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“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 17

Wanchain | 01.13| 26

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 17

reHash issued for January 7th to January 13th

The all time highest price and shortly thereafter the all time highest drop. It had to come eventually since we were breaking records at a staggering speed. Now markets have somewhat cooled off for now. reHash sums up all the news that you might have missed while you were frantically checking on your portfolio. Hope you enjoy!

NOTE:
reHash is not intended to be original journalism. It is intended to be a 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 provide news we have been missing, please mention them in the comments!

ADOPTION

  1. Bakkt, a Bitcoin custodian, will go public at $2.1 billion valuation; Bakkt is merging with VPC Impact Acquisition Holdings; the combined entity will be called Bakkt Holdings and will be listed on the New York Stock Exchange; Gavin Michael, a recently appointed CEO remarks: “I’m excited to join the management team of a company, at this important time in its expansion, whose vision is to bring trust and transparency to digital assets through innovation and technology and, through that process, unlock trillions of dollars currently held in customer and loyalty accounts and allow consumers to put them to work.”; Bakkt currently supports more than 30 loyalty program sponsors and over 200 gift card merchants
    SOURCE: 1, 2, 3, 4, 5, 67
  2. Morgan Stanley has increased their stake in MicroStrategy to 10.9%; it marks a 455% increase in amount of shares they hold; purchase has happened on December 31; shares of MicroStrategy has seen a rise from $289 on December 8th to $545 on January 8th;
    SOURCE: 1, 2, 3, 4, 56
  3. Khyber Pakhtunkhwa goverment has approved use of government funds to run two Bitcoin mininig farms; KP is a province of Pakistan; they already pushed for favorable crypto regulation in the country
    SOURCE: 1, 2, 34

REGULATION

  1. German regulators have taken down DarkMarket; DarkMarket allegedly is the world’s largest Dark Web marketplace (was?); the servers were deactivated; marketplace had over 500,000 users and 2,400 vendors, processed at least 320,000 transactions; it was primarily used as a market for drugs, counterfeit money, stolen credit cards, anonymous SIM cards and various malware
    SOURCE: 1, 2, 34,
  2. Twitter and Facebook have suspended Donal Trump’s accounts; reasons for the ban is “the risk of further incitement of violence.”; while Twitter currently insists the ban is permanent; Mark Zuckeberg has mentioned that Facebook is “extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks until the peaceful transition of power is complete.”; some decentralized platforms seem to be getting more users thanks to that — one of them is Gab, other would probably be Parler but it was shutdown by tech giants (Apple, Google, AWS) over the weekend; (some 70,000 other accounts were also banned on Twitter connected to the QAnon group)
    SOURCE: 1, 2, 3, 4, 5, 6, 7, 8, 9, 1011
  3. BitMEX has KYC’ed all the customers; their Bitcoin balance is down from nearly 300,000 BTC to just a bit over 100,000 BTC; forced KYC program was started on October 21st, 2020; shortly after the CFTC filed money laundering and other civil charges against BitMEX; another $540 million lawsuit against BitMEX has been closed; supposedly BitMEX has settled with Frank Amato and Elfio Guido Capone (who were early investors for BitMEX) for approximately $44 million;
    SOURCE: 1, 2, 3, 4, 56
  4. Finland’s customs agency wants to sell BTC it has seized back in 2016; they currently hold 1,981 BTC that are worth approximately $67 million, they were worth only $800,000 when they were seized; most of these come from a bust of a darknet operator Douppikauppa (selling drugs); proceeds will be transferred to Finland’s Ministr of Finance after the sale
    SOURCE: 1, 2, 3, 45
  5. CFTC is seeking $108 million penalty on Michael Ackerman; Ackerman allegedly frauded over 150 investors for a total of $33 million; he promised the money was used with his algorithm on a cryptocurrency market; “In truth, Ackerman invested no more than $10 million of the $33 million raised from investors in cryptocurrencies and the profits generated by the algorithm were minimal, at best.” read the motion;
    SOURCE: 1, 2, 34
  6. SolidX has filed a lawsuit against VanEck alleging that their Bitcoin ETF is ‘plagiarism’; SolidX further alleges that VanEck has ended their partnership in bad faith and want to launch a Bitcoin ETF based on SolidX’s work; “Using SolidX’s work and work product to compete with it is bad enough, but the registration statement VanEck filed would be called plagiarism in any other context: the structure of VanEck’s proposed Bitcoin ETF is substantively identical, or virtually so, to the structure for which SolidX sought SEC approval.”
    SOURCE: 1, 23
  7. Owner of the cryptocurrency RG Coins is sentenced to 121 months in prison for laundering $5 million; “Iossifov and his co-conspirators participated in a criminal conspiracy that engaged in a large-scale scheme of online auction fraud that victimized at least 900 Americans”; RG Coins was an exchange based in Sofia, Bulgaria; investors were defrauded of over $7 million
    SOURCE: 1, 2, 3, 45
  8. Deputy Director of the Division of Enforcement of the SEC, Marc P. Berger is set to leave the office by the end of the month; his tenure was short lived since he was appointed in December 2020; with Biden’s inauguration shortly — rumours of him appointing Gary Gensler as the chair of the SEC have started appearing; results that such appointment would hold for the high profile SEV v. Ripple lawsuit are hard to predict currently
    SOURCE: 1, 2, 3, 45
  9. FinCEN’s proposed rules regarding KYC and AML have amassed over 7,536+ comments; some news outlets report 65,000 comments, however they are not currently shown; the proposed rule would force the exchanges to KYC their customer wallets with transfer over $3,000
    SOURCE: 1, 2, 3, 4, 5, 6, 7, 89

