Hello Hive Fam!

I started doing a series a little over a month ago called the Fintech Flash- where I go over the biggest news in fintech and blockchain over the last week... all in about 2 minutes! I thought I would start sharing them here on 3speak. 😊

Here are the highlights from the video:

Over $150M dollars has been Stolen in KuCoin Crypto Exchange Hack. The CEO Johnny Lyu said that in this security breach, one or more hackers obtained the private keys to the exchange’s hot wallets, while their cold wallets remained unaffected.

Ethereum Transaction Fees Fall To Lowest In 49 Day. Fees increase when there is more demand to process transactions than there are miners or blockchain space to process them and is often a sign of high volume. Almost $11 billion is locked up in DeFi smart contracts today, according to metrics site DeFi Pulse; where in June, it was just $1 billion.

Nearly $1 Billion of Bitcoin Options Expire. Bitcoin options are like futures contracts— where in the past, people sign contracts to buy Bitcoin at a certain price at some point in the future. Ideally, Bitcoin will have increased in price, meaning that those signing the contracts secure Bitcoin at price below market value. Despite these expiring options, the price of bitcoin has remained relatively steady.

the European Commission Releases Proposed Cryptocurrency Rules.The legislation and is intended to reduce market fragmentation, as many digital finance providers only operate in one country. As a result, the measure allows crypto companies to provide their services across the other member states upon approval.

Leaked documents involving about $2tn of transactions have revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world. Terror networks, drug cartels, and organized crime rings have all benefited, using the US financial system to wash clean their illicit profits. The FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017.

Twitter CEO Jack Dorsey Explains How Blockchain Will Revamp Its Business. Last December, he tweeted that the company would start a new initiative called Blue Sky with the intention of creating a decentralized standard for social media. Although there haven’t been a lot of concrete details since then, Dorsey broke down the social media giant’s plan in a video interview this week.

That’s it for this week’s Fintech Flash and I'll be back again next Friday with another Fintech Flash!