Age Verification

This website requires you to be 16 or over, Please confirm you are over 16

I Am Over 16 Leave Website
Informations
Jump to content

Lorem Ipsum...

Click to Dismiss this Notification
Ładowanie danych...

  • Articles

    Show all categories
    Records

    North Korean Hacking Group BlueNoroff Launches New Malware Campaign Against Cryptocurrency Firms

    A recent report from cybersecurity organization Recorded Future reveals that North Korean hacking groups have pilfered an estimated $3 billion since 2017. Among these groups, BlueNoroff has gained notoriety for a series of phishing and cyberattacks that began in 2019, notably focusing on cryptocurrency companies with its latest malware targeting MacOS systems.
    SentinelLabs has published detailed findings about this malware operation, dubbed “Hidden Risk.” This sophisticated attack unfolds in several stages through the distribution of PDF documents. The cybercriminals craft fake news headlines and utilize credible market research reports to entice unwitting individuals and organizations.
    Once a user downloads the PDF file, they are greeted with a phony yet convincing document. Simultaneously, the malware stealthily downloads a separate file that resides on the MacOS desktop, executed in the background without the user’s knowledge.
    The malware package is engineered with multiple functionalities that provide hackers with a backdoor to remotely access the victim's machine. This access allows them to siphon off sensitive data, including private keys associated with digital asset wallets and trading platforms.
    FBI Issues Alerts Concerning North Korean Hacking Activities
    Over recent years, the Federal Bureau of Investigation (FBI) has released multiple warnings regarding BlueNoroff, the more extensive Lazarus Group, and other cybercriminal factions linked to the North Korean government.
    In April 2022, the FBI, in conjunction with the Cybersecurity and Infrastructure Security Agency (CISA), raised alarms and urged cryptocurrency companies to adopt protective measures against threats from state-sponsored hacking groups.
    In response to these warnings, BlueNoroff escalated its activities by launching a phishing scheme in December 2022 that specifically targeted financial institutions and corporations. The hackers created over 70 fraudulent domain names to masquerade as reputable venture capital firms, gaining entrance to their victims’ systems to steal assets.
    More recently, in September 2024, the FBI disclosed that the Lazarus Group was once again employing social engineering tactics to expropriate cryptocurrency. The agency indicated that these hackers were targeting personnel from both centralized exchanges and decentralized finance platforms through deceptive job offers.
    The intent behind this phishing initiative was to cultivate relationships and establish trust with the victims. Once a sufficient rapport was achieved, the victims were tricked into clicking on a malicious link disguised as employment tests and applications, which led to the compromise of their systems and the unfortunate depletion of any funds in their desktop wallets.
    0 comments
    86 views
    Read more...
    Records

    SEC Prioritizes Cryptocurrency In 2025 Examination Agenda

    The United States Securities and Exchange Commission (SEC) has reaffirmed its commitment to scrutinizing cryptocurrencies in its examination priorities for the upcoming year, even amid potential leadership changes within the regulatory body and the government.
    In a notice issued on October 21, the SEC's Division of Examinations outlined its key focus areas for 2025, prominently including crypto assets and their associated products and services. This move underscores the regulator's ongoing intention to monitor the rapidly evolving crypto landscape.
    The SEC explicitly highlighted its intention to concentrate on various activities related to crypto assets, including their offering, sale, recommendation, advice, trading, and other associated functions. Notably, the examination priorities specifically named spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded products, reflecting their anticipated launch in 2024.
    “Given the volatility and continued activity in the crypto asset markets, the Division will persist in its oversight and, where appropriate, conduct examinations of registrants providing services related to crypto assets,” the SEC stated. The agency also indicated that it would evaluate registrant practices in relation to the technological risks linked to blockchain and distributed ledger technology, particularly concerning the security of crypto assets.
    Keith Cassidy, the Acting Director of the SEC's Division of Examinations, noted that the identified priorities represent critical areas where potential risks and investor harm could arise. This suggests that the SEC's approach to digital assets will remain steadfast in 2025, focusing on investor protection and promoting capital formation.
    Chair Gary Gensler emphasized that the division's efforts aim to help market participants "understand the rules," reinforcing the SEC's objective of safeguarding investors in the burgeoning crypto sector.
    The incorporation of spot cryptocurrency exchange-traded funds (ETFs) into the SEC's examination agenda marks a departure from its 2024 priorities. The SEC first granted approval for spot Bitcoin ETFs in January, followed by the greenlighting of spot Ethereum products in May.
    Potential Shifts in Leadership?
    While Gensler's term is set to conclude in June 2026, speculation abounds that he may step down earlier, potentially in January 2025, should a new presidential administration take office. Republican candidate Donald Trump has publicly vowed to terminate the SEC chair “on day one” if he returns to the presidency, and there are indications that Democratic Vice President Kamala Harris is also considering possible successors.
    The SEC's enforcement-centric approach under Gensler has drawn criticism, especially as the commission has initiated multiple lawsuits against various cryptocurrency firms, alleging unregistered securities offerings. Furthermore, a June ruling by the U.S. Supreme Court that overturned the long-standing Chevron doctrine could influence the SEC's effectiveness in court. Despite these shifts, the commission continues to have pending cases against major players like Coinbase and Ripple.
    As the SEC moves forward with its 2025 examination priorities, the focus on cryptocurrencies reflects ongoing regulatory challenges and the need for a clearer framework in the rapidly evolving crypto ecosystem.
    0 comments
    101 views
    Read more...
    Records

