Another hacking incident in the world of crypto is our headline this week. News on Ethereum, Paypal, and Japanese star soccer player Keisuke Honda launched his own digital currency.
Hackers donate crypto to charity
A hacking organization is popularly known as Darkside recently released receipts for $10000 in charitable contributions. In what came as a shock to many, the group donated 0.88 BTC, part of the millions worth of crypto they extorted from companies to make the world a better place.
According to reports, the organization made donations to Children International and The Water Project through The Giving Block service used by numerous nonprofit organizations worldwide.
Their actions have raised questions across the world. One expert, Brett Callow, explained that the hackers made the donations to help assuage their guilt or egotistical reason as they would like to be seen as the “Robin Hood” of our time. He added that:
“Whatever their motivations, it’s certainly a very unusual step and is, as far as I know, the first time a ransomware group has donated a portion of their profits to charity.”
Ethereum: on course to process $1 trillion in a year
The Ethereum network is processing more than twice the daily transaction volume of Bitcoin. This is according to Messari, a crypto market data aggregator. As of to date, the 30 days rolling daily average for Ethereum transaction volume is currently at $7 billion. Bitcoin is only less than $3 billion.
From the data, Messari predicts that if the current trend continues, Ethereum could be the first public blockchain to settle $1 trillion in transfers within a year. As further stated by Messari, much of the recent Ethereum volume is attributed to increased ERC-20 stablecoin volumes, yield farming, and Tether transactions taking place on the Ethereum Network. Also, decentralized exchanges like Uniswap and Curve have helped drive the volume. In September, these exchanges generated more than $20 billion in transactions.
Ripple to move to the U.K. in pursuit of better regulations
Ripple is reportedly planning to relocate its headquarters to the United Kingdom due to regulation frustrations in the United States.
While talking to reporters, Brad Garlinghouse, Ripples’ CEO, explained that he had visited London a few weeks ago and found that market favorable for this company. He explained that authorities in the market, the Financial Conduct Authority in the U.K., does not deem Ripple (XRP) as security, which has been a significant issue with authorities in the U.S. He stated:
“What you see in the U.K. is a clear taxonomy, and the U.K.’s FCA took a leadership role in characterizing how we should think about these different assets and their use cases. The outcome of that was a clarity that XRP is not a security and is used as a currency. With that clarity, it would be advantageous for Ripple to operate in the U.K.”
Garlinghouse also added that Ripple was also considering other Jurisdictions, including Switzerland, Singapore, Japan, and the United Arab Emirates.
PayPal to expand it crypto evolvements
PayPal Holdings is reportedly planning to acquire BitGo and a few other cryptocurrency companies. According to unnamed persons familiar with the matter, PayPal has been having talks with BitGo. BitGo is a crypto company that offers digital wallets. BitGo wallets require multiple signatures for transactions making it secure for investors to store their assets.
While adding a crypto company to PayPay’s operations could be a game-changer for the payment giant, the talks could take a few more weeks.
Earlier this month, PayPay confirmed that it was entering the cryptocurrency market. It has vowed to make cryptocurrencies “a funding source for purchases at its 26 million merchants worldwide.” The payment giant explained:
“In effect, cryptocurrency simply becomes another funding source inside the PayPal digital wallet, adding enhanced utility to cryptocurrency holders, while addressing previous concerns surrounding volatility, cost, and speed of cryptocurrency-based transactions.”
PayPay was also granted its first “conditional BitLicense” in partnership with Paxo Trust Company by the New York State Department of Financial Services (DFS).
Japanese Soccer Star Launch His Crypto
A famous Japanese soccer player has launched his cryptocurrency to boost fan engagement. Keisuke Honda is the former Japan midfielder and the current Botafogo captain, the Brazilian professional league team.
Honda launched the KSK Honda Coin through Rally.io, a blockchain for creating video and streaming gaming applications. Reportedly, this new crypto in town is aimed at helping fans interact with him. During the launch, Honda explained:
“We decided to create a social token to build new connections with our most loyal fans,”
The cryptocurrency will help fans connect with the player by providing a transparent platform through blockchain. This will help him know who among the fan community holds the coins.