Hey everyone,
In my Weekly Crypto Overview, I will assemble the important news of the last week and make a summary of it. This way you will have one place to go for all the significant events that happened the week before in crypto. I hope you enjoy it and that it saves you a lot of time searching for all the news. I know not everyone has the privilege to be full-time in crypto, so I hope this is a solution for many of you.
- Bitfinex Covered $850 Million Loss Using Tether Funds
- BitGo Passes Advanced Security Review
- Binance Launches Decentralized Exchange
- Shop With Bitcoin On Amazon Using Lightning
Bitfinex Covered $850 Million Loss Using Tether Funds
Last week in crypto was all in the light of Bitfinex allegedly covering up an $850 million loss using Tether funds. The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and used funds from affiliated stablecoin operator Tether to secretly cover the shortfall.
You can read the New York Attorney General’s full order here. Coindesk wrote a great piece about the matter which you can read here.
BitGo Passes Advanced Security Review
Crypto custodian BitGo says it has passed an advanced security review by an outside monitor, claiming to be the first crypto startup to receive this level of certification. The company got a SOC 2 Type 2 certification, a standard security audit performed by an outside monitor assuring that a company keeps its security practices in order.
It took auditors eight months to complete the Type 2 audit, according to BitGo. The auditor interviewed BitGo’s staff, checked its software, and had access to the building and the data center BitGo is using, Pageler told CoinDesk.
They wanted to make sure that we are onboarding people properly, that employees have their access removed in a timely fashion, to see how we go about making changes to our system, how we do key management, what major third parties we have relationships with.
You can read Coindesk’s full article here.
Binance Launches Decentralized Exchange
Last week Binance DEX (Decentralized Exchange) launched on its native blockchain, Binance Chain. Changpeng Zhao, CEO of Binance:
We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.
You can read Binance’s announcement here.
Shop With Bitcoin On Amazon Using Lightning
It’s now possible to spend Bitcoin on Amazon using the lightning network. Crypto payment processing startup ‘Moon’ announced that any lightning-enabled wallet can now also be used through Moon’s browser extension. Moon CEO Ken Kruger:
The extension will pop up a QR code and it will have the lightning invoice, which you could also copy and paste if you can’t use the QR code for some reason, and you’ll be able to pay with your favorite lightning wallet.
You can read Coindesk’s full article here.
That’s it for now. All the best to everyone!
Khilone
The material contained in this article is not to be regarded as an recommendation to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information on this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.