    Stripe Acquires Bridge - A $1.1 Billion Move into Stablecoin Payments

    In a significant move within the fintech landscape, payment processing powerhouse Stripe is set to acquire the stablecoin platform Bridge in a deal valued at $1.1 billion. This acquisition not only marks one of Stripe’s most substantial purchases to date but also aligns with the company’s commitment to facilitate stablecoin payments, a promise made by its CEO earlier this year.
    "We are thrilled to unite with Stripe," stated Zach Abrams, CEO and co-founder of Bridge, in an October 21 post on X (formerly Twitter). He went on to emphasize his enthusiasm for the collaboration, noting the potential for Stripe to develop the most advanced stablecoin infrastructure available. Patrick Collison, Stripe's CEO, echoed this sentiment on social media, expressing excitement about welcoming the @stablecoin team to @stripe.
    The news regarding the finalized acquisition was first uncovered by Michael Arrington, co-founder of TechCrunch, on October 20.
    This acquisition stands to be Stripe's largest to date, as the company, headquartered in San Francisco and Dublin, was valued at an impressive $70 billion as of July. Furthermore, it represents one of the most significant transactions within the cryptocurrency sector.
    Stripe, a leading platform for payment processing, empowers businesses to seamlessly accept credit and debit cards as well as various online payment forms. Earlier this year, the company revealed that it had surpassed the remarkable threshold of $1 trillion in total payment volume for 2023, contributing approximately 1% to the global gross domestic product (GDP).
    The announcement comes just six months following co-founder John Collison’s declaration that the firm would begin supporting global stablecoin transactions “this summer.” Additionally, it follows closely on the heels of Stripe's integration of Circle USD (USDC) stablecoin into its primary payments interface less than two weeks prior.
    Bridge, founded in 2022 by former Coinbase executives Zach Abrams and Sean Yu, is a payments network built on stablecoin technology aimed at rivaling established systems like SWIFT and traditional credit card networks. Prior to founding Bridge, Abrams served as the head of consumer products at Coinbase and was also the founder of Evenly, a peer-to-peer payments platform acquired by Square. Sean Yu brings extensive engineering experience from his prior roles at notable companies such as Coinbase, Square, DoorDash, and Airbnb.
    Bridge offers businesses the capacity to create, store, send, and accept stablecoins, positioning itself as a formidable contender in the Web3 payments space. Earlier in the year, the platform secured $58 million in funding from prominent investors, including Sequoia, Ribbit, and Index Ventures.
    With this strategic acquisition, Stripe is poised not only to enhance its technological capabilities but also to establish a strong foothold in the evolving world of stablecoin payments, potentially reshaping the future of digital transactions.
    0 comments
    88 views
    Read more...
    Records

    SEC Files Appeal Against Ripple, Focusing On Sales Practices And Executive Roles

    The U.S. Securities and Exchange Commission (SEC) has initiated an appeal in its ongoing legal battle with Ripple Labs, specifically targeting the company's sales methods and the participation of its executives. This move comes after a previous court ruling that affirmed XRP's status as a non-security, thereby sparing it from certain regulatory constraints.
    The SEC's appeal, filed on October 17, 2024, centers not on XRP's classification but rather on the company's sales operations, including both programmatic sales conducted through digital asset platforms and transactions executed by Ripple’s executives, Brad Garlinghouse and Chris Larsen. The SEC aims to review these elements "de novo," meaning that the appellate court will reconsider the legal issues without being influenced by the original court's decisions.
    In a ruling issued by U.S. District Judge Analisa Torres in July 2023, it was determined that sales of XRP to retail customers were not securities transactions under existing U.S. law. Nonetheless, institutional sales of XRP were found to violate securities regulations, resulting in a $125 million penalty for Ripple associated with unregistered securities offerings.
    The SEC's appeal does not contest the favorable ruling on retail sales of XRP, leaving that aspect intact. Still, it indicates the regulatory body's intent to challenge the court’s decision about Ripple's broader sales framework and the roles of its top executives.
    Stuart Alderoty, Ripple’s Chief Legal Officer, swiftly reacted to the SEC’s appeal, emphasizing that the critical ruling declaring XRP as a non-security has not been contested by the SEC, which is a primary focus for Ripple and its supporters.
     
    Impact on Ripple and the Broader Crypto Landscape
    The SEC's latest legal maneuver extends a dispute that many believed had reached closure following Judge Torres's ruling in July. Should the SEC prevail in its appeal, Ripple could see further penalties or operational limitations placed on its sales and distribution practices. Additionally, the regulatory body is seeking to reinstate aiding and abetting charges against Ripple’s executives, which had been previously dismissed.
    Despite the continuation of the legal saga, segments of the cryptocurrency community remain optimistic, celebrating the court's earlier decision. Ripple's partial victory has already led to major exchanges reinstating XRP, which had been removed from platforms during early stages of the litigation. As a result, XRP has gained significant traction in the market, with various analysts and crypto influencers, such as Ben Armstrong (also known as BitBoy), voicing confidence in the token's prospects moving forward. Armstrong recently asserted that XRP was poised to "still moon," regardless of the ongoing regulatory pressures.
    Notably, the SEC’s language in its latest filing, referring to XRP as a "crypto asset" rather than labeling it as a "crypto asset security," suggests a shift in the regulatory stance regarding its classification. This issue was a central topic when the lawsuit commenced four years ago.
    As the case unfolds, the outcome of the SEC's appeal could have lasting implications, potentially dragging the legal proceedings into 2026. Additionally, Ripple is preparing a cross-appeal to contest the $125 million fine related to its institutional sales. According to Alderoty, Ripple plans to file Form C for this cross-appeal next week, signaling its intent to actively manage its legal challenges.
    In summary, the ongoing judicial contest between the SEC and Ripple highlights the complex nature of cryptocurrency regulation in the U.S. and the significant implications such cases can have on the functioning and perception of the crypto market.
    0 comments
    110 views
    Read more...
    Records

