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YAM crashed leaving crypto suffering DeFi


Just yesterday from CryptoTendencia we reported the resounding increase that the DeFi ‘Yam Finance’ experiment had seen. Today many assure that the project has died, leaving pain in the crypto market.

Shock at the top

In yesterday’s Crypto Roundup we reported how Yam Finance had gone from being valued at $ 0 to over $ 500 million in just hours. Aha, that sounded pretty risky and if it still seemed like a good idea to you, we also reported that there had not even been a code audit done.

Undoubtedly, YAM Finance lived a very busy 48 hours and similar to what it has been all of 2020. But, it was predictable.

In short, earlier today the developers of the DeFi Yam token discovered a very significant flaw in their code. In fact, the developers asked for people to get out of certain groups quickly.

Basically the developers discovered that the smart contract code was flawed and consequently it would have “minted too much reserve” rather than rebalancing supply. So Yam’s reserve was inflated 10 times more than anticipated.

This directly affected the governance of Yam and the developers concluded that there would be no solution for this. Consequently, the token will continue to exist but there will be no governance possible. And thus, the value of the token fell within seconds to $ 0.

Dave Portnoy acquired $ 1 million in Bitcoin

Do you remember when from CryptoTendencia we reported Portnoy’s intention to acquire Bitcoin? Well yes it did.

The President of Barstool Sports filmed a video with the Winklevoss twins where Portnoy claims he has at least $ 1 million in Bitcoin to his name.

But in addition, he also briefly chatted about creating a “DaveCoin” and asked the Winklevoss twins to connect him with the engineers to make that happen.

Seized millions of dollars in Bitcoin owned by Al-Qaeda and ISIS networks

The Justice Department announced today the largest Bitcoin raid in the history of the terrorist groups ISIS, al-Qaeda, and Hamas’ al-Qassam Brigades.

In this way, millions of dollars in Bitcoin were seized from more than 300 accounts. Also, according to the statement, the funds were obtained by the terrorists through campaigns on social networks to raise money.

And, according to the chief criminal investigation, the IRS used its latest tools to track operations and locate the funds involved.

Advertising for Bitcoin by Galaxy Digital Excites Crypto Users

We recently reported how commercial advertising for Grayscale Investments had disappointed the crypto community by barely mentioning Bitcoin.

Now, Galaxy Digital seems to have done better after having a full page in the Financial Times where Bitcoin is clearly mentioned.

“In times of uncertainty, Bitcoin is an independent hegemony hegemony”, You can read in the ad with a giant headline.

In a few lines …

  • The crypto community has seen a major increase in Ethereum’s Hash Rate and analysts see a possible price increase for the crypto.
  • Square has invested more than $ 1.5 billion in Bitcoin so far in 2020.
  • Binance continues to move forward and enables P2P trading in Argentina.
  • Crypto exchange Kraken predicts that Bitcoin could see a price increase of up to 200% in the coming weeks.

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