TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US Court recognizes Bitcoin as money. Bitmain loses 10,000 miners amidst power struggle. Coinbase CEO admitted they “messed up” with Neutrino purchase. More than 1,000 people could have aided in Twitter Bitcoin hack. CoinMarketCap states listing BNB in DeFi raking was result of a human mistake, and BTC dominance hits its lowest numbers for 2020.
US Court Recognizes Bitcoin as Money
A federal US court recognized Bitcoin as a form of money in a case involving money laundering charges against Larry Dean Harmon, a man who ran an underground Bitcoin trading platform. The US court declined to withdraw charges against Harmon for running an unlicensed money transmitting business, claiming Bitcoin was indeed considered money. Money is “commonly means a medium of exchange, method of payment, or store of value. Bitcoin is these things,” Judge Beryl A. Howell concluded.
Bitmain Loses 10,000 ASICS Amidst Power Struggle
Bitmain, the leading ASIC manufacturer, lost 10,000 miners located in a company owned facility in Mongolia. According to a post of the official company account on WeChat, the machines were lost this month, causing big economic damages to the company. Micree Zhan, one of the cofounders of the company, is accusing Jihan Wu, the other co-founder of Bitmain, of being responsible for this illegal transfer. Among the equipment taken were Antminers S9s and more advanced ASICS like the S17 and T17.
Coinbase CEO Admitted Company “Messed Up” Neutrino Acquisition
Coinbase CEO Brian Armstrong admitted the company did not apply due diligence policies when they purchased Neutrino, a company that brought blockchain analytics and tracing tools to the exchange. In an interview, Armstrong declared they “definitely made a mistake” when they failed to investigate about the background of Neutrino, a company that had a history of selling spyware software used to turn-in journalists in authoritarian countries. Coinbase now offers this tech to US agencies like the IRS and the DEA.
More Than 1,000 People Could Have Aided Twitter Hack
More than 1,000 people had access to the tools capable of aiding hackers to take control and change user settings of Twitter accounts, according to an exclusive article from Reuters. Twitter declared the hackers “manipulated a small number of employees and used their credentials,” but according to two ex employees, more than 1,000 people and contractors had access to the tools. The hack, that took controls of accounts from important influencers to ask for Bitcoin, is still under investigation.
CoinMarketCap States Listing BNB as DeFi Project Was a Human Mistake
CoinMarketCap, the leading cryptocurrency price site, recognized it was a human mistake that caused BNB token to be listed as the number one currency on their new DeFi rankings page. “Like any of us, the people that work at CMC are human. The addition of BNB to the CMC DeFi page was a case of human error, and when it was pointed out to CMC, we rectified that error,” the firm stated. CMC faced harsh criticism over the establishment of new policies favoring Binance, the exchange that acquired it this year.
BTC Dominance Hits Lowest Number for 2020
BTC dominance, the amount of market share the cryptocurrency has compared to all other altcoins, hit approximately 61%, an all time low number this year. The causes for this vary: the Ethereum onslaught of DeFi protocols and currencies can be attractive for traders desiring to diversify more of their portfolios with emerging assets, for example. However, BTC dominance is still quite high compared to its all time low numbers, which reached 37% during the two last days of 2017, with Ethereum reaching 20% dominance.
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