TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. BTC funding centralized in three companies. Binance sued by former moderator over confiscated funds. China’s central bank lowers interest rates and joins worldwide easing. Microsoft YouTube accounts hacked to promote cryptocurrency scams. Bitmain’s Antminer E3 will keep mining Ethereum until October 2020, and CoinEx Chain performed its Atlantis hard fork successfully.
BTC Funding Centralized According to BitMEX
New research from BitMEX found BTC funding for development is heavily centralized in a small number of companies and organizations. Blockstream and Lightning Labs are the biggest BTC funding contributors to open-source development of the project with 8 dedicated developers each, Square Crypto trailing with 7. Despite this, Chaincode Labs, a New York based Bitcoin research center, is the company funding the most productive developers (with most code commits) to the current codebase.
Binance Sued by Former Community Moderator for Confiscating Funds
Binance is the object of yet another lawsuit from a disgruntled ex community moderator declaring the exchange confiscated his funds and his account over a bilateral dispute in a Telegram group. Steven Reynolds, the former Binance chat community moderator, alleges his account with more than $280,000 was suspended and its funds confiscated, and he’s now suing Binance for “damages for all injuries suffered as a result of Defendants’ wrongdoing in an amount believed to be not less than $337,500.”
China’s Central Bank Joins Worldwide Easing
The People’s Bank Of China, China’s central bank, joined the worldwide trend of lowering interest rates and injecting liquidity into markets to fight the impact of the coronavirus pandemic on their economies. This time, China lowered the interest rate to 2.25 from 2.4% while injecting 50 billion yuan (almost $7.1 billion) into the banking system. However, economists think this is just the beginning, predicting more interest rate cuts are coming in the near future to adjust for the economic effects of the pandemic.
Microsoft YouTube Accounts Hacked to Broadcast Crypto Scam
Several YouTube accounts owned by Microsoft, the software giant, have been hacked as a part of a cryptocurrency scam. The hacker took control of Microsoft accounts and also hacked others to broadcast an old Bill Gates conference talk modified with a classic crypto scam, asking people to transfer a certain amount of cryptocurrency to participate and double their contribution. Despite the magnitude of the action, there have been no transactions made to the BTC address in the video.
Bitmain’s Antminer E3 Will Keep Mining Ethereum
Bitmain confirmed the Antminer E3, one of their more popular Ethereum ASICs, will keep mining Ethereum until October 2020. According to Bitmain’s announcement, new firmware “addresses the prior issue of the growth of directed acyclic graph (DAG) files, which limited the capability of the Antminer E3s for mining ETH or ETC.” With this release, Bitmain extends the life of the Antimer E3 that was released back in 2018 as one of the first ASIC based Ethereum miners.
CoinEx Chain Hard Forks to Atlantis
CoinEx Chain, the decentralized public chain of the China-based exchange, successfully executed its Atlantis hard fork, bringing a sleuth of benefits for traders active in the CoinEx ecosystem. Among other improvements, Atlantis now allows tokens to be created easier and with lower costs on the chain, changing the token length and issuance fees. Haipo Yang, Founder and CEO of CoinEx, declared that “Atlantis shows that we are steadily making headway to bring more functions and technical enhancements to CoinEx DEX.”
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