We live in a world that requires us to keep up to date with the amount of news that is generated, being necessary information for decision-making. And the crypto world is not exempt from that, that is why today we summarize the 5 most outstanding crypto news.
Bitcoin is involved in massive Twitter hack, crypto hacker?
On July 16, Twitter became the center of attention in the world, after a massive hack forced company executives to suspend the accounts of dozens of important personalities.
This perhaps has become one of the most prominent crypto news, even of the month, for what it implied for the security of the social network, and because it generated a lot to talk about regarding crypto.
You’re probably wondering, what did Bitcoin have to do with it? As hackers used the profile of celebrities to request their followers to send Bitcoin to a certain address.
It turned out to be one of the biggest hackers in the history of the social network, and generated a lot to talk about, especially regarding cryptocurrencies.
However, despite having managed to hack multiple celebrities, the hackers only managed to get 13 Bitcoin in total.
Many might believe that the event could affect the image of Bitcoin and cryptocurrencies. However, as we reported on CryptoTrend, BTC saw a surge in people’s interest this past week.
Again we reiterate that Bitcoin was used as a means to an end, in the same way that the US dollar is used for human trafficking or the sale of drugs.
Report Reveals Increased Institutional Investment In Bitcoin
As we have previously reported on CryptoTrend, multiple reports have revealed a significant and interesting increase in institutional interest in Bitcoin.
This week, Grayscale released a new report revealing that the Grayscale Bitcoin Trust has seen a significant increase in institutional inflows. In fact, the report claims that it has seen an average inflow of $ 43.8 million per week during the first half of 2020.
To be more specific, it appears that Bitcoin increased its appeal to institutional investors during the second quarter of the year. This may be as a result of global economic policies and the situation in general.
That is, as many expected, the global situation seems to have prompted investors to join the crypto world. Consequently, this is positive crypto news for the cryptocurrency.
Crypto exchanges have accepted millions of dollars in BTC from risky addresses
It is usually common practice that once an attack has occurred or suspicious addresses are identified, they are marked and placed on a kind of ‘blacklist’.
This allows crypto exchanges to know what the potentially risky addresses are and prevent irregular situations from happening.
However, it appears that the methodology has not been working very well given that a report this week revealed that crypto exchanges have accepted 147,000 BTC ($ 1.3 billion) of high-risk addresses during 2020.
The report was produced by research firm Peckshield and further states that the top 10 crypto exchanges that accepted funds from suspicious addresses include: Huobi, Binance, Okex, Zb exchange, Gate.io, Bitmex, Luno, Huobtc, Bithumb , and Coinbase.
Also, it’s not about anything, Peckshield’s high-risk addresses included those that have been used on the Darknet, for scams and even theft from other crypto exchanges.
It would be interesting for crypto exchanges to take the results of the research into consideration and make decisions to fix it. But will they really do it? Suits them?
Binance’s Stablecoin, BUSD reaches $ 1 billion in use
This week, according to the Binance website, it was reported that its stablecoin BUSD, with only 9 months of use, reached in May the figure of use of $ 1 billion.
BUSD has undoubtedly experienced significant usability growth. Especially when we take into account that during March its minted figure stood at $ 500 million. In other words, its demand doubled for May.
And is that, how not? If the Binance stablecoin is among the most used in the crypto market. According to Binance, the most common use cases are:
- Transfer of dollars (BUSD) to any part of the world in seconds thanks to the Blockchain network.
- BUSD businesses on different exchanges. Being these centralized or decentralized.
- BUSD deposits to earn interest rates through Binance Saving.
- BUSD payments for goods and services that are traditionally paid in dollars.
- Usability of cryptocurrency as an asset and loan guarantee.
- Use of BUSD as a collateral guarantee in Binance Futures.
- Treasuring of stable currency in wallets or exchanges.
Zcash’s latest Hard Fork makes mining more private
Another of the week’s most prominent crypto news involves Zcash, one of the top crypto on the market.
And it is that this week the last Hard Fork of Zcash, known as Heartwood, took place, with which miners can receive transactions directly from Coinbase at a private address.
Heartwood includes two proposals for Zcash improvements (ZIP):
- Shinded Coinbase (ZIP 213), brings highly sought after privacy solutions for Zcash (ZEC) mining.
- Flyclient (ZIP 221), adds support for thin clients that verify transactions.
In addition, the upgrade enables greater Blockchain interoperability and greater work efficiency for thin clients. Not to mention that it proposes a future adoption of the FlyClient protocol.