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TRILLION-DOLLAR SUIT: A new lawsuit claims crypto exchange Bitfinex and its sister company Tether manipulated the crypto market, harming traders and benefiting themselves. Bitfinex and a number of affiliated entities engaged in deceptive, anti-competitive and market manipulative practices, resulting in economic damages for the plaintiffs, according to a class action lawsuit filed Sunday in New York. The plaintiffs are represented by Vel Friedman and Kyle Roche – the lawyers who recently won a federal court case against Craig Wright. The action alleges that market manipulation resulted in more than $1.4 trillion in damages. Full story
PALLADIUM PLAN: Norilsk Nickel, a huge Russian metals producer, is launching a palladium-backed token as well as an exchange for tokenized commodities. CEO Vladimir Potanin, one of the richest industrialists in Russia, discussed the project in an exclusive interview with CoinDesk, revealing that token is based on Hyperledger Fabric and developed with the support of IBM. Norilsk Nickel is now reaching out to a broad range of regulators, setting up entities in Switzerland and the U.S. and starting a pilot with Russia’s central bank, Potanin said. Full story
HIGH STAKES: 2020 will be the year proof-of-stake (PoS) blockchains finally break out. Maybe. Two of the industry’s most hotly anticipated PoS networks are scheduled to (re)launch in Q1 – namely ethereum and cardano. Ethereum has been looking to shift to PoS since 2014. Co-founder Vitalik Buterin sees PoS as key to ethereum reaching maturity. “Ethereum 1.0 is a couple of people’s scrappy attempt to build the world computer; Ethereum 2.0 [with PoS] will actually be the world computer,” he said. PoS, though, has not yet proven itself to outperform proof-of-work platforms. Full story
MILLIONS LOST: Algo Capital, an investment firm focused on the Algorand blockchain, lost $1 to $2 million dollars in USDT and ALGO tokens after its CTO’s phone was breached. Algo Capital reported to its limited partners Friday that CTO Pablo Yabo, had his mobile phone compromised, allowing attackers to seize control of an Algo hot wallet he administered, according to a source familiar with the matter. Full story
CALIPHATE COINS: As Islamic State (ISIS) sought to dominate large parts of Syria and Iraq, it used a subtle weapon to go with the car bombs and suicide attacks: money. Planned as a way to destabilize the U.S. economy by forcibly decoupling the dollar from the oil business, the self-declared caliphate launched 10 coins ranging in value from nearly a thousand dollars to pennies – backed by the gold, silver and copper standard. However, the coinage was doomed to fail, reports Rachel Rose O’Leary. Full story
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| LEGACY LEVEL: Bitcoin has bounced back from the historically strong support of the 100-week moving average at $7,760, reviving the case for a corrective rally to $8,500-$8,800. That said, the general bias will remain bearish as long as prices are stuck below $9,100. Full story |
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| | SHRIMP ON THE BLOCKCHAIN: Walmart announced a pilot program to track shrimp sourced in India destined for Sam’s Clubs locations in the U.S., reports PYMNTS.com. The initiative is the latest partnership between Walmart and IBM to add transparency to global food supply chains. John Connelly, president of the National Fisheries Institute in the U.S., said: "As one of the most traded commodities in the world, seafood has a complex and wide-reaching supply chain, which makes testing and further developing technology-assisted traceability programs an important step." |
WHO WON #CRYPTOTWITTER
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