer’s Mad Money television show has over 200,000 daily viewers, and the announcement did coincide with a small rally—but is Jim Cramer influential enough to galvanize markets? To read the full article, click here.
Cream Finance Launches ‘Swap’ as Latest DeFi Food Token Surges 60%
DeFi aggregator Cream Finance is taking aim at Uniswap with a new automated market maker (AMM) called ‘Swap,’ but it could be entering an already overcrowded market place. Token holders, on the other hand, don’t seem vexed as CREAM has surged 60% on the day to an all-time high.
Cream Finance launched with little fanfare in early August 2020 with the primary goal of fostering an open and inclusive financial ecosystem, based on Compound Finance from which it forked. To read more about this story, click here.
Binance Temporarily Crashes Due to Gateway Issue
The crypto industry’s leading exchange Binance went down temporarily on Thursday. For around an hour, it wasn’t possible to access the platform via an internet browser or its mobile application.
This caused mild panic among crypto investors, although many noted that this was not the first such occurrence. Do you use Binance? You can read more about this story and the reaction by clicking here.
Slovakian Exchange Hacked, Loses Over $5 Million Worth of Cryptoassets
Another cryptocurrency exchange has been hacked, adding to what has become a long list of incidents.
This time the target was a lesser-known Slovakian exchange called Eterbase, where early Tuesday morning, hackers gained access to the exchange’s ‘hot’ wallets. The attackers successfully compromised a few internet-connected wallets from which the exchange received deposits and sent its withdrawals.
According to statements on Eterbase’s Telegram channel, the hackers raided its wallets for Bitcoin, Ethereum, XRP, Tezos, Algorand, and TRON, making off with over $5.4 million. The exchange has reported the incident to law enforcement. To read the article in full, click here.
Crypto.com Launches New Spanish App, Lat Am Expansion Continues
Crypto.com has announced the launch of the Spanish version of its app following the recent launch of the French version.
The move signifies the increasing importance of Spanish speakers primarily located in Latin America. In a statement released on its website, the firm explains that it intends to penetrate this market, which has over 500 million people. It continues to chase growth after hitting 3 million users in July. You can read more about this update by clicking here.
Peter Schiff Claims Bitcoin Is Back in a Bear Market
Gold bug Peter Schiff believes that bitcoin’s recent fall signals the start of a new bear market. In response to a tweet by Gemini Co-Founder Tyler Winklevoss, Schiff, who is the CEO of Euro Pacific Capital, credited bitcoin’s surge over the past two months to a spillover effect from gold and a fortuitous television ad campaign.
Do you agree or disagree with this? You can read more about this story by clicking here.
Singaporean Man Pleads Guilty to Stealing $360,000 From Bitcoin Buyer
A suspect in a robbery case involving Bitcoin has pled guilty in a Singaporean court. The robbery in question is the latest incident in what has become a long list of crypto-related thefts.
According to research by CipherTrace, hackers, thieves, and fraudsters had already stolen $1.4 billion worth of cryptocurrency in the first half of 2020. In this case, Syed Mokhtar Syed Yusope is accused of participating in a fake bitcoin deal that cost the victim $360,000. On Wednesday, he pleaded guilty in a Singaporean district court to theft charges according to a report from local outlet The Straits Times. To read more about this, click here.
IRS Offers $625K Bounty to Break Monero or Lightning Network Privacy
The US Internal Revenue Service is offering up to $625,000 to anyone who can successfully trace either Bitcoin Lightning Network or Monero transactions. Submitted last week, the request notes a rise in the number of both legal and illicit uses of such privacy-enhancing tools.
The agency stated that the goal of the bounty is to promote innovative responses to challenges facing law enforcement. It notes that the so-called Pilot IRS is very different from the way the government traditionally buys technology. To read more about this story, click here.
Bitcoin Still ‘Best Manifestation’ of Internet-Native Currency, Says Twitter CEO
Jack Dorsey, the CEO of social networking giant Twitter, has reiterated his belief in Bitcoin. The entrepreneur stated that the leading digital asset remains best-positioned to serve as the internet’s native currency.
Dorsey has been a vocal supporter of Bitcoin for several years now. His second company, Square, has offered trading of the digital currency since late 2017. To read more about this, click here.
Russian Blockchain Voting Code Published on GitHub
The source code for a Russian remote electronic voting system has been published on GitHub. With the code available on the popular IT and software development portal, engineers can audit the system. As the controversy surrounding mail-in voting for the upcoming US presidential election, there has never been a better time to test remote blockchain voting.
What do you think about this? You can read the full article by clicking here.
Square Crypto’s Patent Pledge Isn’t the First of Its Kind
Square Crypto is taking a page out of the book of Satoshi Nakamoto and launching a new entity that will hold its bitcoin-related patents. Jack Dorsey, who is at the helm of both Square and Twitter, tweeted the announcement to mostly cheers and applause from the crypto community — but not everyone is convinced of its originality or its purpose.
To read more, click here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!
