DeFi goes boom as top tokens crash by 50% — But enjoy a sudden rebound...
One week in review:
Sept. 7–13 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. DeFi goes boom as top tokens crash by 50% — But enjoy a sudden rebound | | | Half a dozen major DeFi tokens shed half their fiat value, and the sell-offs erased the gains enjoyed by most DeFi markets during August's volatility. Some members of Crypto Twitter were unsentimental, to say the least. One of them, Stack Those Sats, wrote: "DeFi is going straight into the ground. Just another series of scams." | | | But wait! It wasn't over yet. The decentralized finance sector dusted itself off on Thursday, rebounding by 19% in just 24 hours. Some tokens, such as Yearn.finance, gained 37.6% over this period alone. All of this suggests that rumors of DeFi's demise have been greatly exaggerated. | | #2. Chef Nomi has returned all funds to the SushiSwap community | | | So, what led to DeFi's dark week? Well, it may be down to how the anonymous founder of SushiSwap — "Chef Nomi" — withdrew $14 million from the company's coffers shortly after insisting the money was meant for development and wouldn't be taken from the company. | | | It was a recipe for disaster. The SUSHI token sold off almost immediately, with people losing confidence in the project's viability. It was so swift that it torpedoed the entire crypto industry, taking the rest of DeFi and even Ether and Bitcoin down with it. | | #3. IRS offers a $625,000 bounty to anyone who can break Monero and Lightning | | | The U.S. Internal Revenue Service is offering a bounty of up to $625,000 to anyone who can break "untraceable" privacy coins such as Monero — as well as trace transactions on Bitcoin's Lightning Network. America's taxman is accepting submissions in the form of working prototypes until next Wednesday. Successful applicants will be given an initial payment of $500,000. | | | It doesn't take a rocket scientist to figure out why the IRS is so keen to crack Monero. Criminal organizations much prefer XMR to more traceable crypto assets such as Bitcoin, and it's increasingly being used by ransomware groups. | | #4. Prediction of the Week Remember, remember Bitcoin tanks in September: Kraken report | | | The U.S.-based cryptocurrency exchange Kraken has predicted that September will bring excessively negative returns for Bitcoin. According to its new report, September is historically Bitcoin's worst-performing month, with an average return of -7%. And given how BTC has underperformed in its average returns for most months of 2020 so far, this month could be even worse than usual. | | | However, Kraken's crystal ball isn't necessarily what it's cracked up to be. The exchange recently predicted that a BTC rally of between 50% and 200% was imminent on Aug. 10 when Bitcoin was trading for between $11,500 and $12,000. (Spoiler alert: nothing happened.) | | #5. FUD of the Week Bank of France: Stablecoins could impact EU financial sovereignty "for decades" | | | The governor of the Bank of France has warned that Europe cannot afford to lose momentum in tackling the challenges posed by private sector global digital assets. François Villeroy de Galhau's warning came as five EU governments — Germany, France, Italy, Spain and the Netherlands — called for tough action from the European Commission as it drafts regulations for stablecoins. | | | All of this could be rather bad news for Facebook's Libra, which has had little luck in persuading politicians, bankers and regulators in the U.S. and Europe that it's got what it takes to launch a private currency in a way that wouldn't destabilize the global economy. | | #6. FUD of the Week Chinese authorities charge six people over $5.8 billion PlusToken Ponzi scheme | | | Six of the 109 people recently arrested by Chinese police in connection with the $5.8-billion PlusToken Ponzi scheme have been charged. According to officials, they are "suspected of organizing and leading criminal pyramid schemes." | | | PlusToken published its white paper in February 2018, claiming to be a South Korean crypto exchange offering interest-bearing accounts generating returns of between 10% and 30% per month in the form of its native token PLUS. The scam took in more than 200,000 BTC, 789,000 ETH and 26 million EOS from approximately 3 million unsuspecting investors. | | Feel free to explore the most important news with Hodler's Digest:
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