TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Blockstream issues incomplete Liquid bug disclosure. Reddit bans 2,000 subreddits for hate speech. $100+ million worth of BTC now in Ethereum. Las Vegas casinos could ban cash due to coronavirus worries. LocalCryptos to add support for Dash, and EY auditors sued in Wirecard accounting scandal.
Blockstream Issues Incomplete Liquid Bug Disclosure
.@Blockstream giving a master class in irresponsible disclosure
– didn't notify those affected
– didn't set up monitoring while the issue was minor
– concealed insider theft vectors
– omitted the full extent in their comms
Is there a worst practices doc they're following? 🤔
— James Prestwich (@_prestwich) June 29, 2020
Blockstream, the company behind development of Liquid, a federated BTC sidechain, issued an incomplete report of the bug that left 870 BTC in limbo, according to James Prestwich, the developer who disclosed the bug on Twitter. Prestwich stated the Liquid bug was known, and Blockstream just worried about it when it was discovered. Prestwich stressed Blockstream downplayed the severity of this flaw, stating it affected 1 UTXO when more than 2,000 were affected by the disclosed vulnerability.
Reddit Bans 2,000 Subreddits for Hate Speech
Reddit, the popular social blogging platform, announced a ban about 2,000 subreddits (subsets of its community) for supporting hate speech, including r/The_Donald. Reddit previously quarantined the community, putting it behind a warning and limiting its reach on the site. According to the newly approved content policy, “communities and users that promote hate based on identity or vulnerability will be banned.” However, most of the 2,000 communities banned were dormant or had less than 10 users daily.
$100+ Million of BTC Now on Ethereum
More than $100 million BTC are now tokenized and wrapped on different Ethereum platforms, according to BTConEthereum, a portal that aggregates the data of the BTC available on the Ethereum blockchain. Most of the BTC is tokenized in Wrapped BTC, one of the first projects aiming to transfer value from BTC to Ethereum, and that now holds more than $75 million. Ethereum managed to become the first BTC sidechain to move or maintain assets, while Lightning Network, an expansion second layer for BTC, only holds $8.9 million.
Las Vegas Casinos Could Ban Cash Due to Coronavirus Concerns
Nevada regulators approved new rules allowing casinos to expand their cashless gambling platforms to avoid coronavirus contagion, the Wall Street Journal reports. This would allow players to get chips without having to interact with cashiers, potentially avoiding hundreds of cash interactions between users and casinos staff. However, it will all depend on how the gambling community receives this new payment option. Penn National Gaming, an operator of 39 casinos, will test a phone-based platform in the coming weeks.
LocalCryptos to Add Support for Dash
LocalCryptos, a P2P cryptocurrency market previously known As LocalEthereum, announced Dash will be the new cryptocurrency to be added to its platform in the near future. LocalCryptos ran a poll earlier this year to determine which cryptocurrencies would be added, and Dash finished a close second. The relevance Dash has in Venezuela also played an important part in the decision. LocalCryptos will now start developing Dash’s escrow platform, and will announce the date of the listing later this year.
EY Auditors Sued in Wirecard Accounting Scandal
Three auditors from EY, one of the biggest auditing firms in the world, have been sued by German shareholders for their alleged participation in the Wirecard accounting scandal. According to reports, EY failed to confirm if Singapore’s OCBC Bank held substantial amounts of cash for the company and relied on third party reports instead. Despite this, EY defended its actions, stressing “even the most robust and extended audit procedures” couldn’t have detected the $2.1 bn hole in Wirecard’s finances.
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