TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Metamask reaches 1 million users. China now disinfecting bills due to the coronavirus outbreak. bZx DeFi protocol exploited. Binance applies for a license in Singapore. Bitcoin Cash City Conference 2020 announced, and MoneyGram launches real-time remittance product with Visa.
Metamask Reaches 1 Million Users
Metamask, the popular Ethereum browser plugin wallet that allows dApps to run without a full node, reached a milestone with more than 1 million users. Metamask, used by several services and dApps, took 4 years to reach this number, with the latest push being through the growth of the DeFi ecosystem even after being suspended several times by Google for suspicious operations and mistakingly classified as a mining app.
China Disinfecting Bills due to Coronavirus Outbreak
China is taking measures to stop physical money from being a vector in the spreading of the coronavirus disease, as the government decided commercial banks must take out of circulation used notes and disinfect them. The People’s Bank of China stated bills coming from certain activities and places like hospitals, wet markets, and public transportation should be destroyed as soon as possible to avoid possible contagions and to “secure the public’s safety and health when using cash.” Analysts claim nearly 10% of the Chinese population still relies upon cash.
DeFi lending Protocol bZx Exploited: $350,000 in Ethereum Lost
1/ Due to the complexity of the transaction, providing a comprehensive accounting of the losses will require additional time. This was not a simple Uniswap attack, and we do not use Uniswap as an oracle.
— bZx (@bzxHQ) February 15, 2020
bZx, the seventh most important Ethereum DeFi protocol, was exploited recently, and they are still consulting the cause of the issue, according to reports. “The attacker exploited a bug in bZx that caused it to trade a huge amount on Uniswap, at a 3x inflated price,” said Korantin Auguste, a former Google software engineer. The platform stopped all services, and the losses are estimated at $350,000 in Ethereum. bZx is expected to release a post mortem report to explain what really happened and how they plan to plug this vulnerability before it can be exploited again.
Binance Applies for New Licence in Singapore
Crypto exchange Binance applies for operating license in Singapore https://t.co/lWcvGvK30Q
— Bloomberg Crypto (@crypto) February 16, 2020
Binance, the most important exchange by trading volume, applied for a license that will let it operate in Singapore under the country’s Payment Services Act. This new law groups digital services under one rule, and gives the Monetary Authority of Singapore oversight over the AML and KYC measures these platforms must enforce. Changpeng Zhao, CEO of Binance, stated they “submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.” Binance Singapore expects to get the green light to keep operating.
Bitcoin Cash City Conference 2020 Announced for August
— Bitcoin Cash City Conference (@BitcoinCashCity) February 10, 2020
The Bitcoin Cash City Conference, the first BCH-dedicated conference, announced this year’s event will be held on August 13th and 14th in Australia. The conference last year had the assistance of the most relevant Bitcoin Cash personalities, including Amaury Sechet, lead developer of Bitcoin ABC, Mark Lundeberg, Vin Armani, and many others aims to become the standard meeting event for all things Bitcoin Cash. The event has been confirmed, but the venue and the speakers are still to be announced.
MoneyGram Ditches Ripple for New Real-Time Remittance Product
MoneyGram, a remittance platform, launched a real-time remittance service based on Visa’s Direct Credit Transaction, instead of using solutions from Ripple, it’s blockchain partner. The services, called FastSend, allows people to send money to a phone number via a website or a mobile application. MoneyGram is using Ripple’s On-Demand Liquidity technology in some operations, but not with this new service, according to Kamila Chytil, MoneyGram’s COO. Ripple invested $50 Million in MoneyGram last year, giving it a 10% ownership of the remittance company.
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