Payments company Square revealed its Bitcoin earnings for the third quarter of this year, while ShapeShift delisted Monero and Dash without explanation. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍 Square, the payments company that recently invested 1% of its capital in Bitcoin ($50 million), has earned nearly 80% of its current profits from this investment. At the time of this writing, Square’s investment of 4.709 BTC is valued at over $74,8 million.
The payments company issued a letter to investors, detailing that its Square Cash App product “generated $1,63 billion in Bitcoin revenue and $32 million in Bitcoin gross profits during the third quarter of 2020”According to the company, Bitcoin revenue and gross profit benefited from an increase in Bitcoin assets and volume per customer.
📍 The exchange of cryptocurrencies shapeshift just eliminated Monero (XMR) y dash (DASH) from its list of digital assets. The exchange's decision to remove these cryptocurrencies from its operations is unknown. Its CEO, Erik Voorhees, stated that it would not comment on this decision at the moment, although in the crypto community the idea that the measure is related to compliance with regulations is already beginning to be considered, since Monero and Dash are cryptocurrencies, focused on transaction and user privacy, and are in the crosshairs of several regulators, including the United States and South Korea.
📍 A former Microsoft employee has become the first person in the United States to be prosecuted for cryptocurrency theft.
The Ukrainian citizen who answers to the name of Volodymyr Kvashuk, used his coworkers’ accounts and identities to steal and then sell a CSV (Currency Stored Value), giving the impression that his coworkers were responsible for the fraud. Kvashuk also used a Bitcoin (BTC) mixing service to further obfuscate the paper trail and filed fraudulent tax returns. The latter was the main reason he was discovered and prosecuted, and now faces 9 years in prison.
📍 The blockchain de Grin is under an attack known as 51% attack, with over 58% of this network's hash power in the hands of an unknown mining pool.
2Miners, one of the mining pools on the network, which handles about 24% of the hash rate Grin warns that payments have been halted, and that with the network under attack, blocks may be rejected, so miners who are operating are working at their own risk.
📍 In Bitcoin, a total of 2.100 Satoshi-era BTC, as BTC mined between 2009 and 2010 are known, were spent over the weekend, as shown by the block explorer Blockchain.comThe amount of BTC spent amounts to over $32,1 million, based on the current value of the cryptocurrency, and analysts point out that this spending may be related to the recent increase in the value of BTC, as Kirill Kretov, a renowned software developer, who said that maybe the price of bitcoin is “good enough to sell some portion of their positions”, alluding to the recent sale.
Likewise, JPMorgan analysts argue that the cryptocurrency may be reaching the overbought limit, so a massive sell-off of the digital asset may occur in the coming days.
📍 Hester Peirce, a member of the United States Securities and Exchange Commission (SEC) and a Bitcoin advocate, manifested There is a reason why regulations take time to be designed, but for the cryptocurrency industry it is necessary that this process be accelerated.
“There are circumstances where we have a framework at the SEC that was built in the 1930s and 1940s and added to over time. Certainly now that we’re seeing what’s happening in the crypto space, for example, there are areas where we’re going to have to make adjustments and I think we should move more quickly.”
SEC Commissioner Points Out Regulation of Stock Offerings Tokens and the approval of cryptocurrency brokerages as priorities for providing financial services with digital assets in the United States.
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