Another day into Crypto-verse (24.12.2020)

in #leofinance2 months ago (edited)

Many things are happening right now, with amazing speed, and not always we are fast enough to understand the ripples of some aparently disconected events (I know, you see what i did with Ripple there). So, let's start!

  • The hack on Ledger got over 1 million addresses and 270.000 wallet orders, and no wallet was affected, but most probably all the data was sold on darknet, as many Ledger users started to receive phishing emails and phone calls. If you have a Ledger, be extra careful.
  • US is trying to make some major moves to regulate the crypto-assets. First, they try to propose that 'convertible virtual currencies', or cryptocurrencies, as you call them, and 'legal tender digital assets', also known as stablecoins, need to be classified as 'monetary instruments', and therefore be subject to the requirements of the Bank Secrecy Act (translation: extra KYC measures). Then, Ripple announced that SEC is planning to sue them, and behold, next day SEC filed a lawsuit against Ripple , CEO brad Garlinghouse and cofounder Chris Larsen for conducting a 1.3 billion dollars unlicensed securities sale. If this goes forward and SEC wins, most probably the rest of the cryptomarket will be also tightly regulated.
  • On another side note, Ripple also claimed that BTC and ETH are Chinese controlled cryptocurrencies. XRP (Ripple flagship token) dropped more than 15% after the latest events.
  • Elon Musk is having fun as usual, tweeting 'One word:Doge' and starting a discussion with Michael Saylor of Microstrategy about Bitcoin and Tesla. Few other billionaires joined the discussion, including CZ of Binance (Changpeng Zao). Even Dogecoin was pumped 20% after this discussion.
  • Even Bitcoin benefited for the free advertising, finally hitting the 24.000 mark. And yes, MicroStrategy officially holds more than 1 billion in BTC.
  • Early Monday EXMO exchange suspended withdrawals after malicious actors managed to steal close to 5% of their crypto from the hot wallets (BRC, XRP, ZEC, USDT, ETC, ETH). The company stated that the cold storage was not affected and they will cover the loss. Other exchanges were asked to help and the hacker(s) wallets were published. EXMO itself helped in 2019 to recover crypto stolen from Bithumb.
  • Chiliz (CHZ) and Socios.com are launching sport related tokens, and until now we got Juventus Torino, Paris Saint Germain, Real Madrid and AS Roma already available, many of them experiencing a notable increase.
  • Apparently DAI stablecoin is used extensively in Argentina, as Argentinian peso is more volatile than a cryptocurrency. (And yes, this is not what you want to hear about your national currency).
  • CryptoSat tries to combine the lower costs for space travel with the security costs for computer infrastructure, puting a wallet safely on a nano-satellite and launching it in space. My only question will be: how you do the back-up to protect against a solar flare EMP or a malicious state backed weapon if you are not keeping a back-up on Earth?


Let's see what 2021 will bring to us (hopefully few more good news than 2020, right?).

Yours truly, 

George

 

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