TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Telegram will deliver financial documents to the SEC. Binance allegedly deleverages short trades during price drop. SmartSessions’ Zoom crypto app launched. Coinbase experiences connectivity issues during market’s bear turn. BTC transaction fees keep soaring, and Google axes 22 fraudulent extensions from the Chrome marketplace.
SmartSessions Combines Zoom and Work From Home With Cryptocurrency
2key, a blockchain company, launched SmartSessions, an app combining work from home with the flexibility of cryptocurrencies using the Zoom video call app. SmartSessions is an Ethereum based app that lets users charge for their video calls in cryptocurrency, as a sort of video services paywall. This allows several key freelancer communities to surpass some difficulties the coronavirus pandemic originated for delivering certain kinds of services, allowing payments to be linked directly to the content delivery in one click.
Telegram Agrees to Deliver ICO Documents to SEC
Telegram, the encrypted messaging company, decided to deliver financial documents to the SEC that would shed light on how the GRAM ICO (Telegram’s cryptocurrency project) was conducted. The SEC previously requested these documents, but Telegram refused to deliver them, calling it an “unfounded fishing expedition.” Telegram postponed the release of the TON project and its GRAM token after facing an emergency injunction from the SEC, and it decided to reimburse their US-based investors after delay woes.
Binance Deleverages Trades During Price Drop
Binance appears to have ADLed some clients' winning shorts at 8600 while mkt itself went to 8100. Any other exchanges where this occurred on this move down? https://t.co/y5qxGhVQo5
— Su Zhu (@zhusu) May 10, 2020
Binance, the biggest cryptocurrency exchange by volume, allegedly deleveraged trades of some customers who had short positions during the recent price drop, according to social media reports. This means short positions were closed without permission from some of its customers, diminishing the percentage of profit in the trade. Some traders explained this was a normal process to protect the insurance fund of the exchange, deleveraging high leverage operations first, but the move was protested nonetheless.
Coinbase Faces Downtime During Price Drop
Coinbase, one of the most important US exchanges, faced connectivity issues during the last price drop that took bitcoin prices down by more than 10% on May 9th. The incident affected the exchange for nearly four hours, leaving customers unable to access cryptocurrencies from its main app. The incident caused outrage on social networks, where traders complained they were unable to react to the price drop. Coinbase also experienced connectivity issues for some hours during a market upswing that happened on April 29.
Bitcoin Transaction Fees Keep Soaring
Bitcoin transaction fees have been steadily increasing in expectation ahead of the halving, according to information from bitinfocharts. The average transaction fee rose to more than three dollars on May 8th, the biggest number seen in the last six months. If Bitcoin prices keep going up, transaction fees are expected to follow, as there will be more transactions battling for blocks in the mempool.
Google Eliminating Key-Stealing Extensions for Chrome
Harry Denley, a security investigator, discovered 22 Google Chrome extensions that steal the private keys of the users to take funds of their cryptocurrency wallets. These extensions mimic official services also available on the platform such as Ledger, KeepKey, MetaMask, and Jaxx, all of them well-known wallets. Google removed all of these extensions from its marketplace and acknowledged the publishing rules have deficiencies. Google established new rules to be enforced by August to fight these malware apps.
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