This week saw a precedent-setting hack of one of the major social media sites, Twitter, as major, verified, accounts were hacked to promote a scam where BTC sent to one address would allegedly be met with double returns. The likes of Elon Musk, Kanye West, Joe Bidden and a host of crypto companies were all hit.
This painted a picture of the dangers of centralized social media platforms like Twitter, but also had Bitcoin linked to the hack and the scam in the mainstream media which put it in a negative light. However, the real story was how a decentralised, blockchain-based social media platform would have handled this much better.
Other than that Bug story, there was news that Ripple could be eyeing out the ever growing DeFi space. The creators of the XRP token have been courting banks and trying to find their niche all while decentralised finance and banking grows. It would make sense for this company to move with the times.
Additionally, Venezuela, the one country to launch a government-backed cryptocurrency, has now clamped down on traditional cryptos by banning the mining of Bitcoin and the likes, citing high energy usage.
The hack of Twitter technically falls into the realm of cyber security news, but because of its broad and encompassing move to cover everyone from Elon Musk to Joe Bidden, the story spread quickly. It did however also encompass the crypto space, and generally painted crypto in a bad light.
Bitcoin was the payment method these scammers used to try and swindle people, but it had nothing to do with Bitcoin being a bad actor or an evil tool of internet scams. But, the mainstream media was still happy to label it a Bitcoin hack, or a Bitcoin scam — terms which are very ambiguous at best.
Ripple and DeFi?
DeFi’s growth has been exponential in 2020 as a new use case for blockchain and cryptocurrencies comes forward. There are many new DeFi platforms and applications, but one of the older, miore established platforms, Ripple, could well be looking to branch out into a familiar space.
In an interview with BlockDown TV, Ripple’s chief technology officer David Schwartz noted that the company plans on offering more services with its blockchain-based solutions, and services pertaining to the DeFi space is one of them. He said:
“We’re also looking into offering other services through RippleNet – things like loans, or if DeFi grows, offering DeFi services to institutional partners.”
Venezuela cuts crypto mining
Venezuela is one country trying to leverage the power of cryptocurrencies, especially after creating the ‘Petro’. But the country is not so big on the idea of decentralised coins, like Bitcoin. It has since cut down the mining of crypto.
According to an announcement from the Venezuelan Minister of Habitat and Housing Ildemaro Villarroel on July 15, crypto mining operations won’t be allowed in any state-owned housing or neighbourhoods that are part of the “Gran Misión Vivienda” project.