TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Binance revamps its security system after the recent hack. Joseph Lubin thinks Tether incident is serious. Crypto Capital shadow banker released on $5 million bail. Bitcoin Unlimited abandons BTC and BSV. Tron Co-Founder and former CTO denounces centralization, hints at Tron replacement, and Bitfinex bitcoin prices now at a discount.
Binance Updates Security Measures After Hack
Binance, a high-volume cryptocurrency exchange, announced they are reviewing their security policies after the hack they recently suffered. Changpeng Zhao, Binance CEO, declared, “We are making significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident. We are improving our risk management, user behavior analysis, and KYC procedures.” He also stated they cannot disclose all of their actions because hackers are listening to all they say.
Ethereum’s Joseph Lubin Says Tether Issue is Serious
While everyone is focused on the bull market, there are others like Joseph Lubin, an Ethereum co-founder, voicing concern about stablecoin Tether and its impact on the market. Lubin declared, “It seems like a really big mess that probably won’t get better,” regarding mishandling of almost $900 million dollars by iFinex, Tether’s owner. Tether is an important part of the ecosystem, being the most used stablecoin.
Crypto Capital Shadow Banker Released on $5 Million Bail
Reginald Fowler is out on $5 million bail. His next hearing is scheduled for May 15 in New York. https://t.co/WFaBN7KAPe
— Amy Castor (@ahcastor) May 11, 2019
Reginald Fowler, the ex NFL investor who had ties with Crypto Capital, an institution that ran shadow banking services for several cryptocurrency exchanges such as Bitfinex, has been released on $5 million bail. The executive will have to attend his next hearing in New York on May 15, according to information from independent journalist Amy Castor. Crypto Capital is also deep into the Tether/Bitfinex incident.
Bitcoin Unlimited Shuns BTC and BSV Support
Bitcoin Unlimited is shunning support for Bitcoin Core (BTC) and Bitcoin SV after the results of its voting process. While most users agreed to discontinue BTC support, BSV voting lacked interest by members. With this result, Bitcoin Unlimited shifts its development and attention only to develop for the Bitcoin Cash network. Despite this, the actual version will keep functioning for BTC and also for Bitcoin SV for the time being.
Tron Co-Founder Bashes Tron for Centralization, Leaves to Create a New Cryptocurrency
Tron cofounder/ CTO leaving to start a competing protocol bcz Tron is too centralized
Bashes on Justin/ Tron in departure post
Wants a “fair” launch for new protocol
I love this space https://t.co/lzBFbbPTl8
— Tony Sheng (@tonysheng) May 11, 2019
Lucien Chen, co-founder and former CTO of TRON, the famous cryptocurrency helmed by Justin Sun, has left the project and criticized it for centralization and lack of “diverse voices” in the TRON ecosystem. Chen declared in a manifesto that “the dreams and visions that Justin told me have been ruined.” His new project Volume Network is a cryptocurrency he states will be “truly decentralized.”
Bitfinex Goes From Premium Bitcoin Prices to Discount
Bitfinex going from a $400 premium to a $100 discount is one of the funniest things ever pic.twitter.com/dzLK637rw2
— loomdart (@loomdart) May 11, 2019
Twitter user loomdart called the attention on something he says is “one of the funniest things ever,” the shift in bitcoin prices on Bitfinex. They went from having a $400 premium over other exchanges, to now offering a discount of about $100 dollars compared to popular exchanges. According to loomdart, this could be because there is not much demand on the platform due to recent scandal.
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