TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Coinsquare accused of market manipulation. Binance burns $60.5 million worth of BNB. Argentinian Telecom requested ransom to be paid in Morero. Ripple CEO states China has an advantage over the US in crypto regulation. Almost 80% of the Ethereum supply is ready for staking; and since 2012, $1.6 billion invested in crypto focused on institutional custody deals.
Coinsquare Accused of Market Manipulation
Coinsquare, a Canada based cryptocurrency exchange, has been formally accused of market manipulation by the Ontario Securities Commission (OSC), the Canadian regulator. The exchange reported more than 840,000 operations of wash trade, with fraudulent trading volumes of 590,000 BTC, accounting for more than 90% of its volume. The OSC also stated the exchange took “a reprisal against an internal whistleblower” who leaked emails showing executives pushing employees to engage in wash operations.
Binance Burns $60.5 Million Worth of BNB
🔥 3,477,388 BNB gone forever.
🔥 $60.5M USD value
"I am more certain about the future of crypto than ever." – Read @cz_binance's recap of the last 3 years, and plans for the future. ⬇️
— Binance (@binance) July 18, 2020
Binance, the biggest cryptocurrency exchange, carried out its 12th BNB burn, retiring 3,477,388 BNB from the market, a number equivalent to $60.5 million. This has been the biggest BNB burn from the exchange, constituting 1,74% of all the BNB token supply, retiring a percentage of the tokens based on their trading volumes, according to a press release. Despite this, Changpeng Zhao, CEO of Binance, addressed some doubts about the percentage of the tokens burnt and where they came from in a subsequent article.
Argentinian Telecom Ransom to be Paid in Monero
A hacking group that has attacked the biggest Argentinian telecom company is asking for $7.5 million dollars in Monero as ransom for data hijacked . According to online media reports, the attack would affected OneDrive and Office 365 company docs, and other important systems on their IT infrastructure. However, normal operations haven’t been impacted. It is widely believed criminals turn to Monero for privacy oriented features that make payments difficult to track.
Ripple CEO Says China Has Advantage Over US in Crypto Regulation
Brad Garlinghouse, the CEO of Ripple, a company offering XRP based services, stated he believes China has the edge when it comes to forward thinking on cryptocurrency regulations. Garlinghouse stated China is “realizing that some of these technologies may in fact be very foundational for the future of how financial systems work, and they want to make sure that they have capabilities at the heart of them.” He declared these technologies were dominated by China in part because of its control of most of the mining percentage.
Almost 80% of Ethereum Supply Ready for Staking
The Ethereum community is preparing to change from Proof Of Work to Proof of Stake consensus. A report from ConsenSys, an Ethereum based software company, found more than 77% of the Ethereum supply is aggregated in addresses that have more than 32 ETH, the minimum established to participate in staking in the new Ethereum 2.0. While the date for this update has not been announced, it is expected to be deployed later this year, with several implementations of the new Ethereum already being in testnet.
$1.6 Billion Invested in Institution-Focused Custody Deals Since 2012
Research from The Block found more than $1.6 billion was invested in deals related to companies offering crypto custody for institutions. Most of these deals were done in 2018, with more than $700 million being spent that year. This number has seen a rise this year, with $400 million being poured on early stage, VC-backed companies mostly. Custody is one of the inelegant but most important cryptocurrency services, as it has an influence over the willingness of institutions to really invest in the market.
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