Wanchain

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 11

Published by Liam on

reHash issued for November 27th to December 3rd

Welcome to the eleventh issue of reHash. We have reached all time high price this week on Bitcoin (although very slightly and for a very short time — still counts!). That is probably one piece of news that most of you already know. However, several other things have happened, and laconic pieces of information on them — you can find below. I hope you enjoy!

NOTE:
reHash is not intended to be original journalism. It is intended to be a brief summary of significant articles and events from the past week with links to the original sources. Sources will always be linked and credited. If you know any good newsletters or Twitter accounts which provide news we have been missing, please mention them in the comments!*

ADOPTION

  1. The largest state-owned bank of Russia — Sberbank will launch a crypto ‘experiment’ with JP Morgan; they may issue their own cryptocurrency called ‘Sbercoin’ in 2021;
    SOURCE: 1, 2, 3, 4, 5

  2. Circle and Visa have announced partnership; Circle was added to the fast track program of Visa; this could mean that in the future there will be a Circle-Visa cryptocurrency credit card that will allow the users to spend USDC; other use could be cross-border payments which would be much cheaper to use than currently
    SOURCE: 1, 2, 3, 4, 5

  3. In Venezuela all Pizza Hut locations have started to accept cryptocurrency payments; it partnered with Cryptobuyer, a cryptocurrency payment processor; customers can pay using Bitcoin, Dash, Ethereum, Binance Coin, Litecoin and XPT (Cryptobuyer own token); Pizza Hut is trying to go hand in hand with technological innovation, [using] what technology offers … to be able to maintain ourselves and evolve in the market,” as per the CEO of Pizza Hut in Venezuela
    SOURCE: 1, 2, 3, 4

  4. Saudi Central Bank (SAMA) and Central Bank of the United Arab Emirates (CBUAE) have announced the results of “Aber” Project; Aber Project’s goal was to study and ““contribute in the body of knowledge in CBDC and DLT technologies.”; the test included both local and international settlements between 6 banks in two countries
    SOURCE: 1, 2, 3, 4, 5

  5. S&P Dow Jones will launch cryptocurrency indexes in 2021; it will use data provided by Lukka (a New York-based virtual currency company) on more than 550 top traded coins; “With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks,” said global head of innvocation and strategy at S&P Dow Jones Indices — Peter Roffman
    SOURCE: 1, 2, 3, 4

  6. Guggenheim Macro Opportunities Fund, a subsidiary of a $275 billion company, has filed an amendment to the SEC to allocate over $500 million for cryptocurrency investment; the investment would be done via Grayscale GBTC
    SOURCE: 1, 2, 3

REGULATION

  1. South Korea delays the 20% cryptocurrency tax until January 2022; it was originally to come into force in October, 2021; any gains would be taxed at 20% if the trader managed to get over 2.5 million won (approx $2250) per year
    SOURCE: 1, 2, 3, 4, 5

  2. Authorities in China have seized over $4 billion in cryptocurrency; the retrieved funds are connected to the PlusToken Ponzi scheme that impacted approximately 2 million people; to date 15 people were convicted in this case; amongst the seized funds were 194,774 BTC (1% of the supply!), 830,000 ETH, 1.4 million LTC, 27 million EOS, 74,000 DASH, 487 million XRP, 6 billion DOGE, 79,000 BCH and 213,000 USDT
    SOURCE: 1, 2, 3, 4

  3. A new Congressional bill — the STABLE Act would require stablecoin issuers in US to be held to the same standards as banks; however unlikely this regulation is to pass — under it any entity trying to be a stablecoin issuer would need to have a banking charter approved by the Federal Reserve
    SOURCE: 1, 2, 3, 4

DEVELOPMENT

  1. Phase 0 of Ethereum 2.0 has successfully launched; the first block was signed “Mr F was here.” — it is a reference to Queen (Mr Fahrenheit) and/or Vitalik’s autograph to the user; first epochs had approximately 82% participation with nearly 97% participation on the newest epochs; over 975,000 Ethereum is already staked — and more are coming daily
    SOURCE: 1, 2, 3, 4, 5, 6, 7, 8

GENERAL UPDATES

  1. Libra has rebranded to Diem; Libra/Diem is a project by Facebook; it wants to distance itself from the original Facebook vision and to be a more autonomous entity; it is slated to launch in a ‘limited’ form in 2021 as a dollar-pegged stablecoin
    SOURCE: 1, 2, 3, 4, 5

  2. Biggest Australian cryptocurrency exchange has leaked data of all its 270,000 users; this potentially exposes the users to phishing attacks; the emails were sent in batches of 1000 and all recipients were openly copied (including full names and email addresses)
    SOURCE: 1, 2, 3

  3. Alexander Höptner will be the new CEO of BitMEX; Höptner previously was an executive for the second largest stock exchange in Germany — Börse Stuttgart; previous executives of BitMEX are facing multiple charges in the US; Höptner commented that “crypto is a very quickly developing market” and with growing adoption and regulations it becomes interesting for “a classical exchange guy like me”;
    SOURCE: 1, 2, 3

  4. A puzzle originally found in the Warsaw metro was solved; one person gained access to an Ethereum wallet containing 7 ETH; several clues were dropped on Twitter to make it possible to decipher; seems it was a marketing ploy for “Become a Blockchain Developer” company organizing series of meetups, workshops and hackathons
    SOURCE: 1, 2, 3

  5. Nearly $100 million of the funds from Bitfinex hack (all funds currently worth $2.3 billion) were moved for the first time since 2016; in August Bitfinex offered 30% for the return of the funds (worth a cool $690 million currently); it was done over 14 different transactions
    SOURCE: 1, 2, 3, 4

  6. Yearn Finance is merging again —now with SushiSwap; they will merge development resources; Yearn will use SushiSwap as the automated market maker for its yield farming strategies; further integrations with other projects by Andre Cronje will be put to YFI’s governance votes
    SOURCE: 1, 2, 3, 4

  7. Another record was shattered in the world of NFT trading when a user of F1 Delta Time has paid approx $223,000 for 5% ownership of a track in game; user paid 9,081,752 REVV (worth over 375 ETH) making it the highest single purchase as a NFT to date
    SOURCE: 1, 2, 3

  8. Compounder, a DeFi protocol, was exploited for $10.8 million; built by pseudonymous programmers was drained for $750,000 worth of WBTC, $4.95 million Ethereum and $5 million worth of DAI; attack relied on development team’s ability to update the pools through the timelock — some weeks ago developers updated the contract that allowed them to withdraw funds at will, vulnerability was not caught by the community
    SOURCE: 1, 2, 3, 4, 5

Thank you, as always, for reading and hope to see you next week! We will have news next week too!

About Wanchain

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.

Website | Documentation | Telegram| Twitter | Newsletter | Blockchain Explorer | Developer Portal