“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 1
reHash issued for September 11th to September 24th 2020
The Scoop changes name, meet reHash. First issuance of reHash will feature two weeks worth of updates, which (starting next week) will change back to weekly issuance.
This week’s edition looks a bit like an older brother of the previous one. It is bigger, meaner and badder. The news is grouped by several keywords that seem to add more structure for the reader’s convenience. Let me know your thoughts on the new format in the comments.
NOTE:
reHash is not intended to be original journalism. It is intended to be 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 have news we’ve been missing, please mention them in the comments!
Hope you enjoy more than before!
ADOPTION
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Kraken wins bank charter approval — state of Wyoming has approved the application from Kraken to form Kraken Financial; the first digital asset company in USA to receive a bank charter recognized under federal and state law; which means they will be the first fully regulated US bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets; they also reopen their Japan platform after 2 years.
SOURCE:
https://blog.kraken.com/post/6241/kraken-wyoming-first-digital-asset-bank/
https://dailyhodl.com/2020/09/21/crypto-exchange-kraken-launching-in-japan/
https://www.coindesk.com/kraken-crypto-companies-banks-evolving-together -
Bitcoin ads spread in Hong Kong by the Bitcoin Association of Hong Kong, an entity promoting Bitcoin use in the city
SOURCE: [https://decrypt.co/41514/bitcoin-ads-plastered-across-hong-kong-trams-and-near-banks](https://decrypt.co/41514/bitcoin-ads-plastered-across-hong-kong-trams-and-near-banks) -
Ripple’s partner Azimo partners with Alipay for near-instant Yuan transfer to China; Ripple joins Mojaloop to advance financial inclusion of the unbanked
SOURCE:
https://www.financemagnates.com/fintech/payments/azimo-teams-up-with-alipay-for-faster-payments-to-china/
https://www.coinspeaker.com/mojaloop-ripple-financial-inclusion/ -
eToro launches GoodDollar, a blockchain based solution for governments around the world to provide the “basic income” to the people
SOURCE:
https://www.forbes.com/sites/lawrencewintermeyer/2020/09/10/etoro-launches-gooddollar-and-begins-delivering-universal-basic-income/#201ebf926315 -
Wave Financial Group has announced that the Kentucky Whiskey 2020 Digital Fund, that they own, has purchased a first batch of 1,000 barrels of bourbon; the purchase will be tokenized during the second year, allowing investors to exit
SOURCE:
https://cointelegraph.com/news/tokenized-whiskey-fund-buys-first-1-000-barrels-of-kentucky-bourbon -
South Korea could incorporate a blockchain-based voting system for the elections in the future
SOURCE:
https://cryptolydian.com/south-korea-proposes-blockchain-based-voting-system/ -
Croatian post has launched the first cryptocurrency stamp; it is also an ERC721 NFT token on the Ethereum blockchain
SOURCE:
https://www.publish0x.com/mojkripto/croatian-post-releases-crypto-collectible-stamps-xxopdwv?a=l9avwJMbG1&tid=crx -
It is possible to purchase a Gulfstream private jet for approximately 3,850 BTC; Aviatrade aircraft sales company now accepts Bitcoin
SOURCES:
https://decrypt.co/41711/private-jets-are-being-sold-for-bitcoin-to-fire-up-sales
https://www.businessinsider.com/gulfstream-g650er-can-be-bought-with-bitcoin-for-40-million-2020-9?IR=T -
According to Defi Pulse over 100 thousand BTC has been locked in DeFi; the value has breached the $1 Billion mark
SOURCE:
https://cointelegraph.com/news/more-than-1b-in-bitcoin-has-been-tokenized-for-defi -
Iran, seeing as high as 30% inflation this year could turn to cryptocurrency, and cryptocurrency mining in particular, in car imports
SOURCE:
https://www.coindesk.com/iran-car-imports-crypto-mining-inflation-rial
DEVELOPMENT
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As the Ethereum 2.0 is getting closer to release it could face very stiff competition; first parts of Ethereum 2.0 are submitted on github; it is the first phase out of 6 planned; the last phase is expected to occur in 2022; Medalla testnet is currently underway with Spadina coming later this month; the launch of Ethereum 2.0 mainnet is tentatively planned by EOY 2020
SOURCES:
https://cointelegraph.com/news/challenging-ethereum-20-competing-blockchains-are-seizing-the-moment?utm-linkedin
https://decrypt.co/42022/the-first-part-of-ethereum-2-0-is-formally-submitted
