TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. QuadrigaCX unable to pay creditors. Tron former CTO accused of embezzlement. Vitalik Buterin talks Bitcoin Cash. Bull market takes BTC fees higher. CME bitcoin futures trading skyrocket, and CoinEx prepared for Bitcoin Cash hard fork.
QuadrigaCX Unable to Pay Creditors, Only $28 Million Found
Bad news for QuadrigaCX creditors was released by Ernst & Young, the overseer of bankruptcy procedures of said exchange. The institution released a preliminary report, stating they haven’t been able to complete a thorough examination of the finances and assets of QuadrigaCX due to “poor bookkeeping.” Most of the assets available and accounted total $28 million in cash, and the debts of the exchange with their creditors (mostly customers) are about $215 million.
Tron Former CTO Accused of Embezzlement by Justin Sun
Zhiqiang Chen, an important part of the Tron organization and former CTO of Tron, has been accused of embezzlement, bribery, and infringement by former boss and Tron’s CEO, Justin Sun. Chen left Tron because he felt the cryptocurrency had become too centralized, and embarked into the creation of a new crypto called Volume Network. About these allegations, he declared “Justin takes personal attacks and slanders to me again, I will return with legal actions” when reached for comment by CoinDesk.
Vitalik Buterin Talks About Bitcoin Cash
Vitalik Buterin, Ethereum co-founder, has always had a soft spot for Bitcoin Cash. This time, on a healthy Twitter discussion with developer Amaury Séchet of Bitcoin ABC, he gave his thoughts about the new addition of CTOR to Bitcoin Cash. He also commented about a part of his work relevant to BTC, and also recommended a good programming library (pybitcointools) fork for people to use. The whole conversation can be found in this thread.
Bull Market Takes Bitcoin Fees to the Next Level
The new bull market that has managed to raise prices of cryptocurrency to the highest levels this year is also doing a disservice to people wanting to use crypto as something more than an asset class. According to bitcoinfees.info, a platform that serves to calculate estimated fees for BTC transactions, the average next block fee is at about 2.3 dollars, a very high amount if people want to make a microtransaction on the BTC network.
CME Bitcoin Futures Volume Skyrocket to $1.4 Billion
The latest performance of Bitcoin as an uncorrelated asset class (because it has not followed stock drop) has made investors pump money into their available derivatives, in this case, futures. More than $1.4 billion has been traded in the regulated bitcoin exchange market, with 33,000 contracts valued at 5 bitcoin each changing hands. Bitcoin is now flirting with the $8K mark, an event that can lead to break the previous ATH record established on May 13th.
CoinEx Prepared for Bitcoin Cash Hard Fork
CoinEx, the cryptocurrency exchange led by Haipo Yang, announced they are prepared for the recent May BCH hard fork featuring Schnorr signatures and some network upgrades. The exchange stated in a blog post that “BCH deposits, withdrawal, trading and ‘Inter-user Transfer’ will not be affected during the hard fork upgrade.” They will, however, examine this upgrade closely to protect users’ funds in case of an emergency.
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