Fri, Aug 14, 2020 8:50 PM

Crypto Weekly News — August, 14

Crypto Weekly Digest

What important crypto events happened last week?

 

Coins, Tokens

📌 Chainlink Surpasses Bitcoin Cash In Capitalization After A New Price High

Chainlink entered the Top 10 Digital Assets exactly one month ago, on July 13th. Despite a little resistance, continued to rally and rose to the fifth line in the ranking of cryptocurrencies by capitalization. 

Thursday, August 13, during the day, the market value of the coin increased by 29%, reaching $ 17,59. Capitalization exceeded $ 6.6 billion, which allowed the coin to outperform Bitcoin Cash.

A little earlier, on August 9, the coin rose to $ 13.87 and surpassed Cardano and Bitcoin SV in terms of capitalization. The last week, LINK quotes increased by 82%, over the month — by 142%.

 

📌 The Capitalization Of The Bitcoin-Backed Ethereum-Token WBTC Exceeded $200 Million

DeFi applications and projects are rapidly growing and there's been an influx of tokenized Bitcoin on the Ethereum blockchain. The total value of tokenized bitcoins on Ethereum has exceeded $ 101 million.

The market value of the Wrapped Bitcoin (WBTC) token pegged to Bitcoin has reached $ 227 million. WBTC is the leader in terms of capitalization among bitcoins wrapped in ether. Next on this indicator are (in descending order): RenBTC, HBTC, imBTC and sBTC.

 

📌 Uniswap User Bought 40,000 ETH For $ 2 Million Above The Market

On the Uniswap decentralized exchange, an Anonymous Investor bought over 40,000 ETH. As a result of such a large transaction, the cryptocurrency rate on the platform increased by 13%. Due to the sharp rise in the value of the coin, the user had to overpay almost $ 2 million.

The total amount of the transaction was $ 17.9 million.

 

Blockchain

📌 Ethereum Fees Hit New All-Time High Above $7

The average commission on the Ethereum network has reached $ 7.4. This is a historic maximum. In August, the average value of Ethereum fees increased by more than five times, and during the period since the beginning of summer — almost 17 times.

Last month, for 16 consecutive days, Ethereum users paid more to use the network than Bitcoin users. At the same time, Vitalik Buterin acknowledged the problem and proposed to implement the improvement of EIP-1599.

 

📌 Germany Moves Securities Market To Blockchain

The German Federal Ministry of Finance and the Federal Ministry of Justice have presented a bill that plans to replace paper stocks and bonds with digital versions. Such a transition to increase the liquidity of securities and provide better legal compliance.

Regulators highlighted that the adoption and implementation of tokenized securities is an important part of the government's blockchain strategy.



📌 Coinbase Exchange Announces Fiat Lending Service

Fiat loans will be available secured by bitcoin. The maximum loan amount is $ 20,000 per user. The deadline for the loan is 12 months with a fixed rate of 8% per annum. No credit check is required. The funds will become available within 2-3 days from the date of the loan.

Coinbase allows renegotiation of terms as market conditions change.



📌 Venezuelans Will Be Able To Pay Taxes With Digital Currency

Venezuela Council of Mayors signed an agreement according to which citizens will be able to pay taxes in national digital currency El Petro. A separate register will be created to account for taxpayers using digital currency. The bill was opposed by opposition parties from regions with insufficient technology development to use El Petro.

In June, the United States added El Petro creator Ramirez Camacho to the list of the most wanted criminals.



📌 China's State Blockchain Platform Adds Support For 6 Public Blockchains

China Infrastructure Blockchain Platform (BSN) launched the international version of the site and now supports direct integration with Ethereum, EOS, Nervos, Tezos, NEO and IRISnet blockchains. This portal allows third-party developers from all over the world to create decentralized applications and run them remotely.



Projects, Startups

📌 Crypto-Exchange Bybit Has Launched A Trading Tournament

From August 10 to August 30, the Bybit exchange will host a BTCUSD perpetual futures trading tournament. Registration for the World Series of Trading (WSOT) is open until August 14th. 

Prize fund: up to 300,000 USDT. The prize pool is divided between two nominations — the owner of the highest profit and the user with the best profit and loss (PnL). The total amount depends on the number of participants. 5% of the total winnings amount will be donated to the United Nations Children's Fund (UNICEF). Tournament participants also will receive bonuses: up to 9400 USDT for completing additional tasks.



Hacking, Law, Cybercrimes

📌 Interpol Has Put On The Wanted List Of Former Wirecard Director

Jan Marsalek, former director of the German startup and payment card issuer Wirecard, has been internationally wanted. Marsalek is accused of organizing fraud, embezzlement of funds and other property and economic crimes.

The issuer of payment cards Wirecard, one of the TOP-30 German companies with the largest capitalization, went bankrupt in June with over € 1.9 billion in shortfalls. It turned out that the company was processing huge cash flows from illegal online casinos and porn sites. The partners of the company are now forced to pay fines, file for bankruptcy and conduct courts.

According to one version, Jan Marsalek is hiding in Russia.



📌 Tor Attacks Users Of Cryptocurrency Sites

An unknown hacker group used the Tor network to attack users of cryptocurrency sites. 

By manipulating traffic, hackers carried out so-called middleman attacks. They replaced user traffic from HTTPS addresses to less secure HTTP. This allowed them to replace bitcoin addresses in bitcoin mixers and redirect transactions to their wallets instead of user wallets.



📌 Scammers Intensify After Lifting Restrictions On Crypto Trading In India

In March, India's Supreme Court lifted restrictions on cryptocurrency trading. This contributed to a sharp increase in the number of investors in bitcoin and an increase in the number of scams based on the creation of fake websites.

Scammers offer to buy and sell bitcoins through their applications, after which they hide with users' money. They are promoting offers through social media, targeting wealthy Indians.

After the ban on the banking services of companies was lifted, the volume of trading in cryptocurrencies increased by 47%, and the number of daily active users by 150%.



📌 Vitalik Buterin Accused The Forsage Project Of Fraud

The company positions itself as a decentralized matrix marketing project. The financial regulator of the Philippines saw signs of a pyramid scheme in the project. On the Twitter account of ForsageAsia, this statement was made public, so Vitalik Buterin expressed his opinion:

“They are against you because you are liars. Most users of such projects will only lose money. Schemes like this are designed to generate a steady stream of new depositors to pay earlier ones. When there are no new ones, most people will lose everything they put in. Take a look at Bitconnect, Onecoin and others”.



📌 Australian Hacker Sentenced To Two Years In Prison For Stealing $ 300,000 In XRP

Catherine Nguyen became the first defendant in the history of Australia in the case of theft of crypto assets.

In January 2018, she and an accomplice hacked into the mail of a 56-year-old namesake using SIM swapping and stole his assets worth 100,000 XPR. Using the stolen funds, the convict opened a business to repair designer bags and shoes. Nguyen pleaded guilty in August 2019.

 

That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.