TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. PlusToken BTC movements may have aided the market selloff. Overstock sued for CEO’s sudden exit. Chase Bank settles crypto purchases lawsuit. Coinbase introduces Bitcoin transaction batching. Banks still refusing to serve crypto-related businesses in India, and Tether printed 60 million USDT during market drop.
PlusToken Movements Might Have Influenced Market Selloff
The movement of several BTC addresses linked to the PlusToken scam, a Chinese token scheme that accumulated more than 2 billion in cryptocurrency, might have been related to the recent selloff and price drop in the cryptocurrency market. According to Ashish Shingal, CEO of exchange CoinSwitch.co, more than 13,000 BTC were moved earlier this week by PlusToken scammers to mixers to be dumped into markets after being anonymized. This could have propelled prices down, combined with the crisis of the coronavirus outbreak.
Overstock Sued for CEO’s Sudden Exit
Overstock, the online furniture and home retailer now turned crypto company, is being sued by a shareholder for the sudden resignation of its CEO Patrick Byrne, who was somewhat involved in the US/Russia scandal. John Murphy, the plaintiff, states several directors aided Byrne in his actions, and in the subsequent unloading of $90 million in stock that flooded the market, causing a dump in Overstock’s price. Byrne is now reportedly in Indonesia, a country without an extradition treaty with the US.
Chase Bank Settles Crypto Purchases Lawsuit
Chase Bank, the JP Morgan commercial bank division, settled out of court a case where plaintiffs accused them of overcharging some customers for cryptocurrency purchases. Plaintiffs Brady Tucker, Ryan Hilton and Stanton Smith, said they were surprised by Chase Bank when it classified some cryptocurrency purchases as cash advances, charging big fees and even collecting interest for these transactions. The plaintiffs were asking for $1 million in damages, but details of the deal were not released publicly.
Coinbase Introduces Bitcoin Transaction Batching
Today Coinbase is rolling out #bitcoin batching. By bundling transactions, Coinbase users may experience network fee savings of more than 50%. Batching also helps free up space on the blockchain and improves Bitcoin scalability for all network users. https://t.co/N6cDnl3nCZ
— Coinbase (@coinbase) March 12, 2020
Coinbase, an important US-based cryptocurrency exchange, introduced batching of bitcoin transactions. This new feature will bring several benefits for users, getting transaction fees down and helping lower the load the exchange causes on the Bitcoin network by almost 50%. This feature introduces some delays for customers, who will have to wait until several transactions are present to be batched, but once batched, they won’t notice a difference while helping to scale Bitcoin and freeing up space on the blockchain.
Some Banks in India Refuse to Process Crypto-Related Orders
— Crypto Kanoon (@cryptokanoon) March 12, 2020
Despite the Supreme Court of India recently striking down the cryptocurrency ban imposed by the RBI (Reserve Bank of India), there are still some banks denying service to crypto related companies. The banks denying this service appear to be expecting word from the RBI appeal regarding the subject. However, some cryptocurrency users have filed a document with the Ministry of Finance and important personalities of the RBI to report the issue and ask banks begin serving these customers as soon as possible.
Tether Printed $60 Million During Market Drop
💵 💵 💵 💵 💵 💵 💵 60,000,000 #USDT (60,732,863 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) March 12, 2020
Tether, the company that issues the USDT stablecoin, printed $60 million USDT during yesterday’s market drop. Paolo Ardoino, CTO of the company, reported this operation was just to replenish inventory to be used for the next period of issuance requests. Tether has been accused of market manipulation to pump and dump the price of BTC with the aid of its sibling company Bitfinex, and also by the NY Attorney General’s Office for hiding a multimillion loan made to Bitfinex.
CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.