Wanchain

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 13

Published by Liam on

reHash issued for December 11th to December 17th

Welcome to the ‘lucky number 13th’ issue of reHash. 10 years ago Satoshi Nakamoto stopped posting on Bitcointalk forum. Today (Wednesday) we have broken the previous long lived ATH. And then broke it again on Thursday, frankly, we seem to be doing a lot of breaking. So, erm, let’s breakdown this week in crypto into seven minutes. 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. A subsidiary of SBI Holdings — SBI Financial Services has acquired B2C2; B2C2 is a London-based cryptocurrency trading firm, which helps brokerages, exchanges and fund managers make large trades in cryptocurrency; “A lot of people have been dismissive for a long time,”“Bitcoin’s price at an all-time high has put concerns to rest.” — as per CEO of B2C2 Max Boonen
    SOURCE: 1, 2, 3

  2. Ruffer Investment has bought $744 million worth of BTC; it is equivalent to approximately 2.7% of the assets under Ruffer’s management; the investment is meant as a “protective move for portfolios” and to “act as a hedge” against “some of the risks that we see in a fragile monetary system and distorted financial markets.”; the investment was done in November 2020 after Ruffer has decreased its exposure to gold
    SOURCE: 1, 2, 3, 4

  3. One River Digital has pledged to a total of $1 billion purchases of BTC and Ethereum; it is a specially formed arm of One River Asset Management; they already bought north of $600 million, “There is going to be a generational allocation to this new asset class,” Peters said. “The flows have only just begun.”
    SOURCE: 1, 2, 3, 4

  4. Mastercard and Visa have stopped payments to Pornhub over alleged videos of rape and child abuse on the platform; whilst Pornhub already accepted cryptocurrencies before — now it will rely on them solely (among them BTC, BCH, Dash, ETH, ETC, LTC, XRP, etc); Pornhub denies any illegal content on their website calling the New York Times article “irresponsible and flagrantly untrue.”; Pornhub attracts approximately 3.5 billion visits a month;
    SOURCE: 1, 2, 3, 4, 5, 6

  5. Revolut has added four new cryptoccurencies: EOS, OMG, ZRX, XTZ; new additions are available currently only in Europe; the app also supports BTC, ETH, LTC, BCH, XRP and XLM; while users can purchase and trade cryptocurrencies on Revolut, it does not allow them to receive or send the funds out of the Revolut system
    SOURCE: 1, 2, 3

  6. In what might the most pun filled announcement SBF, CEO of FTX has introduced 5 tokenized marihuana stocks; “To be blunt, this is one of the dopest joint listings we’ve done. FTX: blazing a path forward and weeding out the competition.”
    SOURCE: 1, 2

REGULATION

  1. A question “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” will be on the first page of Form 1040; a change from last year by the IRS will see each individual filling out Form 1040 asked about cryptocurrency activity
    SOURCE: 1, 2, 3

  2. Estonia has withdrawn over 1,000 cryptocurrency companies licenses this year; Estonia was long touted as a haven for cryptocurrency companies; “The connection of many of these companies to Estonia is minimal and the clientele of some of the companies is from remote countries.” is amongst the reasons; “ commission plans to retain heightened attention to this topic next year. A number of important regulatory changes are planned for the services of virtual currencies in order to further regulate the field” as per the secretary-general of the Estonia’s Ministry of Finance, Veiko Tali
    SOURCE: 1, 2, 3, 4

  3. Robert Farkas, a co-founder of Centra Tech scam has been sentenced to a year in prison; Centra Tech has tricked investors for more than $25 million; the funds have been seized by the regulators and amount to nearly 100,000 ETH, it was later sold for about $33.4 million and will be used in a remission program to compensate victims
    SOURCE: 1, 2, 3

DEVELOPMENT

  1. Transition of Kin token to Solana has started on December 15th; over 55 million accounts need to be ported over; “The Kin Ecosystem has more than 55 million total accounts making this the single largest migration in the history of crypto. Given that, we are taking a measured approach to make sure that everything runs smoothly”; migration will prioritize accounts that are active and those that hold at least $1.00 worth of token
    SOURCE: 1, 2, 3

  2. Over 1,525,000 ETH has been locked in the beacon chain and it’s value rose above $1 billion; that’s nearly 3x the initial needed threshold of 525 thousand ETH
    SOURCE: 1, 2

GENERAL UPDATES

  1. Mt. Gox has filed a draft plan for return of 140,000 BTC to the victims of the exchange’s hack; “The Tokyo District Court and an examiner will review the draft rehabilitation plan and determine whether to proceed with the rehabilitation proceedings relevant to the draft rehabilitation plan.”; they currently have approximately 141,600 BTC and 142,800 BCH; when the hack happened BTC was $700~; the funds (as of writing) are worth $2.75 billion for BTC and $41.55 million for BCH; the draft has seen numerous delays before
    SOURCE: 1, 2, 3, 4

  2. MicroStrategy has completed the $650 million sale of debt securities; consequently it announced that $634.9 million of those funds it plans to invest in BTC; MicroStrategy will be obliged to pay investors 0.75% premium per year starting in June 2021 and ending in June 2025, unless they buy back the debt
    SOURCE: 1, 2, 3, 4

  3. Hacker has stolen $8 million (370,000 NXM) from the Nexus Mutual’s CEO, Hugh Karp; an altered version of MetaMask inserted into Karp’s system remotely was used; hacker seems not to have taken the offer, since he’s already moved some using Uniswap and 1Inch Exchange and then swapping his ETH to renBTC and managed to launder roughly half of the tokens for $2.7 million; CEO of Nexus Mutual offered a $300 thousand bounty for the hacker to return the funds, however hackers seems to have rejected the offer and asked for 4.5k ETH to be sent to his address for the remained of the funds;
    SOURCE: 1, 2, 3, 4, 5, 6

  4. A sale of digital NFTs by Beeple has raked up more than $3.5 million; a customer bid $777,777.77 on one of the collections, collection itself includes 20 pieces of art; the price for collection has smashed the previous record of highest purchase on Nifty Gateway — $55,555.55
    SOURCE: 1, 2, 3, 4, 5, 6

  5. While not exactly new, the celebrity scam gains popularity in Australia; the scam is using Google ads to promote a scam asking users to ‘invest’ $250 in a ‘celebrity-endorsed project’; obviously the celebrities never endorsed such a project or even heard about it — their image is being stolen just as the investor’s funds; some of the ads trace their origin to Russia and Ukraine; Google has allegedly removed 5,000 fake ads per minute back in 2019 — a staggering 2.7bn in total
    SOURCE: 1, 2

  6. Market cap for Tether has surpassed $20 billion; a controversial cryptocurrency — USDT that has seen a lot of uncertainty is still the most popular stablecoin; during the recent rally its circulating supply rose to over $20 billion and represents roughly 80% of the total stablecoin market; CoinGecko data shows (as of Wednesday) that USDT was used in approximately $51 billions worth of transactions in just 24 hours; Bitcoin in ‘just’ $39 billion
    SOURCE: 1, 2, 3

  7. Over $1.36 billion in liquidations was observed on 16/12/2020; short-sellers probably will not remember this day as a nice way; over 97,500 traders were liquidated; approximately $1.16 billion of that was BTC
    SOURCE: 1, 2

  8. More than $67 million was traded in Bitwise’s 10 crypto fund making it the highest volume debut on publicly traded crypto fund in US history; at one point the shares surged to 369% higher than the value of Bitcoin, ETH and other crypto assets it holds;
    SOURCE: 1, 2, 3, 4

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.

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