TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Crypto.com gets a Twitter emoji. Ethereum high fee transactions could be part of an exchange blackmail scheme. BitPay launches Mastercard cryptocurrency prepaid card for the US market. OSC report states QuadrigaCX was a Ponzi scheme. Unstoppable Domains launches dBlog decentralized publishing platform, and Gemini hires former Goldman Sachs exec to lead expansion in Asia.
Crypto.com Gets Twitter Emoji After Bitcoin
— Crypto.com (@cryptocom) June 11, 2020
Crypto.com, a full cryptocurrency platform that lets users pay, invest, trade, and purchase cryptocurrency assets, managed to snatch the second cryptocurrency Twitter emoji, just months after Bitcoin. The emoji references CRO, the official token of the Crypto.com platform, and it is presumed as part of an advertising campaign paid for by Crypto.com. There has not been an official statement issued by Twitter, and it is not clear if the emoji will be permanently available or for a limited amount of time.
Big Fee Ethereum Transactions Linked to Exchange Blackmail Scheme
Analysis done by PeckShield on the recent two major ETH transfers. This may be a GasPrice ransomware attack launched by hackers targeting the exchange. @thomasheller_ @celiawan2 @bitentrepreneur @sallywang666 @tzhen https://t.co/ve16ImVQsl
— Minion@TokenInsight (@minionabct) June 12, 2020
A slew of Ethereum transactions, including ridiculous sums of money in mining fees, could be linked to an exchange blackmail incident. Three of these transactions spent more than $5 million in fees could be the result a group of hackers taking advantage of a platform or a wallet with some kind of list of known addresses to transact, according to PeckShield, a blockchain security company. The exchange or platform being blackmailed (if it is really the case) has not made public statements regarding this matter.
BitPay Announces Mastercard Crypto Prepaid Card
BitPay, one of the biggest cryptocurrency payment processors, announced the launch of a new prepaid card for the US market. Users will be able to load with dollars converted directly form cryptocurrency. The card, backed by MasterCard, will let users spend their funds whenever a normal credit or debit card is accepted. BitPay is offering a companion app to view expenses directly in the BitPay wallet, instant reloads, no conversion fees, a $10,000 daily load and spending limit, and contactless payments for the card.
OSC Report States QuadrigaCX a Ponzi Scheme
An official report by the OSC (Ontario Securities Commission) found QuadrigaCX was a Ponzi scheme. According to it, the late CEO Gerry Cotten opened accounts with fictitious amounts of money and traded with customers. The exchange reported losing $190 million after the death of Cotten. “What happened at Quadriga was an old-fashioned fraud wrapped in modern technology,” the OSC stated, clarifying QuadrigaCX wasn’t registered with any securities regulator, making it easier to carry out this large scale fraud.
Unstoppable Domains Launches Censorship Resistant Publishing Platform
Unstoppable Domains, the company that lets users associate their crypto payment addresses to a decentralized URL, launched dBlog, a publishing platform based on IFPS (InterPlanetary File System), that cannot be taken down by state agencies. According to a statement from Brad Kam, co-founder of the company, there is an expectation for it to host “all sorts of content that is currently controversial or maybe even not permissible in certain parts of the world popping up because the censorship-resistant internet is usable now.”
Gemini Hires Former Goldman Sachs Exec to Lead Asian Expansion
Gemini, the regulated exchange owned by the Winklevoss Twins, hired former Goldman Sachs executive Jeremy Ng to lead the expansion efforts in Asia. Ng, who worked for Goldman Sachs, Morgan Stanley and Deutsche Bank, will be managing director of the exchange in the country. Gemini is also seeking to obtain a license from the country’s watchdog, the MAS (Monetary Authority of Singapore) and establish a work team in the country, with a compliance manager having already been hired, according to reports.
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