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Crypto Flipsider News – September 17th – $1.2B Withdrawal Record for ETH, China Hunts Down Miners, $3M in Ether Stolen, BTC Hash-Rate Recovers, Redwood Launches Blockchain MBS, and Satoshi Gets a Statue in Budapest

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Crypto Flipsider News – September 17th – $1.2B Withdrawal Record for ETH, China Hunts Down Miners, $3M in Ether Stolen, BTC Hash-Rate Recovers, Redwood Launches Blockchain MBS, and Satoshi Gets a Statue in Budapest

Read in the Digest

  • Record daily flow sees $1.2 billion withdrawn from centralized exchanges & $3M in Ether stolen from MISO launchpad.
  • China hunts down miners & Bitcoin’s hash-rate recovers + Laos approves crypto mining and trading.
  • Redwood Trust launches blockchain-backed MBS non-agency MBS.
  • Satoshi gets a statue in Budapest & DeFi features in The Economist.

Record Daily Flow Sees $1.2 Billion Withdrawn from Centralized Exchanges & $3M in Ether Stolen from MISO Launchpad

Since the London Hardfork, the network has reached new milestones. It has now broken another record as the Ethereum network shines.

In just 24 hours, more than $1.2 billion of Ether were removed from central exchanges. Over $1 billion was taken from CEXs the previous time, and Ethereum prices soared more than 60%.

In other, less inspiring news, SushiSwap’s MISO Launchpad was attacked during an NFT auction, and 864.8 ETH, or approximately $3 million, was stolen in the process.

Miso’s supply chain was attacked when an anonymous contractor identified as “AristoK3″ injected malicious code into Miso’s front-end and replaced the wallet address used for the auction with their own.

Flipsider:

  • The Ethereum news hasn’t yielded the expected results. Over the last 24 hours, ETH has devalued by 2.9%

Why You Should Care

The last time over $1 billion worth of Ethereum was removed from centralized exchanges, ETH rallied. Analysts predict that ETH will soon rise to $10k.

China Hunts Down Miners & Bitcoin’s Hash-Rate Recovers + Laos Approves Crypto Mining and Trading

China’s bad touch on cryptocurrencies continues, with the target now being miners. China is intensifying its search for miners in the provinces, according to reports. These are working under the auspices of data centers, colleges and research institutes.

As a result of China’s crackdown on mining in July, the hash rate of dropped to a low of 90 Exahash. Bitcoin prices plunged 29% as a result. A recent report shows that Bitcoin’s hash rate is now at 54% of its 2021 lowest point as of the writing.

Laos allows the trading and mining of crypto currencies, despite China’s continued crackdown. It is an attractive move to lure Chinese mining workers fleeing China.

Flipsider:

  • Australia has approved a $440 million coal expansion project for mining, snubbing a court order.

Why You Should Care

The hash rate recovery of Bitcoin and the shift in mining power from China affirms that mining is becoming decentralized, and no longer controlled by one region.

Redwood Trust to Launch Blockchain-Backed Non-Agency MBS

Redwood Trust, a financial company specializing in housing credit, has announced the launch of the first-ever non-agency MBS (Mortgage-Backed Securities) which will be fully backed by blockchain technology.

Redwood Trust was just named the top dividend stock. It will use blockchain technology to revolutionize non-agency mortgage lending.

The firm will be using blockchain to revolutionize the industry, which it believes still uses “outdated manual processes that have been in place for decades.”

According to a presale report, the firm will be launching the $448.9 million security, with Liquid Mortgage acting as the “distributed ledger agent.” Redwood has previously invested in Liquid Mortgage, a start-up that utilizes blockchain technology to connect borrowers and lenders.

Flipsider:

  • While Redwood seeks to disrupt the mortgage space with blockchain, it will take some time before the new technology is accepted in the sector.

Why You Should Care

Redwood Trust is a leader in housing finance and is currently looking to disrupt the market with blockchain technology, which means more adoption for the industry.

Satoshi Gets a Statue in Budapest + DeFi Features in The Economist

The name Satoshi Nakamoto, the pseudonym of the anonymous creator of Bitcoin, will forever be remembered for revolutionizing the finance industry. Because of his/their work, everyone now has an alternative, decentralized means to transfer money.

To honour Satoshi’s contribution, a bronze depiction of Satoshi has been erected in Graphisoft Park, in the Hungarian capital of Budapest. When the statue in honour of Satoshi Nakamoto was proposed in May, the cryptocurrency ecosystem praised it as a move in the right direction

Decentralized Finance, popularly known in the crypto space as DeFi, has been featured by leading global news and analysis magazine, The Economist. According to The Economist, DeFi is one of the three most disruptive tech trends in finance.

In a special edition, “Down the rabbit hole: The beguiling promise of decentralized Finance,” the paper discusses how DeFi can potentially revolutionize how the finance industry works.

Flipsider:

  • While Bitcoin has unarguably grown popular, it has been criticized by many for being too volatile and for its use in illegal transactions.

Why You Should Care

More than ever before, we are seeing Bitcoin and the crypto industry gain public acknowledgement,which suggests that it won’t be long until the mainstream adoption of cryptocurrencies is achieved.

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