TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. McKinsey research shows blockchain bank adoption will be slow. Russia seeks to block major VPN players. Poloniex socializes CLAM margin trade losses. Lightning Network capacity drops 10%. BCHPizza receives $500 dollars bounty for Spokane, WA, and Bitfinex hacked coins moved recently.
McKinsey: Banks and Blockchain Still a Ways Off
McKinsey and Co. a consulting firm, published a new report examining the performance and penetration of blockchain based systems in banks and financial institutions. McKinsey found while banks have been slow and hesitant to adopt new blockchain based technologies, there are real use cases where they can benefit from these new tools. Remittances and blockchain based transactions could help banks to dramatically reduce costs, but the efficiency and simplicity of alternative centralized systems like Zelle makes them doubt about investing in new, experimental tech.
Russia Will Start Blocking Major VPN Players
The telecom Russian watchdog Roscomnadzor stated they will start blocking ten of the most known VPN providers after each did not respond to a petition of applying a national blacklist to their servers. The blacklist contains key sites the Russian government banned from the internet for various reasons. The companies involved are NordVPN, ExpressVPN, TorGuard, IPVanish, VPN Unlimited, VyprVPN, Kaspersky Secure Connection, HideMyAss!, Hola VPN, and OpenVPN. The block could be ordered in less than a month, according to Alexander Zharov, agency chief.
Poloniex Socializes $14 Million CLAM Margin Trade Loss
Margin trade on highly illiquid crypto assets is a dangerous, and cryptocurrency exchange Poloniex appears to be learning this the hard way. A terrible crash on a coin called CLAM, used mostly for casino purposes, made the exchange take money from pool lenders without any authorization, … which could make them face lawsuits in the future. The exchange shaved almost 15% from every lender to resist actual losses, which grew to 1,800 BTC, or almost $14 million dollars. Paradoxically, the coin was retired before due to high illiquidity, but it was reauthorized later despite what happened. Trades for CLAIM have since been suspended, according to Amy Castor.
Lightning Network Capacity Drops 10%+
The second layer solution for BTC, the Lightning Network, is facing a liquidity issue with its capacity dropping almost 14% just during the previous month. According to a report from Cryptoglobe, this could be the consequence of a LNBig, a large LN node operator, closing all of their old, unused channels. However, if true increases worry about the centralization of the network, because only one operator manages more than a third, 473 BTC, according to statements.
BCHPizza $500+Bounty in Spokane
We received a 1.33 BCH bounty for #spokane. That is over 500 dollars! Did you know that the person that convinces the pizza place to start accepting Bitcoin Cash will receive half of that bountie? https://t.co/p9yyej2jAy
— bchpizza.org (@BCHpizza_org) June 9, 2019
BCHPizza, the organization that motivates pizza business to accept bitcoin cash (BCH), has received a very big bounty for Spokane, Washington. BCHPizza was inspired by the legendary first pizza transaction Laszlo Hanyecz made back in 2010. If the bounty is claimed, half of it goes to the people on-boarding the business, and the other half goes to the business itself. To review bounties and claiming conditions, visit them here.
Bitfinex Hack Tainted Bitcoins Moved Recently
172.54 BTC, linked to a hack of cryptocurrency exchange Bitfinex three years ago, have been moved from addresses associated. The hack is still unsolved to this day, but coins are still moving through the blockchain. A spokesperson from the exchange denied their involvement in any of these moves to CoinDesk.
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