TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Justin Sun executes STEEM hostile takeover. Banknotes could be spreading coronavirus. Ripple not profitable without XRP sales, says Brad Garlinghouse. Binance partners with Akbank to allow instant Turkish lira transactions. Lloyd’s offers hot cryptocurrency wallet insurance, and OFAC blacklists BTC addresses linked to Lazarus Group.
Justin Sun Takes Over STEEM Blockchain
Waking up to find that @justinsuntron has taken over the #Steem Blockchain in a hostile manner. By using 84M steem from @binance and huobi as well as his own exchange to vote in their own BPs and fork the chain. @cz_binance you support this? #Tron DeCEnTraLIzinG da Web
— Justine (@ThemeanJustine) March 2, 2020
STEEM blockchain recently soft forked, hoping to avoid being taken over by Justin Sun when he acquired Steemit. Since, it seems STEEM has indeed suffered a hostile takeover. According to reports from several users, Sun used STEEM tokens from several exchanges as Huobi, Binance, and Poloniex (which he owns) to nullify the power of already existing witnesses on the platform. Sun said the earlier STEEM soft fork, called 22.2, was “maliciously structured, intending to freeze a handful of very targeted accounts, and may be deemed illegal and criminal.” Several STEEM developers have resigned from their positions in protest.
Banknotes Could be Spreading Coronavirus
Dirty banknotes could be an effective source of contagion for coronavirus, according to the latest report from the WHO (World Health Organization), which also issued recommendations for people still using banknotes in affected areas. People manipulating banknotes should wash their hands, as the coronavirus can live in the surface of the bills for several days, experts recommend. The WHO also encouraged people to use contactless payment methods instead of cash. China and Korea are already disinfecting and burning banknotes coming from problem areas in their respective countries.
Ripple Not Profitable Without Selling XRP, Says CEO Brad Garlinghouse
Brad Garlinghouse, CEO of Ripple, the remittance focused crypto company, declared their company would not be profitable without selling XRP, during an interview with the Financial Times. “We would not be profitable or cash flow positive without selling XRP,” he said, pointing to the fact XRP is a pretty big chunk his company’s profitability structure. Ripple managed to get by the last quarter of 2019 selling $13 Million of XRP, down from the $50 million sold during Q3 2019. In response, a petition called “Stop dumping XRP” was started by investors last year.
Binance Partners With Akbank in Turkey for Instant Fiat Transactions
Beginning today, users will be able to instantly deposit and withdraw Turkish Lira (TRY) on Binance via desktop and the iOS App with the most competitive fees in Turkey.https://t.co/V8tSlzJByp
— Binance (@binance) March 2, 2020
Binance scored a new partnership with Akbank, a Turkish bank, to let users enjoy instant transactions of fiat money to their Binance accounts. Now, customers will be able to increase their liquidity easily from the Binance app and receive Turkish liras instantly — the first direct interaction of the exchange with a fiat bank. Changpeng Zhao, CEO of Binance, explained his company’s “mission to continue working on increasing the freedom of money worldwide and notably in a country that is fast-adopting digital assets, we are expanding the available options to lower the barrier to entry.”
Lloyd’s Offers Hot Wallet Insurance for Cryptocurrencies
Lloyd’s, the famous insurance firm based in London, is expanding its crypto-insurance foothold to offer coverage for online (also referred to as ‘hot’) wallets. The new service will be offered through a group of underwriters called Atrium, who plan to insure these wallets up to £100,000 against hacks and attacks. Lloyd’s was already offering crypto-insurance for offline (also referred to as ‘cold’) wallets, which can offer more resistance to attacks from outside threats because they are not always online. “As more money flows through digital exchanges, losses from hacks are on the rise,” Trevor Maynard, Lloyd’s head of innovation, noted.
OFAC Blacklists 20 Bitcoin Addresses Linked to Lazarus Group
OFAC, the Office of Foreign Assets Control, blacklisted 20 BTC addresses of two Chinese nationals reportedly linked to the Lazarus group, a cybercrime cartel believed to be involved in several high profile hacks in the last decade. 12 addresses have been linked to Li Jiadong (AKA “blackjack1987”), and 8 more to Tian Yinyin (AKA “snowsjohn”). This is the third time cryptocurrency addresses are included on an OFAC SDN list, the first time being 2 Iranians who allegedly facilitated laundering transactions to profit from SamSam malware; yet another instance included blocking bitcoin addresses of two Chinese drug lords.
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