Digital Euro Not Planned, Telegram Refuses to Show Records to SEC, Bitmain Power Struggle

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Digital Euro not close, says ECB member. Telegram refuses to show their bank info to the SEC. Bitmain co-founder takes action to regain its position. Circle CEO Jeremy Allaire slams Tether as being a shadow bank for china. 3 million Ethereum locked in DeFi, and quantum computing puts 25% bitcoin at risk.

Digital Euro Not Coming, Says ECB Policymaker

Digital Euro

A digital Euro is not in the works and won’t be issued anytime soon, said a prominent ECB policymaker. Jens Weidmann, ECB member and president of the German Central Bank, declared they would not issue a digital Euro currency to fight the possible upcoming launch of Libra, the crypto project backed by Facebook. “We have a stable currency with the euro, which has proven itself over the previous decades,” he stated in an interview with German local media, as he called for private alternatives to be launched to compete.

Telegram Won’t Show Its Crypto-Related Bank Movements

Digital Euro

Telegram, the privacy-oriented messaging service, refused to show their cryptocurrency-related bank movements to the SEC. The SEC requested information about how 1.7 billion dollars raised during the Telegram Open Network ICO was spent. Telegram has been sued by the SEC for running an illegal sale of digital securities, called Grams. The organization claims this information is highly relevant to the case, and launch of the token network has been postponed until the lawsuit is revolved.

Bitmain Co-Founder Moves to Regain Control

Digital Euro

Micree Zhan, a Bitmain co-founder who was ousted from his position as CEO last year by Jihan Wu, moved to regain control of the company. Zhan filed a suit in the Cayman Islands, where he will explain the changes in the voting scheme of Bitmain that led his losing voting control in the company. This comes after Bitmain recently announced it was going to cut in half its staff head of the so-called Halvening in May.

Circle CEO Slams Tether

Jeremy Allaire, CEO of the Circle platform, slammed Tether, the stablecoin company, for being a very useful shadow banking tool in foreign countries like China. Allaire stated in a tweet Tether is an “attractive option as an unregulated offshore USD shadow banking. Its greatest feature is its non compliance and opacity.” Circle, the company is behind the USDC stablecoin on Coinbase, consolidated its operation last year with several layoffs and will now focus on their regulated stablecoin business.

3 Million Ethereum Locked in DeFi Platforms

According to Ryan Adams, founder of Mythos, there are already more than 3 Million Ethereum locked in DeFi platforms, projects mimicking actual banks using contracts to achieve the functionality of a bank, but fulfilled only with prepared software. This would account for 3% of all the Ethereum available on the blockchain locked for projects like DAI or lending banks like BlockFi or decentralized exchanges.

Quantum Computing Puts 25% Bitcoin at Risk

A new report from accounting firm Deloitte states quantum computing is putting at least 25% of bitcoin available at risk of being stolen via quantum attack. Bitcoin residing in p2pk and old p2pkh addresses could be taken by a quantum computer by deriving their private keys. However, even if just some bitcoin were hacked, it could undermine the trust in the Bitcoin blockchain strength against attacks. The danger is real, and according to Deloitte, it could be here earlier than expected.

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