CFTC charges BitMEX with illegally operating derivatives exchange...
One week in review:
Sept. 28–Oct. 4 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. CFTC charges BitMEX with illegally operating derivatives exchange | | | The U.S. Commodity Futures Trading Commission has charged the derivatives exchange BitMEX with operating an unregistered trading platform and violating Anti-Money Laundering regulations. The CFTC is accusing the exchange of failing to take "the most basic compliance procedures," and it is seeking the restitution of all "ill-gotten gains," civil monetary penalties, permanent trading bans and injunctions against future violations. | | | BitMEX lashed out against the "heavy-handed" charges. The exchange said it plans to defend itself vigorously against the allegations and stressed that its platform is continuing to operate as normal. | | #2. KuCoin CEO claims hacking suspects identified | | | Let's take a look at what's been happening over at KuCoin in a little bit more detail now. It's estimated that the Singapore-based exchange lost upward of $200 million in customer funds as a result of a major hack in late September. | | | Hot wallets for BTC, ETH and ERC-20 tokens were affected by the incident, and analysts have claimed that as most of the funds stolen were ERC-20 tokens, the ill-gotten gains could easily be laundered through DeFi protocols. On Saturday, KuCoin CEO Johnny Lyu said a "thorough investigation" has uncovered "substantial proof" that has allowed it to identify some suspects. | | #3. 100 million worldwide now use crypto-based assets, Cambridge study says | | | A new study by the Cambridge Centre for Alternative Finance recently revealed that 100 million people around the world currently hold Bitcoin and other blockchain-based assets. This is a 189% increase from 2018 when there were estimated to be 35 million identity-verified crypto users worldwide. | | #4. Global economy saved: Reddit's MOON token has a "$2.64 septillion" market cap | | | The coronavirus has ripped the global economy to shreds, but worry not… Reddit may have just saved the day. Traders have apparently devised a way to exchange the social network's crypto-based "Community Points" tokens for fiat. | | | Etherscan had said that more than 30 septillion MOONs have been distributed to 7,800 addresses. Given these tokens were changing hands on Honeyswap for $0.088 of xDAI at one point, that would result in a market cap of $2.66 septillion. By contrast, the entire global economy was worth roughly $133 trillion in 2019. But don't pop the champagne yet. It seems more than possible this is just a badly written smart contract. MOON's stated supply is actually 30 million tokens, giving the project a market cap of just $2.64 million. That's hardly enough to make the good times roll again. | | #5. FUD of the Week DeFi is too "noisy," MyEtherWallet CEO says | | | It looks like the CEO and founder of MyEtherWallet, Kosala Hemachandra, has a dim view of the decentralized finance industry. In an interview with Cointelegraph, he said: "DeFi is the new overhyped concept in Ethereum. The noise is too much, so everyone is just, like, running around trying to figure out what the next big thing is and then putting a ton of money inside without doing enough research." | | | Hemachandra also warned that DeFi is to blame for Ethereum gas prices skyrocketing in recent weeks. At times, they have cost users between $40 and $80 per transaction. | | #6. FUD of the Week More than half of all crypto exchanges have weak or no ID verification | | | A new CipherTrace study says 56% of exchanges worldwide have weak KYC identification protocols, and platforms in Europe, the U.S and the U.K. are among the worst offenders. The blockchain analytics firm analyzed more than 800 decentralized, centralized and automated market maker exchanges for its research. | | | Even though Europe is renowned for having stricter regulations, it was also found to have the highest proportion of Virtual Asset Service Providers with deficient KYC practices. The U.S., U.K and Russia are the three countries with the highest numbers of exchanges with weak KYC. In light of the findings, CipherTrace CEO Dave Jevans warned that he doesn't believe DeFi will manage to escape regulations for long. | | Feel free to explore the most important news with Hodler's Digest:
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