Serious vulnerability found on crypto paper wallet generator. View in browser

“Don't worry, we'll replace your broken financial system soon enough.” ~  Péter Szilágyi, an Ethereum core developer

Market State

Last week Bitcoin reached its early high of $9000 and quickly dropped 12% below $8000 within 24 hours. Currently Bitcoin is recovering and sitting around $8750. The overall crypto market capitalization fell back to $250 billion. A new research from Chainalysis, a blockchain analytics firm claimed that only 1.3% of economic transactions came from merchants in the first four months of 2019. The remaining 98.7% of volume  represents trades on crypto exchanges. The research is suggesting that nobody is using Bitcoin for everyday purchase, instead they hold Bitcoin for speculation.

While a major media CNN Business posted an article by the chief strategy officer at the Human Rights Foundation, Alex Gladstein that Bitcoin could revolutionize foreign aid delivery.  Foreign aids system today is corruptible, inefficient and slow. It goes through various intermediary, which can delay, censor and steal funds. Bitcoin can make it possible to easily track the flow of funds and make sure the funds reach directly from donor to the right people. In order to receive Bitcoin you just need a smartphone and don't need a passport, an ID or a bank account or permission from a government or a company to accept the funds.

Check the latest Bitcoin Price
Quiz of the week

Which one of the following statements is not true for DEX (Decentralised Exchange)?

  1. A DEX doesn't require KYC verification
  2. A DEX enables direct trading with users
  3. A DEX stores users’ coins

Scroll down to see the answer at the end of the newsletter.

Top stories of the week
FATF Is Looking To Regulate Cryptocurrencies

A draft of a new standard recommended by the Financial Action Task Force (FATF) could radically change how the crypto industry operates. FATF is an intergovernmental organization dedicated to combating money laundering and other financial crimes. The new standard will require crypto exchanges and custodial wallets to verify their customers plus identify the recipients of their customers’ transfers and make it available on request to appropriate authorities. This would apply to all transactions above a 1000 USD/EUR threshold. If FATF’s recommendations approved it would go into effect globally in June 2019 in its member states which includes over 180 countries. Chainalysis, a blockchain analytics firm published an opposing comment on the recommendation and calls it unrealistic and harmful to the crypto industry.  

Serious Vulnerability Found On Paper Crypto Wallet Generator

A security researcher from, Harry Denley, did a detailed analysis on crypto paper wallet site is an open source free paper wallet generator which supports 197 cryptocurrencies. The site was tested by creating 1000 unique wallet addresses. However, between 18 May 2019 and 23 May 2019, in 1000 generated wallets the site created only 120 unique private keys. Meaning that multiple people could have had the same wallet key. Analysts found out that the website’s code differed from its open source code on GitHub. The two codes stopped matching since 17 August 2018. MyCrypto suggests anyone who has used this wallet after 17 August 2018, should move their funds into a new secure wallet.

Microsoft Excel Adds Bitcoin As a Currency Option

Microsoft has added Bitcoin as a currency option in its Excel spreadsheet program. A Reddit user posted a screenshot showing Bitcoin as an option in the spreadsheet’s currency menu.  Excel users are now able to use Bitcoin symbol as a currency when recording financial data. Microsoft has been working ever closer with blockchain and cryptocurrencies. The tech giant started accepting Bitcoin payments for its products since 2014. Microsoft recently announced that would build a decentralized identity solution called ION on top of the Bitcoin blockchain. The adoption of Bitcoin is growing now that it's added to Excel, the most commonly used office software.

Binance DEX blocks 30 countries

Binance DEX (Decentralized Exchange) is going to geo-block users from 30 countries starting from 1st of July, 2019 due to regulatory pressures. Users from 30 countries will not be able to trade and access wallets via Binance’s geo block may be connected to a case in which the founder of Ethereum DEX EtherDelta was charged by the U.S. Securities and Exchange Commission (SEC) with operating an unregistered national securities exchange. Binance DEX launched in April, 2019. Currently its trading volume is over $10 million. Though users are still be able to use VPN to circumvent the block, many users have expressed their opinions that a true DEX should not be depended on a central authority thus Binance DEX is not truly a decentralized exchange. Announces EOS Based Social Media Platform, the firm behind EOS has announced a new EOS based social media platform called Voice. The new platform will have its own internal currency, Voice token, which will be used to raise your own voice above others. The Voice token can’t be created by burning electricity or by buying it. You can only earn it by communicating with other people or sharing content. Voice will only promote content by real humans and not bots and fake accounts. It will use a multi step authentication process to make sure every account is unique and belongs to a real human. Coinbase recently added EOS to its Earn Program, where it lets users earn crypto while learning about them. Recently Bitfinex has partnered with EOS to launch Tether on EOS blockchain.

Cryptocurrency in Telegram Messenger

US based Telegram users can now buy, sell, trade and store inside their Telegram account. The new feature is thanks to a partnership between Button Wallet that is built on Telegram and payment processor, Wyre. Button Wallet is a messenger based software solution for sending payments and non-custodial crypto wallet that allows storing and trading of cryptocurrencies. Button’s Telegram wallet was launched in Q4 of 2018 and already gained 100000 registered users with 2,000 actively using the wallet. Wyre offers users to become verified to purchase cryptocurrency with a debit card within one hour. Currently the wallet allows users to purchase Bitcoin, Ether and DAI for US dollars on Telegram.

Tweet of the week

Many compares the rapid increase of Bitcoin price to tulip mania that occurred in the 1600s. Back then the price of tulip bulbs reached extraordinarily high levels and then dramatically collapsed. The flowers that cost more than houses plummeted brutally. Voorhees quote reminds us that compared to tulip bulbs, Bitcoin repeatedly breaks its records.

Meme of the week
Crypto word of the week

Paper wallet is a piece of paper that contains your public address, where you can send funds to and private keys, that allows you to sweep funds off of the paper wallet. The benefit of paper wallet is that it stores your private key offline which means it is hack proof. However since they are paper they can destroyed easily. It is advised to have multiple copies and store them safely in different places.

Quiz answer

Which one of the following statements is not true for DEX (Decentralised Exchange)?

The correct answer is “C”.

Thank you for reading :) 

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