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Defi is Crashing, Iran embraces Bitcoin | This Week in Crypto – Nov 2, 2020

Harvest Finance—a digital web platform that allows users to earn interest on their crypto holdings—has lost roughly $24 million in USDC and Tether as the result of a recent hack. Executives claimed to know who the hacker was on Twitter and are now promoting what they think is a fair trade to the individual in question: return the money and there will be no legal consequences.

Iran has become the first country to constitute Bitcoin as a legal means of exchange within its jurisdiction. The Iranian government amended its crypto regulations so that miners can redirect cryptocurrencies to Iran’s finance mechanism for international trades. The move comes following renewed waves of US sanctions.

Popular crypto trading platform, Binance has come up with an elaborate method of bypassing regulators and profiting from US investors. According to a new report, documentation suggests that they established a company known as the “Tai Chi” entity in the United States while also developing Binance.US, which would appear as a compliance-ready trading firm, while the Tai Chi firm would utilize tactics to bypass jurisdictional requirements and forward money to Binance’s parent company.

Institutional crypto management firm Grayscale has added more than $300 million to the total of crypto assets it manages. What’s cooler than this? The fact that that $300 million was accumulated in just a single day. Analysts are taking this news as proof that the institutional presence in the crypto industry is expanding rapidly and unstoppably.

And now, this week’s Bitcoin Quick Question is: what is cryptojacking?

Every website we surf on is running on a computer code.

As cryptocurrencies have become more popular, hackers have come up with new ideas on how to generate revenues using them.

One popular way, known as “cryptojacking”, was to hack and insert a code into a website that essentially uses the user’s computer energy to mine cryptocurrencies while sending the rewards to the hackers. This is partly what made Monero, an anonymous currency, popular over the last few years.

Cryptojacking still exists, however in 2019 Coinhive, a service that allowed webmasters to use this ‘trick’ on their readers, was finally shut down. Since then, web mining has become less extensive.

For more information about Cryptojacking visit the link in the description below.

Have a question you want us to answer? Just leave it in the comment section below.

And a huge thanks to eToro for supporting us in putting this video together. If you’re looking to trade cryptocurrencies, consider joining the millions who are already using the unique features eToro offers, like CopyTrader, which lets you automatically replicate the moves of top performing traders on the platform. For more information, visit etoro.com.

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

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