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A report from Flipside Crypto indicates that no Ethereum (ETH)-based Tether (USDT) tokens have ever been burned. The report has also come to a conclusion that the stablecoin is mostly used by arbitrageurs on centralized exchanges.

The report states that Tether has thus far failed to fulfill its aspiration of providing stability to the DeFi space as postulated by Paolo Ardoino, Bitfinex and Tether’s CTO. Instead, its primary use case, seems to be inter-exchange arbitrage. Another interesting observation is that these arbitrageurs do not send their tokens directly from an exchange to an exchange, but first withdraw them to their wallets. The report speculates that this may be due to the desire to control the swiftness of the transactions. In other words, this way the users can opt to pay higher Gas fees in order to expedite the transfer. In the world of arbitrage, time is money. Despite Tether’s recent rise to becoming the third biggest cryptocurrency by market cap, it remains a controversial project, with numerous questions about its reserve policies.


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LG Electronics has joined the governing council of Hedera Hashgraph, the enterprise-grade public distributed ledger platform. LG serves as the council’s fourteenth member, sitting alongside Boeing, Deutsche Telekom, Google, IBM, Tata Communications, and other leading organizations.

Hedera Hashgraph CEO Mance Harmon told Cointelegraph that LG is the first home appliance manufacturer to join the Hedera Governing Council. Harmon noted that LG will specifically work with the other council members to identify ways that distributed ledger technology, or DLT, can benefit consumers and supply chain partners. LG has recently shown increased interest in DLT and blockchain applications. In September 2019, it was reported that the Koren tech giant began developing a blockchain-based phone to rival Samsung’s Klaytn smartphone. LG also just announced a partnership with technology company, Evernym to develop a blockchain-based identification system.


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Revolut data shows that U.K.-based retail crypto trade fell by half at the peak of the mid-March crypto crash — but has since recovered.

Data provided by U.K.-based finance app Revolut shows the coronavirus lockdown has impacted the crypto trading habits of its users. Almost a third of Revolut’s 10 million customers have traded cryptocurrency on the app, which caters to casual, retail crypto traders. As the lockdown restrictions were introduced during March, the average size of cryptocurrency purchases from its U.K. customers fell by 58%, from roughly $663 to $281.


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In a recent response to a Right to Information query, the Reserve Bank of India, the Indian central bank, has stated that there is no prohibition on banks to provide bank accounts to cryptocurrency traders.

But some banks have been arbitrarily denying services to crypto users and are still doing so. The RBI banking ban on crypto was set aside by the Supreme Court on March 4, 2020. In its detailed judgement of over 180 pages, the Supreme Court stated that the RBI action is extremely disproportionate in severing the lifeline (banking services) for cryptocurrency trading business despite crypto trading not being illegal under any Indian law and no harm or damage is proved to have been caused to these banks as a result of their relationship with crypto exchanges.


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The Swiss Financial Market Supervisory Authority, or FINMA, has authorized InCore bank to carry out digital assets transactions, allowing customers worldwide to access and transact within the bank.

The official announcement represents an important step in creating a blockchain-friendly environment across the EU banking sector. InCore bank becomes the first Swiss business-to-business bank approved to operate within the crypto sphere. The firm now allows the institutional clients to trade, hold, and transfer digital assets. FINMA has also allowed the bank to develop its tokenization capabilities.


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Chase Bank NA, the sixth-largest bank worldwide and a subsidiary of banking giant JPMorgan Chase & Co, will pay approximately $2.5 million to settle a class-action lawsuit alleging that it overcharged customers for buying cryptocurrency using its credit cards.

The sum was reported by Reuters following a court filing on Tuesday in Manhattan federal court. JPMorgan Chase admits no wrongdoing in the settlement, and customers who are part of the class will receive approximately 95% of the previously-paid fees back. The lawsuit alleged that Chase Bank customers who used their credit card to purchase cryptocurrency were improperly charged pricey “cash advance” fees. The suit originally asked for $1 million for affected customers, but the final settlement is significantly larger.


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Good day, dear customers and partners.

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The Norwegian-based producer of farmed-salmon, Kvarøy Arctic, has become the latest firm to join IBM’s Food Trust — the tech giant’s blockchain-based supply chain solution for the food industry.

