Market Watch | Bitcoin | $11,390 | 7 day: +8.1% | | Ethereum | $379 | 7 day: +11.6% | | All crypto | $361b | 7 day: +8.7% | | Bitcoin dominance | 58.5% | 7 day: -0.2% | Prices as of 5 p.m. EDT
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 Deprecated versions of Electrum are vulnerable A backdoor in Electrum, a popular bitcoin software wallet, has allowed hackers to steal over $25m. Since 2018, security workers have reported about ten bitcoin accounts as "fake Electrum update" scammers. - Theft reports from August and September have surfaced recently, mostly from users with older versions of Electrum's software.
- Hackers stole more than $25m of bitcoin by hacking into old versions of Electrum wallets.
- Hackers inputted a malicious update into Electrum and gained access to the wallets.
- According to ZDNet, whistleblowers identified the exploit as early as December 2018.
- Developers have subsequently implemented ElectrumX server blacklistings, which block malicious additions into the network. They have also disallowed HTML pop-ups on software clients in the latest update.
Decrypt 
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 DoJ Cryptocurrency Enforcement Blueprint More on the repercussions of the U.S. Dept. of Justice (DoJ) 83-page cryptocurrency enforcement blueprint. In today's Inside Cryptocurrency Premium, we dive into one of the most influential publications of the year, from one of the most powerful government agencies in the world. Try Inside Premium free for 14 days. UNLOCK  | | | |
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Bank of England Governor Andrew Bailey says bitcoin does not have "intrinsic value." - During a Q&A session on Oct. 12, Bailey said it is "hard to see" any intrinsic value in bitcoin.
- He cautioned against the use of bitcoin as payment.
- He said that people investing in bitcoin makes him nervous because bitcoin's price is extremely volatile.
Reuters
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Ripple's (XRP) launches Lines of Credit for institutions using its On-Demand Liquidity service, including support for cross-border lending. - Ripple is opening Lines of Credit for its existing customers who use its On-Demand Liquidity ("ODL") services.
- Ripple says that the credit line will allow financial institutions to complete fast, low-cost cross-border transfers using its XRP token.
- RippleNet users can lock in a rate for XRP while making the loan payment, and are charged a fee based on the amount borrowed.
- The service is available only to institutional RippleNet customers, not consumers.
- The company hopes to trial the service with RippleNet customers in advance of considering a retail launch.
Coindesk
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 The U.S. Internal Revenue Service (IRS) could enforce stringent rules and data collection from cryptocurrency exchanges to better identify taxpayers with cryptocurrency holdings, according to an audit published by the U.S. Treasury Inspector General for Tax Administration (TIGTA). In today's Inside Cryptocurrency Premium, we look at new data collection efforts underway at the world's largest tax collection agency, the IRS. Join us for free for a free, 14-day trial for all new subscriptions. FREE TRIAL | | | |
Grayscale Ethereum Trust (OTCQX: ETHE) becomes an SEC-reporting company. - Barry Silbert's Grayscale announced that its OTC Markets-listed Ethereum Trust is now an SEC-reporting company. Grayscale published the press release on Oct. 12 with a link to the trust's Registration Statement filing on Form 10, now effective with the SEC.
- Grayscale's Bitcoin Trust (OTCQX:GBTC) became an SEC reporting company in January.
- Grayscale Ethereum Trust will decrease the holding period from twelve to six months for investors who own/purchase shares from its periodic private placements (after it maintains its reporting company status for at least three months, and satisfies all requirements under the Securities Act Rule 144). Grayscale made similar changes to its Bitcoin Trust earlier this year.
Grayscale
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 Litecoin Founder Charlie Lee Inshallah Ltd. has filed a U.K. chancery court appeal against the Litecoin Foundation Ltd. Plaintiffs Nasjet Ltd. and John Pepin filed case number CH-2020-000244 in the High Court of Justice of England and Wales. - U.K.-based plaintiffs have filed a chancery appeal against the Litecoin Foundation, the Charlie Lee-funded nonprofit, according to an Oct. 5 court filing.
- Lee famously sold all of his Litecoin (LTC) within days of its peak price during the December 2017 bubble.
- Lee personally funds many support services of the Litecoin Foundation.
- JMW Solicitors LLP will be counsel to Nasjet Ltd. and John Pepin. Lawdit Solicitors Ltd will be counsel to Litecoin Ltd.
- In 2017, Inshallah Ltd applied for the trademark "Litecoin" in the U.K., but failed.
- Many other companies have attempted to trademark "bitcoin" and its logo.
Law360
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Leading government officials in the U.S., U.K., Japan, Australia, Canada, India, and New Zealand co-sign a letter pleading for cryptocurrency encryption backdoors for law enforcement purposes. The letter is co-signed by senior government officials in the U.S., U.K., Japan, Australia, Canada, India, and New Zealand. Unlock the link in today's Inside Cryptocurrency Premium. FREE TRIAL | | | |
Quick Hits: - PricewaterhouseCoopers (PwC) releases a new study regarding blockchain technology's global impact. Its Oct. 12 report concludes that blockchain could boost the global economy by $1.7 trillion within the next decade.
- Alexander Lebedev, the owner of newspapers Novaya Gazeta, Evening Standard, and The Independent, spoke positively about cryptocurrencies and decentralized finance (DeFi), stating that the technologies could revolutionize international finance.
- IBM's (NYSE:IBM) AI healthcare arm, Watson Health, is launching a blockchain-based app called "IBM Digital Health Pass."
- The Spanish government is preparing a bill that would require investors to fully disclose cryptocurrency holdings, as well as their cryptocurrency gains, according to a Reuters report on comments made by Congresswoman Maria Jesus Montero on Oct. 13.
- As Apple device adoption grows in the enterprise, organizations are looking for ways to seamlessly manage and secure devices while extending the world-class Apple experience users expect.*
*This is a sponsored post.
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 |  | 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 writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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