TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Binance trading launches in China. Litecoin financials have gone missing. TRON has bot infection problem, study suggests. Blockchain system Voatz suffered a hack attempt in West Virginia. French bank invests in Lightning Network startup, and the CFTC warns against social media scam schemes.
Binance Trading Launches In China, Uses WeChat and Alipay as Fiat Ramps
Binance announced they will be launching P2P trading of cryptocurrencies in China. WeChat and Alipay will be featured as fiat ramps to pay other users for cryptocurrencies. Chanpeng Zhao clarified in a tweet later they are not partnering with any of those two payment processors, but they will be available to help users onboard to the world of crypto. However, these options will not be present on the exchange itself.
Litecoin Foundation Missing Financial Data
— Bacon. (@CryptoBacon) October 9, 2019
The Litecoin Foundation, the organization behind the promotion of the Litecoin cryptocurrency, has not released information from of the last two financial quarters of their operation, and, according to some reports, could be in dire straits. Charlie Lee, the creator of the cryptocurrency, came out to deny these accusations. Lee declared in a post on Reddit, “I have the numbers. We just haven’t put them together to be published. We have about $200k today, which is about 2 years of runway.”
TRON is Infected With Bots, Study Claims
AnChain, a blockchain startup that uses AI to do research, found the TRON blockchain is significantly infected with bots. According to their research “blockchain bots contribute to 30.7% of unique accounts and 19.3% of transactions.” Also, they found most of the 10 top TRON gaming dApps have more than 70% of activity made by accounts of bots or groups of bots.
West Virginia Blockchain Voting System Suffered Hack Attempt
The blockchain voting system being used by West Virginia in a pilot test for an internal state election suffered a hacking attempt back in 2018. While the attack was unsuccessful and did not manage to change the direction of any vote, it introduces doubts about the security of the voting system Voatz startup is providing. According to the FBI, this could have been the work of a student or students of the University of Michigan during a course on election security, but the investigation is still ongoing.
French Bank Invests in Lightning Network Startup
BPIFrance, a public investment bank, decided to invest in one of the three most known startups behind Lightning Network, ACINQ. The bank invested one million euros in a 7 million euros funding round — the first time a public bank has invested in a crypto company.
CFTC Releases Social Media Guide Against Scammers
Common frauds found on social media include: digital currency pump-and-dumps, unregistered binary options trading sites, and trading signals. Learn more about these schemes so you can protect yourself from fraud: https://t.co/TClQFr9WAH
— CFTC (@CFTC) October 9, 2019
The US CFTC released a document titled, “There’s nothing to like about scammers on social media,” where they warn people about the possibility being targeted by scammers online. They “want the public to watch for unregistered brokers and advisers, as well as fake testimonials and so-called trading experts on social media platforms.” The guide mentions the most common scams online: cryptocurrency pump and dumps, fraudulent sites, imposter frauds, and trading signals, and explains how to deal with them.
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