NewsThis Week in Crypto

This Week in Crypto 09/11/2020

Ethereum Founder Invests $1.4 million into Phase 0 of ETH 2.0 Project scheduled for December 2020

Vitalik Buterin, Ethereum’s Co-Founder, has deposited $1.4 million worth of Ether (3200ETH) in the ETH 2.0 contact address to help the new Ethereum network migrate to the proof of stake mechanism in the first phase billed to launch in December 2020.

Circle Launches High Yield USDC Business Accounts 

Top cryptocurrency payment platform Circle announced in a series of tweets that they had successfully launched a USDC business account that would yield high profits for its customers. The company disclosed that the business accounts would yield an initial 8.50% APY, and subsequent term of 6 months can accrue 10.25%, and a one year plan will yield 10.25%.

CAPCOM suffers Ransomware Attack; Hackers Demand $11 million

Japanese-based gaming giants CAPCOM disclosed that they were the victims of a malware attack on November 2. The Hackers seized control of 2000 devices on CAPCOM’s network and demanded $11 million in Bitcoin (BTC) in exchange for the key to unlock the encrypted devices.

SBI Set to Test the Application of XRP in Global Forex Market

Japanese Fintech Giants SBI Holdings on November 7 announced plans to begin testing the use of XRP to facilitate cross-border currency exchange.

Top Wall Street Investor Predicts a Slew of Investment Banks Becoming Crypto Whales in the Future

Veteran fund manager Bill Miller claimed that bitcoin’s risk going back to zero is way lesser than ever as bitcoin’s demand is at an ever-increasing trend. Further, he said, more investment banks investing in bitcoin and other cryptocurrencies will continue to rise.

Popular Bitcoin Whale says Investing in Bitcoin is the Best Store-of-Value 

CEO of Microstrategy and Bitcoin investor Michael Saylor predicts that investing in bitcoin now is like investing in Apple or Google ten years ago with an increasing store of value guaranteed.

U.S. FTC to refund 8,000 victims of Bitcoin Fraud

The U.S. Federal Trade Commission has decided to refund the victims of two separate online bitcoin scams who were deceived into depositing $100 to get a monthly return of $80,000. The commission will refund about 8,000 individuals who were defrauded by the two bitcoin scams: Bitcoin Funding Team and My7network.

Famous Rapper becomes Bitcoin Whale

Popular US-based rapper Logic (Sir Robert Bryson Hall II) announced in a tweet on November 6 that he had bought a large amount of Bitcoin after being convinced by his manager.

Netherland’s National Bank Says 39 Startups are Offering to Deliver Crypto-Related Services Under New Regulations

The Dutch central bank, De Nederlandsche Bank NV (DNB), disclosed that 39 firms have put in applications to render crypto-related services to the bank under the newly revised anti-money laundering regulations.

Ethereum User Mistakenly Pays $9500 fee for a $120 Transaction

An Ethereum user mistakenly paid over 80 times the intended transaction fees when using Ethermine, an Ethereum-based mining pool. The user paid $9,500 as a transaction fee for a $120 transaction and is asking the mining pool to refund the money.

Ripple Picks Dubai for Regional Headquarters Location

Amid talks by Ripple to leave the U.S. due to its stringent regulations on cryptocurrency, Ripple has opened its Middle-East regional headquarters in Dubai, picking the Dubai International Finance Centre (DIFC) as its preferred location.

Top Swiss Bank Announce Staking Support for Tezos 

Open-source blockchain protocol, Tezos (XTZ) will now have the staking support of Swiss Bank, Sygnum Bank, according to an official announcement made by the bank.

Cardano Looking to Bounce Back as New Addresses Increase by 202%

After much hype and prospects in July 2020, Cardano’s (ADA) price fell by 50% within the next couple of months. But as new registration of new ADA addresses spike by 202%, there is yet hope for Cardano.

Dormant Bitcoin worth $15 million was moved for the first time in 10 Years

On November 7, some bitcoin observers on data monitoring bot BTCparser noticed that $15 million worth of bitcoin mined over ten years ago was just moved to another wallet. This has continued to raise suspicions that Satoshi Nakamoto may have initiated the transfer.

Popular Bitcoin Critic claims Bitcoin is a “Partial” Store of Value

A long-time critic of cryptocurrencies, Nouriel Roubini (Dr. Doom), has softened his stance on Bitcoin as a store of value by admitting in an interview on November 6 that Bitcoin is a partial store of value.

Layer X is Developing an e-voting Protocol Powered by Blockchain Technology

Japanese-based Layer X has disclosed plans to develop a blockchain-based electronic voting protocol. According to Layer X, this protocol enhances the voting system’s security, prevents double voting, and accurately counts the votes. The protocol is billed to launch in Tsukuba, Japan.

Wall Street Veteran “Strongly Recommends” Bitcoin as a Source of Investment

Bill Miller, a seasoned investor, and Wall Street veteran said he “strongly recommends” buying bitcoin even at its current price, declaring that the cryptocurrency is the “single best performing asset class” in the past decade.

Crypto Lending Platform Cred Files for Bankruptcy

In a press statement by the firm on November 9, crypto lending service Cred announced that they have filed for chapter 11 bankruptcy protection. This has sparked a mass withdrawal of funds by users of the lending platform.

JPMorgan Believes Bitcoin Could Rise by 10x

A JPMorgan report proposed that a few speculators, such as family offices, have been investing in Bitcoin than gold as of late. JP Morgan analysts noticed that the correlation between the two resources could propel the price of BTC.

Bitcoin Whale Mike Wins 0.5 BTC Betting on the U.S. Presidential Election

CEO of Galaxy Digital Mike Novogratz announced on Twitter that he had won 0.5 BTC in a bet on the U.S. presidential election. He further stated that he would give out the wager to a lucky person who didn’t own a bitcoin before.

KuCoin Says 84% of Stolen Funds have Been Recovered

The co-founder of Kucoin, Johnny Lyu, disclosed on November 11 that about 84% ($235 million) of the $280 million stolen from the exchange in September had been recovered. They promised to publish the details of the case once everything was concluded.

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