TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. LedgerX states CFTC chairman’s bias caused delays in Bitcoin Futures approvals. JPMorgan blames Bakkt for market slump. Belarus president talks about nuclear-powered bitcoin mining. Overstock executives and former CEO accused of securities fraud. Ukraine to legalize cryptocurrencies, and Ethereum devs discover critical vulnerabilities in FairWin.
LedgerX Alleges Personal Bias by CFTC Former Chairman Led to Delays in Approvals
LedgerX, the company that announced the launch of physically delivered Bitcoin Futures and then retracted due to the CFTC saying they had no approval to do so, now states this was all the result of a personal bias former CFTC Chairman J. Christopher Giancarlo had against them. According to LedgerX, this is what caused the stalls and delays. “We have strong reason to believe that this unreasonable delay… is related to the Chairman’s animus towards a blog post written by our CEO,” the company stated.
JPMorgan Believes Bakkt is the Market Slump Culprit
While the recent slump is still waiting for a clear explanation from traders and market insiders, JPMorgan stated that, most likely, it was the entrance of Bakkt. While they do believe futures are a sign of maturity, they also believe futures contributed to depressing prices. “It may be that the listing of physically settled futures contracts (that enables some holders of physical Bitcoin e.g. miners to hedge exposures) has contributed to recent price declines, rather than the low initial volumes,” JP Morgan stated.
Belarus President Talks About Bitcoin Mining With Nuclear Power
— Satoshi Baggins (@satoshibaggins) September 28, 2019
Alexander Lukashenko, president of Belarus, talked openly about using nuclear power for bitcoin mining during a speech. “Wait for us to bring the nuclear plants, we will leave space to build mining farms,” he stated. “We will mine these bitcoins and we will be selling them.” While most cryptocurrency mining operations rely on cheap power, nuclear could be a solution to power cryptocurrency mining operations at a state level, with the plant being used for other applications as well.
Overstock.com and Former CEO Patrick Byrne Accused of Securities Fraud
The drama surrounding the departure of Patrick Byrne as Overstock CEO, after having declared he was involved with intelligence agencies, continues. Now, Byrne is the object of a class-action lawsuit alleging he was involved in securities fraud, meddling with the price of the stock via a dividend called “Digital Voting Series A-1 Preferred Stock,” that would be traded in tZero, the blockchain platform of the company, and would be designed to punish short-sellers.
Ukraine to Legalize Bitcoin and Other Cryptocurrencies
Ukraine is planning to legalize Bitcoin and other cryptocurrencies in a push to modernize the state and get crypto out of the legal gray zone they are right now. This was the statement Alexander Bornyakov, future deputy chief to the Digital Transformation Ministry, gave in a speech. Bornyakov declared, “People who are engaged in [cryptocurrencies] should come out of the gray zone and begin to pay taxes.” He also mentioned mining as an important activity as a part of the country’s modernization push.
FairWin Vulnerabilities Discovered by Ethereum Devs
Ethereum developers discovered three critical vulnerabilities in an Ethereum-based casino called FairWin, currently accounting for 60% of the gas spent in the network. FairWin “contains critical vulnerabilities that put all funds at risk” and “details on the exploits will be published soon,” said Philippe Castonguay, an R&D researcher. Castonguay stated there may be even more vulnerabilities, calling FairWin a “Ponzi Scheme.” However, he has no evidence of vulnerabilities being currently exploited.
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