    Putin Unveils BRICS Cryptocurrency Strategy For Investment Growth

    In a significant move for the BRICS alliance, President Vladimir Putin announced the bloc's official adoption of cryptocurrencies for investment purposes during the BRICS Business Forum held in Moscow. This initiative marks a pivotal shift in economic policy and anticipates the debut of the BRICS Pay platform.
    On October 18, BRICS members—comprising Brazil, Russia, India, China, and South Africa—declared their embrace of cryptocurrencies, sparking excitement in the realms of international finance and investment. Putin characterized the announcement as a transformative step forward for the coalition, highlighting its potential to redefine economic interactions among the member nations.
    The declaration arrives just days before the highly anticipated BRICS Summit 2024, scheduled for next week. The summit is expected to unveil various economic strategies, including the blockchain-based BRICS Pay system that aims to enhance cross-border financial transactions for the alliance.
    During the forum, Putin underscored the significance of digital currencies for BRICS countries as well as other developing economies, stating, “We will review the utilization of digital currencies in investment initiatives by BRICS nations, which will also positively impact other emerging markets with promising futures.” He also indicated that a regulatory framework would be established under the oversight of BRICS institutions to ensure compliance and security.
    As the BRICS bloc seeks to strengthen its economic influence, it has been actively working to diminish dependency on the US dollar within international trade, advocating for the use of local currencies among its members. This strategic decision follows Russia's recent policy shift that lifted its ban on the use of digital assets for international transactions, thereby opening up new avenues for engagement.
    The forthcoming BRICS Pay platform is anticipated to serve as an essential mechanism for facilitating seamless cross-border transactions, thus reducing the bloc's reliance on Western financial infrastructures. Both Russia and China have been at the forefront of promoting this initiative, aiming to circumvent US sanctions and establish a more robust trading framework free from dollar dominance.
    Putin acknowledged ongoing efforts among BRICS nations to establish a financial messaging system analogous to SWIFT and noted the utilization of national digital currencies to fund high-potential projects. This endeavor reflects a long-term strategy aimed at enhancing financial sovereignty and boosting intra-bloc trade.
    Moreover, the Russian leader welcomed the expansion of BRICS to include new member nations such as Egypt, Ethiopia, Iran, and the UAE, with over 30 additional countries indicating interest in joining the alliance. The upcoming summit in Kazan will offer an opportunity to discuss potential new members further.
    Expressing optimism for BRICS’ future role in global economic development, Putin highlighted the coalition's large and rapidly expanding economies compared to their Western counterparts. He also outlined Russia’s contributions to BRICS, which include new financial initiatives, such as a joint system for cross-border payments and the establishment of a reinsurance company.
    In light of recent Western sanctions, Russia has accelerated the implementation of its digital currency strategy. In August, Putin enacted laws that legalized crypto mining and enabled international cryptocurrency transactions, allowing Russian enterprises to engage in cross-border digital payments. Furthermore, Russia's central bank is actively testing the digital ruble, with the full launch projected for 2025.
    As BRICS member countries progress toward cryptocurrency integration, this initiative could profoundly influence the landscape of global finance, presenting new opportunities for investment and economic collaboration among its nations.
     
    0 comments
    95 views
    Read more...
    Records

    SEC Appeals Ripple Court Decision Amid Regulatory Shake-up

    In December 2020, the Securities and Exchange Commission (SEC) initiated a legal battle against Ripple Labs and its founders. On October 2, the SEC filed a notice of appeal in the ongoing Ripple case, aiming to challenge the decision made by Judge Analisa Torres.
    Legal professionals had predicted the regulatory body's appeal following the 2023 judgment that concluded secondary transactions of Ripple’s XRP do not qualify as sales of securities.
    Judge Torres determined that XRP itself did not meet the criteria to be classified as a security, as it did not fulfill all the requirements of the SEC’s Howey test, which is used to define whether a financial asset can be considered an investment contract.
    Consequently, Torres stated that secondary transfers of XRP cannot be deemed as unregistered securities transactions. However, she did find that early sales carried out by Ripple’s founders to institutional investors were indeed regarded as securities sales, due to the nature of how those deals were executed.
    This ruling was celebrated as a substantial triumph for Ripple Labs and the cryptocurrency sector at large during that period.

     
    SEC Enforcement Chief Announcement
    Coinciding with the appeal notice, the SEC revealed that its enforcement chief, Gubir Grewal, will depart from his position on October 11. Grewal has faced significant scrutiny for implementing harsh enforcement measures against the cryptocurrency industry, proposing over 100 distinct enforcement actions during his time in office.
    Currently, there is no official successor to Grewal, but Sanjay Wadhwa, the deputy director of the SEC's enforcement division, has been appointed as the acting chief enforcement officer while the agency searches for a permanent replacement.
    Bitwise Seeks XRP ETF Trust
    Institutional interest in XRP appears to be on the rise. As reported by Cointelegraph, Bitwise submitted an application for an XRP ETF trust in Delaware on September 30. This filing, which was posted on the state’s Division of Corporations website, suggests the company is looking to launch an XRP ETF.
    However, it's important to note that the initial application in Delaware is not submitted to the SEC, and with the recent appeal, SEC approval for the XRP trust could experience delays.
    The ripple effect of regulatory actions and legal rulings continues to shape the landscape of the cryptocurrency market. The SEC's ongoing scrutiny of digital assets further highlights the necessity for innovation within the regulatory framework to adapt to the evolving nature of finance. As institutions like Bitwise explore XRP-related products, the resulting implications for market dynamics and investor confidence are worth monitoring closely.
    0 comments
    99 views
    Read more...
    Records

    Liquid Restaking Protocol Bedrock Suffers $2 Million Loss Due To UniBTC Security Breach