https://www.theblockcrypto.com/linked/77710/ethereum-2-spadina-testnet -
NEM starts the first phase of migration to their next generation blockchain — Symbol
SOURCE:
https://www.cryptoninjas.net/2020/09/15/nem-commences-first-phase-of-migration-to-its-next-gen-symbol-blockchain/ -
A new update to Ledger Live could help users against dusting attacks; dusting attack means sending miniscule amounts of BTC or other coins to the addresses to learn more about identity of the owner
SOURCE:
https://www.ledger.com/coin-control-now-available-in-ledger-live
REGULATION
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Germany, France, Italy, Spain and Netherlands, in a joint statement, urge the European Union to regulate the stablecoins so as to preserve the monetary sovereignty of EU; “ECB is the only one to be allowed to issue a currency”; a leaked version of the proposal is also available online (in the links)
SOURCES:
https://www.reuters.com/article/eu-economy-cryptoassets-idUSL8N2G8258
https://chrisoncrypto.com/blog/f/leaked-eu-to-be-first-major-bloc-to-regulate-cryptocurrencies
https://www.coindesk.com/wp-content/uploads/2020/09/Draft-Regulation-Markets-in-Crypto-Assets.pdf
https://www.theblockcrypto.com/linked/77633/eu-stablecoins-regulation
https://www.financemagnates.com/cryptocurrency/news/are-the-us-the-eu-making-moves-to-standardize-crypto-regulations/ -
A single set of regulation amongst most of the USA for crypto and money transmitters as agreed by The Conference of State Bank Supervisors (CSBS); the unified set of rules, may make a full compliance with regulations an easier, single, process across 49 states
SOURCES:
https://news.bitcoin.com/us-states-unified-regulation-cryptocurrency/
https://btcmanager.com/u-s-crypto-businesses-new-joint-supervised-regulation/
https://www.reuters.com/article/usa-regulators-crypto/u-s-crypto-fintech-firms-to-benefit-from-slimmed-down-regulatory-process-idUSL1N2GB1E4?rpc=401&
https://www.financemagnates.com/cryptocurrency/news/what-does-the-csbss-compliance-plan-mean-for-crypto-in-the-us/ -
Financial Action Task Force (an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering) has published a report that details the red flags that could help with identifying the money laundering using cryptocurrency; involving moving exchanges to the jurisdictions with more lenient regulations; hinting at Binance
SOURCE:
https://cointelegraph.com/news/fatf-hints-at-binance-as-example-of-an-exchange-avoiding-regulation -
IRS offers $625K for a solution to trace Monero (XMR) transactions along the “Layer 2 network protocol transactions” /Lightning network
SOURCE: https://news.bitcoin.com/irs-to-pay-625k-to-crack-monero-crypto-proponents-scoff-at-contract/
https://decrypt.co/41411/the-irs-is-offering-you-625000-to-crack-monero -
Steven Parker Visa’s ex-executive sees that cryptocurrency will not replace the legacy systems, but will complement them for quicker adoption; he also assumes that there need to be at least “some” regulation; WireX plans to release a multi-cryptocurrency card employing Mastercard’s technology
SOURCE:
https://www.livebitcoinnews.com/steven-parker-bitcoin-cant-exist-without-some-form-of-regulation/
https://coinnounce.com/wirex-plans-to-release-a-multi-currency-crypto-card/ -
Privacy coins might not pose a threat in money laundering, since most of the transactions seem to still happen on BTC; the existing AML and KYC regulation seems to be generally enough according to research by Perkins Coie, an U.S. international law firm; while banks report that digital currencies are used to launder money, the volume of ‘suspicious’ transactions in the traditional banks are much higher at approx $2 trillion with leaked reports of both Deutsche Bank and HSBC involved in money laundering
SOURCE:
https://cointelegraph.com/news/privacy-coins-pose-less-risk-of-money-laundering-than-other-coins
https://www.publish0x.com/farewell2minds/banks-claim-btc-is-for-money-laundering-launder-dollar-2tn-xnlgzkw?a=l9avwJMbG1&tid=crx
https://www.bbc.com/news/uk-54225572?intlink_from_url=https://www.bbc.co.uk/news/topics/cl0514elpqet/fincen-files&link_location=live-reporting-story
https://ryze.substack.com/p/ryze-recap-922-us-banks-launder-800x
https://news.bitcoin.com/5-major-banks-exposed-for-moving-trillions-for-mobsters-onecoin-and-drug-cartels/
https://www.icij.org/investigations/fincen-files/global-banks-defy-u-s-crackdowns-by-serving-oligarchs-criminals-and-terrorists/ -
