Bitcoin

Bitcoin Daily: Ripple Hired Ex-SEC Officials For XRP Suit, Crypto Ransomware Rises

Ripple

Send is gearing up for the pre-sale of a digital token that seeks to offer price stability, the company said in an announcement. Through a Send Consensus Network and a liquidity formula, the token keeps a stable reference price – and solves some of the roadblocks to the widespread adoption of crypto.

“The SDT token is designed to address the three main challenges standing in the way of massive adoption of cryptocurrencies: volatility, speculation and a lack of user-friendliness,” Send co-Founder and CEO Camilo Jimenez said in the announcement.

And a man who helped a team promoting a new initial coin offering (ICO) reach the top of Mount Everest is reportedly missing, CNET reported. Lam Babu Sherpa was left behind during the team’s descent, according to several reports. The goal behind the journey was to place $50,000 worth of the ASKfm crypto in a ledger on the top of Mount Everest.

In other news, two former U.S. Securities and Exchange Commission (SEC) officials are representing Ripple in a civil matter over securities laws, CoinDesk reported. Mary Jo White, who had served as chairwoman, and Andrew Ceresney are representing the crypto firm in a suit filed by an investor per court records. At the center of the case is the question of whether Ripple's digital currency, XRP, is considered to be a security.

And Information Systems Audit and Control Association (ISACA) research indicates that cryptocurrency mining malware is becoming more common and may take the place of ransomware attacks, Cryptovest reported. According to the report, mining malware is an attractive option for cybercriminals: “Cryptocurrency mining malware can operate without direct access to the file system, making them harder to detect – and as the prices of cryptocurrencies increase, the economics of cryptocurrency mining malware becomes better for the attacker.”

In other news, a former shopping destination in Slovenia has become a bitcoin city called "BTC City," Coingeek reported. The area, which covers 475,000 square meters, received recognition when the country’s departing prime minister bought a cup of joe with crypto.

And Ripple CEO Brad Garlinghouse doesn’t think that bitcoin is a global solution, CNBC reported. "I think it's not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems,” Garlinghouse told CNBC. “Instead, you're seeing specializations of different kinds of ledgers, different kinds of blockchains.”

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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