This Week in Crypto
Weekly updates from the cryptosphere!
EOS Freezes Accounts after Fraudulent Activity
Last week, EOS moved from Ethereum’s blockchain to their own blockchain. This move required EOS users to register their wallets under a new address. In this process, some users were victims of fraud and were falsely led into giving their private keys. When selling crypto, there is a 72 hour wait before the coins can be sold on the market. Before the 72 hours were up the EOS block producers (BPs) decided to freeze the accounts to prevent the coins from being sold, as further investigations are still being conducted. The community was split on the BPs decision. Some saw this as a move to protect the EOS community others so this as an overreach of their power.
Bitcoin Prices Spike
Bitcoin prices rose with the news that the “Cash” mobile application can trade in Bitcoin. The “Cash” application is owned by Square, who was also granted a virtual currency license this past week. This license is for people in New York who want to trade using bitcoin. As of now, the market has had a positive reception to the “Cash” application and trading in Bitcoin. Is this the beginning of a bull run?
NASDAQ Makes a Blockchain Platform
Along with partners, NASDAQ has developed a blockchain platform with a goal to cover margin calls. These margin calls are for any sort of collateral damage, such as potential losses. The platform will consist of a network to manage every aspect of the margin calls. This platform will allow for more flexibility to handle any operational issues and will help manage risks as well. Another step in the wide scale adoption of blockchain tech.
Goldman Sachs CEO Isn’t a Fan of Bitcoin
Goldman Sachs CEO Lloyd Blankfein simply stated in an interview that as far as Bitcoin is concerned, “ I don’t do it. I don’t own Bitcoin”. Although as a firm Goldman Sachs may be looking to jump into the world of cryptocurrencies, the company’s CEO isn’t the biggest fan. Ulterior motives here? Decide for yourselves.
Tether
Freeh Sporkin and Sullivan LLP released a report backing up Tether’s claims to have $2.55 billion in cash. Tether follows a 1-for-1 model, meaning that for each coin there would be one U.S. dollar. However, the community is still skeptical about whether Tether has the cash they claim to have, or if Tether paid off a firm to write their report.
Any exciting news stories we missed? Let us know in the comments.
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