Wanchain

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 8

Published by Liam on

reHash issued for November 6th to November 12th

This week’s reHash is shorter than the wait for USA election results to be confirmed. However, while it is still being loudly contested by Donald Trump it seems all but certain that Joe Biden will be the next POTUS. He intends to hire Gary Gensler as the financial advisor. Gary likes Bitcoin (1). Donald Trump does not like Bitcoin (1). Meanwhile Associated Press has published, on blockchain, their projection that Joe Biden will eventually be fully confirmed victorious (1). Official non-contestable results are expected within few weeks, after all the lawsuits and tweets settle. While most platforms decided to settle the ‘bets’ on who won the election costing Trump supporters cool $11 million (1), FTX exchanges has allowed until February 1st, 2021 for settlement (1). Other than that it has been a fairly quiet week; maybe except for a somewhat ‘accidental’ hard fork on Ethereum (and obviously some other more or less exciting stuff); nonetheless I hope you enjoy reading the reHash this week!

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 a report Lebanon’s central bank is going to launch a digital currency in 2021; the Banque du Liban governor, Riad Salameh has confirmed the works on the project as far back as mid-2019
    SOURCE: 1, 2, 3, 4

  2. China Construction Bank has launched digital bonds that can be bought with Bitcoin; it is the second largest bank in China… and in the world; this offering, however it is facilitated by one of the offshore — Malaysian branch; it will be listed on Fusang Exchange which allows trading of cryptocurrencies as well as fiat; they are aiming to raise up to $3 billion from sale of bonds
    SOURCE: 1, 2, 3, 4, 5

  3. COVID-19 pandemic as one of the driving factors behind the CBDC launch race; a meeting of 21 central bank governors has dubbed the pandemic as one of the reasons why CBDC is increasingly important; other conclusion is that “the pandemic-induced crisis will have far-reaching global implications, such as higher debt burden and financial vulnerability”
    SOURCE: 1, 2, 3, 4

  4. PayPal has lifted the waitlist for the cryptocurrency services in the US; all the U.S. accounts that are eligible can now buy the cryptocurrency on PayPal; the limits were further upped to $20 thousand; plans to bring the cryptocurrency to international customers and Venmo — unchanged says PayPal spokesman Aaron Gould
    SOURCE: 1, 2, 3

    REGULATION

  5. ShapeShift executive has confirmed that Monero, Zcash and Dash have all been delisted due to regulatory concerns; several other US exchanges still offer those coins; according to ShapeShift they have “taken down the privacy coins because of their regulatory concerns”
    SOURCE: 1, 2, 3, 4, 5

  6. Russia has eased the cryptocurrency laws that will come into effect in January; the softened law is still strict (probably unsurprising for Russia); the citizens of Russia still could go to jail for not reporting their cryptocurrency holdings over approximately $195 thousand
    SOURCE: 1, 2, 3

    DEVELOPMENT

  7. So far there is not enough deposits for ETH 2.0 beacon chain to launch in December; it does not currently look like the threshold will be reached in time for December launch; only 11.5% of required funds are staked; some staking providers are working towards making it easier for users to run a node, however at $15 thousand it might still be out of reach for a lot of people; Vitalik himself has staked 3,200 ETH
    SOURCE: 1, 2, 3, 4, 5

  8. An unnanounced hard fork happened on Ethereum; briefly rendering all services relying on Infura unusable; the issue was caused by an update in GETH, which some of the services did not upgrade; the Ethereum blockchain has ‘split’ into two for a while; Ethereum withdrawals were disabled by some exchanges
    SOURCE: 1, 2, 3, 4, 5, 6

    GENERAL UPDATES

  9. Volodymyr Kvashuk, a former Microsoft employee has been sentenced to 9 years of jail after defrauding Microsoft of approximately $10 million; Kvashuk has stolen funds from digital gift cards while working at Microsoft in 2016; the then used Bitcoin mixers and cryptocurrency to mask the source of income to his bank account
    SOURCE: 1, 2, 3

  10. A report by CipherTrace shows that so far in 2020 crypto theft and hacks lossess amassed $468 million; that figure is approximately 30% higher than the whole losses for 2019; out of that about 20% is DeFi hack and exploits at about $100 million; however if we include fraud as well ‘only’ $1.8 billion were lost compared to last year $4.5 billion
    SOURCE: 1, 2, 3

  11. Monero was hit by a Sybil attack by an unidentified party; malicious nodes were trying to obtain information about other nodes; potentially such attacks could be used to associate the transactions with certain IP addresses; while IRS has offered $1.25 million to data firms no successful attempt has been done to crack Monero privacy to date
    SOURCE: 1, 2, 3, 4, 5

  12. KuCoin has recovered 84% of the funds stolen in the $281 million hack; the recovered funds amount to $236 million; KuCoin plans to fully resume trading on all pairs before November 22 nearly 2 months after the hack
    SOURCE: 1, 2, 3, 4

  13. A total of more than $759 million was raised by cryptocurrency startups in Q3 2020; the figure is more than three times higher than what was raised in Q2 2020
    SOURCE: 1, 2

  14. Joe Biden confirms that Gary Gensler would lead the Financial Policy Transition Team; Gary Gensler is thought to be progressive regarding cryptocurrency, he has taught a course on uses of Bitcoin and blockchain in finance; he called Bitcoin a “catalyst for change”
    SOURCE: 1, 2, 3

  15. Square Cash App Bitcoins sales crosses $1.6 billion in Q3 2020; the number of BTC sold in that way — approximately 160,000 BTC is double of the amount that was mined in that period; gross profit was Square was $32 million
    SOURCE: 1, 2, 3, 4

  16. Cryptocurrency lending platform Cred has filed for bankruptcy due to ‘irregularities’ in some accounts and ‘fraudulent activity’; their estimated assets are between $50 and $100 million and liabilities between $100 and $500 million; this is the first such a big bankruptcy in USA crypto history
    SOURCE: 1, 2, 3, 4, 5, 6, 7

  17. Ripple is planning to open a new regional office in Dubai; new Global Headquarters location is still not decided; Ripple is reportedly looking to migrate out of the USA over regulator concerns
    SOURCE: 1, 2, 3

  18. Akropolis joins the numbers of expoilted DeFi platforms; Akropolis has been hacked for $2 million; neither of the audits found the vulnerability; Akropolis is looking into the ways of reimbursing the users
    SOURCE: 1, 2, 3

Thank you, as always, for reading and hope to see you next week!

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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