Crypto News Flash: US Senator praises Bitcoin as an asset class, Grayscale manages 500,000 BTC, the BCH hard fork, the $ 7,000,000 Hack & UniSwap on shaky legs
Welcome to our new News Flash Format, in which we will inform you about the latest and latest headlines about Bitcoin & Co in an article .
Do you want to get an overview of the latest happenings as soon as possible, but without missing anything important? Then you are exactly right!
Today it’s about a US senator bringing Bitcoin (BTC) as an asset class to the table, via Greyscall, who now manage 500,000 BTC, the latest The News Spy hard fork, a DeFi attack that cost Origin Protocol $ 7,000,000 and how UniSwap is struggling with the outflow of liquidity in the 9-digit range.
This summary of news comes from our collaboration with the Bitcoin-Bude.de news channel .
Bitcoin is a good store of value, according to the new US Senator
Elected Senator Cynthia Marie Lummis Wiederspahn for the state of Wyoming is a bitcoiner and proud of it. In a live interview with ABC, Lummis said she hopes to bring bitcoin to the national conversation.
I am a former Wyoming State Treasurer and have invested our state’s ongoing funds. That’s why I was always looking for a good credit balance. Bitcoin fits in that direction.
Grayscale now owns half a million bitcoin
Grayscale now holds $ 8.35 billion worth of Bitcoin, according to a November 16 announcement . That equates to 2.69% of the outstanding supply and market capitalization of Bitcoin (BTC).
However, since Chainalysis estimates that around 3.7 million BTC have been lost, Grayscale could now actually own 3.37% of Bitcoin’s remaining circulating supply.
Institutional investors currently pay a 19% surcharge and a 2% annual fee for buying and holding cryptocurrencies through the security of a regulated fund.
Origin Protocol Loses $ 7,000,000 in Recent DeFi Attack
The Origin Dollar (OUSD) stablecoin project suffered a so-called „re-entry attack“ at 12:47 UTC on Tuesday, resulting in a loss of $ 7 million in funds, including over $ 1 million from Origin and its founders and Employees have been paid.
The attack used a flash loan and errors in the OUSD contracts to initiate what is known as a „rebase,“ according to Etherscan and an updated blog by the team. The attack artificially inflated the supply of OUSD tokens within the protocol before the newly printed tokens on SushiSwap and Uniswap were exchanged for USDT. Origin wrote in an update:
The attacker was able to create a rebase event within the second coinage after funds flowed from the first major coinage into the OUSD, but before the supply of OUSD increased. This created a massive rebase for everyone named in the contract, including the attacker. The attacker then also received his first large OUSD coinage, giving him more OUSD overall than the contract had assets.
The team has disabled deposits and the price of the native token OUSD has fallen 85.5% since the attack and is currently trading at $ 0.145 instead of the proposed $ 1.
Another hard fork for Bitcoin Cash
The Bitcoin Cash network, a result of a hard fork of Bitcoin, has once again split into two new blockchains. At this point, Bitcoin Cash ABC (BCH ABC) has barely received any hash power. This means that everything currently looks like the Bitcoin Cash Node (BCHN) will become the dominant software of the Bitcoin Cash network.