TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. DigiByte founder threatens to leave project. Wo Token cryptocurrency Ponzi scheme busted in China. Cobra to step away from Bitcoin.org. NBA star Spencer Dinwiddie opens BTC crowdfund to determine next team. SEC Commissioner recommends CAT project elimination, and Ethereum community discussed refunding DAO transactions sent to wrong addresses.
DigiByte Founder Threatens to Leave Project
8/ I do not know what the ideal answer to the above is but I personally am done freely giving, giving, giving while the many take, take, take. As such I will be focusingy time and energy on a new endeavor & distancing myself from the emerging crypto status quo.
— Jared Tate ©️ (@jaredctate) May 15, 2020
Jared Tate, the founder of DigiByte, an early alternative cryptocurrency project, pulled what some circles are calling a Charlie Lee, abandoning his functions in the DigiByte project after the currency reached record prices. Tate blamed his departure on what he called a “greed culture,” declaring that “90% of the people care for is cashing out when a coin moons,” but few of them care about giving back to the project. Despite this, Tate declared he will be focusing on using DigiByte technology to build some commercial applications.
Wo Token Billionaire Chinese Crypto Scam Busted
Wo Token, another big cryptocurrency Ponzi scheme that offered crypto rewards trough algorithmic trading, has been busted by Chinese authorities over the weekend. The scheme managed to entice more than 715,000 customers, taking deposits totaling over $1 billion dollars in several popular cryptocurrencies, mostly in BTC and ETH. Six defendants related to the scheme were taken to trial, with all of them pleading guilty. These operators will have to spend between 6 months and 11 years in prison.
Cobra to Step Away From Managing Bitcoin.org
Cobra, the anonymous co-founder of Bitcoin.org, announced he will no longer handle the Bitcoin.org domain, a pivotal resource for BTC. Cobra stated he will be gradually reducing his involvement with the domain, with him not being “around anymore” by the end of this year. He also informed having “a few people” in mind to maintain the domain, explaining it would be left in “trusted hands.” While many proposals were made for people and organizations to take over Bitcoin.org, Cobra refused to clarify.
NBA Star Launches BTC Crowdfund to Determine His Next Team
Spencer Dinwiddie, the first NBA star to tokenize his contract, converting it into an investment token, started a crowdfund to determine his next team. Dinwiddie set up a GoFundMe fundraiser for 2625.8 BTC. If the goal is met, the star will allow his fan base to determine his next destination and the team he will sign a contract with. Dinwiddie stated if the goal is not reached, he will donate the raised funds to charity. Less than $1,000 have been donated by 92 donors as of publication.
SEC Commissioner Recommends Consolidated Audit Trail (CAT) Elimination
Hester Peirce, an SEC commissioner also known as Crypto Mom, openly criticized the Consolidated Audit Trail (CAT) privacy tradeoffs. The CAT is a system will allow the SEC to have the history of every broker and investor in the securities market. Peirce stated that “it is doubtful whether the CAT’s comprehensive surveillance database will significantly advance the Commission’s mission,” while recommending the Commission should eliminate the audit project completely.
Ethereum Could Implement DAO to Refund Wrongly Sent Transactions
The ETH community is discussing a way of refunding people who sent funds to a wrong wallet address using a DAO and smart contract on the blockchain, after a user lost 40 ether. The solution would involve donating to a smart contract deployed on the Ethereum network to check for transactions sent to wrong addresses with less than three accidental inputs. Long strings and difficult wallet addresses have plagued crypto since its beginning, with little being done to prevent this.
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