Welcome to In Case You Missed It (ICYMI), a blitzkrieg of spicy crypto news from your decentralized best friend, Linzerd. A Chinese crypto millionaire airdrops money from a rooftop. Coinflux CEO arrested for money laundering and fraud. Hong Kong to get new crypto regulations. Congressman calls for “Wallcoin” to pay for Trump’s wall. Facebook fumbles with privacy again, and Coinbase gets stable with USDC.
Chinese Crypto Millionaire Makes it Rain
This bear market impacts us all differently. For some, it is a time for austerity, but others take it differently. The young Chinese crypto millionaire Wong Ching Kit, also known as Mr. Coin, decided to throw millions of bills from the rooftop of a building to “educate people about bitcoin.” This was reported by the Asian cryptojournalist Mia Tam via Twitter. Some said they failed to find the point in this action, but despite that, no one can deny that this was quite the airdrop (literally). He was later arrested.
Coinflux CEO Arrested, Faces Money Laundering Charge
Speaking of arrests, Vlad Nistor, the founder, and CEO of Coinflux, the largest cryptocurrency exchange in Romania, was detained the past week due to charges of embezzlement and money laundering coming from the USA. The man was detained in his own office in Budapest, and is now facing an extradition trial. The exchange has also stopped its operation due to this investigation and is now waiting for the inquiries to finish in order to give people their money back. The future of the exchange is also uncertain at this point.
Coinbase Includes USDC Support in App
Coinbase is offering support for their first listed stablecoin, USDC. They had already announced this back in October, but they added support for the new stablecoin in their Coinbase app just recently. US residents in approved locations (sorry New York) will be able to purchase and sell this currency freely. As with every other stablecoin, USDC claims to have a dollar as a backup of its token emitted in an exchange. Stablecoins are the new clothing trend, and Coinbase is wearing it proudly.
Hong Kong To Tighten Crypto Regulations
Regulators in Hong Kong announced they will tighten up their cryptocurrency regulations to protect investors in the region. Hong Kong had been the standard haven for Chinese cryptocurrency investors who were not able to do business in neighboring countries, especially the mainland. But now, the regulatory framework will prevent ICOs to trade tokens with less than a year from creation. While this could scare some investors off, there is no denying regulation is coming at a worldwide level.
Wallcoin is a Thing, and Then it’s Not
Representative Warren Davidson has made quite a bold proposal. He stated the supposed wall that would separate the US-Mexico border could be financed with an ICO, called “Wallcoin.” He announced this on an interview with NPR. Democrats have not agreed to concede the funding for the wall to Trump, so the situation is difficult. It was later revealed no such plans were actually in the works, but media ran with it anyway as tensions grow between the administration and lawmakers.
Facebook Flops Privacy Again
Facebook has made public another yet another security bug that may have compromised the personal information of more than 6 million users to more than 1,500 apps in a lapse of 12 days back in September. Supposedly the bug had to do with permissions Facebook gives to some apps, and how they were “extended” due to a bug in the programming API. This is the latest of a series of security fumbles that the social network giant has experienced. Thumbs down Mark Zuckerberg.
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