Just the day of yesterday from CriptoTendencia inform you of the tremendous increase that had seen the experiment DeFi ‘Yam Finance’. Today many claim that the project has died, leaving pain in the crypto market.
Shock at the highest
In the Crypto Summary of the day yesterday we reported how Yam Finance had gone from a valuation of $ 0 to over $ 500 million in just hours. Aha, that sounded pretty risky, and if you still seemed like a good idea, we have also reported that it had not even carried out an audit of the code.
Without a doubt, YAM Finance lived about 48 hours too busy and similar to what has been all over the 2020. But, it was foreseeable.
In summary, earlier today the developers of the token DeFi Yam discovered a fault very important in your code. In fact, the developers requested that people leave certain groups quickly.
We have found a bug in the rebasing contract, please read below.
All funds in staking contract are safe, as this is an unrelated part of the protocol.
User YAM balances are also unaffected.
— Yam Finance (@YamFinance) August 12, 2020
Basically, the developers found that the code of contract smart was defective and, therefore, would have “coined too much stock” in place to rebalance the supply. So, the reserves of Yam is inflated 10 times longer than anticipated.
This directly affected the governance of Yam and the developers concluded that there would be no solution for that. Therefore, the token will still exist but there will be no governance possible. And, therefore, the value of the token fell in a matter of seconds to $ 0.
Dave Portnoy acquired $ 1 million in Bitcoin
Do you remember when from CriptoTendencia inform you the intended Portnoy acquire Bitcoin? Well, yes it did.
The president of Barstool Sports filmed a video with the twins Winklevoss where Portnoy ensures that you have at least $ 1 million in Bitcoin to his name.
But, in addition, also spoke briefly about the creation of a “DaveCoin” and asked the twins Winklevoss that would connect with the engineers for that to happen.
Seized millions of dollars in Bitcoin property of the networks of Al-Qaeda and ISIS
Today it was announced by the Department of Justice the largest immigration raid in the history of Bitcoin of the terrorist groups ISIS, al-Qaeda and the al-Qassam Brigades of Hamas.
In this way, were seized millions of dollars in Bitcoin of over 300 accounts. Also, according to the press release, the funds were obtained by terrorists through campaigns on social networks to raise money.
And, according to the chief of criminal investigation, the IRS used their latest tools to make follow-up operations and locate the funds involved.
Advertising to Bitcoin on the part of Galaxy Digital thrills to crypto users
Recently we reported as commercial advertising for Grayscale Investments had disappointed the crypto community to just mention Bitcoin.
Now, Galaxy Digital seems to have done better after having a full page in the Financial Times where it is clearly mentioned to Bitcoin.
“In times of uncertainty, Bitcoin is a coverage independent of the hegemony”, can be read in the ad with a headline giant.
In a few lines…
The crypto community has seen a significant increase in the Hash Rate of Ethereum and analysts see a possible increase of prices for the crypto.Square has invested more than 1.5 billion dollars in Bitcoin in 2020.Binance continues to advance and enables the trade P2P in Argentina.The crypto exchange Kraken predicts that Bitcoin could see a price increase of up to 200% in the next few weeks.