Reddit appears to be working on an Ethereum-based rewards system that will see it add a built-in cryptocurrency wallet to its mobile app, and reward users with ERC-20 tokens. A Reddit spokesperson confirmed a new feature is in the works, but not that it was based on Ethereum.

Crypto scammers’ revenue dropped by 33% because of the coronavirus-induced cryptocurrency market crash, even though scammers have started using new narratives to phish and blackmail victims since the crash.

SBI Crypto, a subsidiary of SBI Holdings, has increased its hashrate on the Bitcoin SV network days after it underwent its halving event.

Top stories in the Crypto Roundup today:

• Reddit to Launch Ethereum-Based Rewards System
• Crypto Scammers’ Revenue Dropped 33% Because of the Coronavirus
• SBI Crypto’s Share of Bitcoin SV’s Hashrate Jumped After Halving

At the time of writing, bitcoin (BTC) is trading at $6,728.23 (-1.70%) with a daily Top Tier volume of $2.90 bn. As for ether (ETH), it is trading at $152.93 (-2.98%) with a daily Top Tier volume of $1.02 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 2,404.38 (-6.16%).

Reddit to Launch Ethereum-Based Rewards System

A post published by Reddit user MagoCrypto has revealed the social media platform is experimenting with so-called “Community Points,” an Ethereum-based rewards system that will give users extra benefits.

In a video the Reddit users shared, it’s detailed the platform will be publishing a list of users and their karma every four weeks, and allowing the community’s users to propose changes and sign off on the list. Earned community points will, according to reports, be ERC-20 tokens.

A spokesperson from Reddit has confirmed the platform is experimenting with a new feature, but didn’t go into whether it was based on the Ethereum blockchain.

“We continuously experiment with ways to support communities on Reddit. In this instance, we’re working with one community to test a feature that represents a user’s involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities.”

Reddit already has an in-house points system, called karma. While it controls all the karma, if it does launch an ERC-20 points system, it wouldn’t be able to control what users do with the tokens as they are on the Ethereum blockchain. However, the platform is said to be preparing “Special Memberships” users can buy with the tokens, which could give them the right to use emojis and GIFs in comments.

In the shared video, the Reddit mobile app appears to include a built-in cryptocurrency wallet, describing a “way to access the Ethereum blockchain. It’s worth pointing out Reddit co-founder Alexis Ohanian has publicly been a crypto supporter, investing in various projects – including Ethereum-based decentralized exchanges and games – via his venture firm Initialized Capital.

Crypto Scammers’ Revenue Dropped 33% Because of the Coronavirus

The dramatic market downturn seen last month has seen the profits made through cryptocurrency scams drop abruptly, according to research conducted by Chainalysis. On a seven-day moving average, the revenue earned by scammers dropped from $800,000 in the middle of January to less than $300,000 early this month.

The crash, however, affected scammers’ revenues because prices dropped, not because of a drop in payments made to cybercriminals. According to the data, the number of transactions being sent to scammers hit a year-to-date high at the start of April Chainalysis wrote;

"We believe scammers are still receiving those same payments from roughly the same number of victims per month. The payments are just worth less now due to cryptocurrency price drops."

The COVID-19 pandemic has, in fact, given the scammers new narratives to use in their phishing and blackmail campaigns.

SBI Crypto’s Share of Bitcoin SV’s Hashrate Jumped After Halving

Bitcoin SV (BSV) went through its halving event last week, seeing its block rewards drop from 12.5 BSV to 6.25 BSV per block. After the event, that abruptly cut the supply of new coins entering the market, SBI Holdings’ subsidiary SBI Crypto seems to have increased its hashrate focusing on the blockchain.

Data from Coin.Dance shows the cryptocurrency mining firm held about 4.4% of BSV’s hashrate last week, but now holds about 15.3% of it. Yoshitaka Kitao, the CEO of SBI Holdings, is reportedly a friend of self-proclaimed Satoshi Nakamoto and BSV supporter Craig Wright.

However, the report indicated Kitao criticized the hard fork that split the Bitcoin Cash network into two to create BSV, calling it a “meaningless split” that would see investors leave because of the uncertainty being created.

SBI Crypto hashrate has also increased before new laws regulating cryptocurrency start being enforced in Japan, as the Payment Services Act and Financial Instruments and Exchange Act will come into effect on May 1.

The firm’s move is notable as the BTC blockchain uses the same hashing algorithm as BCH, but hasn’t been through its block reward halving yet.

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