This week in fintech, Argentina’s borders imitated Bitcoin — they went down. The IRS took tracking into their own hands and malware creators all came out to play this week.
Over the weekend…
Microsoft Security Intelligence warned Hodlers of a new malware that could threaten their crypto wallets. This new malware, called Anubis, steals info like credit card details and crypto wallet credentials.
The US healthcare industry has shown great interest in blockchain technology. After repeated cyber attacks on medical research facilities working on COVID-19 vaccines, healthcare officials have expressed their need for data security. Blockchain technology can provide security against cybercriminals and hackers because it does not contain a central failure point.
A report came out that Argentina’s borders temporarily closed down due to hackers. Ransomware hackers breached the Argentinian Immigration Agency’s servers and demanded a ransom of nearly $4 million in BTC to restore them. Movement in and out of the country was halted for 4 hours.
68 new Ethereum whales have been identified amid the 30% price drop. These investors hold anywhere between $35k–3.5 million in ETH each.
A cyber-attack took place against a major Chilean Bank. Banco Estado, one of the largest in Chile, had to shutdown all national operations due to REvil ransomware.
Crypto compliance and tax firms Blockpit and CryptoTax completed their merger. “The medium-term goal is to combine both companies into a renowned global player as well as an intensive expansion into the U.S. market,” stated Klaus Himmer, co-founder and managing director at CryptoTax.
Canaan, Chinas mining giant, announced a $10 million buyback program. The company will begin repurchasing on September 22 in an effort to raise its stock price from $2.
USDC is now available on the public Algorand blockchain. This gives it the ability to make over 1000 transactions per second at a cost of $0.005. “This is a defining milestone for friction-less mainstream payments as well as sophisticated financial applications,” said founder Silvio Micali.
New German ruling makes crypto ATMs subject to additional regulatory approval. The European Union has tightened cryptocurrency regulation with the recent passing of the 5th Anti-Money Laundering Directive, also known as 5AMLD.
The Committee on Energy and Commerce has just approved two pieces of legislation that will facilitate the analysis of blockchain technology in the government. The Digital Taxonomy Act and the American COMPETE Act will now go to the main floor of the U.S. House of Representatives for a vote.
According to Ryan Selkis, founder of Messari, the DeFi bubble will pop sooner rather than later. “We’re nearing the apex of Ponzi economics, rug pulls, and ‘yield’ hopping, and ETH fees are going to eat too heavily into non-whale profits,” says the crypto expert.
Anthony Pompliano announced the launch of his new venture fund. The GP fund will be backed by investors in both Wall Street and Silicon Valley.
SushiSwap’s former head, Chef Nomi, returned $14M to the project’s development fund. “To everyone. I f***** up. And I am sorry”.
IRS put a bounty on Monero and Lighting — $625,000 to anyone who can trace privacy coin Monero (XMR) transactions or Bitcoin’s Lightning Network. The goal of the bounty is to encourage lawfulness within these networks.
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It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
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