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Paypal Goes “All In” on Crypto | This Week in Crypto – Nov 16, 2020

Following the recent announcement that PayPal would permit purchases and sales of cryptocurrencies, the company is expanding its crypto-based services to all qualifying customers. In addition, daily purchase limits have been increased from $10,000 to $20,000 over the last week alone. PayPal has also said it will roll out Venmo services sometime during 2021.

Blockchain analysis company Chainalysis has unveiled a new program that will monitor and manage crypto assets that have been seized by government agencies. Investigations into illicit crypto-related activity must be completed before money can be frozen and taken in by regulatory authorities. Chainalysis is now looking to make the process of keeping seized crypto funds in place easier for respective legislative bodies.

After last month’s hack of $300 million worth of various cryptocurrencies, the popular exchange KuCoin has recovered 84% of all funds. The affected assets have been recovered using approaches like on-chain tracking, contract upgrade and judicial recovery according to the CEO.  The exchange promises that all services will return to normal within the next two weeks.

Crypto lending service Akropolis, reported that roughly $2 million in DAI cryptocurrency was stolen following a flash loan attack. The hackers borrowed loans from the DeFi platform but then used exploits in the code to escape the loan mechanism and got away with the funds. Akropolis has already managed to identify the Ethereum account of the hackers, and is exploring ways to refund its customers.

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That’s what’s happened this week in crypto. See you next week.

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