The SEC of Nigeria has announced that it is looking into regulating the cryptocurrency trade; “Issuers or sponsors of virtual digital assets shall be guided by the commission’s regulation,” as per the regulators quote; these regulation, while details are yet unknown, could have a lot of influence, since Nigeria is one of the places in which cryptocurrency is the most popular
SOURCE:
https://coinfomania.com/nigerian-sec-publishes-statement-on-crypto/
https://www.financemagnates.com/cryptocurrency/news/what-does-nigerias-proposed-crypto-regulation-mean-for-crypto-in-africa/ -
New York Attorney General is urging Bitfinex and Tether to provide them with the requested documents; it is a backlash of the original case that started back in April 2019
SOURCE:
https://www.coindesk.com/nyag-bfx-letter-hearing -
Office of the Comptroller of the Currency (OCC) has confirmed that US national banks and federal savings associations are allowed to hold funds for stablecoin issuers; “As the OCC recently reaffirmed, national banks may provide permissible banking services to any lawful business they choose, including cryptocurrency businesses, so long as they effectively manage the risks and comply with applicable law, including those relating to the [Bank Secrecy Act] and anti-money laundering,”
SOURCE:
https://decrypt.co/42490/us-banks-can-hold-reserves-for-stablecoins-treasury-office?utm_source=twitter&utm_medium=social&utm_campaign=auto
https://www.forbes.com/sites/jasonbrett/2020/09/21/us-federal-regulators-allow-banks-to-back-digital-dollar-stablecoins/#4931827b3b52
GENERAL UPDATES
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Chief Nomi, accused of exit-scamming last week, has returned the funds from the SushiSwap development fund; awaits community judgement if he deserves money as the original creator of SushiSwap
SOURCE: https://cointelegraph.com/news/chef-nomi-has-returned-all-funds-back-to-the-sushiswap-community -
Microstrategy has purchased another 16,796 BTC, bringing their total to 38,250 BTC; their MSTR stock went up 9% after buying more BTC; seems some expect that other companies will follow a similar strategy of exposure to digital assets
SOURCE:
https://twitter.com/michael_saylor/status/1305850568531947520
https://cointelegraph.com/news/other-companies-will-follow-mstr-stock-up-9-after-buying-bitcoin
https://www.financemagnates.com/cryptocurrency/can-crypto-become-a-blessing-in-disguise-for-institutional-investors/
https://www.bloomberg.com/news/articles/2020-09-22/ceo-says-bitcoin-is-safer-after-moving-firm-s-cash-to-crypto -
Crypto.com has released a DeFi Swap Whitepaper; their proposal to the DeFi swaps that become increasingly popular after Uniswap’s success; they also integrated Chainlink as their Oracle provider
SOURCE:
https://blog.crypto.com/defi-swap-whitepaper/
https://cryptoslate.com/chainlink-oracles-will-now-power-crypto-coms-defi-wallet/
https://crypto-economy.com/crypto-com-integrates-chainlink-a-major-step-in-defi-roadmap/ -
Another of the Ethereum-based pyramid schemes, Forsage, has seen over $2.8 M in trading value; SEC Philippines has warned the investors to beware on July 1, 2020.
SOURCE: https://news.bitcoin.com/despite-warnings-from-regulators-the-ethereum-fueled-pyramid-scheme-forsage-thrives/ -
Coinbase CEO, Brian Armstrong accuses Apple of making it harder for crypto dapps by censoring their functions, Apple’s claim that offering cryptocurrency transactions in the non-embedded software within the app is not appropriate for the App Store
SOURCE:
https://cointelegraph.com/news/apple-forces-coinbase-to-change-its-crypto-products-says-ceo
https://www.trustnodes.com/2020/09/12/coinbase-ceo-accuses-apple-of-anti-competitive-behavior-against-ethereum-dapps
https://news.bitcoin.com/apple-censors-cryptocurrency-defi-coinbase-app/ -
Rapper T.I. and producer Ryan Felton charged by SEC for their participation in misleading people to participate in a fraudulent ICO, two companies “FLiK” and “CoinSpark” were charged by SEC; investor funds were used for a lavish lifestyle
SOURCE:
https://www.financemagnates.com/cryptocurrency/icos/rapper-t-i-producer-ryan-felton-sued-for-backing-two-ico-scams/
https://www.crowdfundinsider.com/2020/09/166671-sec-charges-film-producer-ryan-felton-rapper-actor-clifford-harris-and-other-for-participation-in-ico-fraud/
https://news.bitcoin.com/rapper-ti-cryptocurrency/ -
A CEX Cryptophyl based on Simple Ledger Protocol (SLP) will soon cease its operation and will be replaced by Detoken a DEX that will list the tokens that meet the straightforward due diligence and that are voted for by a community.
