TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. New Google search algorithm may be limiting crypto content reach. Most XRP transactions have no value associated. Teen hacker sued in high profile SIM swap case. Ripple co-founder sold more than $175 million worth of XRP. Dai is still chasing its dollar peg after price collapse, and Binance CEO obscures the location of its headquarters.
New Google Search Algorithm Could Limit Crypto Reach
A new search algorithm deployed by Google, implemented earlier this week, could be limiting the reach and the visibility of crypto-related content, according to an article by Forbes. The May 2020 search algorithm is allegedly affecting the visibility of cryptocurrency-related content in Google search results and also on YouTube. Christopher Jaszczynski, a popular crypto YouTuber, stated this situation affects “media outlets that rely on Google traffic to bitcoin and crypto YouTubers. All big bitcoin … are now being shadowbanned.”
Most XRP Transactions Have No Value Involved
An investigative paper titled “We Know What They’ve Been Put Through: Revisiting High-scalability Blockchain Transactions,” found 98% of the total XRP transactions have no value transfer involved, with no-value IOU tokens being spammed to the network. This also extends to other blockchains such as EOS, where 95% of the transactions were triggered by the airdrop of a yet another valueless token. Many blockchains use these statistics to prop up stats of their networks to lure exchange and investor interest.
Teen Hacker Involved in AT&T Sim Swap Case
Ellis Pinksy, a then-teen hacker, was involved in the high profile SIM Swap case of Michael Terpin, a cryptocurrency investor who lost almost $24 million in cryptocurrency in 2018. Terpin is suing Pinsky, who he qualified as the leader of a “sophisticated cybercrime spree,” involving still millions more. Terpin already won a similar case against an AT&T employee. He is also suing AT&T for $240 million for failing to enforce security checks during the SIM swap incidents.
Ripple Co-Founder Sold $175+ Million XRP Since 2016
Jeb McCaleb, one of the co-founders of Ripple, the company that offers XRP related services, sold more than $160 million worth of XRP since 2016. McCaleb was awarded 9 billion XRP during the company’s creation, and ramped up selling activity since 2016. According to a deal struck between McCaleb and the company, he is allowed to sell 1.5% of the Average Daily Volume. McCaleb, who is also the founder of the Stellar Foundation, stated he thinks his periodic sales haven’t impacted the market.
Dai Still Chasing Dollar Peg After MakerDAO Woes
Dai, the Ethereum based stablecoin, is still chasing its dollar peg trading at a premium of up to 4% on different exchanges, according to LongHash, a sign that shows the ecosystem has not still recovered from the troubles it faced during the great price drop in March. Most of the DeFi funds are locked in MakerDAO, with Dai being the main application of the system. The company proposed several fixes for this problem, but it has not convened to implement any of them to correct an issue that still keeps affecting the ecosystem.
Binance CEO Hides Headquarters Location
Changpeng Zhao, the CEO Binance, avoided shedding light on the subject of the location of its headquarters, a question that has been unanswered for a long time. Laura Shin interviewed Zhao during the ConsenSys‘ Ethereal Summit recently, and asked where Binance headquarters were located. Zhao looked confused and answered with another question, “What kind of horse is a car?” Zhao then concluded by saying, “Wherever I sit, is going to be the Binance office. Wherever I need somebody, is going to be the Binance office.”
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