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Crypto & Blockchain Weekly Recap: 3rd December, 2018

The pace at which the crypto and blockchain world moves is too fast. Developments are being made each day at a rapid rate and the news regarding cryptos isn’t stopping. Here are some of the recent major happenings of the crypto world that you need to know about.

The Civil Drama: Civil is a blockchain-based platform that wants to revamp the journalism arena using this nascent technology of blockchain. But things certainly aren’t going well for the platform in the media itself. Journalists who have been working with the platform haven’t received any pay as of yet.

The employees were told that they’d be paid in the platform’s cryptocurrency CVL. Owing to lackluster demand, the platform canceled its public token sale last month. Now, the employees are in confusion regarding there compensations. All in all, this news does not come as very welcoming for the crypto and blockchain world overall.

Where Did the Miners Go?: Talking to a news source, the founder of the 3rd largest mining pool of the world F2pool, Mao Shixing estimated that more than 600k miners of bitcoin have stopped mining since mid-November amidst the severe drops seen in the price of bitcoin.

Mao also suggested that some miners may have been using outdated mining hardware that might have been costing them money. The rising cost of electricity in China might also be linked to this happening somehow.

The Iranian Trouble: U.S. Treasury Department’s Office of Foreign Assets Control recently added two bitcoin addresses to its sanctioned list. As announced, these two addresses were linked with performing some illegal activities. The addresses are tied to two Iranian citizens.

Following this announcements, it was reported by a news source that citizens in the country were facing troubles with their legal transactions as well. Difficulty in accessing ShapeShift, a cryptocurrency exchange, was reported by some. With this, the issue of using bitcoin somehow linked to the two addresses sanctioned also came into attention.

Amazon’s Blockchain Product: The subsidiary of the global tech giant Amazon, Amazon Web Services (AWS), is looking forward to launching and managing its own blockchain-based project, as reported by a news source. By using this product, the users will be able to build their own platforms without dealing with much overheads involved with such processes.

Celebrity and ICOs: Recently two of the world’s most renowned celebrities DJ Khaled and Floyd Mayweather were charged by the United States Securities and Exchange Commission for promoting initial coin offerings without disclosing the compensations, an illegal act.

Endorsement of investment products without the disclosure of compensations is not something that is legal. DJ Khaled is now supposed to pay more than $150,000 and Mayweather is expected to pay more than $600,000.

SEE ALSO: Crypto & Blockchain Recap: November 30th, 2018

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Ahsan Khalid

News editor of BlockPublisher, an electrical engineer with majors in software development. Ahsan takes the engineer's approach for reporting legislation around the blockchain industry. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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