Financial leaders of the world’s seven biggest economies are set to reveal they will oppose the launch of Facebook’s Libra cryptocurrency project until it’s properly regulated, according to a draft G7 statement.

Hackers have reportedly stolen nearly $25 million from users of the popular Electrum bitcoin wallet, by tricking them into installing fake software updates that compromised their security.

Coinbase Wallet users can bow use fiat currency to buy crypto within the app itself. Previously, the wallet’s users had to buy crypto on Coinbase or another exchange, to move the funds to the wallet.

Sponsored: Crypto.com Exchange is listing EGLD on The Syndicate, where all Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 500,000 USD worth of EGLD at 50% off. The event will commence on Tuesday, 20 October 6:00am UTC on the Crypto.com Exchange.

 

Top stories in the Crypto Roundup today:

• G7 to Oppose Libra Launch Until Properly Regulated
• Hackers Reportedly Stole Over $22 Million from Electrum Users
• Coinbase Wallet Users Can Now By Crypto Within the App
• Sponsored: Crypto.com Exchange is listing EGLD at 50% OFF

G7 to Oppose Libra Launch Until Properly Regulated

Financial leaders of the world’s seven biggest economies are set to reveal they will oppose the launch of Facebook’s Libra cryptocurrency project until it’s properly regulated, according to a draft G7 statement.

The draft was reportedly prepared for a meeting of finance ministers and central bankers from several countries, including the United States, Japan, Canada, Germany, and Britain.  It added digital payments could improve access to financial services and cut inefficiencies and costs.

The statement added that such payments services have to be appropriately supervised and regulated so they do not undermine financial stability, consumer protection, privacy, taxation or cybersecurity. The draft reportedly reads:

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards.”

If such a stablecoin project isn’t properly supervised, the G7 added, it could be used to launder money, finance terrorism, or compromise market integrity and governance.

Hackers Reportedly Stole Nearly $25 Million from Electrum Users

Hackers have reportedly stolen nearly $25 million from users of the popular Electrum bitcoin wallet, by tricking them into installing fake software updates that compromised their security.

An investigation from ZDNet found that fake updates prompted by popup messages got users to install malware on their devices, allowing the hackers to steal their funds. The technique was first seen in December 2018 and has been reused over multiple campaigns.

Per the report, Electrum’s open ecosystem makes it harder to tackle the threat, as everyone can set up an ElectrumX gateway server. A total of ten bitcoin wallets associated with these fake updates have been identified, holding 1,980 BTC since December 2018. To the figure, ZDNet added 202 bitcoin stolen in December 2018 when the technique was first used, to bring the total the hackers stole to $24.6 million.

Most of the funds were reportedly stolen in a single incident in August, when a user lost 1,400 BTC (around $16 million) after updating its Electrum wallet.

Coinbase Wallet Users Can Now By Crypto Within the App

Coinbase Wallet users can bow use fiat currency to buy crypto within the app itself. Previously, the wallet’s users had to buy crypto on Coinbase or another exchange, to move the funds to the wallet.

Now users can buy cryptocurrency from within Coinbase Wallet without having to use a cryptocurrency exchange, through a “buy or transfer” option on the Wallet’s home screen. In a blog post, Coinbase wrote:

“Wallet allows users in every part of the world to store their own crypto and use popular dapps like Compound and Uniswap. However, until now, anyone new to crypto had to buy their first cryptocurrency from an exchange, and then transfer it over manually to their Wallet apps.”

Initially, the feature will be rolled out to Coinbase Wallet users on Android devices in the US, with iOS support coming in next. Support for the services in other regions is slated to follow in the near future.

Is It Time to Take DeFi Seriously?

Ethereum was the first to introduce a blockchain system that could facilitate all sorts of decentralized applications, and open the door for various blockchain use cases that are currently not supported on the Bitcoin blockchain.

ETH is now a powerful platform for decentralized finance (DeFi) applications. A zoomed out view of all the ETH and wETH on the network shows there are more transactions moving funds to decentralized platforms than to centralized exchanges, as $300 million are sent to decentralized finance apps and exchanges per day, versus $156 million on centralized platforms.

DeFi’s biggest platform, Uniswap, is a decentralized exchange run by an immutable smart contract, meaning it cannot be changed by a party unilaterally. Uniswpa receives over 70% of the daily deposits into decentralized finance.

Crypto.com Exchange is listing EGLD at 50% OFF

Crypto.com Exchange is listing EGLD on The Syndicate, where all Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 500,000 USD worth of EGLD at 50% off. The event will commence on Tuesday, 20 October 6:00am UTC on the Crypto.com Exchange.

Allocation:

Each participant’s maximum amount of CRO that can be applied towards the listing event will depend on the amount of CRO staked on the Crypto.com Exchange. 

Subscription: 

• Participants will be able to subscribe for EGLD by contributing an amount of CRO tokens not exceeding their respective maximum allocation. Staked CRO tokens may not be used to subscribe for EGLD in this event.
• Participants will need to trade the minimum volume required at their CRO staked level in the past 30 days in order to be eligible to subscribe.
• The past 30-day trading volume is calculated daily at 00:50:00 UTC. For more information regarding exact cutoff times, refer to our FAQ here.

NOTE: The trading volume can take up to 1 hour to calculate at most. To avoid any delays, we advise you to satisfy the trading requirement well in advance of the subscription timelines.

Event Timeline:

• 20 Oct 6:00am UTC: Sales Begins (EGLD/CRO subscription price fixed)
• 21 Oct 6:00am UTC: Sales Ends 
• 28 Oct 6:00am UTC: Acceptance Period Begins (unused CRO will be refunded immediately if you reject the allocation)
• 29 Oct 6:00am UTC: Acceptance Period Ends (CRO refunds will be distributed for forfeited participants)

Sign up for the Crypto.com Exchange, stake CRO and participate in the EGLD sale now!

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