🔴Crypto is too Dangerous? | This Week in Crypto – Oct 17, 2022

Ethereum addresses are now searchable on Google, Binance provides funding for Bitcoin mining companies and October could be the biggest-ever month for crypto hacks. These stories and more this week in crypto.

Ethereum Addresses Searchable on Google

Google’s latest crypto feature has enabled Ethereum wallet addresses to have their ETH balances displayed directly on Google’s search engine. Previously a user would need to search an address on Etherscan to do this. Critics have raised that Bitcoin addresses are not searchable, but the efforts suggest Google wants to play a key role in onboarding users to blockchain-based services.

Binance Provides Funding for Bitcoin Mining

Binance has stepped in to support the struggling Bitcoin mining industry as the world’s largest crypto exchange has started a $500 million lending project for private and public miners. The miners will need to pledge security in the form of physical or digital assets for the loan, which will have a duration of between 18-24 months.

Google Cloud to Accept Crypto Payments

Google has partnered with Coinbase to allow certain customers to pay for cloud services in crypto starting early next year. Google Cloud CEO Thomas Kurian said they want to make building in Web3 faster and easier, and this partnership with Coinbase will help developers to get one step closer to that goal.

Portugal Announce its First Crypto Gains Tax

After enjoying many years of tax-free gains, crypto investors in Portugal may now be facing a hefty 28% tax. Portugal proposed the tax to be levied on profits realized from any crypto held for less than a year. The proposal also includes a 4% taxation fee on cryptocurrency inheritance, as well as stamp duties on commissions charged by intermediaries.

Grayscale Takes on SEC Over Bitcoin ETF

Grayscale has filed a lawsuit against the Securities and Exchange Commission for denying the conversion of its Grayscale Bitcoin Trust to a spot Bitcoin ETF. The firm says the decision was arbitrary, capricious, and discriminatory. The SEC approved multiple Bitcoin futures ETFs in 2021 and in 2022, but has repeatedly rejected ETFs that hold Bitcoin directly.

Another Crypto Firm Cuts a Third of its Staff

New York Digital Investment Group, a Bitcoin trading and banking firm, has laid off a third of its staff according to a Wall Street Journal report. The cuts came two weeks before NYDIG’s CEO and President left the firm, which had raised $1 billion at a $7 billion valuation in December.

Justin Sun is One of the Biggest Holders of Huobi Token

Chinese entrepreneur and founder of TRON Foundation, Justin Sun claimed he holds tens of millions of Huobi Tokens that he started accumulating in 2013, making him one of the biggest holders of the coin. Sun also recently joined Huobi’s Global Advisory Board, a newly-established entity that came with fresh investment funding after the acquisition of the exchange by About Capital.

October 2022 – Biggest Ever Month for Crypto Hacks

Even with half the month still to go, crypto’s leading data analyst, Chainalysis, has already declared this October to be the biggest-ever month for hacks. The firm announced that so far this month, $718 million has been stolen from DeFi protocols across 11 different hacks, making October the biggest month in the biggest year ever for hacking activity.

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