Three Arrows Capital CEO Zhu Su confirmed the hedge fund's new investment in Ethereum, acquiring 156.400 ethers for over $500 million. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍Zhu Su, CEO of Three Arrows Capital, announces investment of over $500 million in ethers. Hedge fund Three Arrows Capital has acquired 156.400 ethers for a value of over $500 million. The company's investment comes just weeks after its CEO Zhu Su made strong statements against Ethereum and its developers.
Although Su retracted his words almost immediately, at that moment said that he had abandoned Ethereum because its culture was being affected by the dilemma of the founders, who had become too rich to remember why the project was born. Su's angry words at the time referred to the network's high gas costs, which make it unusable for small users and investors. Currently, gas fees on ether are around $28 for simple transactions. Su again claimed that Ethereum gas makes the network inaccessible to “newcomers,” but that he wouldn’t waste the drop to increase his holdings of the cryptocurrency.
Ethereum (ETH) quoted in $4.400 At the time of this writing, a drop of 9,5% from its all-time high on November 10.
📍Visa creates an advisory department focused on cryptocurrencies to boost their adoption at an institutional level. Visa wants to help its partners enter the buoyant world of cryptocurrencies, and digital assets, which is why it has created a new division focused on providing advice related to cryptocurrencies. The electronic payments multinational published a release highlighting that the growing boom in cryptocurrencies will lead people to change their traditional banks for an entity that offers services in cryptoassets; therefore, it is essential to promote the adoption of this industry at an institutional level.
Visa also noted that the growth of NFTs and digital currency initiatives by central banks highlights the need for companies and financial institutions to delve deeper into the crypto industry, to analyze all the opportunities that crypto assets provide and remain competitive in the future.
Development and Technology
📍Trezor hardware wallets integrate Bitcoin transactions into Taproot. Trezor is now offering support for Bitcoin transactions on Taproot from its hardware wallets. The hardware wallet manufacturer reported that its users can now send and receive Bitcoins using P2TR (Pay to Taproot) addresses.
Cybersecurity
📍Glupteba, the cryptojacking botnet disrupted by Google, affected nearly 1 million computers worldwide. Internet giant Google has detected and stopped a massive network of computers infected by the Glupteba cryptojacking malware, which was discovered in 2011. It said that Glupteba infected nearly 1 million computers worldwide, which were being used by more than a dozen cybercriminals to illegally mine cryptocurrency.
Google also reported that the malware gave cybercriminals access to private information, such as bank accounts and credit cards, which they also used to make purchases and other activities illegally and without authorization. Google filed a demand against two Russian nationals in the United States District Court for the Southern District of New York, who are being accused of using the malware to create the illicit crypto mining network.
Rules and Regulations
📍Cryptocurrency companies in the United States are calling on Congress to establish a clear regulatory framework for the industry. The United States Congress held a the hearing yesterday to analyze the impact of cryptocurrencies and stablecoins on the US market. During the hearing, representatives and CEOs of companies such as Circle, Paxos, FTX, Kraken, Bitfury and others, took advantage of their participation to ask Congress to define a clear regulatory framework for the cryptocurrency industry, in order to promote its development and innovation.
Regulators in the country must establish clear and reasonable rules, designed under a single criterion, to regulate and provide clarity to the growing cryptocurrency industry, as well as ensure consumer protection and address existing challenges for companies participating in this industry.
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