Staff Picks - August 2021
Venezuela to launch CBDC in October — And cut six zeros from its currency
The Central Bank of Venezuela will launch a central bank digital currency (CBDC) in October alongside a monetary redenomination that will cut six zeros from the currency due to raging inflation.
Bitcoin Exchange Binance.US CEO Brian Brooks Suddenly Resigns After Only Four Months
Binance.US CEO Brian Brooks has resigned a mere four months after joining the U.S. franchise of the world’s largest cryptocurrency exchange Binance.com.
Ethereum network burns $395K ETH per hour after London upgrade
Approximately 2.3 Ether (ETH) is being burnt every minute through the new transaction fee mechanism introduced in Ethereum’s London upgrade on Thursday.
Russia grants $200K to build tool for tracing crypto transactions
Federal authorities in Russia are moving forward with a plan to closely monitor cryptocurrency activity for illicit transactions and deanonymize crypto users’ identities.
Coinbase Enables Crypto Buys With Apple Pay, Instant $100K Cashouts, Google Pay to Follow
The Nasdaq-listed cryptocurrency exchange Coinbase has enabled crypto buys with Apple Pay, and instant cashouts of up to $100,000 per transaction. The company will also soon enable crypto buys with Google Pay.
Hacker Returns Nearly All $600 Million Stolen In Ethereum, Other Tokens After Major Crypto Heist
In an unusual twist for the one of the largest cryptocurrency heists ever, a hacker who stole more than $600 million in tokens from blockchain-based platform Poly Network on Tuesday has sent back a large majority of the stolen funds after a slew of cryptocurrency experts and businesses pledged to track the hacker’s crypto activity on the blockchain—but the hacker’s identity, and how exactly funds were stolen, remain unknown.
UK Police Seize USB Stick With Ethereum Worth $9.5 Million
British detectives have seized $22.25 million from operators of an international cryptocurrency scam. Among the items seized was a USB stick containing ethereum worth $9.5 million. The police are now attempting to contact the victims of this scam to return their funds.
President of Argentina open to Bitcoin and a CBDC, but central bank says no
Argentina’s president is open to the idea of central bank digital currency, but the country’s central bank head has rejected the idea.
Toomey, Warner, Lummis, Sinema, Portman Announce Agreement on Digital Asset Reporting Requirements in Infrastructure Bill
U.S. Senators Pat Toomey (R-Pa,) Mark Warner (D-Va.) and Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Az.) and Rob Portman (R-Oh.) today announced an agreement on an amendment to fix digital asset reporting requirements in the infrastructure bill.
Cardano Says Smart Contracts Will Go Live in September
Cardano may finally be ready to launch smart contracts. The team behind the Cardano blockchain has finalized a date for its highly anticipated smart contract rollout.
Swedish gov’t pays out $1.5M in Bitcoin to convicted drug dealer
TThe Swedish prosecutor had argued in court that the man should be stripped of his illicitly earned Bitcoin at the equivalent value in fiat currency at the time of his conviction.
Crypto platform hit by $600 million heist asks hacker to become its chief security advisor
The cryptocurrency platform targeted in a massive heist is now inviting the hacker behind it to become an advisor to the firm, and promising a $500,000 reward for the restoration of user funds.
Founder of the Bitcoin Mixer Helix Pleads Guilty to Money Laundering Charges
Larry Dean Harmon, founder and operator of the bitcoin mixing service Helix has pleaded guilty on Wednesday to money laundering charges. Harmon’s guilty plea follows the U.S. Treasury’s Financial Crimes Enforcement Network (Fincen) fining Harmon $60 million last year.
Dutch Central Bank Warns Binance Is Illegally Offering Crypto Exchange Services in Netherlands
The Dutch central bank has issued a warning against Binance stating that the company is illegally providing crypto exchange and custodian wallet services in the Netherlands without the required legal registration.
BREAKING: Liquid exchange hacked to the tune of $80 million
Over $80 million worth of digital assets has been removed from Liquid Global exchange. KuCoin has responded by blacklisting the addresses that received stolen funds.
Consensus Bug Causes Ethereum Chain Split
A bug affecting the older version of the Ethereum network client Geth is causing nodes to split from the main network. There is a danger that the bug could lead to double-spending attacks and losses for users making transactions.
Turkish prosecutors investigate alleged $119M Dogecoin mining scam
Unwitting DOGE investors were promised attractive returns of 100% in just 40 days in exchange for depositing their money.
China to Build Global Clearing Network for Mobile Payments, Using Digital Yuan: State Media
China aims to build an international clearing and settlement network for mobile payments using the digital yuan, the People’s Daily wrote in an op-ed Monday.
Bank of Cuba Releases New Framework Regulating Cryptocurrency and Virtual Asset Service Providers
The Bank of Cuba, responsible for regulating the banking and monetary policy of the country, has issued a new framework that regulates the interactions between individuals and virtual asset service providers in the country. The new law introduces the concepts of cryptocurrency and service providers, and establishes harsh controls on the use of these by citizens and institutions.
Survey Shows 3 in 10 Americans Share Crypto Wallet Passwords With Others
A recently published study shows that crypto users are not using the best security practices in order to keep their crypto assets safe and secure from loss or theft. The report produced by Beyond Identity surveyed over 1,000 Americans who disclosed their password habits, and data shows that three out of ten people share their crypto wallet passwords with others.