    Bedrock, a multi-asset liquid staking protocol, has officially disclosed that a security exploit involving its synthetic Bitcoin token, uniBTC, has led to a financial loss of approximately $2 million. The developers behind Bedrock confirmed that hackers took advantage of a vulnerability in the platform, prompting immediate action.
    In a post on X (formerly Twitter) on September 27, the Bedrock team stated, “We want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU,” emphasizing their commitment to user security.
    Bedrock's Commitment to User Reimbursement
    Following the security incident, Bedrock’s team assured the community they are working on a detailed reimbursement strategy for those affected by the breach. They reiterated that all remaining funds within the protocol are secured.
    “A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report,” the announcement confirmed, indicating Bedrock's commitment to transparency throughout the recovery process.
    Most of the funds that were pilfered originated from decentralized exchange liquidity pools; however, Bedrock clarified that the underlying wrapped Bitcoin (BTC) tokens and standard BTC held in reserves are intact and secured. The project plans to publish an in-depth analysis soon, detailing the nature of the exploit and enacted measures to avert future vulnerabilities.
    A Growing Presence in Liquid Staking
    Bedrock, which launched in February 2023 by the Singapore-based blockchain entity RockX, offers various staking products including uniBTC, uniETH, and uniIOTX. These synthetic tokens enable users to earn yield through staking while still maintaining exposure to major blockchain assets.
    The protocol has become notably attractive to institutional investors, largely due to its strict adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. According to data from DefiLlama, Bedrock currently ranks as the eighth-largest liquid staking protocol, with over $240 million in total value locked (TVL) on its platform.
    Liquid restaking is rapidly emerging as a major niche within the crypto sector, with protocols like Eigenlayer leading the way, currently boasting more than $12.1 billion in TVL on its mainnet.
    Cybersecurity Threats Continue to Rise
    In addition to Bedrock’s challenges, the cybersecurity landscape remains fraught with threats. Cybercriminals have been deploying automated email replies to breach systems and spread undetectable crypto mining malware. Reports indicate that hackers are now exploiting auto-reply emails from compromised accounts to target various organizations, especially those located in Russia, which include firms from multiple sectors like finance and marketplaces.
    These attackers aim to install the XMRig miner on victims' devices, allowing them to mine cryptocurrency without the users’ knowledge. The malware often spreads through malicious links sent via SMS, highlighting the growing sophistication of cyber threats.
    This follows a disturbing trend noted in August, which saw a considerable spike in crypto-related scams, culminating in losses exceeding $310 million, making it the second-highest monthly total for the year. Phishing attacks proved particularly harmful, accounting for around $293 million of the total losses.
    As the cryptocurrency landscape evolves, both investors and users must stay vigilant against emerging threats and exploits to protect their assets.
    0 comments
    90 views
    Read more...
    Records

    Counterfeit Crypto Wallet App Pilfers $70,000 From Users On Google Play

    In a groundbreaking incident targeting mobile users, a fraudulent cryptocurrency wallet application named WalletConnect has allegedly swindled $70,000 from unsuspecting individuals. The deceitful app, which emulated the legitimate WalletConnect protocol, turned out to be a masterful ruse designed to deplete users' crypto holdings.
    This malicious application managed to entice over 10,000 users into downloading it, as reported by Check Point Research (CPR), the cybersecurity firm that exposed the scam.
    Scammers Exploit Web3 Challenges with Fake Solutions
    The perpetrators were clearly astute in recognizing the common obstacles faced by web3 participants, including compatibility dilemmas and the lack of comprehensive support for WalletConnect across various wallets. They ingeniously advertised their fraudulent application as a remedy to these issues, taking full advantage of the void left by the absence of an official WalletConnect app on the Google Play Store.
    To enhance its appearance of legitimacy, the app boasted an assortment of counterfeit favorable reviews, leading naive users to believe they were downloading a trustworthy product.
    Despite the impressive download figures, CPR’s analysis uncovered connections to more than 150 individual crypto wallets—underscoring the broad scope of victims who fell prey to this scam.
    Upon installation, the app urged users to link their wallets, promising secure and seamless interaction with web3 applications. Unfortunately, as users approved various transactions, they were redirected to a rogue website that extracted their wallet credentials, including blockchain networks and recognized wallet addresses.
    Leveraging the mechanics of smart contracts, the fraudsters orchestrated unauthorized transfers, draining valuable cryptocurrency assets from their victims’ accounts. The total estimated gain from this nefarious operation reached approximately $70,000.
    Strikingly, despite the app's malicious undertone, only 20 victims left negative feedback on the Play Store, which quickly became buried beneath a plethora of fabricated positive ratings. This allowed the app to remain operational and undetected for a staggering five months. It was eventually unveiled and removed from the platform in August.
    “This event is a critical wake-up call for the entire digital asset ecosystem,” commented Alexander Chailytko, the research and innovation manager at CPR. He stressed the necessity for enhanced security measures to thwart such advanced assaults, calling on both users and developers to take preemptive actions to safeguard their digital treasures.
    Google Takes Action Against Malicious Applications
    In response to the alarming findings, Google announced that all malevolent iterations of the app identified by CPR were deleted prior to the release of the report. The tech giant reiterated that its Google Play Protect feature is intentionally designed to offer automatic safeguards for Android users against known dangers, even those originating from outside the Play Store.
    This incident echoes a recent discovery reported by Kaspersky, revealing that roughly 11 million Android users had mistakenly downloaded applications tainted with Necro malware, leading to unauthorized subscription fees.
    In a separate ploy, cybersecurity fraudsters are resorting to automated email responses to infiltrate systems and distribute covert cryptocurrency mining malware. This follows another malware threat uncovered in August.
    The “Cthulhu Stealer,” which impacts MacOS systems, disguises itself as legitimate software while targeting sensitive data, including MetaMask passwords, IP addresses, and private keys for cold wallets. As the digital risk landscape evolves, users must remain vigilant and informed to protect their assets against sophisticated cybercriminal activities.
    0 comments
    118 views
    Read more...
    Records

