Fri, Aug 21, 2020 8:50 PM by Sumit Bera

Crypto Weekly News — August, 21

Crypto news

Coins, Token

📌 Ethereum co-founder Vitalik Buterin wrote on Twitter that he sold his ETH reserves when the cryptocurrency rate was at $700. He donated part of ETH to charity. Earlier, Buterin convinced the Ethereum Foundation to sell 70,000 ETH in December 2017 and January 2018, thanks to which the organization's financial reserves were replenished by $100 million. Buterin added that he had not bought Bitcoin since 2017 inclusive.

📌 On August 18, the price of the yEarn Finance (YFI) DeFi platform token skyrocketed on the Binance exchange to $12,800. After that the token quotes went down sharply. The reason for the rapid growth of YFI is that over 60% of the circulating volume of the token is currently locked in pools of various DeFi projects. On Monday, August 17th, creator Andre Cronje announced the launch of a new product —, which will become "the prototype of a new type of tokenized insurance." The launch of is due in the coming weeks.

📌 The Chinese Ministry of Commerce has presented a list of regions that will take part in a large-scale test of the central bank's national digital payment system (DCEP) among a mass audience. In addition to Beijing, Hebei, Yangtze Delta, Guangdong and a number of cities in the midwest will take part in the digital yuan test. The list also includes the cities that will host the 2022 Winter Olympics. The timing of the start of the pilot program is not specified in the statement.


📌 After several successful attacks on Ethereum Classic, the developers have prepared a series of proposals aimed at protecting the network in the future. The proposed innovations include short-term and long-term steps to reduce the risk of similar attacks. The developers have divided the proposed changes into five phases up to January 2021. This time will be required for the coordination of changes with the community, their development, and implementation.

📌 According to Google Trends, investor interest in cryptocurrency this summer rose to its highest values since January 2018. The number of searches for “buy crypto” has skyrocketed in recent months. According to analysts, the growth of interest may signal the arrival of new investors in the market. The frequency of the “buy altcoins” request also rose sharply by August. Analysts admit that this may indicate the beginning of the altcoin season.

📌 Prysmatic Labs has fixed a critical bug in the Medalla Ethereum 2.0 testnet client that made it impossible for the network to function normally. Prysm's third-party service Cloudflare changed its internal time by approximately four hours. As a result, the test blockchain was split into four chains that could not adequately interact with each other due to the time difference. The developers have released a patch that fixes the synchronization problem. Ethereum co-founder Vitalik Buterin said he has no doubts about the transition to ETH 2.0, but admits that Ethereum 2.0 turned out to be more difficult from a technical point of view than expected.

Projects, Startups

📌 The Chrysalis update (v1.5) has been launched on the IOTA mainnet to increase throughput to 1000 transactions per second. This and Chrysalis' upcoming second phase is a milestone before the launch of the Coordicide update. It will be the transition to IOTA 2.0 and will support enterprise solutions.

📌 John McAfee has announced that he is leaving the Ghost project. As a reason, he cited the inability of the current leadership to lead him to success. The antivirus creator McAfee announced the launch of the GHOST coin focused on increased user privacy in April this year.

📌 Bitcoin surpassed the shares of leading US companies in popularity, behind only Tesla. Tesla quotes became the most-watched in 31 states for July. Bitcoin has proven to be the most popular in California, Washington, and Oregon. Boeing shares took third place in view.

Law, Hacking, Cybercrimes

📌 The organizers of YouTube streams with fake cryptocurrency distributions stole 1.543 million XRP (~$477,000) from deceived users. The attackers laundered 839,000 XRP (~$243,000), of which 508,000 XRP (~$147,300) went through the Binance exchange and the remaining 273,000 XRP (~$79,100) through NiceChange.

📌 The British Financial Conduct Authority (FCA) has registered two branches of the Gemini cryptocurrency exchange. The company has complied with the requirements of the regulator to comply with the EU's Fifth Anti-Money Laundering Directive (AMLD5).

📌 German police have confiscated €25 million worth of Bitcoins. The funds are linked to the activities of an illegal video streaming site. The two main operators of the website have been accused of creating and using an illegal streaming service. According to law enforcement officers, in total, they have distributed almost 900,000 pirated copies of films.

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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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