TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Ethereum holds 4x the bitcoin in the Lightning Network. President of Iran proposes establishing a crypto mining strategy. Reddit co-founder praises crypto as a hedge. Hacker selling Ledger and Trezor e-shop databases. ConsenSys acquired joint venture Fluidity, and Russia could outlaw crypto purchases with cash.
Iran Proposes Establishing a Crypto Mining Strategy
Hassan Rouhani, president of the Islamic Republic of Iran, proposed the establishment of a mining strategy to let Iran reap benefits the industry can offer. At a session with the Economic Coordination Headquarters, Rouhani ordered the agency to draft a cryptocurrency mining strategy draft to take advantage of the technology and establish a set of rules that would welcome miners to establish and license their operations in the country. Iran recognized mining as an industry last year, and produces 4% of the BTC hash rate in the world.
Ethereum Now Holds 4x BTC Than Lightning Network
Ethereum, the smart contract enabled cryptocurrency, is now holding 4 times the bitcoin locked in the Lightning Network in their DeFi applications, according to an article published by TrustNodes. DeFi applications managed to get more in a period of just one year, with wBTC (Wrapped BTC) as the lead of these tokenized Bitcoin protocols. Lightning Network, which has been around for quite some time, is still in testing stages and has trust and vulnerability issues that could be hampering its adoption.
Reddit Founder Praises Crypto as Hedge
Alexis Ohanian, co-founder of Reddit, praised cryptocurrencies as an economic hedge. In an interview with Yahoo, Ohanian said the crypto environment is passing through a “spring” period. Ohanian also stressed Bitcoin is “a prudent hedge,” after explaining he holds some of his wealth in the form of the cryptocurrency. Reddit is the home of some of the most important cryptocurrency forums on the internet, and recently started to test a reward points policy based on Ethereum.
Hacker Group Selling Trezor and Ledger Databases
Both of which obtained from a @Shopify exploit.
(suggesting there are many more underground leaks).
— Under the Breach (@underthebreach) May 24, 2020
A hacker is allegedly selling full customer databases of known hardware wallet providers Ledger and Trezor through online forums, according to security site Under The Breach. The hacker might also have the full information of the Bank To The Future, an online investing platform. These databases would have been obtained through an exploit in Shopify systems. However, Trezor already stated their online store does not use Shopify, and Ledger declared the data leaked does not match their data.
ConsenSys Acquired Joint Venture Fluidity
ConsenSys, the Ethereum software company, acquired Fluidity, a joint venture partner with expertise in token tech, for an undisclosed sum. The acquisition will let ConsenSys control AirSwap, a protocol that deals with trading ERC20 tokens using a P2P protocol. All the engineering teams in Fluidity will now transition to ConsenSys. However, this acquisition raised eyebrows because the company has repeatedly laid off staff, with as much as 14% of the employees (90 people) losing their jobs last month.
Russia Proposes to Drastically Punish Illegal Cryptocurrency Use
Russian lawmakers are proposing to amend current laws to punish illegal cryptocurrency use with up to 7 years in jail and fines of 2 million rubles. These newly proposed amendments include penalties for buying a digital currency with cash in a Russian territory, and transferring crypto originated funds to bank accounts. Yuri Pripachkin, president of the Russian Association of Crypto-Economics, believes if these new rules become law cryptocurrency-related companies will migrate to other more crypto-friendly countries.
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