$30M MakerDAO ‘Black Thursday’ lawsuit sent to arbitration

A class-action lawsuit accusing MakerDAO of misrepresenting the risks associated with its DAI stablecoin has been stayed pending arbitration proceedings. A court has agreed with the Maker Ecosystem Growth Foundation that a class-action lawsuit over its ‘Black Thursday’ meltdown should enter into arbitration proceedings. The Maker Foundation filed this motion to compel arbitration in response a lawsuit filed by MakerDAO user Peter Johnson in April after he suffered six-figure losses as a result of the protocol becoming undercollateralized in March. In a September 25 order, Judge Maxine Chesney found that…

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Bulgarian exchange owner convicted over auction fraud scheme

The owner of a Bulgarian crypto exchange has been convicted of providing money laundering services to a Eastern European cyber fraud syndicate. Rossen Iossifov, a 53-year-old Bulgarian national and owner of the ‘RG Coins’ cryptocurrency exchange, has been convicted of operating a multi-million dollar money laundering ring as part of a transnational auction fraud scheme. Following a two-week trial Iossifov was found guilty by a federal jury in Frankfort, Kentucky, of conspiracy to commit money laundering and conspiracy to commit racketeering. The Kentucky resident will face sentencing on Jan. 12,…

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Token Projects to Recover $130M from the Kucoin Hack, Devs Condemned for Centralization

The cryptocurrency community has been discussing the Kucoin hack as a great number of ERC20 projects have frozen, paused, or reversed their smart contracts after the hack. Estimates say that at least $129 million ERC20 tokens affected are considered “safe” from the hacker’s clutches. Additionally, evaluations show the breach may be much larger than originally estimated, as one report says the compromise saw $280 million stolen. The Kucoin hack has been the talk of the town in crypto land these days, as the exchange was hacked on September 25, 2020.…

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Soaring decentralized exchange volume suggests the DeFi craze is not over

Data shows decentralized exchange volume skyrocketed in the last 6-months and Uniswap leads the pack. Uniswap, the most widely utilized decentralized exchange on Ethereum, has seen explosive growth throughout the second quarter. In fact, less than a month ago, Uniswap’s trading volume surpassed Coinbase Pro as the exchange processed $426 million worth of trades in a 24 hour span. Throughout 2019, the decentralized finance (DeFi) market was relatively stagnant until the concept of yield farming and governance tokens became more popular. Yield farming is a process where investors utilize various…

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Investor losses legal battle against Bithumb for 2017 data breach incident

The user claimed to have lost a massive amount of money due to Bithumb’s negligence. According to news agency Yonhap, Bithumb will not have to repay a crypto investor who allegedly lost $401,000 as a result of a 2017 data breach suffered by the firm. A High Court judge determined that the man (identified as “Mr. A” for privacy purposes) had failed to successfully prove that his data was compromised during the incident. As a result, the exchange will not be held liable for Mr. A’s lost funds. Mr. A…

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ICO from 2017 expects October mainnet launch

This project is continuing to build momentum three years after their token sale. After securing millions of dollars via an initial coin offering in 2017, decentralized data housing platform Filecoin now aims to launch its mainnet. Filecoin will move over to its own blockchain in stages, rather than all at once, according to a Sept. 27 blog post. “Launching a blockchain is an involved and lengthy process,” the post said. “Like many other networks (including Polkadot, NEAR, and others), Filecoin is taking a phased approach to launching mainnet, with different…

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New Zealand’s tax authority grills companies for info on crypto users

If it’s a taxable event, authorities want to know. New Zealand businesses must now submit information on their clients’ digit asset usage to the country’s tax regulator, the Inland Revenue Department, or IRD.  The governing body said it wants to get a better grasp on the crypto scene in the country and determine an applicable tax framework for the asset class, according to a statement reported by Radio New Zealand, or RNZ. In addition to specifics around crypto usage, the IRD will also request associated client information, RNZ wrote.  The IRD is…

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Anonymous donor saves OpenBazaar… for now

OpenBazaar received a temporary lifeline, but they aren’t out of the woods yet. On September 25, OpenBazaar announced that their platform would likely shut down due to financial difficulties, stating that user growth and adoption had stalled. According to a tweet published on Open Bazaar’s official Twitter account, a mysterious donor has since agreed to cover the cost of the marketplace’s operations through the end of the year. While the exact amount of funding provided was not disclosed, OpenBazaar’s donation wallets have received over $13,000 as of publication. These funds…

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One of Hal Finney’s lost contributions to Bitcoin Core to be ‘resurrected’

While Hal Finney may no longer be with us, one of his proposals from 2011 may soon find its way to Bitcoin thanks to an expired patent. In a February 8, 2011 post on Bitcointalk, Finney said that reading a book titled “Guide to Elliptic Curve Cryptography” by Hankerson, Menezes, and Vanstone, gave him an idea of how to speed up signature verification by 25%. In the following post from the same day, Finney announced that he had already written “test code” and uploaded it to the Github repository. However,…

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House Ag Committee leader talks new bills to treat more cryptos like commodities

Congressman Conaway sheds some light on new legislation in conversation with Cointelegraph. Two bills introduced last week looked to solidify the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission — respectively the regulators for securities and commodities in the United States. The bills featured many of the usual suspects in legislation touching on crypto but one less familiar face was U.S. Representative Mike Conaway (R-TX).  Currently serving as the ranking member of the House Agriculture Committee, Conaway has been in Congress since 2005, predating Bitcoin’s…

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