Bithumb raided 🚔 / Satoshi's successor deposition 📜 / INX controversy / ETH fees skyrocket 🪁

300-page, first-ever court deposition is now available to view with testimony by Satoshi Nakamoto's named successor...

Inside.com Part of   Network September 02, 2020

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Market Watch Bitcoin $11,432 7 day: -0.3% Ethereum $438 7 day: +12.6% All crypto $374b 7 day: +4.1% Bitcoin dominance 56.3% 7 day: -4.6% Prices as of 3:30 p.m. EDT

Police raid Bithumb offices. Bithumb Bithumb Chair Lee Jung-hoon is accused of fraud and illicitly remitting funds abroad. Bithumb is one of South Korea’s most popular exchanges, processing over $350m in daily transactions. A Seoul newspaper reports that investigators from the Seoul Metropolitan Police Agency raided Bithumb's headquarters. Bithumb has not confirmed the raid yet on Twitter. Reports are attributing the raid to a $25m initial exchange offering (IEO) hosted on Bithumb. Police raided another South Korean cryptocurrency exchange last week. Authorities allege Coinbit had faked most of its trading volumes and engaged in other illegal financial behaviors. Coindesk

An invaluable, 300-page, first-ever court deposition is now available to view with testimony by Satoshi Nakamoto's named successor. Nakamoto personally turned over administrative privileges to Bitcoin's source code repository to this man in 2010. In today's edition of Inside Cryptocurrency Premium, we provide a link to view his first and only court deposition. Give Inside Premium a try for $0 (free!) for 14 days to access over 300 pages of under-oath testimony about Satoshi Nakamoto. FREE TRIAL

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Bitcoin Talk post by Greg Maxwell Bitcoin Core Lead Maintainer Wladimir van der Laan tweets another profundity.  Writer's note: I hesitate to analyze van der Laan's comments due to his superior knowledge of bitcoin and the crypto industry. As the second successor to Satoshi Nakamoto, I defer to his original thoughts without further commentary. I have provided only my thoughts below, which the reader should not construe as van der Laan's in any way. Bitcoin Core developer and Lead Maintainer of Bitcoin's Github repository commented, "The only thing you need to read about it" with a link to a post on Bitcoin Talk by senior Bitcoin Core developer and former Blockstream CTO, Greg Maxwell. If you are not familiar with van der Laan, check out the Inside Cryptocurrency introduction here. He remains one of the most critical primary sources regarding Bitcoin Core. Many executives have left the embattled Blockstream, which we have covered here at Inside Cryptocurrency. Altcoin shilling: Greg Maxwell begins his post on Bitcoin Talk, the original bitcoin message forum, with a citation of Francis Pouliot's brief analysis of INX's upcoming security token offering (STO). In its SEC filing, INX has stated that it will sell tokens at $0.90 in its upcoming STO. Pre-STO investors purchased those same tokens for approximately $0.01. Former bitcoin maximalist Stefan Jespers, better known by his Twitter persona WhalePanda, recently tweeted an endorsement of INX. Another former bitcoin maximalist and cypherpunk Jameson Lopp also tweeted an endorsement of INX. Both alluded to INX's SEC registration and the token's profit-sharing properties, notwithstanding INX's Adjusted Operating Cash Flow of -$4,000,000; there will be no profit-sharing until there is profit. Among many other risks identified in INX's SEC filing, the company says clearly, "interests in our business may differ from the interests of token holders. Our directors will have no fiduciary obligations to act in the interests of token holders." INX is one of the few security token offerings to complete SEC registration. Wladimir van der Laan

Fees paid to Ethereum miners since July Average Ethereum miner revenue from fees has surged to $800,000 per hour.  DeFi protocols are clogging up the Ethereum network. Fees paid to Ethereum miners doubled from $8.1m on August 31 to $16.5m yesterday. DeFi exchange Uniswap has consumed over 31% of gas fees during the past 24 hours. Ethereum 2.0's testnet is still encountering errors within the Medalla sandbox. Glassnode

The U.S. Office of the Comptroller of the Currency (OCC) will soon begin processing charter applications for national payment companies.  The federal regulator can offer cross-state, national charters to companies that provide payment services. These could include financial technology firms like PayPal or cryptocurrency exchanges like Coinbase. Coinbase is the Acting Comptroller of the Currency Brian Brooks' former employer. There is considerable debate over whether non-depository institutions should have direct access to transfer money within U.S. payments infrastructure without utilizing a real bank. Politico

Quick Hits: Ethereum Classic (ETC) is trying to prevent another 51% attack. \ Coindesk analyzes the continued underperformance of Augur (REP). For more on Augur, read today's research report as well as our notes from Inside Cryptocurrency July 28. Police in Wenzhou, China, arrested 10 individuals suspected of operating over 10,000 Telegram groups, mostly Chinese, that perpetuated an arbitrage scam by falsely promising Huobi Tokens (HT) in exchange for Ethereum. Pornhub adds bitcoin (BTC) and Litecoin (LTC) as payment options. Pornhub's first cryptocurrency payment method was Verge (XVG), a fork of Dogecoin (DOGE), the original meme token. Vault Health offers premium in-home treatments and online doctor's visits for men. No more awkward conversations.* *This is a sponsored post.

Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia.  Editor Edited by Eduardo Garcia in New York. Eduardo is a graduate of the Columbia Journalism School M.A. Science program and writes regularly for the New York Times Climate Fwd: newsletter. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.

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