Big blow for Ripple, who is about to face trial
Yoann Choux – 29 Dec 2020
Ripple’s lawsuit in sight
The SEC, the policeman of the U.S. stock exchange, launches a lawsuit against Ripple. The main accusation is that the company and its founders have manipulated the market, and sold assets with the expectation of profit, rather than utility chips, as they claim.
According to published documents, the only few money transfers that have been made using XRP have been because Ripple paid partners to do so, mainly MoneyGram, which claimed that it does not use technology developed by Ripple on a daily basis.
Several platforms offloaded XRP in the process, and the price of XRP fell by more than 50%.
New legislation in sight in the United States
The rumors are confirmed: the American government is preparing a new and very restrictive legislation on the portfolios of cryptoassets.
Any portfolio owner will have to be identified with documents for transactions over $3000 from online platforms.
Above 10000$ per day, the platform will have to report to the authorities.
Market players have 15 days to make proposals for changes.
Liquidity in the Bitcoin market soon to dry up?
Demand from institutional investors could dry up liquidity in the Bitcoin market.
In the last six months, the Grayscale Fund has purchased 210,000 Bitcoin, while money creation was only 185,000.
Liquidity is therefore leaving the online platforms, and one study estimates that the still liquid Bitcoins (which can be bought immediately on the market) amount to only 12% of the money supply.
This trend has of course the effect of increasing the price, but until when?
Increasing ETH amounts in Tornado liquidity pools
The ETH amounts contained in tornado’s liquidity pools are increasing sharply.
Tornado cash is a mixing service, which increases the confidentiality of its Ethereum transactions.
The reason for these new liquidity contributions is the implementation of a liquidity mining program which aims to issue the TORN governance token.
1inch airdrops its governance token
1inch has launched an operation to distribute a good part of its governance tokens.
1inch is a DEX aggregator, its role is to go and find the best way for a given trade through all the decentralized market places.
The 1INCH governance token has been airdropped to all Ethereum addresses having used the platform before December 15, 2020 and to all users having provided liquidity to the protocol.
New attack on a protocol of decentralized finance
The Cover insurance protocol was attacked on Monday morning.
The attacker was able to find a vulnerability in the code, although it was audited.
More than $5 million in revenue for the hacker on the spot.
The story didn’t end there, however.
The “whitehacker” named grap.finance on twitter claimed responsibility for the attack and returned the vast majority of the funds.
Figures of the week
Strong increase in active addresses for Bitcoin
The number of active Bitcoin addresses has increased by 100% this year.
Bitcoin, asset of the decade
Bitcoin is the most profitable investment of the decade 2010, with a return on investment of 750,000%.
Cryptos are more and more interesting for traditional finance
Venture capital funds have allocated more than $3 billion to crypto projects in 2020. There is also $690 million in acquisitions and mergers in the sector.
New records on all Ethereum metrics except price
While ETH’s price is far from its All Time High ($1,400), Ethereum’s usage metrics are at an all-time high.
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