Day: April 22, 2020

Nearly Every Past Tether Burn Led a Bitcoin Crash. It Just Happened Again

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Aside from Bitcoin, the most talked-about cryptocurrency over the past few weeks has seemingly been Tether. The fourth-largest cryptocurrency by market capitalization, the stablecoin, which trades on markets as USDT, has become increasingly important to the crypto market. So much so that just the other day, data shared by Unfolded suggested that Tether’s market capitalization hit $7 billion, or approximately 3.4% of the entire industry’s value. It appears that growth is slowing, though. In fact, Whale Alert, a Twitter bot tracking large Bitcoin and other cryptocurrency transactions, recently revealed that $220…

Binance Research Finds Libra Could Rattle Payment Sector Foundations

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Binance Research dove into Libra’s most recent whitepaper, surfacing with a lenghty report, in part claiming Facebook’s proposed asset could significantly alter the payments world. “Libra’s envisioned global payment system could do to the payment industry what SpaceX did to the space industry: shake the foundations of a well-established sector with high entry barriers,” the April 22 report said, adding: “The mere advantage of issuing widely-available programmable money would already initiate manifold efficiency gains.” Libra’s outlook after a year of regulatory pushback After releasing its initial whitepaper in June 2019,…

Crypto Sextortion Scams Prove to Be Alarmingly Successful

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A study carried out by SophosLabs in conjunction with cryptocurrency intelligence company, CipherTrace, revealed that sextortion scams are a profitable business. Between September 1, 2019, and January 31, 2020, nearly $500,000 in profits we gained by cybercriminals engaging in sextortion. According to the report, the modus operandi is that the scammers told victims through email that their computers were hacked and that they allegedly obtained information on their history of visits to pornographic pages. They then proceeded to extort the recipient of the message, asking for $800 worth of Bitcoin (BTC)…

Chinese Blockchain-Based Pilot Platform Completes First Cross Border Trades

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Recently, a blockchain-backed cross border platform pilot was implemented in the Chinese city of Qingdao. The companies involved have now made their first trades with partners in North America and Southern Asia. As reported on April 22 by local newspaper, Sina, the companies are praising the pilot program, and claim that the city’s banks will continue to improve the service. Trades made with other countries via blockchain About 37 Qingdao businesses have done business with foreign enterprises through the blockchain platform, located in the United States, Mexico, India, and a…

New WordPress Plugin Allows Anyone to Launch a Decentralized Crypto Exchange

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Blockchain startup incubator, Draper Goren Holm, launched what it claims to be the first crypto decentralized exchange, or DEX, plugin for leading website backend software, WordPress. According to an April 22 announcement, the plugin is “the easiest way for anyone, not just engineers, to launch their own cryptocurrency exchange.” Venture capitalist Tim Draper commented: “Everyone, not just engineers, can now launch their own crypto exchanges on WordPress using the plugin our team built.” With the plugin, websites can now feature an on-site DEX that allows users to exchange between a…

“CeFi and DeFi will eventually merge”

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MakerDAO founder, Rune Christensen, explained the measures taken by the Maker Foundation to prevent future failures in Maker’s protocol and predicted the future merger of DeFi and centralized finance.  How to prevent future meltdowns In order to prevent a repeat of the Black Thursday meltdown, Maker’s governance addressed the bug that allowed a number of users to win liquidation auctions posting 0 DAI in return.  Christensen said that the auction’s bid duration has been increased to six hours, which means that auction participants will have more time to make their…

From Facebook Lab to Global Stage: Libra’s Timeline

CoinDesk has been chronicling this saga every step of the way. What follows is a detailed timeline of the Libra project’s history, from the early signs that Mark Zuckerberg’s social network was sniffing around the blockchain industry to Libra’s recent watering-down of its once-bold plans. Bookmark this article, because we’ll keep updating it as the story continues to unfold. Source