Another Bank Run in China, Fidelity Reveals Reward Token, UPbit Hacked Funds on the Move

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Another bank run has reportedly happened in China. Fidelity using tokens to reward employees. UPbit hacked funds on the move. Blockchain will save the food industry $31 billion. Robinhood withdraws its banking license application, and read.cash introduces multiple currency deposits and withdrawals.

Second Big Bank Run Happens in China

Bank Run

Another bank run has happened in China, where such events have been becoming more common throughout the last few weeks, according to a report from BeinCrypto. The Yingkou Coastal Bank had to pile mountains of yuans to withstand the volume of funds being withdrawn. People lined up to get their money back as a result of fear derived from a rumor spreading about the institution’s solvency. Earlier this month, another bank run happened at the Yichuan Rural Commercial Bank, where people withdrew 30 Billion yuan.

Fidelity Internal Token to Reward Users

Bank Run

Asset management behemoth Fidelity, which introduced a cryptocurrency custody service, is using tokens to reward participation of users in certain internal activities. The financial institution used an Ethereum-based token (ERC-1404) designed to restrict transactions to specific wallet addresses for a closed-loop, whitelisted ecosystem. Lawson Baker, head of TokenSoft, declared that Fidelity tried to gamify their incentives earlier, but found the effort “manual and restrictive.”

UPbit Hacked Funds Already on the Move

Hackers are working fast to move funds stolen from the Korean cryptocurrency exchange UPbit. The 342K ether have already been marked by Etherscan, the leading block explorer, labeling every one of the wallet addresses to which some of the funds have been transferred. The hackers are moving small ether quantities and have even sent some funds to addresses belonging to Huobi, another cryptocurrency exchange.

Blockchain Will Help Save $31 Billion for the Food Industry

Bank Run

Juniper Research, a consultancy and forecasting firm, declared blockchain will save the food industry no less than 31 billion dollars in fraud by 2024. This is the conclusion of an investigative report titled, “Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030,” where it states also that the internet of things will help streamline certain important processes. The key improvement blockchain will bring is with chain supply issues, allowing consumers to know from where and what is in their food.

Robinhood Abandons Its Banking Pretensions

Robinhood, the zero-fee cryptocurrency exchange platform, abandoned its pretensions of offering banking services to users. The company withdrew its application only a few months after having presented it, most likely due to stringent requirement from the US Office of the Comptroller of the Currency. Robinhood has had a bad run with its financial products, retiring a checking and savings account proposal, for example, back in 2018.

Read.cash Adds Multiple Cryptocurrencies Deposits and Withdrawals

Read.cash, the Bitcoin Cash based blogging platform, introduced the feature of depositing and withdrawing other currencies in its internal wallet. They partnered with Sideshift.ai, the cryptocurrency swap service, to allow customers to have access to a big number of currencies supported by the platform. Support for Lightning Network and Grin payments is also being built-in, but will come at a later date because these currencies and systems use invoices for transactions.

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