Fractional Reserve Stablecoin Tether Only 74% Backed by Fiat Currency, Say Lawyers
According to documents released by USD stablecoin tether’s (USDT) lawyers, the company behind the stablecoin only has enough fiat reserves to back a little less than three-quarters of its existing supply — 74%.
WSJ: Facebook Seeks Reported $1 Billion for FB Coin Amid Talks With Visa, MasterCard
According to a report from the Wall Street Journal this week, social media giant Facebook is seeking investments worth $1 billion for its rumored cryptocurrency stablecoin. As Cointelegraph has previously reported, interest in a fiat-centric FB Coin has already reportedly come from within cryptocurrency circles, specifically in the form of VC investment mogul Tim Draper.
Vitalik Buterin Tweets ETH Development Proposals After Elon Musk’s “Ethereum” Tweet Bait
Elon Musk, tech entrepreneur and Tesla CEO, and Ethereum’s co-founder Vitalik Buterin engaged in a relatively one-sided Twitter discussion this week after Musk tweeted one word: “Ethereum.” In response, Buterin extended an invitation for Musk to attend Ethereum’s DevCoin in October, with Musk parrying back with a question concerning future Ethereum network development.
ICE’s Bakkt Announces Acquisition of Digital Asset Custody Company
Bakkt, the Intercontinental Exchange (ICE)-lead institutional cryptocurrency trading platform, аcquired crypto custodian service Digital Asset Custody Company (DACC) this week. In an announcement of several new measures that reportedly aim to stimulate regulatory feedback, the entire DACC team will be joining Bakkt, with DACC’s native support of 13 blockchains and 100+ assets designed to “serve as an important accelerator.” Bakkt also revealed in the same post this week that it has filed an application with the New York Department of Financial Services to operate as a trust company, which will enable the firm to serve as a qualified custodian for digital assets.
Iota Partners With Jaguar Land Rover on Crypto Rewards Program, Price Jumps 20%
Jaguar Land Rover, a United Kingdom car manufacturer, will use blockchain network Iota as a pilot to reward drivers with crypto in exchange for data reporting. an area in which protection of the cryptocurrencies will be one of the highest risks.”
Christopher Giancarlo, chairman of the United States Commodity Futures Trading Commission (CFTC)
“Both blockchain and industrial cannabis are the future, and both are embraced by the younger generation […] we are always on the search for new business growth opportunities.”
Yao Yongjie, founding partner of the local government-backed Hangzhou Grandshores Fund
Prediction of the Week
Fundstrat’s Tom Lee Predicts New All-Time Highs for Crypto by 2020
Tom Lee, the founder of Fundstrat Global Advisors, predicted this week that crypto prices will hit a new historic high by 2020. In an interview with CNBC, Lee forecast that bitcoin’s projected upward growth is based on “11 signs that historically only take place in a bull market.” Out of those 11, three of the signs — blockchain, technical indicators and trading volumes — indicate that the crypto winter has come to an end.
FUD of the Week
Hackers Used Microsoft Email Accounts to Steal Users’ Cryptocurrency, Report
Vice’s Motherboard reported this week that some users of Microsoft’s email services like Outlook, Hotmail and MSN have had their cryptocurrency holdings stolen. According to Microsoft, after an initial breach of consumer emails through a Microsoft support agent account took place earlier this year, hackers were reportedly able to change users’ passwords and access their crypto exchange accounts. Microsoft had initially reported that the contents of emails had not been accessible to the hackers, but reports have since surfaced that they had indeed been able to read email content.
Number of Infected Electrum Bitcoin Wallets Reaches 152,000
With the ongoing Denial-of-Service (DoS) attack on the servers of the Electrum bitcoin (BTC) network, research this week found that the number of infected wallets has reached 152,000.
SEC Suspends Trading in Securities of Crypto Exchange Bitcoin Generation
The United States Securities and Exchange Commission (SEC) has temporarily suspended securities trading at crypto exchange Bitcoin Generation.
Best Cointelegraph Features
Bitcoin Surges Past $5,700 in Hours: Experts Explain Factors of Overnight Rally
After bitcoin’s price surge this week, Cointelegraph took some expert opinions that could explain how the top crypto hit its highest peak in about six months.
‘Cryptokicks’: What We Know About Nike’s Potential Gateway Into Crypto
When the media uncovered Nike’s trademark for “Cryptokicks” last week, speculation abounded as to how serious the sneaker giant was about getting into crypto.