TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. MIT Media Lab director resigns in Jeffrey Epstein funding scandal. Justin Sun and Warren Buffett lunch to be rescheduled. BTC was Facebook’s first choice for a payment system, but lack of scaling led to Libra. Telegram’s TON network releases code. Burundi bans cryptocurrencies, and Bitcoin Cash ABC renamed as Bitcoin Cash on Binance.
MIT Media Lab Director Resigns After Jeffrey Epstein Funding Revelations
Joichi Ito, now former Director of MIT Media Lab, presented his resignation after admitting his role in money received by MIT from the notorious convicted sex offender Jeffrey Epstein. Ito resigned only a day after being exposed in a story written by the New Yorker’s Ronan Farrow, telling of how Ito was aware of Epstein’s background, and how Ito still encouraged donations, even urging staff to classify them as coming from anonymous donors.
BTC was Facebook’s First Choice, Lack of Scaling Led to Libra
BTC’s inability to scale apparently led Facebook to consider building its own cryptocurrency, Libra. Bill Barhydt, CEO of Abra, a crypto investment platform, declared unnamed sources from Facebook told him BTC was the obvious first choice to establish a payment platform backed by the giant social network. However, it was clear the BTC development community was not interested in scaling the project as BTC slowed in confirmation times and became saddled with relatively high transaction fees.
Justin Sun Lunch With Warren Buffett to be Rescheduled
According to Cliff Edwards, TRON’s Chief of Communications, the charity lunch between Justin Sun and Warren Buffett is going to be rescheduled. In an interview on BlockTV’s Fireside chat, Edwards declared, “We are in the process of corralling all of those nine people again to get it back on track. It took about two months for us to get all nine people to come to San Francisco and sit in one room for five hours with Warren Buffett.”
Telegram Releases TON Code Prior to Launch
Finally, after more than a year since its ICO, Telegram code composing its token platform has been released for programmers to poke in and test it to find possible bugs and study the system in detail. The TON network will be a proof-of-stake blockchain on top of the Telegram messaging client, and it will include dApp and instant payment support. However, its concepts of various blockchains, along with the new language developed just for it, could make it difficult developing for the system.
Burundi Bans Cryptocurrency Trading
The African nation of Burundi clarified its stance on cryptocurrency trading, banning all trading and declaring cryptocurrencies illegal in its territory. This is in contrast to other African republics that have embraced cryptocurrencies, such as Nigeria. The Central Bank of Burundi also announced strong measures could be taken to punish traders who ignore the ban.
Bitcoin Cash ABC Renamed to Bitcoin Cash on Binance
I hadn't realized that Binance has changed the name "Bitcoin Cash ABC" to "Bitcoin Cash" in recent weeks. It's a beginning, although it still maintains the wrong ticker "BCHABC" instead of "BCH".
— reizu (@1reizu) September 7, 2019
The last Bitcoin Cash fork caused some disruptions at the exchange level with names and tickers. Binance renamed Bitcoin Cash to Bitcoin Cash ABC, and also changed the traditional BCH ticker to BCHABC. But now, they have corrected the name, giving Bitcoin Cash its traditional identity, though the confusing ticker symbol remains.
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