$SUSHI fails security review 🤦‍♀️ / BitConnecter banned 🙅 / Zug accepts BTC for tax 🏦 / Modi hacked 🇮🇳

Joseph Frank Abel, Matthew Brent Goettsche, and Jobadiah Sinclair Weeks arrested in connection with a $722m BitClub Network crypto fraud

Inside.com Part of   Network September 03, 2020

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Market Watch Bitcoin $10,783 7 day: -4.8% Ethereum $408 7 day: +7% All crypto $353b 7 day: +0.8% Bitcoin dominance 56.2% 7 day: -3.2% Prices as of 4:30 p.m. EDT

Code review of SushiSwap DeFi meme coin SushiSwap (SUSHI) fails a code review by Quantstamp (QSP). SUSHI has traded between $1.16 and $8.84 within the last week. Quantstamp (QSP) provides semi-automated code reviews of blockchains and cryptographic protocols. Quantstamp recent security review of SushiSwap points out 10 critical issues. SushiSwap is a fork of Uniswap, one of the most popular DeFi exchanges. Uniswap has consumed roughly one-quarter of all Ethereum gas during the past 24 hours. SushiSwap has been attracting yield farmers despite its anonymous founder and being less than one week old. It has accumulated more than $1.4b in Total Value Locked (TVL) due to this summer's DeFi boom and promises ultra-high risk, quadruple-digit annualized returns to its liquidity providers. Vulnerabilities are present that could allow for third-party theft of funds. CoinTelegraph

Australian regulator bans John Bigatton of BitConnect (BCC) from the country's financial industry for seven years. The Australian Securities and Investments Commission has banned John Bigatton from providing financial services in Australia for seven years due to his involvement in the infamous crypto Ponzi scheme "BitConnect." In late 2017, BitConnect amassed $2.6b from investors before it performed an exit scam and closed its lending platform in early 2018. BitConnect was considered the biggest exit scam in crypto history before OneCoin. The Australian Securities and Investments Commission found that Bigatton provided unlicensed financial product advice to investors between August 2017 and January 2018. Australian authorities froze Bigatton's assets in late 2018. Their investigation into BitConnect is ongoing. Bigatton has the right to appeal. CoinTelegraph

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Zug, Switzerland Switzerland's canton of Zug will accept BTC and ETH as payment for taxes. Zug, affectionately known as Crypto Valley, is home to the Ethereum Foundation (ETH) and other multi-billion dollar cryptocurrencies like Cardano (ADA) and Datum (DAT). The Canton of Zug publicly announced that companies as well as private entities can pay tax settlements using cryptocurrency for amounts up to the equivalent of 100,000 Swiss francs ($110,000). Cryptocurrencies are accepted and processed by Bitcoin Suisse AG. Bloomberg

Modi Twitter confirms that hackers overtook a Twitter account for the personal website of Indian Prime Minister Narendra Modi. Well-known personalities continue being hijacked through Twitter's failing security measures. Hackers overtook Modi’s Twitter account for his website "Prime Minister’s National Relief Fund" and asked for cryptocurrency donations to scam wallets. Twitter confirms that the account has approximately 2.5m followers. On July 16, 2020, there were similar hacking incidents, which we covered here at Inside Cryptocurrency. BBC

Plea for Coinbase transparency reports Electronic Frontier Foundation calls for transparency reports from Coinbase.  Coinbase is the most liquid U.S.-based cryptocurrency exchange. Foundation members want to know how often Coinbase receives government information requests, and how Coinbase decides whether to comply with those requests. The Foundation's plea reiterates the sensitivity of personal and financial data, saying that Coinbase should be more transparent about its interactions with law enforcement. The plea also requests that Coinbase share anonymized and aggregated data with reporters, upon request. Electronic Frontier Foundation

Quick Hits: Authorities have arrested Joseph Frank Abel, Matthew Brent Goettsche, and Jobadiah Sinclair Weeks in connection with a $722m crypto fraud. Their BitClub Network was a phony mining scheme that operated from April 2014 to December 2019. Mike Cagney’s blockchain lending startup, Figure Technologies, has provided collateral for a $308m bond – the biggest bond backed by home-equity lines of credit in the past ten years. Bank of England Governor Andrew Bailey says that stablecoins need global regulation. RenVM admits to holding over $150m of user funds in a single wallet controlled by Ren's core team. Ren is a DeFi protocol that uses WBTC, an unstable cryptocurrency which we discussed here at Inside Cryptocurrency two days ago. 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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