Crypto News Recap - What Info Will Come Out in the Binance Lawsuit? - November 13 - November 20 2020

Transcript

[Music] thanks for tuning in to this week's news recap first headline finance is suing forbes for defamation finance holdings limited has filed sued against forbes disclosure my former employer and two reporters for defamation the lawsuit comes after forbes published an article last month detailing alleged regulatory evasion by the crypto exchange finance is claiming harm at the hands of forbes reporters michael del castillo and jason brett over a story it says quote contains numerous false misleading and defamatory statements finance is demanding the story be taken down and is also asking for punitive damages stephen palley partner at anderson kill tweeted a screenshot of the lawsuit in

which binance claimed quote importantly binance does not violate and fully complies with all applicable laws rules and regulations in its operations and pali commented quote given the fact that truth is an absolute defense to a defamation claim the discovery on this particular claim is going to be interesting tensions have been rising for some time between binance and the news media ironically this lawsuit comes the same week that a group of cryptojournalists disclosure including me formed the association of cryptocurrency journalists and researchers which aims to quote provide education mentorship and training to ensure practitioners aspire to the highest ethical and journalistic standards next up bullish

bitcoin signals roundup first grayscale's net assets under management has surpassed 10 billion dollars next bulk orders for the latest and most powerful asic miners are sold out until spring and there's greater demand from institutions outside china next skyrocketing bitcoin prices have led to new highs in bitcoin derivatives markets with cme open interest in its bitcoin futures crossing 1 billion dollars an all-time high next mexican billionaire ricardo celina pliego the founder of group of salinas revealed in a tweet on wednesday that 10 of his assets are in bitcoin he said quote

bitcoin protects the citizen from government expropriation next up is a regulatory roundup sec chairman jay clayton is stepping down from his post at the end of the year months ahead of his planned june 2021 departure this news was mostly welcomed by those in the crypto space with larry cermak of the block tweeting that this boded well for a long-awaited bitcoin etf surprisingly on cnbc clayton also said that the inefficiencies of existing payment systems have driven the rise of bitcoin next headline acting controller of the currency brian brooks has been nominated to a full five-year term leading the national bank regulator

while the nomination itself is positive for crypto coindesk's nicholas day tweeted quote brooks's path forward is murky citing an upcoming shake-up in the senate banking committee sean jones who has been a major player in crypto anti-money laundering regulations spoke at the second annual v20 virtual asset service provider summit saying that the financial action task force needs to take a wholly new approach to how it police's crypto she said that the fatf is trying to graft existing anti-money laundering regulations onto crypto intermediaries when the core of crypto is to transact without intermediaries she suggested the regulators look more closely at defy if you missed sean on unchained in

august discussing why the travel rule is one of the most significant crypto regulations check out the episode next headline the latest ama on ethereum 2.0 the theory foundation's ethereum 2.0 research team hosted its fifth reddit ama on wednesday answering a bevy of technical questions and of course questions about the imminent launch of the new protocol hot topics included options for backup plans to launch in 2020 if the 16 384 validators needed for launch are not reached by november 24th vitalik said quote from a technical perspective which is the only thing the devs can control eth2 did launch in 2020. what happens from here is entirely up to the

community after the ama vitalik tweeted one of his replies to the question what is the max supply of eth he responded quote realistically for the next roughly three years ethereum will be an ecosystem under rapid transformation he then named a number of the technical shifts such as the transition from proof-of-work to proof-of-stake and said people should not be in ethereum today because they believe in protecting and stabilizing the current rules but because they believe in the roadmap and that after the upgrade quote we actually will get to a place where the network is efficient and stable and powerful and capable of being the base of significant parts of the global economy then he said over the next two years the

issuance will be 4.7 million and then after that up to 2 million a year minus fees which will be burned noting that that could be greater than the issuance time for the defy hack roundup on tuesday origin protocol lost seven million dollars in funds in a re-entrancy attack that used a flash loan that initiated a rebase which artificially inflated the supply of ousd which were then swapped for tether an attacker also drained 6 million from the value d5 protocol again this attack used a series of complex tricks including a flash loan next headline arka says gnosis

should pay back investors cryptocurrency investment company arca one of the first investors in decentralized prediction market gnosis which held an ico in 2017 has called for gnosis investors money to be returned and for the project to be overhauled arca cio jeff dorman tweeted quote reminder at today's east prices the gnosis balance sheet is worth 77 million dollars which equals 169 dollars per outstanding gno token gno however trades at 61. a 64 discount to book value the market is directly telling gnosis joseph lubin and the board of directors that gno has no value

arca points to changes in gnosis's product roadmap and and mismanagement of its treasury arguing that as a result the project's products have failed to gain traction additionally the letter claimed that the gnosis team has deviated from the white paper and irresponsibly managed project finances arca outlined a number of recommendations for gnosis including buying back tokens from holders which quote would allow nosis to run as a lean startup rework the token's use cases and redistribute the remaining tokens in order to create a network effect on existing products his co-founder martin koppelman said in a statement to the block quote we had already been working on an alternative path for the gno token which we think is much more appealing

our own proposal includes a gnosis doubt and gives much more ownership to gno holders it will be presented to the community very soon crypto twitter had fun with the this claim is disputed flag on twitter this week applying it to all sorts of tweets such as this one by cz which said bitcoin is dead this claim is disputed thanks for tuning in to learn more about nick and bitcoin be sure to check out the links in the show notes of this episode don't forget we are now on youtube subscribe to the unconfirmed unchained podcast channel on youtube today unconfirmed is produced by me laura shin with all from anthony yoon daniel ness bossy baker shashank and the team at clk

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