TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. PlusToken scheme blamed for BTC’s price fall. ISIS testing blockchain messaging app. Banks processing $2 billion in crypto transactions unknowingly. MicroBT founder arrested under embezzlement charges in China. Canaan shares plummet 10% to an all-time low, and Cryptophyl adds fiat support for DROP and TOBA tokens.
PlusToken Scheme Could Have Affected Bitcoin Prices
PlusToken, a multi-million dollar pyramid scheme, where thousands of customers traded BTC and Ethereum for a native currency, could be involved in the recent BTC price drops. A report from Chainalysis, a cryptocurrency and blockchain auditing firm, suspects the PlusToken liquidation of more than $185 million dollars in BTC on Huobi’s OTC markets is a major cause. If this is indeed true, BTC prices will keep falling because there is still 20K BTC pending to be traded from the PlusToken incident.
ISIS Supporters Trying Blockchain Based BCM Messaging App
ISIS, the terrorist group, is seeking refuge in the use of a blockchain-based app to attract people without giving up their identities. BCM, “Because Communication Matters,” aims to provide a secure and encrypted anonymous channel to communicate with hundreds of thousands of people wanting to know more about the organization. Telegram previously filled the role this app is fulfilling now, but various measures taken by the company forced ISIS onto other platforms.
Banks Processing 2 Billion Dollars in Crypto Payments Unknowingly
A new report from Ciphertrace, a cryptocurrency monitoring and tracking firm, suggests banks are processing more than 2 billion dollars in crypto transactions every year. Of the top ten financial institutions in America, every one of them has served crypto transactions because they lack the systems to detect and block them. The firm also revealed 66% of the top exchanges are unable to enforce weak KYC measures, and will have to comply with the FAFT travel rule next year.
MicroBT Founder Arrested for Embezzlement Charges in China
Yang Zuoxing, the founder and CEO of MicroBT, a bitcoin miner manufacturer, has been arrested on charges of embezzlement in the Shenzhen district in China. According to information from the prosecution, the amount of money embezzled was 100K yuan, or about $15K. Zuoxing’s MicroBT is the manufacturer of the Whatsminer series, a serious contender to Bitmain’s Antminer machines.
Canaan Stocks Plummet 10% on Nasdaq
Canaan Mining, the first Chinese bitcoin mining company to go public in the US last month with an IPO, has not been performing well since its launch on Nasdaq. The stock price went down by more than 10% in just a day, to finish at less than 50% of its original price ($4.65). This could be a reflex of the cryptocurrency market, with BTC also losing an important percentage of its value during the same period, as these companies usually are tied to the price of the crypto asset.
Cryptophyl Adds Fiat Support for Drop and TOBA
We're pleased to announce that in partnership with @MoonPayHQ we've extended fiat support to DROP and TOBA.
You can now buy DROP and TOBA with credit and debit cards 🥳
— Cryptophyl (@cryptophyl) December 16, 2019
Cryptophyl, a leading SLP cryptocurrency exchange, added extended support for users to buy two of its listed tokens with credit and debit cards. Now, DROP, the official token of the exchange, and TOBA, a token that lets users buy electric bikes with a discount, can be purchased with fiat currency using MoonPay as a fiat ramp. The exchange previously added fiat support for SPICE, the appreciation token, and also for USDH, an SLP based stablecoin.
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