Last week was pretty eventful for the crypto market! There's a currency that might have to say goodbye to its fellows on one of the world's most popular crypto exchange due to a 3rd time attack.
Here's everything you need to know about what happened in the crypto world last week:
Today another large 51% attack occurred on the #ETC network which caused a reorganization of over 7000 blocks which corresponds to approximately 2 days of mining. All lost blocks will be removed from the immature balance and we will check all payouts for dropped txs.— Bitfly (@etherchain_org) August 29, 2020
The Ethereum classic developers announced on Twitter that they’re ‘making progress in evaluating proposed solutions’:
While ETC is still making progress in evaluating proposed solutions, we are aware of the current risk to the network at these low hash rate levels.— Ethereum Classic (@eth_classic) August 29, 2020
To miners, exchanges, and other service providers we suggest keeping confirmation requirements levels well above 7K for now. https://t.co/l6nwIy5mL2
The famous crypto exchange OKEx announced that they are considering delisting Etherum Classic after the third 51% attack that cost the exchange $5.6 Million.
Right after the attack, the exchange halted deposits and withdrawals of ETC on its platform.
Very impressed by the #EthereumClassic community's determination to safeguard their network with a concrete & robust security plan.@OKEx pledges to continue collaborating with & supporting the #ETC community in any way possible. https://t.co/r4cMBg4WbQ— Jay Hao @OKEx (@JayHao8) August 21, 2020
The Japanese Forex exchange giant SBI announced its intention to establish a CFDs for trading BTC, ETH, XRP soon, according to Cointelegraph.
This new service will allow clients to trade with crypto CDF contracts against the Japanese Yen and the US dollar.
Galaxus, the biggest online retailer in Switzerland, announced the completion of its first-ever fully digital transaction using the country’s stablecoin which is pegged to the Swiss franc.
?Announcement: @coinify & @Galaxus enable world’s first e-commerce payment using Sygnum Bank #DCHF stablecoin. The Sygnum Digital Swiss Franc (DCHF), pegged 1:1 with the Swiss Franc, eliminates the need for card systems, reduces costs & fraud, & processes real-time transactions.— Sygnum Bank (@sygnumofficial) August 27, 2020
The crypto stablecoin was launched last March by a local cryptocurrency bank Sygnum. The bank was granted a digital license in Aug 2019, according to the official Greater Zurich Area Website.
The average daily transfer value of The stablecoin Tether beats both Paypal and bitcoin according to a report published by Coin Metrics.
The report says that “On August 20th, Tether’s 7-day average adjusted transfer value reached over $3.55B compared to Bitcoin’s $2.94B.”
This rapid growth of the most used stablescoin is mainly due to the increasing popularity of the new Defi applications like Uniswap and Curve.
While on the other hand, Paypal performed only $2.94 billion per day according to their Q2 report.
*A 51% attack or double-spending attack occurs when a miner or a group of miners attempt to spend their crypto on a blockchain twice. These miners take over 50% of the network’s mining hashing rates (computer power), making them in charge of the whole blockchain and able to alter the previous blocks and able to even reverse the transactions they started.
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