Kvarøy Arctic is a supplier for numerous restaurants and Whole Foods retailers in the United States and Canada, and will now utilize blockchain technology to provide detailed information on the origin of its produce to restaurants and consumers. Information regarding the origin of salmon farmed by Kvarøy Arctic will be accessible to corporate buyers and consumers through QR codes. Customers will be able to access comprehensive information and images detailing the conditions under which the salmon was produced, including the population and density of the habitats in which the salmon were raised, their age, date of harvest, and information concerning the supply route taken from farm to supermarket. The salmon producer is also working with its feed supplier BioMar to also provide its supply chain data to the project.



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Ripple’s Xpring initiative has invested at least $500 million in various projects since it was launched in 2018.

The Block’s John Dantoni tracked Xpring’s investments and found that the initiative has contributed to at least 27 projects to date, including Compound, Dharma, Securitize, Bitso and Forte.

Xpring invested $100 million in Forte last year - a blockchain-based gaming platform, which leverages Xpring's open-source Interledger Protocol with XRP serving as a base pair settlement. Many of Xpring’s investments are related to Ripple’s core business model, centered around XRP and payments development, as Dantoni noted. Last year, Xpring made at least 18 investments. This year, the initiative has been quiet, with only two investments so far - in crypto ATM provider Coinme and blockchain platform for decentralized applications NEAR Protocol.


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The Office of the Comptroller of the Currency – which regulates banks in the U.S. – is seeking feedback from the public on the digital activities of national banks and federal savings associations, which includes actions related to cryptocurrencies and digital assets.

The OCC published two notices on Thursday, a Notice of Proposed Rulemaking and an Advance Notice of Proposed Rulemaking, which cover a range of topics related to its remit as a regulator of U.S. banks. It's the second of two notices that focuses on digital activities and hones in on the topic of crypto.

The OCC has set a deadline of August 3 for the receipt of public comments. The OCC is currently led by Brian Brooks, a former chief legal officer for crypto exchange Coinbase, on an interim basis.


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China Zheshang Bank, a national commercial bank, used blockchain technology to issue an asset-backed commercial paper, or ABCP. It was issued as a part of the National Association of Financial Market Institutional Investors’s (NAFMII) pilot project for ABCPs.

An asset-backed commercial paper is a short-term investment issued by financial institutions to help companies meet short-term goals. Dubbed “Lianxin 2020 Lianjie First Phase Asset-backed Commercial Paper,” the period of the Lianxin ABCP is six months and the span of the next issuance is yet to be specified. An official of the NAFMII noted that the use of blockchain technology would provide enterprises a “direct channel to markets, helping to greatly increase the accessibility of business financing.”


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In the midst of ongoing protests across the United States, some turned violent by police brutality, one publication has uncovered information on a Pentagon war game created in 2018 that has an uncanny resemblance to current events.

According to a June 6 article on The Intercept, documents reveal the United States Pentagon created a game called the 2018 Joint Land, Air and Sea Strategic Special Program (JLASS). In the scenario, members of Generation Z — people born starting in the mid-1990s — are rewarded in Bitcoin (BTC) for their efforts starting a rebellion, i.e. “Zbellion”. Players in the fictitious United States in the 2020s are given the proceeds of their attacks on target corporations, financial institutions, and political and non-profit organizations that support "the establishment" in the cryptocurrency. According to the document, “Zbellion uses software programs to route any proceeds into laundering programs that ultimately convert national currencies into Bitcoin” and makes "small, below the threshold donations" to "worthy recipients", including members who conduct the attacks or have a financial need.


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The CEO of FinTech company CoolBitX says only 10% of countries in the FATF are prepared for the June 24 meeting to discuss the travel rule.

The Financial Action Task Force (FATF) has a plenary meeting scheduled on June 24 to assess the progress of Virtual Asset Service Providers (VASPs) worldwide in enforcing the organization’s “travel rule”. According to Pawel Kuskowski at Forbes, the FATF meeting will be held virtually in two weeks to discuss the organization’s guidelines intended to make VASPs compliant with anti-money laundering (AML) and Anti-Terrorist Financing (ATF) regulations. He says FATF member jurisdictions “must demonstrate progress” on implementing the travel rule, as their efforts will be reviewed at the June 24 meeting.