    Worldcoin Introduces World ID Verification In Guatemala, Malaysia, And Poland

    Worldcoin has officially launched its World ID verification service in Guatemala, Malaysia, and Poland.
    On Wednesday, Worldcoin announced the expansion of its World ID verification services to these three countries, aiming to tackle escalating concerns over AI-fueled fraud and the increasing need for secure identity confirmation online.
    By introducing this service, the company is focused on solidifying its global footprint while providing trustworthy methods for verifying authentic human users amid a surge in digital threats.
    Worldcoin Broadens World ID Verification to Include Guatemala, Malaysia, and Poland
    According to a statement from Worldcoin, this recent expansion is part of a broader initiative to meet the rising demand for secure identity verification solutions, as highlighted by surveys conducted in nations such as South Korea and Portugal.
    These studies have shown a pronounced necessity for systems that can effectively differentiate between genuine human users and automated bots, especially as digital deceit grows in tandem with rapid advancements in AI technology.
    In Guatemala, the new verification service has been launched in Guatemala City. Residents who are 18 years and older can verify their identities using World ID.
    To utilize this service, residents can conveniently schedule appointments through the World App. Likewise, users in Malaysia and Poland now have access to this powerful tool for secure online engagements.
    Enhanced Security with the Recent Introduction of Face Authentication
    As part of its ongoing mission to fortify the World ID system, Worldcoin has recently rolled out the Face Auth feature.
    This innovative approach adds an extra layer of security by enabling private, on-device facial comparisons, ensuring that only validated users can access their wallets stored in the World App.
    The Face Auth verification process consists of three straightforward steps: users capture a selfie, which is then matched against an image taken during the initial verification process via the orb.
    Once the system successfully aligns these faces, the verification is deemed complete, enhancing protection and minimizing the risk of unauthorized access.
    At present, this new feature is undergoing testing in select locations, as Worldcoin assesses its effectiveness before a potential wider release.
    In conjunction with these advancements, the company has released a privacy whitepaper outlining its strategies for data protection, emphasizing the importance of transparency and user consent.
    Tackling the Surge of Security Threats
    Worldcoin's expansion arrives at a pivotal moment, as the digital environment encounters increasingly intricate threats stemming from fraudulent practices.
    The company's growing international presence, along with the implementation of features like Face Auth, is aimed at addressing the escalating demand for trustworthy online identity verification.
    These initiatives are crucial in confronting the urgent challenges posed by AI-driven fraud, collectively fostering a safer digital ecosystem for users around the world.
    0 comments
    99 views
    Read more...
    Records

    Cardano’s Founder Charles Hoskinson To Discuss Crypto Economy With Argentine President

    Charles Hoskinson, the founder of Cardano, is scheduled to meet with Argentina’s President Javier Milei in October to explore the influence of cryptocurrency on the nation's economy.
    Planned for October 19, this meeting will occur during the Tech Forum Argentina, where Hoskinson will participate in discussions centered on the transformative potential of blockchain technology for economic and social frameworks.
    Key Topics of Discussion
    The dialogue will address various subjects, including Argentina's technological strategy and the possible implementation of a central bank digital currency (CBDC).
    Strengthening Ties Between Cardano and Argentina
    This forthcoming meeting signifies a deepening of the existing connections between Cardano and Argentina.
    The Cardano Foundation has been proactive in the country, forging numerous partnerships aimed at fostering blockchain adoption at the local level. In June 2024, the foundation entered into another agreement to advance the integration of blockchain technology throughout Argentina.
    Bitcoin has a notable history in Argentina; for instance, one of the pioneering crypto companies, BitPay, developed its wallet Copay there in 2012.
    President Milei, recognized for his supportive views on cryptocurrency, has shown his endorsement of Cardano via social media. In May 2024, he shared a Cardano-related post from Dario Epstein, in addition to multiple messages from Hoskinson.
    On September 17, he confirmed his participation in the Tech Forum Argentina through a social media announcement.
    Technological Advancements in Cardano
    This news aligns with Cardano's strides toward achieving decentralized governance as part of the Voltaire phase of its roadmap. On September 1, Cardano completed its first hard fork in this era, implementing community-led governance structures.
    An eagerly awaited upgrade, known as the Leios update, is anticipated to enhance the platform’s speed, according to Charles Hoskinson, who stated it would surpass Solana's performance while maintaining decentralization.
    The formalization of on-chain voting mechanisms through the final Cardano Constitution is expected to take place in December 2024.
    Innovative Educational Initiatives in Argentina
    In a forward-thinking move, the Ministry of Education of Buenos Aires partnered with the ETH Kipu Foundation in August to incorporate Ethereum and blockchain education into high school curricula. This initiative puts Argentina ahead of many of its Latin American neighbors and aims to equip students with essential skills for the evolving tech economy.
    Complementing in-class programs, the collaboration also includes the creation of an online Solidity course—a programming language used for Ethereum application development. This course will be accessible to 500 students aged 18 and older, enabling them to engage actively in the Ethereum development community.
    Earlier this year, Milei opted to withdraw a proposed cryptocurrency tax law from a controversial omnibus reform package, aiming to accelerate the implementation of essential economic reforms.
    The bill, referred to as the “Ley Ómnibus” or “Law of Bases and Starting Points for the Freedom of Argentines,” initially contained requirements for taxpayers to declare previously undisclosed assets, including cryptocurrencies. However, Minister of the Interior Guillermo Francos noted the removal of these provisions, emphasizing the need for swift economic growth and legislative efficiency as the primary motivators behind this decision.
    With these developments, Argentina is poised to leverage cryptocurrency for economic advancement, highlighting its potential to reshape the future of work and finance in the region.
    0 comments
    124 views
    Read more...
    Records

    Barclays Investigates Potential Applications And Structure For A UK Digital Pound

