OTC’s Weekly Retrospect 04/10–08/10/2021

Every week we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

OTC Supply Media

Published in

OTC Supply DMCC

3 min readOct 7, 2021

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Major news stories this week;

Short Summaries;

Global investment bank Morgan Stanley is establishing a new cryptocurrency research team. The bank said that the launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets. Morgan Stanley was among the first major investment banks to embrace cryptocurrency. In March of this year, the firm made three bitcoin funds available to its clients. In April, the firm added bitcoin to 12 mutual funds’ investment strategies.
Speaking at the House Financial Services Committee hearing on Oct. 5, SEC chief Gary Gensler stated that the agency has no plans to follow China’s lead and impose an outright ban on bitcoin. Responding to questions from Congress, Gensler stated that it was a matter of how they get this field within the investor consumer protection that they have, and also working with bank regulators and others.
It’s an expose whose aftershocks continue to reverberate globally. At 2.9 Terabytes of data, the Pandora Papers Leaks is the largest offshore leak to date. It reveals the financial secrets of the high and mighty in our societies. The leaks come as a big win for crypto supporters. Reports indicate that only minimal volumes of crypto service illicit activity.
The International Organisation of Securities Commissions (IOSCO) and the Bank for International Settlements (BIS) have said in a report that rules for traditional payments must apply to stablecoins, as per Reuters. This report marks significant progress in understanding the implications of stablecoin arrangements for the financial system and providing clear and practical guidance on the standards they need to maintain its integrity.
Traditional cross-border payments giant MoneyGram is working with the Stellar blockchain network to create instant money transfers using Circle’s USDC stablecoin, the companies announced this week. The firms will start with a pilot in the fourth quarter of this year. Early 2022 will see a gradual rollout of the ledger-based stablecoin bridge between crypto and local currencies with a view toward connecting MoneyGram’s 150 million or so consumers.
A crypto exchange accidentally paid $24 million to send $100,000 over the ethereum network, in one of the biggest “fat finger” errors in the history of digital assets. Yet Bitfinex was thanking its lucky stars on Tuesday after the miner who received the fee agreed to return it. Bitfinex moved $100,000 of Tether, over the ethereum network on Monday to the decentralised finance exchange DeversiFi.
Earlier this week, a bug in money market Compound’s code led to an erroneous disbursement of COMP tokens intended for long-term liquidity mining rewards, in gifting 280,000 COMP tokens to users incorrectly. The Compound Twitter handle acknowledged the bug shortly after, saying that no user funds were at risk. The bug only applied to Compound’s Comptroller Contract, which is responsible for distributing liquidity mining rewards earned over time.

Wishing you a happy and relaxed weekend ahead from all of us here at OTC Supply… Happy Thursday!

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OTC’s Weekly Retrospect 04/10–08/10/2021

Every week we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

Short Summaries;

Written by OTC Supply Media