SOURCE:
https://news.bitcoin.com/slp-trading-platform-cryptophyl-plans-to-change-into-a-noncustodial-defi-exchange/ -
According to Dan Morehead, Pantera Capital’s CEO, the DeFi will likely outperform Bitcoin in the next five years; according to him DeFi is still in its infancy
SOURCE:
https://cointelegraph.com/news/defi-will-outperform-bitcoin-in-next-five-years-says-pantera-capital-ceo-dan-morehead -
Uniswap has released their governance token which was then airdropped to all the users that used Uniswap before September 2020; over 40% of the tokens distributed through airdrop were already claimed in less than 24 hours; due to the popularity of Uniswap the Ethereum network has seen a surge of gas price
SOURCE:
https://uniswap.org/blog/uni/
https://coinfomania.com/over-40-of-uni-tokens-claimed-from-uniswap/#utm_source=rss&utm_medium=rss&utm_campaign=over-40-of-uni-tokens-claimed-from-uniswap
https://www.coindesk.com/uniswap-uni-distribution-growth-token-defi-strategy
https://bitcoinexchangeguide.com/uniswaps-uni-mania-pushes-median-eth-gas-price-to-a-record-700-gwei-high/ -
$1 billion USDT was moved from the Tron-based version to the Ethereum-based version, which (probably) involved a lot of trust between Bitfinex and Binance; another $1 billion movehas happened on September 15th; it is also possible for Tether to reverse transactions; as they helped a user get the $1 million sent to the wrong address
SOURCE:
https://cointelegraph.com/news/a-by-the-minute-look-at-tether-s-1-billion-swap-from-bitfinex-to-binance
https://www.theblockcrypto.com/amp/linked/77677/tether-moving-1-billion-more-usdt-from-tron-to-ethereum
https://thedailychain.com/tether-retrieves-1-million-usdt-for-user-sent-to-wrong-defi-address/ -
Pwc, CV VC and Cointelegraph release a report discussing global blockchain ecosystem
SOURCES:
https://cointelegraph.com/news/report-on-global-blockchain-ecosystem-by-cv-vc-pwc-and-cointelegraph
https://cvvc.com/application/files/1716/0009/3752/CV_VC_Global_Report_H1_2020.pdf -
bZx has been exploited for the third time this year due to the vulnerabilities in the code $8.1 million of funds was lost; the previous exploits resulted in $333,000 and $640,000 lost; after several days they were able to retrieve the stolen funds from the hacker
SOURCE:
https://cryptobriefing.com/bzxs-third-exploit-2020-ends-with-8-million-lost/
https://news.bitcoin.com/defi-platform-bzx-recovers-stolen-8-1-million-from-hacker/ -
NFT trade volume reaches over $1 million in 7 days; with average price of approximately $119 for each item; two most popular projects are Cryptopunks and Sorare
SOURCE:
https://nonfungible.com/market/history -
A Japanese cryptocurrency exchange called Fisco (Zaif at the time) is suing Binance for their “aiding and abetting” the money laundering of part of the stolen funds; 1451 BTC was sent to Binance-held address which was worth approx $9.4 million at the time (September 2018)
SOURCE:
https://www.coindesk.com/japan-cryptocurrency-exchange-zaif-fisco-binance-laundering-hack
https://coinfomania.com/binance-sued-for-aiding-money-laundering-fisco/#utm_source=rss&utm_medium=rss&utm_campaign=binance-sued-for-aiding-money-laundering-fisco
https://www.financemagnates.com/cryptocurrency/exchange/fisco-files-complaint-against-binance-for-facilitating-money-laundering/ -
Bakkt, on September 16th, breaks own record of most BTC futures traded ($172 million) with about 36% improvement over previous from July 28th; which still pales in comparison to the volumes reported by BitMEX, Huobi, Binance; total trading volume for August 2020 was a staggering $955.9 billion for spot trading and derivatives $711.7 billion
SOURCE:
https://decrypt.co/41960/bakkt-beats-own-record-bitcoin-futures-trading
https://www.crowdfundinsider.com/2020/09/166715-bitmex-traded-72-5-billion-in-crypto-derivatives-in-august-2020-while-huobi-led-with-208-5-billion-report/ -
BSN, China’s Blockchain based Service Network has announced that they will integrate with 3 more blockchains; those include Algorand, ShareRing and Solana