    Barclays, the British financial institution, is delving into the integration of merchant payments and securing delivery-based transactions using security measures similar to blockchain technology to enhance reliability and combat fraud.
    The bank is examining the framework and applications for a digital pound, with a goal of achieving a smooth connection with existing commercial bank currencies.
    In a recent report, Barclays analyzed the importance of communication and interoperability to ensure that both currency forms are consistent.
    Key Use Cases for the Digital Pound
    The report identifies three primary use cases: peer-to-peer push payments, payment requests initiated by merchants, and the secure management of funds for payments made upon delivery. These use cases demonstrate how a digital pound can function alongside conventional currency while ensuring coherence and preventing market fragmentation.
    Additionally, the report suggests that establishing a financial market infrastructure (FMI) could provide vital services, facilitating better management for both the Bank of England and the providers of the digital pound.
    Functional Consistency and Merchant Integration for Digital GBP Payments
    The document also highlights the significance of "functional consistency," which ensures that digital pounds and traditional bank money operate in a similar manner during everyday transactions. This uniformity is essential for avoiding fragmentation within the payment landscape; otherwise, various forms of currency might function under different regulations, leading to confusion and inefficiency.
    Barclays is further investigating how merchants can incorporate payments into the digital pound ecosystem. The focus is on securing funds for transactions based on delivery, thereby enhancing trust in both online and offline payment environments. This strategy aims to incorporate blockchain-like security features into daily transactions, thereby strengthening the system against fraudulent activities and transaction failures.
    Impact on the UK's Financial System
    The exploration also reflects on the broader implications of a digital pound for the UK's financial ecosystem, indicating that a well-structured digital currency could foster innovation in payment methods. It is expected that the digital pound will seamlessly integrate with existing systems, such as the UK's Faster Payments Service, ensuring a harmonious connection with current financial structures.
    The Bank of England and HM Treasury are actively involved in designing and analyzing a UK Central Bank Digital Currency (CBDC), which includes real-world trials to evaluate its practical implementation.
    The decision to advance with a digital currency will depend on insights derived from the design phase as well as developments in payment systems both domestically and internationally. If it receives approval, the design phase for the digital pound is anticipated to extend until 2025-26, according to projections from UK Parliament.

    Through this comprehensive exploration, Barclays aims to be at the forefront of the future of digital currency in the UK, emphasizing the importance of security, trust, and the seamless integration of the new digital currency within the established financial framework.
    0 comments
    97 views
    Read more...
    Records

    MicroStrategy Acquires 18,300 Bitcoins, Portfolio Worth $14.14 Billion

    MicroStrategy, a well-known business intelligence and software firm, recently announced that it acquired approximately 18,300 Bitcoins between August 6 and September 12, 2023.
    The transaction, valued at $1.11 billion, was financed by selling over 8 million shares of the company under a sales agreement. According to the Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), the average purchase price for the Bitcoins was $60,408 each, including related expenses and fees.
    Led by CEO Michael Saylor, the company has consistently increased its BTC holdings over the past four years, following its initial purchase on August 11, 2020.
     
     
     
    Growth in Bitcoin Holdings
    This recent acquisition raised MicroStrategy's total Bitcoin holdings to approximately 244,800 BTC, currently valued at around $14.14 billion. The company has invested a total of around $9.45 billion in Bitcoin since August 2020, with an average purchase price of $38,585 per Bitcoin.
    MicroStrategy's aggressive investment strategy has generated considerable debate among financial analysts, drawing both praise and criticism; however, the firm continues to pursue its Bitcoin acquisition strategy.
    Funding Source for the Bitcoin Purchase
    The funds for acquiring the latest 18,300 Bitcoins were raised through the sale of company shares, facilitated by an agreement with several financial institutions on August 1. According to the SEC filing, by September 12, MicroStrategy had raised approximately $1.11 billion from selling “an aggregate of 8,048,449 shares under the Sales Agreement.”
    The capital generated from the sale of these shares was directly allocated to increasing the firm's Bitcoin holdings and expanding its investment portfolio.
    MicroStrategy's Investment Yields Returns
    As of August 10, MicroStrategy held 226,500 Bitcoins, valued at $13.77 billion, purchased at an average price of $37,000 per Bitcoin. At that time, Bitcoin's price was approximately $60,500, and MicroStrategy was sitting on unrealized profits of $5.39 billion.
    Since August 2020, the company has performed better than the S&P 500 index, with the value of MicroStrategy’s stocks witnessing around a 1,000% increase—over 16.25 times the returns of the SPX during that same period.
    0 comments
    116 views
    Read more...
    Records

    Major Setback For Indonesian Crypto Exchange Indodax Following Alleged $22 Million Cyber Heist

    Indonesian cryptocurrency exchange Indodax has temporarily shut down following a significant cyber breach that is believed to have resulted in the theft of around $22 million in various digital currencies.
    On September 11, several blockchain analysis companies, including PeckShield, Cyvers, and SlowMist, reported unauthorized access to Indodax's hot wallets, where losses included substantial amounts of Bitcoin, Ether, Tron (TRX), Polygon (MATIC), and others.
     
     
    SlowMist's independent assessment indicated that a vulnerability in Indodax's withdrawal system may have allowed the perpetrator to siphon off funds directly from its hot wallet. Cyvers, however, suggested that additional systems, such as a signature machine, may also have been compromised during the attack.
    The reported theft included approximately $1.42 million in Bitcoin, $2.4 million in TRX, over $14.6 million in various ERC-20 tokens, $2.58 million in Polygon, and around $900,000 in Ether from the Optimism blockchain. Cyvers detected over 150 suspicious transactions across multiple networks, highlighting that the hacker began exchanging the stolen assets for Ether. After converting their ill-gotten gains to ETH, cybercriminals often use mixing services like Tornado Cash to launder the funds discreetly.
    In response to the breach, Indodax announced via social media that it would halt all operations to thoroughly investigate the incident. The company reassured its users that their cryptocurrency assets would remain secure during this maintenance period. "Currently, we are conducting comprehensive maintenance to ensure all systems function properly. During this time, the INDODAX web platform and application will not be accessible," a spokesperson stated.
    Amid the investigation, security expert Yosi Hammer from Cyvers hinted at the potential involvement of North Korea's notorious hacking group, Lazarus Group, suggesting that the attack's characteristics align closely with their previous operations.
    According to data from CoinMarketCap, Indodax maintains a reserve balance of $369 million, a portion of which might be leveraged to mitigate user losses.
    This incident is not an isolated case, as North Korean hackers have increasingly targeted the cryptocurrency sector. The recent $235 million hack of the WazirX exchange was also attributed to the Lazarus Group.
    As the crypto landscape continues to evolve, exchanges must bolster their security to protect against sophisticated cyber threats. This incident serves as a stark reminder for investors to stay vigilant and for exchanges to implement stringent security protocols.
    0 comments
    85 views
    Read more...
    Records