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Two US-based law firms are the latest victims of the REvil malware group, which is auctioning off their sensitive data.

Ransomware group REvil has started another auction on the dark web listing sensitive data stolen from two US-based law firms. The listing appeared June 6 through REvil’s official blog on the darknet, where bidders look to acquire 50GB of data from Fraser Wheeler & Courtney LLP and 1.2TB of data from the database of Vierra Magen Marcus LLP. Information auctioned includes client information, internal documentation of the company, electronic correspondence, patent agreements, business plans and projects, as well as new technologies that have yet to be patented.

The starting price for the auction listing of Fraser Wheeler & Courtney LLP is $30,000 to be paid Bitcoin (BTC).


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In Japan, one of the biggest home builders is making preparations for its contracts on certain rental homes to go on the blockchain.

According to an announcement posted to the company’s website on June 8, Sekisui House said that it would use blockchain for rental housing contracts, including covering electricity and gas. The measures will be implemented before March 2021. Users staying in “Shamaison” rental homes will be able to register their phone numbers and addresses to enter the property without ever contacting a real estate agent. Existing technology makes it possible for Sekisui House clients to open and close doors with just their smartphones.


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Cryptocurrency-powered web browser Brave is partnering with the Korean pop group BTS and Rush Gaming to provide a limited edition release of its browser for residents of Japan.

Japan’s Nikkei newspaper reported on June 5 that the Brave Browser and BTS — AKA the Bangtan Boys — have developed a browser exclusively for users in Japan. This is the first known collaboration between a privacy-based browser like Brave and a K-pop boy band. According to the Nikkei, the two aim to find a new touchpoint between idols and fans. Users of the limited edition browser can earn points by watching ads to support Rush Gaming’s e-sports team.


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Japanese crypto firm Freessets has announced a new technology to enhance Bitcoin wallet (BTC) privacy.

According to a June 8 announcement, Freessets has created a system that allows wallets to request their addresses’ Bitcoin balances without revealing it to the servers from which they request the balances or transaction history. The statement said that conventional Bitcoin wallets explicitly ask servers for the balance of their addresses, which links the balance, transactions and addresses. However, “using the technology Fressets has developed, it is mathematically proven that the servers cannot learn anything from the user’s query.”


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London-based ETC Group will list the first crypto exchange-traded product on Germany's Xetra digital stock exchange this month. Traders in the UK, Italy and Austria will also be able to deal in shares of the new product.

According to ETF Stream, the ETC Group announced on June 9 that Bitcoin Exchange Traded Crypto (BTCE), an exchange-traded product (ETP), will launch on Deutsche Börse Xetra after it receives approval from German financial regulators. BTCE tracks the price of Bitcoin (BTC) and is physically backed by the cryptocurrency. The Bitcoin will be held in cold storage by digital asset custodian BitGo.


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New research from MIT says a decentralized protocol is a must for secure online voting, however the current online voting platform is too centralized and vulnerable.

The pandemic has forced many companies to move their operations online. It has also brought the question of online voting to the forefront of conversation in the United States, which is facing an election year. According to a June 7 paper from researchers at the Massachusetts Institute of Technology and University of Michigan, Democracy Live’s popular online voting platform, OmniBallot, is vulnerable to vote manipulation. Many states have tried OmniBallot, which uses Amazon Web Services to lock in votes, but it has faced security issues. A more decentralized online voting is part of the solution to protect ballots, the researchers say.


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The Human Rights Foundation (HRF) has launched a fund to support software developers working on privacy-focused Bitcoin projects.

The New York-based nonprofit, which aims to promote and protect human rights globally, announced the initiative in a press release on Wednesday. The HRF said it is starting the fund in order to "better serve as a financial tool for human rights activists, civil society organizations and journalists around the world." HRF is also seeking more support via a crowdfunding campaign in which 95% of donations collected will be used to fund the work of selected developers. (The remaining 5% will support HRF's efforts in general.)


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The Intercontinental Exchange’s digital asset custody and derivatives platform Bakkt has partnered with crypto asset manager Galaxy Digital to launch a ‘white glove’ service for institutions seeking Bitcoin (BTC) exposure.

