TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Coinsquare CEO pushed for wash trading. JPMorgan praises cryptocurrency resilience during coronavirus pandemic. NY Times mulls blockchain tech to fight disinformation. EOS development activity fell 85% YoY. YouTube takes down Bitcoin.com channel, and Estonia suspends 500 licenses for cryptocurrency businesses.
Coinsquare CEO Pushed for Wash Trading
Canadian cryptocurrency exchange Coinsquare was allegedly caught pushing its employees to participate in wash trading practices, according to leaked emails and other communications obtained by Motherboard. Apparently, the exchange controlled several accounts with bots that they turned on and off according to their advantage, at the order of Coinsquare CEO Cole Diamond. Diamond also allegedly pushed other employees to execute these wash trading techniques, who supposedly complied uncomfortably.
JPMorgan Praises Bitcoin Price Recovery
JPMorgan, one of the most important bank institutions in the world, praised the market performance of bitcoin during the coronavirus pandemic. Analysts of the bank stated the cryptocurrency’s behavior shows it possesses “longevity as an asset class.” However, the report, titled “Cryptocurrency takes its first stress test: Digital gold, pyrite, or something in between?” also concludes a correlation with the traditional market shows bitcoin is often used “more as a vehicle for speculation than medium of exchange or store of value.”
NY Times Mulls Blockchain Tech to Fight Disinformation
The New York Times is considering the use of blockchain-based tech to fight disinformation and fake photos online. A prototype built for this objective, called The News Provenance Project, used blockchain technology to save metadata about the photos published online to fight the fake or unrelated photo phenomena that social networks are facing currently. According to their study, the use of the system helped users to make “informed judgments about photos in a social media feed.”
EOS Development Activity Fell 85% YoY
The development activity on EOS, a smart contract enabled cryptocurrency, has fallen more than 85% compared to last year, according to a research report produced by Outlier Ventures, a company specializing in emergent technologies. According to the report, in the case of EOS “there is likely continued decline following the 2019 launch of its main network and core developers moving away from the protocol.” Also, dApps built on top of the Ethereum platform are much more used than EOS-based counterparts.
YouTube Suspends Bitcoin.com Channel
YouTube suspended the video channel of Bitcoin.com. The channel hosted educational and original content referring to BTC, Bitcoin Cash, and cryptocurrency themes in general. Roger Ver, Founder of the company, appealed the suspension, stating they follow the copyright and community guidelines of the platform. Ver believes this is a “brigading” attack resulting from political opponents.
Estonia Launches Preemptive Crypto License Removal After Laundering Scandal
Estonia reportedly suspended the licenses of more than 500 cryptocurrency-related businesses as a preemptive strike to curb money laundering activities. The action, spearheaded by its Financial Intelligence Unit, seeks to clear the field from dubious businesses amidst the explosive growth of these companies. Madis Reimand, head of this agency, stated this was the first measure taken to tidy up the market, and that they will only approve companies who are subjected to Estonian law.
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