TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Sweden tests e-krona. Canadian e-commerce company Shopify joins Libra Association. Blockchain insurance firm issues payouts in bZx attacks. Reginald Fowler gets 5 count superseding indictment after plea change. IOTA to reactivate mainnet March 2, and Ripple moved $54 million dollars in remittances from the US to Mexico in a week.
Sweden Testing E-Krona
Riksbank, the central Bank of Sweden, started testing the e-krona, an electronic version of its fiat currency, the krona. The e-krona will be tested by a third-party firm called Accenture, and will focus on the possible use of the currency in an isolated environment. Despite this, the bank has not issued any specific statement about the issuance of the e-krona to the public, which will reportedly be able for services “like sending a text message.” The e-krona tests will continue through February 2021 using blockchain technology in one of the most cashless societies in the world.
Shopify Joins Libra Association
Shopify, a Canadian e-commerce company, announced it will be joining the Libra Association, the organization supporting the Libra cryptocurrency project from Facebook. In the PR announcement, they explained their reason to join Libra lies in their objective of making “commerce better in parts of the world where money and banking could be far better.” Their mission at Libra will be to “work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere.” This is the only company to announce joining the initiative after several, like Visa and Paypal, have abandoned it.
Blockchain Insurance Firm Nexus Mutual Firm Issues Payout for bZx Attacks
Nexus Mutual, a blockchain-based smart contract insurance firm, paid for the attacks the bZx DeFi protocol suffered twice during this month. Nexus Mutual needed two votes to pay out $31,000 to the affected. The first vote denied to pay because the “attack” seemed like a manipulation of an oracle. Then bZx published a report stating a failsafe in the smart contract really failed, and the second vote decided to reimburse the funds. “It’s never good that people are losing money because there’s a hack, but we are able to prove that the system works,” said Hugh Karp, Nexus Mutual founder.
Reginald Fowler Gets 5 Count Superseding Indictment
CRYPTO IN THE COURTROOM: In #SDNY Crypo-Currency Case, Reginald Fowler Paused His Scheduled Guilty Plea on Jan 15 – Now A 5-Count Superseding Indictment, Wire Fraud, Bank Fraud and "Unlicensed Money Transmitting Business" @SDNYLIVE https://t.co/U921fqo2h3 pic.twitter.com/U1ANdakJFk
— Inner City Press (@innercitypress) February 21, 2020
Reginald Fowler, one of the men behind Crypto Capital, an alleged “shadow bank” that managed money on behalf of several cryptocurrency customers, has been hit with a 5 count superseding indictment: Conspiracy to Commit Bank Fraud, substantive Bank Fraud and Conspiracy to Operate an Unlicensed Money Transmitting Business and substantive Operation of an Unlicensed Money Transmitting Business, and Wire Fraud. Fowler previously changed his plea from guilty to innocent on a single count, “operation of an unlicensed money transmittal business,” in a deal that fell through on financial issues.
IOTA to Reactivate Mainnet on March 2
IOTA, an internet of things enabled blockchain, announced they expect to reactivate their mainnet on March 2, after suffering an attack that leveraged a vulnerability in their Trinity main wallet. The attack left at least 50 victims and losses up to $2 million that will be reimbursed, according to IOTA Foundation co-founder Dominik Schiener. The team decided to stop the Coordinator, an essential part of the network managing transactions, on February 12, as “an extraordinary measure in response to an extraordinary event,” as IOTA Foundation co-chair David Sønstebø declared.
Ripple Moved $54 Million Dollars in Remittances to Mexico in One Week
Ripple is now moving $54 million dollars in remittances from the US to Mexico in just one week, according to its CEO Brad Garlinghouse. Garlinghouse said in an interview on CNN, “Last week, we did $54 million of XRP flows into Mexico. That’s 7.5% of all flows from the US dollar to Mexican peso. That’s up from 3% in December. So this is growing very quickly.” Ripple partnered with other companies like MoneyGram and Bitso to provide liquidity for Mexican markets. “With 7.5% of liquidity into Mexico are being driven through XRP, you start to really see that it is not a science experiment,” he concluded.
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