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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Record daily flow sees $1.2 billion withdrawn from centralized exchanges & $3M in Ether stolen from MISO launchpad.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 to launch blockchain-backed 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Record Daily Flow Sees $1.2 Billion Withdrawn from Centralized Exchanges & $3M in Ether Stolen from MISO Launchpad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 Ethereum network has reached new milestones. As the Ethereum network continues to shine, it has broken yet another record.

Over a 24-hour period, over $1.2 billion worth of Ether was removed from centralized exchanges. The last time over $1 billion left CEXs, the price of Ethereum spiked by 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. As a result, analysts have predicted that ETH could soon rally up 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. According to reports, China has intensified searches in provinces for miners working under the banner of colleges, research institutions and data centres.

As a result of China’s crackdown on mining in July, the hash rate of Bitcoin dropped to a low of 90 Exahash. The event sent the price of Bitcoin tumbling by 29%. However, a recent report has shown that the Bitcoin hash rate has now recovered 54% from the 2021 lows as of this writing.

While China continues its crackdown on crypto mining, Laos has authorized the mining and trading of cryptocurrencies. A strategic move that will lure miners 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, which was recently named top dividend stock, will be looking to disrupt the non-agency mortgage space with blockchain.

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. Thanks to his/their creation, people now have an independent, decentralized way of transferring 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

Congratulations @blankbanshee #statueofsatoshi pic.twitter.com/p3HT4Vo7a8
— STEVEBADNER (@STEVEBADNER) September 16, 2021

Decentralized Finance, popularly known in the crypto space as DeFi, has been featured by leading global news and analysis magazine, The Economist. The magazine refers to DeFi as one of three tech trends currently disrupting the finance sector.

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.