    FBI Unveils $5.6 Billion In Crypto Fraud Losses; 45% Year-Over-Year Increase

    The latest report from the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) reveals a concerning trend in cryptocurrency-related fraud, which has surged to an estimated $5.6 billion in financial losses.
    In this report, the FBI highlighted that the IC3 received more than 69,000 complaints pertaining to financial crimes connected to various cryptocurrencies, including Bitcoin, Ethereum, and Tether. Although these cryptocurrency-centric complaints comprised only 10% of the overall financial fraud reports, they represented nearly half of the total financial damages incurred.
    Significantly, the agency noted a dramatic 53% rise in losses associated with cryptocurrency investment fraud schemes, with total damages escalating from $2.57 billion in 2022 to $3.96 billion in 2023.
    Financial Distress Predominantly Affects Older Individuals
    Victims of these fraudulent schemes are often left in dire financial situations, with some accumulating considerable debt in a desperate attempt to recoup their losses. The report identified a trend where individuals aged 30 to 49 lodged the most complaints regarding cryptocurrency investment fraud, with around 5,200 reports documented in both the 30-39 and 40-49 age demographics.
    However, it was notably individuals over 60 years old who experienced the most substantial financial setbacks, collectively reporting losses exceeding $1.24 billion.
    The misuse of cryptocurrency extends across nearly all categories of fraud monitored by the IC3. Investment scams were the most prevalent, accounting for approximately 71% of total losses associated with cryptocurrency-related fraud, while call center scams—including tech support and government impersonation schemes—made up about 10% of these financial losses.
    The combination of cryptocurrency’s decentralized nature, along with the speed and irreversibility of transactions, and the ability to transfer funds globally, has rendered it an attractive target for criminals.
    Rise of Liquidity Mining and Fake Gaming Scams
    Among the latest fraudulent activities, “liquidity mining scams” have become increasingly common. In legitimate contexts, liquidity mining allows investors to stake their cryptocurrencies in a pool to facilitate transactions, earning a share of associated trading fees. However, fraudsters have exploited this concept, specifically targeting holders of popular cryptocurrencies such as Tether and Ethereum.
    Scammers often develop a relationship with their victims over days or weeks, eventually persuading them to connect their wallets to a fraudulent liquidity mining operation by enticing them with promises of daily returns ranging from 1% to 3%. Once victims link their wallets, the criminals swiftly siphon off their funds without the victims' knowledge.
    Another alarming trend involves "fraudulent play-to-earn gaming applications." Criminals attract unsuspecting targets with advertisements for games that purportedly offer cryptocurrency rewards. Initially, fraudsters establish online connections with victims, subsequently introducing them to a game where they can earn cryptocurrency by participating in various in-game tasks, like cultivating crops on a virtual farm.
    Players are prompted to create a cryptocurrency wallet and fund it in order to engage in the game. While players see their in-game rewards grow, they are often encouraged to invest even more money. However, as soon as they stop adding funds, scammers utilize malicious software embedded in the game to abscond with their cryptocurrency. Victims are frequently misled into believing they can retrieve their lost funds by paying fictitious taxes or fees, ultimately leading them to never regain access to their money.
    The FBI’s report serves as a vital reminder of the growing threats posed by cryptocurrency fraud and underscores the importance of vigilance in the digital financial landscape.
    0 comments
    86 views
    Read more...
    Records

    Coinbase Secures Partial Legal Victory Against SEC In Key Discovery Case

    In a significant turn of events, cryptocurrency exchange Coinbase has achieved a partial triumph in its legal battle with the U.S. Securities and Exchange Commission (SEC). This ruling potentially paves the way for Coinbase to obtain vital documents pertaining to the SEC's designation of certain tokens as securities.
    On September 5, Federal Judge Katherine Failla from the Southern District of New York granted a portion of Coinbase’s petition aimed at compelling the SEC to disclose pertinent documents. This decision marks a milestone in the ongoing legal confrontation that commenced in July, focusing on the breadth of documentation requests linked to the regulator's viewpoint on digital currencies.
    A Step Forward for Important Discovery
    According to Paul Grewal, the Chief Legal Officer of Coinbase, the court's ruling is poised to yield “important discovery” crucial to the case. This comes against the backdrop of the SEC’s enforcement action launched against Coinbase in June 2023, which alleges that the exchange has been functioning as an unregistered securities exchange, broker, and clearing agency.
    Coinbase filed its motion on July 23, seeking documents associated with the SEC's enforcement of securities laws regarding digital assets, the company’s initial public offering (IPO), and public statements made by SEC Chair Gary Gensler concerning cryptocurrencies. The SEC, in response, argued that Coinbase's requests were overly expansive and delved into areas not directly relevant to the civil case at hand.
    The implications of this ruling extend beyond Coinbase itself, potentially influencing the regulatory landscape for the entire cryptocurrency sector. The outcome of this litigation could set a precedent that would impact how various cryptocurrency firms are regulated and affect multiple ongoing legal actions initiated by the SEC.
    For example, in a recent August ruling, Ripple Labs was found liable for $125 million in a lengthy court confrontation with the SEC, highlighting the consequences of the regulatory body’s stance toward crypto entities.
    Ripple Effects of Concurrent Legal Developments
    Coinbase’s partial legal success coincided with another significant ruling from a New Jersey judge, who permitted a group of investors to move forward with an altered class-action lawsuit against the exchange. This lawsuit claims that Coinbase misrepresented the nature of assets listed on its platform, asserting that these were likely securities—a factor that allegedly contributed to the company's financial growth and income.
    This legal decision could pave the way for a surge of similar class-action lawsuits across different jurisdictions, amplifying the scrutiny on Coinbase and potentially other exchanges.
    Increased Scrutiny of SEC's Approach
    As these legal proceedings unfold, the SEC is facing mounting criticism for its strategy of "regulation by enforcement" in the cryptocurrency sector. Detractors assert that the SEC has not provided a coherent regulatory framework for cryptocurrencies, instead opting to take legal action against prominent industry participants.
    A coalition of seven states has recently emerged to challenge the SEC's oversight of the crypto domain. Spearheaded by Iowa Attorney General Brenna Bird, the states have submitted an amicus brief contending that the SEC's efforts to govern crypto assets constitute overreach, curtail innovation, and exceed the agency's jurisdiction. This coalition includes representatives from Arkansas, Indiana, Kansas, Montana, Nebraska, and most recently, Oklahoma.
    Earlier this year, SEC Commissioner Hester Peirce expressed concerns regarding the regulatory body’s approach, indicating that the agency has been operating in an “enforcement-only mode” with respect to cryptocurrency regulations.
    As developments continue, the implications of Coinbase’s recent legal victory and the surrounding discourse could shape the future of cryptocurrency regulation in the United States.
    0 comments
    97 views
    Read more...
    Records