SOURCE:
https://cointelegraph.com/news/chinas-blockchain-service-network-integrates-three-more-public-chains -
UniKoinGold (UKG) has reached a settlement with SEC; UKG is set to refund $6.1 million to investors; UKG has had an ICO back in 2017 and raised $31 million back then
SOURCE:
https://coinfomania.com/unikoingold-ukg-ico-sec-settlement-refund/#utm_source=rss&utm_medium=rss&utm_campaign=unikoingold-ukg-ico-sec-settlement-refund -
PayPal has been found to ban the word “Tardigrade” that’s related to a Balkan arms dealer; makes compelling case to use decentralized money; in other news it seems that PayPal will allegedly allow it’s merchants to accept digital currencies, also bitFlyer Europe now accepts PayPal deposits
SOURCE:
https://news.bitcoin.com/the-moss-piglet-dilemma-paypal-bans-payments-to-merchants-using-the-word-tardigrade/
https://www.vice.com/en_us/article/n7wg3w/paypal-tardigrade-error
https://cointelegraph.com/news/paypal-integration-bridges-fiat-crypto-gap-for-bitflyer-europe-users
https://dailyhodl.com/2020/09/19/paypal-to-allow-merchants-to-accept-cryptocurrency-according-to-aspiriant-managing-director/ -
It is now possible to send an email and sign it by the Ethereum private key allowing for near 100% certainty that the email originates from the verified sender
SOURCE:
https://cointelegraph.com/news/you-can-now-send-email-right-from-your-ethereum-address -
Sydney resident working for the Australian federal agency has avoided prison sentce in his trial regarding his illicit use of the professional government equipment to mine Monero and Ethereum; he mined approx $6,897 for his personal gain and created damages of approximately $56,133
SOURCE:
https://www.coindesk.com/australia-government-employee-mining-cryptocurrency-supercomputers-prison
https://www.zdnet.com/article/sydney-man-sentenced-for-mining-over-au9000-of-crypocurrency-on-csiro-kit/ -
Ethereum transaction volume and fees have been gradually breaking records; nearly $16.5 million has been paid to the miners confirming transactions on Thursday, 17th of September; also the 2.5 years standing record for daily transactions has been broken
SOURCE:
https://www.coindesk.com/ethereum-defi-transactions-miner-revenue -
Two people were charged for their involvement in the scam scheme that targeted Binance, Poloniex and Gemini users; they allegedly stole approximately $17 million
SOURCE:
https://news.bitcoin.com/us-indicts-2-people-stealing-bitcoin-ether-binance-poloniex-gemini-users/ -
James Emmett (25 years working at HSBC) has joined the Libra project (the digital currency that Facebook has been working on for over a year) as a Managing Director
SOURCE:
https://en.cryptonomist.ch/2020/09/17/libra-network-former-hsbc-james-emmett-becomes-managing-director/ -
Fourth school has opened thanks to Paxful; it is a part of their programme #BuiltWithBitcoin to bring quality education to the emerging countries; the new school is located in Nigeria
SOURCE:
https://en.cryptonomist.ch/2020/09/17/paxful-fourth-school-opened-thanks-to-bitcoin/
https://builtwithbitcoin.org/ -
USA holds the most blockchain patents amongst the countries, Alibaba Group holds the most patents out of all the companies
SOURCE:
https://cointelegraph.com/news/the-us-is-number-onein-blockchain-patents -
According to Timothy Peterson approximately 1,500 BTC are lost each day; which would put the real supply at approximately 14 million BTC instead of the ‘circulating’ 18.3 milion; it is impossible to ascertain the amount of BTC lost, however surely the real supply is much smaller than the official circulating supply
SOURCE:
https://news.bitcoin.com/analyst-1500-bitcoins-lost-every-day-less-than-14-million-coins-will-ever-circulate/
If you have any idea on how to improve this publication, please let me know. I am trying to do better each time. Thank you for reading and hope you found it useful!
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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Published at Wed, 23 Sep 2020 16:08:09 +0000