The collaboration will see Galaxy Digital Trading’s (GDT) matching engine and trading platform offered alongside Bakkt’s digital asset custody services. The partnership will see GDT source liquidity from over 30 market makers, with trading taking place 24 hours a day, 365 days per year. GDT generated over $1 billion in digital asset volume during the first quarter of 2020 spanning its spot, lending, derivatives, and structured crypto products.


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As Bitcoin continues to hold above $9,800, one whale decided now was the time to move more than $1 billion in BTC.

According to blockchain data, an unknown Bitcoin (BTC) trader moved over 132,255 BTC — roughly $1.3 billion — in three transactions just one minute apart on June 11. The cryptocurrency was moved in block 643,133. The transactions came as the price of BTC was still under a key resistance level, $10,000. The massive volume led to speculation the BTC belonged to an exchange or custodial service with one user on Reddit speculating Coinbase Custody was responsible.


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The popular DeFi app Celsius Network has publicly launched a $15 million equity offering, selling out over two-thirds of its target in less than six hours.

Pioneering decentralized finance (DeFi) application Celsius Network has launched an equity offering through Bnktothefuture. As of this writing, the campaign has raised over $10.7 million of the $15 million maximum, and has surpassed its minimum investment goal of $10.5 million. Thirty-nine investors have participated so far, with 44 days remaining on the raise. The minimum investment in Celsius’ equity fundraising round is $1,000. The round is open to both U.S. and international investors.


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Seychelles-based exchanges led the world in cross-border Bitcoin (BTC) transactions in 2019. What Switzerland is to the world of watchmaking, Seychelles is to the world of crypto exchanges.

The small island nation with a total population of less than 100,000, presents a perfect playground for the enterprises that are looking for a place that allows them to optimize their tax liabilities with regulators who operate with a light touch. The most active international trade routes are Seychelles — EU, Seychelles — US, and Seychelles — South Korea, each connection producing volumes in excess of $2 billion.


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The $5.7 trillion asset manager Vanguard has completed the first phase of its pilot testing of settlements for blockchain-based asset-backed securities.

Vanguard, the world’s second-largest index fund manager, has announced the successful completion of the first phase of its blockchain pilot trialing the digitization of asset-backed securities (ABS). The pilot has seen Vanguard partner with a large U.S.-based ABS provider, distributed ledger technology provider Symbiont, and financial institutions BNY Mellon and Citi, to model the full life cycle of securities settlement using a distributed ledger technology network. As of April 30, Vanguard managed $5.7 trillion in assets globally, offering more than 425 funds to 30 million investors.


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350 Chinese companies surveyed still believe in the higher potential that blockchain technology could offer to their businesses.

A survey of 350 Chinese companies revealed that Blockchan’s pre-COVID-19 corporate bullishness remains alive in the region. According to Xinhua, the study, called “Blockchain in the Post-epidemic Age,” showed that 70% of the companies surveyed before the coronavirus outbreak remain optimistic about the potential of Blockchain technology. Up to 20% believe that they will invest even more to mitigate the effects of the crisis.


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Data from Bitinfocharts show transaction fees average 71 cents. That’s a big drop from last month when they were as high as $6.65.

Bitcoin's transactions fees have dipped to fresh lows—the cost of sending the cryptocurrency now averages $0.711, data from Bitinfocharts shows. Bitcoin transaction fees have plummeted since a spike last month following May 11’s halving. The cost of sending Bitcoin reached a peak of $6.65 on May 20—the highest average transaction fee since July 2018. Data shows transaction fees have dropped by almost 90%—89.3% to be precise—in just 25 days.


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A bug in latest code for Trezor hardware wallets could temporarily lock users out of their Bitcoin. To keep spending your digital gold using Wasabi, don’t update to the latest version.

Apersonal safety announcement from privacy-focused Bitcoin wallet Wasabi today: don’t update your Wasabi wallet if you use a Trezor device. If you do, you could temporarily lose access to your Bitcoin. While you’re at it, don’t update your Trezor devices if you’re using Wasabi. If you’re using a Trezor Model T, don’t update to version 2.3.1., and if you’re using a Trezor One, don’t update to 1.9.1.



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