NBA Blocks Star’s Contract Tokenization, Bakkt’s First Week Volumes, Fusion Network Hacked

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. NBA denies permission for Spencer Dinwiddie’s contract tokenization. Bakkt trades 627 bitcoin during its first week. Fusion Network Hacked. Libra not designed to replace other currencies, according to Managing Director Bertrand Perez, and Haven app close to reaching 17K users.

NBA Blocks Spencer Dinwiddie’s Tokenization Plan

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The NBA (National Basketball Association) has informed they have denied the request of player Spencer Dinwiddie to tokenize a part of its contract, as CoinSpice reported earlier this month. The NBA stated: “The described arrangement is prohibited by the C.B.A., which provides that ‘no player shall assign or otherwise transfer to any third party his right to receive compensation from the team under his uniform player contract.’” Dinwiddie declared he will try to change the NBA decision.

Bakkt First Week Volumes Revealed: 627 Bitcoin Traded

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Bakkt, the first physically settled Bitcoin futures exchange approved in the US, finished its first week of trading, and the reception has not been as expected. The platform accounted for a trading volume of 627 bitcoin. Daily futures got almost no attention, trading just 2 bitcoins during the whole week. While it has been significant due to the fact they are the first, Bakkt has so far failed to entice the institutional crowd.

Fusion Network Hacked; 38% of Market Cap Stolen

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The Fusion Network, a platform focused for facilitating fast stablecoin shifts, has been hacked, with more than 38% of its market cap of its native tokens withdrawn from its main wallet. According to their CEO, DJ Qian, the stolen tokens had a value of over $6.4 million before being taken. Qian also declared there was strong evidence those responsible could be an insiders from the company. Fusion contacted other exchanges to intercept Fusion transactions and block funds coming from the stolen stash.

Libra Not Designed to Replace Other Currencies

Libra, the cryptocurrency project backed up by Facebook, has been received with caution and fear by regulators claiming it could cause disruptions by damaging fiat currencies’ sovereignty. However, Libra Association Managing Director Bertrand Perez explained this is not the objective of Libra. Perez declared they were “not in the area of implementing any monetary policy with the (Libra) Reserve,” during a UN blockchain conference. He also concluded the project could serve to help eliminate poverty worldwide.

Haven App Close to 17K Users

Haven, the mobile cryptocurrency app based on OpenBazaar that lets users communicate, shop and send cryptocurrencies, accumulated almost 17K users since its debut. While this might not seem like much, the app has been available for less than two months in both the Apple AppStore and Google Play. Haven is in continuous development, and upcoming versions will feature a more social approach for the feeds, and Ethereum support, to motivate more users to keep using the network.

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