TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. The author of The Black Swan ends his relationship with Coinbase. Europol concludes Wasabi Wallet transactions can be identified. Zoom won’t encrypt calls for non-corporate users. Coinbase reduces interest paid to USDC holders. Journalism crypto project Civil shuts down, and Bitcoin Cash keeps being king on retail spending in Australia.
Zoom Won’t Encrypt Calls for Free
Zoom, the popular video calling software, will not offer the new encrypted calls feature to free users on its platform. Zoom CEO, Eric Yuan, stated this was meant to help intelligence agencies to investigate possible crimes using the platform. “Free users for sure we don’t want to give that because we also want to work together with FBI, with local law enforcement in case some people use Zoom for a bad purpose,” he stated. However, corporate users will be able to use its encryption service, Yuan said on a conference call.
Black Swan Author Cancels Coinbase Account
— Nassim Nicholas Taleb (@nntaleb) June 4, 2020
Nassim Nicholas Taleb is a public supporter of Bitcoin and cryptocurrencies, and has been for years. He’s also extremely principled and temperamental. His Twitter feed is a regular argument fest, and he’s quick to block. Apparently, the author of such popular books as The Black Swan, Taleb was displeased by what he characterized as US exchange Coinbase’s lack of responsiveness to customers who are not famous. In solidarity with users’ complaints, Taleb canceled his Coinbase account.
Europol Concludes Wasabi Wallet Transactions Can be Identified
Europol, the European police coordination agency, published a report scrutinizing how Wasabi, a BTC privacy-based wallet, does coin mixing. Europol found commercially available tools, like the ones provided by Chainalysis, can identify addresses used by the service. Furthermore, the report states these transactions could be identified “visually.” Wasabi has also been called out by Samourai, another BTC privacy-oriented wallet, for exposing its users to possible Sybil attacks, putting their own funds in mixing pools to have more liquidity.
Coinbase Reduces Interest Paid on USDC Holdings
Coinbase also decided to reduced rewards its users gain for holding savings in the form of the stablecoin USDC on its platform. Coinbase had been paying 1.25% APY since last October, but it recently reduced these rewards to 0.15% APY. The news was announced via email to all Coinbase users, and the specific reason for the reduction of 88% of the reward was not explained. Coinbase, who is also part of the CENTRE consortium behind USDC, previously used this feature to try to incentivize use.
Civil Blockchain Journalism Project Closes Doors
Civil, a blockchain journalism project built on top of Ethereum, decided to close its doors. Planning to build a blockchain-based journalism platform, Civil attracted journalists from deceased traditional newspapers to try to thrive with the help of users, hoping they would use the CIVIL token to sponsor journalism. Civil CEO, Matthew Iles, stated while they “built innovative technology, supported award-winning journalists, and inspired many people all over the world,” they failed to make the operation self-sustainable.
Bitcoin Cash Leads Cryptocurrency Expenditure in Australia During May
The new Australian Cryptocurrency Expenditure at Retail Businesses report, corresponding to the month of May, has been released by Bitcoin BCH’s Hayden Otto, showing Bitcoin Cash still has the advantage when it comes to retail spending in the area. According to the latest report, 95% of crypto spending was made using Bitcoin Cash as the currency of choice. Only one BTC transaction was recorded during this same period compared to 182 transactions made with BCH. The total expenditure in BCH during the period was $23,162.30.
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