DEVELOPMENT

  1. Dan Larimer has resigned as the CTO of Block.one; Larimer has co-founded the company behind EOS token; he claims that he “will continue on my mission to create free market, voluntary solutions for securing life, liberty, property and justice for all. I do not know exactly what is next, but I am leaning toward building more censorship-resistant technologies.”; Block.one has raised $4 billion in its ICO and were consequently fined for $24 million by the SEC
    SOURCE: 1, 2, 3, 45

GENERAL UPDATES

  1. A hacker has gained access to a number of chastity belts, wait… no, that’s correct; a hacker was able to somehow gain access to a number of internet-connected devices that a user would put on their penis; device is controlled remotely and the hacker was able to close the devices on some users; attacker demanded 0.02 BTC from the users that were affected; it was caused by an API flaw exposed back in October 2020;
    SOURCE: 12
  2. Grayscale Bitcoin Trust now accepts new investors again; closed in late December, was recently reopen; Grayscale managed nearly $25 billion in user funds; according to the newly appointed Grayscale CEO Michael Sonnenshein “We’ve started to see participation not just from the hedge fund segment, which we’ve long seen participation from, but now it’s recently from other institutions, pensions and endowments (…) the sizes of allocations they are making are growing rapidly as well.”; he believes that “If 2020 was the year crypto came of age, showcasing its resiliency and staying power, then we’re at the beginning of true and sustained growth,”
    SOURCE: 1, 2, 3, 4, 56
  3. PayPal is seeing increased volume with their record of $242 million in 24hours in cryptocurrency trading; it’s nearly double the previous record on the platform; the data was gathered by Nomics; it is expected that most if not all of the volume comes from retail users;
    SOURCE: 1, 2, 3, 45
  4. Both Signal and Telegram have seen huge spikes in user influx after the blunder of WhatsApp; WhatsApp has recently updated their privacy policy that gave users concerns regarding data-sharing with Facebook; Telegram has reported 25 million new users in 3 days; Signal got to the first place in popularity in Google Play and App Store; WhatsApp is trying to limit the damage “We want to address some rumors and be 100% clear we continue to protect your private messages with end-to-end encryption.”
    SOURCE: 1, 2, 3, 45
  5. There is currently approximately 136,000 BTC tokenized on Ethereum; it is down from the ATH amount of 152,000 BTC back in November; however due to price fluctuations and recent ATHs — the largest monetary value; currently priced at about $4.7 billion
    SOURCE: 1

Thank you, as always, for reading and hope to see you next week! We will have news next week too!

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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“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 17 was originally published in Wanchain on Medium, where people are continuing the conversation by highlighting and responding to this story.

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