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!
PayPal Removes Waitlist, Fully Launches Crypto Services in the US
On Thursday, PayPal announced the end of its waitlist to buy, hold, and sell cryptocurrency in the United States.
The ability to use PayPal to transact in crypto was already partially available in the US before yesterday, but the company had been onboarding interested customers via a waitlist.
With the update, customers will no longer have to wait for a spot to open and they can now purchase cryptocurrency straight from their PayPal accounts. To read more about this story, click here.
Binance CEO: China’s Lead in CBDC Development to Make Digital Yuan More Dominant Currency
Binance CEO Changpeng Zhao, in an interview with Bloomberg on Nov. 13, offered his thoughts on the state of regulation, among other topics. CZ spoke of CBDCs, which have gained attention in recent months. Several central banks have begun research and development into CBDCs, most notably China.
CZ said that the first CBDC will have a head start, with the chance to attract large international usage and volumes. This in turn, he expects, will put pressure on other countries to develop their own CBDCs. To read more about this story, click here.
Akropolis Reportedly Hacked for $2M in DAI Stablecoins
Decentralized finance (DeFi) protocol Akropolis has reportedly been hacked, with the attacker making off with $2 million in DAI tokens. The project assured users that staking pools remained safe. According to the company, the hack only affected the Y and sUSD Curve savings pools.
The attacker executed consecutive targeted exploits on Akropolis’ Curve savings pools. Apart from the batched attacks, the suspected hacker also drained the pool of $2 million in DAI tokens, which was transferred to a different address. As of press time, the stolen funds remain in this second account. To read more about this, click here.
Munich to Trial Blockchain-Based Smart City Commute
Datarella, in partnership with Cambridge-based Fetch.ai and Munich-based RAAY RE, has launched the trial of its blockchain-based, smart-city infrastructure solution, M-Zone, on November the 12th in Munich.
To read more about this, click here.
Security Incidents Cost Cryptocurrency Investors $7.6 Billion Since 2011: Crystal Report
Cryptocurrency analytics firm Crystal has published a report detailing all of the major security breaches, fraudulent activity, cyber-terrorism, and scams in the crypto space since 2011.
According to the report, since the emergence of cryptocurrency markets, 113 security attacks and 23 fraudulent schemes have resulted in the theft of approximately $7.6 billion worth of crypto assets. As noted by a press release announcing the report, that’s comparable to the GDP of Monaco.
The report highlighted a handful of key findings, including the most common locations for exchange security breaches. To read more about this, click here.
DeFi Value Locked Tops $13 Billion While Tokens Race to Recover
The total value locked across all decentralized finance (DeFi) protocols has reached an all-time high of $13 billion while their native tokens continue their recovery.
The DeFi sector has resumed its bullish momentum in terms of total value locked (TVL), which has hit a new record high of $13 billion as reported by DeFi Pulse. The metric has increased by over $2 billion since the beginning of November and is up a monumental 1,800% since the beginning of the year. To read more about this? Click here.
UK Regulator to Embrace Stablecoins and CBDCs Post-Brexit
With the UK’s exit from the European Union (EU), the government says it’s looking towards stablecoins, central bank digital currencies (CBDCs), and other emerging financial technology innovations.
London’s place as a strategic global financial launchpad is expected to face significant strain following the UK’s withdrawal from the EU. Consequently, the country’s government will look inwards to devise strategies to maintain its competitiveness in the global financial scene. To read more about this, click here.
Uniswap TVL Approaches $3 Billion While Token Farming Nears Conclusion
Cryptocurrency collateral locked up on Uniswap, the world’s most popular decentralized exchange, has hit an all-time high and is very close to breaking the $3 billion milestone.
Uniswap’s total value locked, which is a measure of crypto collateral in dollar terms, is at an all-time high of $2.84 billion according to metrics from DeFi Pulse.
It is the top ranked DeFi protocol in terms of TVL, leading crypto stalwart MakerDAO which has $2.15 billion in value locked. Uniswap has the greatest market share as a result with just under 23%. To read more, click here.
US DoJ Seizes $1 Billion in Bitcoin Hacked From Silk Road
When $1 billion in bitcoin (BTC) moved on Nov 3, 2020, from a Silk Road wallet, speculations were aplomb. The US government soon revealed that they had taken the bitcoin in the largest cryptocurrency seizure in history.
The DoJ moved over 69,000 bitcoin that had once belonged to Silk Road founder Ross Ulbricht. The Texan spearheaded the Silk Road and was convicted on drug and money laundering charges in 2015 to life in prison.
The Silk Road was an online illicit drug and a weapon market where most of the business was conducted in bitcoin. When the US DoJ shut down the site in 2013, it introduced Bitcoin to a large portion of the American public. To read more about this, 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!
