The Latest News in Cryptocurrency Developments: July 20th 2020
Our weekly news round-up is here! Where we discuss the latest happenings in the crypto and blockchain space. It’s certainly been a riveting week, with the Twitter hack scandal taking the world by storm, success with tokenizing diamonds on Ethereum’s blockchain, Cardano’s PoS claims. LMAX seeing crypto-assets trades double in 2020, 336 BTC stolen from Cashaa exchange, and PayPal confirms what we’ve all been waiting for… they will be offering crypto payments on their platform! Let’s dive right into a closer look of this week’s developments in the space
The Biggest Social Media Scandal of All Time
An inside job? Twitter confirms the hack that caused many well-known celebrities and politicians twitter account’s to be hacked was only possible with Twitter’s admin tool. The issue comes down to highly centralized social media platforms with employees having high levels of access. The hack highlights the importance of the decentralization of social media platforms. Read more.
Diamonds Truly are Forever — Thanks to Blockchain
A use-case that will elevate the precious stones and metals industry. Highly sought after for some time, Ethereum makes courageous movements in tokenizing diamonds on the Ethereum blockchain. This is huge news for the blockchain space.
Read more .
Cardano Makes Bold Claims
Last week we discussed Cardano’s success in securing its rightful place as 6th largest cryptocurrency in the world. This week Cardano’s claims around their PoS protocol could bring them to even further levels of strength. Cardano stated that their Proof of Stake (PoS) is more secure and decentralized than Bitcoin’s PoW. Read more.
The Volume of Crypto Assets Traded Doubles This Year Alone
LMAX group, administrator of foreign exchange, and cryptocurrency trading venues has seen crypto-asset trading literally double in 2020 alone. They speculate the global pandemic has contributed to this high number. Read more.
A Rough Day for Cashaa Exchange
Unfortunately, some crypto-friendly platforms within the ecosystem still experience breaches. On July 11th Cashaa had 336 BTC stolen from their platform. The main series of events that started the hack came from a faulty corporate machine, which left an OTC reader to rely on his personal machine to conduct trades. It was this personal device infected with malware that was given access to Cashaa’s main OTC wallet. There have been claims that the hack could have been avoided if Cashaa wasn’t using Blockchain.com’s hot wallet to house such a large quantity of Bitcoin in a single place. Read more.
PayPal Moves Forward Offering Crypto Option
Last week we discussed that there had been job opportunities opening up for crypto and blockchain experts with online payments giant PayPal. This week we have confirmation that PayPal is certainly moving forward with their plans on implementing bitcoin buying and selling features payments on their platform. Read more.
The Weeks’ Conclusion
The use cases this week have been supreme to crypto and blockchain’s heightening, credibility and have created a mountain within the landscape of finance and technology. Yes, there have been breaches in highly centralized social media platforms and lapses in security highlighting the incredible amount of work there still to be done in this industry. However, the use-cases for the Ethereum blockchain, Cardano’s PoS claims, crypto trading doubling, and payment giants eating up bitcoin, has us on the edge of our seats to see what the next week in crypto brings… What do you think will be next?
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