17 October

OKEx has suspended cryptocurrency withdrawals, citing the absence of an unnamed holder of the exchange’s private keys.

Caixin said it spoke to two individuals close to OKEx who indicated that Mingxing “Star” Xu had been taken by police at least a week ago and hasn’t been seen since.

The report also doesn’t indicate why police are holding Xu. OKEx CEO and co-founder Jay Hao said on Weibo the issue is over a personal matter and wouldn’t affect the business.

OKEx has a headquarters in Hong Kong while being officially based in Malta. Xu was previously held by police as part of a fraud investigation back in 2018, but was not arrested.”

See Also: OKEx Suspends Withdrawals, Says Key Holder Not Available Due to Cooperation With Investigation

“With thousands of Ethereum 2.0 validators expected to stash more than 500,000 ether in a restrictive multi-year lockup, there will be significant demand for a creative solution that unlocks the value of those funds without undermining the upgrade.

Given what we know about how DeFi innovators use oracles and smart contracts to create new assets like “wrapped” (or tokenized) bitcoin, taking value created in one chain and use it as collateral in another, it’s a solid bet that new tokenizing contracts will be used to bring liquidity to all that otherwise locked ether. They’ll be bought and sold as tokens but also used as collateral in DeFi lending markets.

The locked ether presents a contract that promises a set of contingent future cash flows, with properties akin to certain types of bonds. In fact, that is what DeFi-ers will create: tokenized ETH 2.0 bonds.”

See Also: Almost 1M Ether would have been burnt in past year if fee proposal approved

“Reddit users have discovered they can farm memes for ERC-20 tokens and earn returns comparable to minimum wages in Sub-Saharan Africa.

Reddit’s community points are given to users based on their activity within a given subreddit, with the feature currently activated for the platform’s cryptocurrency and Fortnite communities as ERC-20 tokens, dubbed Moons and Bricks.

With the xDai-based decentralized exchange Honeyswap recently launching pairings for wrapped versions of the tokens, Reddit users can now farm memes for profit.

The data suggests the content generated by the roughly 47,935 Redditors participating in both subreddits over the five months since the tokens’ launch is valued at $3.8 million.”

“Ingves called upon the Riksdag and Sweden’s government to address the digital shift with legislation. He pushed for Sweden’s government to “review the concept of legal tender” and the legality of an e-krona.

Although dozens of monetary authorities are now studying sovereign digital currencies, Sweden’s is one of the few to actually pilot one. Also notable: Sweden’s e-krona pilot project is running on distributed ledger technology.

There shall be digital state money as legal tender, an e-krona, issued by the Riksbank.”

See Also: Digital Euro Within Decade ‘Very Likely,’ Says Finland’s Chief Central Banker

“In the first two weeks of October, monthly trading volume for the TRUMP and BIDEN markets eclipsed prior high set in March.

PredictIt shows a lead for former Vice President Joe Biden ($0.65) over President Donald Trump ($0.40) similar to FTX’s Biden ($0.65) lead over Trump ($0.36).”

In 10 years, what institutions or mechanisms will prevent Vanguard from accumulating voting power by buying up governance tokens – or whatever other mechanism is in place at the time – in exactly the same way it has done with stock?

At a minimum, blockchain founders and investors need to recognize that many of the fundamental economic forces that are driving consolidation across the economy will also apply to blockchain-based applications. Distributed ledgers are not immune to “winner takes all” market dynamics, the increased globalization of markets, and more lax regulation and weaker antitrust enforcement simply because they are distributed.

Blockchain presents a new environment that requires custom-designed decentralized governance. As of now, governance systems are far from ready to oversee complex, billion-dollar products. Hundreds of years of insights in economics, political science, law and business must be translated and adapted into collective decision-making processes suitable for blockchain and resistant to consolidation.”

AA: What is a Crypto Wallet Derivation Path?

“Rally, a social money platform, today introduced a governance token that its community can use to decide to vote on the next influencer who’s allowed to create a cryptocurrency in their own name. It’s also possible to “yield-farm” the token.

So far, there are 19 creators on the platform—all Twitch streamers invited by Rally.”

See Also: Filecoin Settles Near $40 After Wild Opening Day of Trading

“Digital asset exchange Bitstamp has beefed up its insurance measures to combat the inherent uncertainties associated with the crypto space.

The policy covers an array of crime-related cases, such as employee theft, loss while the assets are stored at any premises, loss in transit, loss caused by computer fraud or funds transfer fraud, and loss related to legal fees and expenses.”