Wanchain

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 18

Published by Liam on

reHash issued for January 14th to January 20th

“Do not be overcome by evil, but overcome evil with good — Romans 12:21”

The above is a message inscribed inside the eerily mystical 666,666th Bitcoin block. Bible is probably not something that you would immediately think of when you think Bitcoin. Hopefully when you think reHash you think cryptocurrency news of the week. Hope you enjoy this week edition!

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. According to the state owned Russian news agency TASS cryptocurrencies are used in payment for hired assassins; “We are investigating cases of professional perpetrators who are specialists in the IT sphere and feel confident in the cyber environment (…) for instance, it was identified that a cryptocurrency was used as payment in contract killing cases,”; it is not easy to track such transactions as they usually go through 15–20 different wallets before they reach end party; apparently Bitcoin might have been also involved in financing the Capitol riot in USA, 28.15 BTC was transferred to 22 different wallets, most of them belonging to prominent right-wing organizations and personalities
    SOURCE: 1, 2, 3, 4, 5

  2. CoinShares is launching an ETP on six different Swiss exchanges with $200 assets under management; the ETP has went live on January 19th; CoinShares has a total of $4 billion of AUM — an increase of 300% since August 2020
    SOURCE: 1, 2, 3, 4, 5, 6, 7

  3. Deutsche Börse ETP has recorded a nearly $70 million daily trading volume; this is the highest amount to date, previous record was in December 2020;
    SOURCE: 1, 2

  4. eToro has seen 380,000 new users in first days of January; the interest was as high as to prompt eToro to announce possible restrictions in trading cryptocurrencies “the unprecedented demand for crypto, coupled with limited liquidity, presents challenges to our ability to support buy orders over the weekend.”
    SOURCE: 1, 2, 3, 4

  5. Winklevoss-founded and owned cryptocurrency exchange Gemini will offer Bitcoin credit card with crypto rewards; company acquired Blockrize a startup that was already working on a crypto rewards card; card will give up to 3% rewards on each purchase; it is set to release in 2021; reportedly Gemini is also considering an IPO
    SOURCE: 1, 2, 3, 4, 5

REGULATION

  1. Like mentioned last week — Joe Biden has confirmed Gary Gensler as SEC chair; he is a proponent of a nationwide regulatory oversight of cryptocurrencies “If it gets broad adoption, if we really think the crypto world is going to be part of the future, it needs to come inside of public policy envelope,”; Gary Gensler is also regarded as a tough regulator: “he can’t be intimidated. He’s a seasoned regulator who knows how to get things done.”
    SOURCE: 1, 2, 3, 4, 5

  2. Kraken suspends XRP trading for US residents; another week, another market for XRP is closed; end of trading for those affected is slated for January 29th; “We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments,” said Kraken; this suspension will not affect access to deposit, hold or withdrawal; Grayscale will dissolve its XRP Trust, because “it is likely to be increasingly difficult for U.S. investors, including the Trust, to convert XRP into U.S. dollars, and therefore continue the Trust’s operations,”
    SOURCE: 1, 2, 3, 4, 5, 6, 7

  3. Anchorage has been approved to become first digital asset bank with federal charterin USA; approval has been granted by the OCC; before that Kraken and Avanti have received state charters for being digital asset banks in Wyoming; OCC’s chair Brian Brooks is also stepping down and it is currently unclear who will be nominated by Joe Biden;
    SOURCE: 1, 2, 3, 4

  4. Ugandan President Yoweri Museveni has decided to turn the internet in the whole country off just before elections; as a side effect there have been no Bitcoin trading, even though the market has never been huge;
    SOURCE: 1, 2, 3, 4, 5

DEVELOPMENT

  1. Over $3.75 billion in USD terms have been staked in ETH 2.0 beacon chain; that translates to over 2.7 million ETH staked; meanwhile ETH 1.0 is being prepared for Berlin hard fork
    SOURCE: 1, 2, 3, 4

  2. Bitcoin Core is getting a new update 0.21.0; the update will include “descriptor wallets” and expand on the ways that the wallets can be secured, these are secured by scripts which can include private keys, but not necessarily in frontend; other updates include support for Tor’s latest address format, Taproot code live for testing and manual fee setting;
    SOURCE: 1, 2, 3, 4

GENERAL UPDATES

  1. Apparently according to Fox Business all the 18.5 million BTC are “held in lost or stranded wallets”; this coincides with the total 18.5 million BTC that are currently in circulation; the real estimation is closer to 20% or 3.5 million BTC
    SOURCE: 1, 2

  2. Livecoin, a cryptocurrency exchange based in Russia, is closing after alleged hack; announced last Saturday the “hard decision to close the business” and to refund any remaining funds to users; “[Livecoin] service and team bear hard losses as well as our clients.”; during the December hack BTC was ‘trading’ for $450,000 on Livecoin while for $24,000 in other exchanges and ETH for $15,000 compared to $600 on other exchanges; hackers might have stolen 106 BTC, 380 ETH, 236 BCH, 567,012 XRP, 66.8 million DOGE and other funds in USDT and ERC-20 tokens
    SOURCE: 1, 2, 3, 4, 5, 6

  3. Joker’s Stash, a marketplace for stolen credit cards is closing down; according to some it was the biggest and the most notorious site for illicit activity; it is not a result of law enforcement activity, however it might be caused by the recent incident in which law enforcement has managed to access some of the servers of Joker’s Stash; servers will be online until February 15th; it is estimated that the website has generated over $1 billion in revenue, but the volume has recently began to dwindle
    SOURCE: 1, 2, 3, 4, 5

  4. Some 90% of the remaining BTC in Mt. Gox wallets could be claimed by the creditors; for each BTC that was held on Mt. Gox it only has 0.23 BTC to give back, however as the usd value has risen 75 times it would still amount to approximately 17.25x value in USD (if using current prices as basis); however if someone opts to early payment they would only get 0.21 BTC per each BTC held (90%); creditors could opt out of the early payments and wait for other lawsuits to settle in hopes to recoup more of their money
    SOURCE: 1, 2, 3, 4, 5, 6

  5. Twitter scammers were able to obtain $580,000 in BTC in a week; they used some verified accounts that were hacked and Elon Musk’s name to convince users to send them cryptocurrency; most of these scams try to convince that is they any amount (up to a limit) to an address they will send back two times that amount back; obviously that is not what is happening, but still some people fall prey to those attacks; according to Atlas VPN study scammers and hackers have stolen approximately $3.78 billion in 2020 in 122 attacks; on other note the cryptocurrency ransomware attacks have raked 311% more funds in 2020 than they did in 2019;
    SOURCE: 1, 2, 3, 4, 5, 6, 7

  6. Justin Roiland, co-creator of Rick and Morty has auctioned a set of NFTs; the auctions brought in over $500 thousand in total sales
    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.

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