    FBI Alerts on North Korean Hackers Utilizing Android Malware To Steal Cryptocurrency Keys

    The FBI has recently issued a warning regarding an advanced piece of Android malware named SpyAgent, uncovered by McAfee, which intends to steal cryptocurrency private keys from smartphones.
    SpyAgent employs optical character recognition (OCR) technology to analyze and extract text from screenshots and images saved on the device, specifically targeting private keys.
    According to McAfee's findings, SpyAgent is disseminated through damaging links sent via SMS.
    Malware Posing as Various Applications
    When users click on these harmful links, they are taken to ostensibly legitimate websites that encourage them to download an application disguised as a reliable program.
    In truth, this application is SpyAgent malware, which undermines the phone’s security once it is installed.
    The malware pretends to be various types of software, including banking applications, government services, and entertainment platforms.
    Upon installation, it seeks permissions to access contacts, messages, and local storage, enabling it to extract confidential information.
    McAfee indicates that SpyAgent has been found in more than 280 deceptive applications and is primarily targeting users in South Korea.
    The warning follows another malware threat identified in August.
    The “Cthulhu Stealer,” which impacts MacOS systems, similarly conceals itself as legitimate software while targeting personal data such as MetaMask passwords, IP addresses, and private keys from cold wallets.
    In the same month, Microsoft identified a vulnerability in Google Chrome, which was exploited by the North Korean hacker group Citrine Sleet to create fake cryptocurrency exchanges and fraudulent job postings.
    These activities led to the installation of remote-controlled malware that also stole private keys.
    The flaw in Chrome has since been addressed, but the surge in such cyber threats has compelled the FBI to release a formal caution regarding North Korean hacking operations.
    Users are encouraged to remain cautious and avoid downloading applications or clicking on links from unverified sources to safeguard their digital assets against these advanced threats.
    Crypto Projects Suffer $310 Million Losses from Scams in August
    Reports indicate that August witnessed an alarming rise in cryptocurrency-related fraud, with a shocking $310 million lost to numerous exploits, marking it as the second-highest monthly total this year.
    However, $10.3 million of the stolen funds were eventually found or returned, resulting in a net loss of $300.6 million.
    Phishing scams emerged as the most destructive, accounting for about $293 million of the overall losses.
    Two particularly extensive phishing attacks resulted in the theft of $238 million in Bitcoin and $55 million in DAI stablecoin.
    In addition to phishing, other significant losses in August included attacks on several cryptocurrency projects.
    For example, on August 6, a white hat hacker exploited the Ronin Network, an Ethereum Virtual Machine (EVM)-compatible sidechain, resulting in the theft of 4,000 ETH, valued at approximately $9.85 million at that time.
    Moreover, flash loan attacks, while still concerning, led to comparatively lower losses of $1.2 million in August in contrast to prior months.
    In contrast to the rise in phishing and other forms of exploitation, exit scams experienced a notable decrease, with losses falling to $800,000 in August, down from approximately $3 million in July.
    0 comments
    95 views
    Read more...
    Records

    SunPump To Launch “100% On-Chain Buyback & Burn” Strategy, Announces Justin Sun

    According to Tron founder Justin Sun, the SunPump meme token is set to introduce a “100% on-chain buyback and burn” strategy. This significant shift comes after extensive discussions within the community, which prompted a reassessment of the initial plan focused on burning liquidity pool (LP) tokens.
    In a recent update shared on X, Sun emphasized that the community's feedback played a vital role in this decision. He noted, "Many community members don’t fully grasp the implications of LP token burning, which can lead to misconceptions."
    Understanding the Challenges of LP Token Burning
    Sun acknowledged that while the burning of LP tokens—a tactic utilized by notable meme tokens such as Shiba Inu—can improve "token liquidity depth," it is a complex subject that many users find difficult to understand. He highlighted that although LP token burning can offer advantages, the intricacies involved could create confusion.
    To resolve these concerns, the SunPump community has chosen a more straightforward and transparent solution: a fully on-chain buyback and burn mechanism. According to Sun, this method not only simplifies the process but also ensures that every transaction is immutably recorded for verification, removing the need for elaborate explanations.
    Immediate Implementation of the New Strategy
    The new buyback and burn approach is set to take effect immediately, representing a pivotal change in the token’s management strategy. Sun noted that this practice mirrors operations by other entities, such as Binance, which also conducts buyback and burn activities for its BNB token.
    Interestingly, SunPump has recently shown stronger performance metrics compared to its predecessor Pump.fun, which is based on the Solana blockchain. Blockchain analyst Adam reported that SunPump issued 7,351 tokens and generated $585,000 in revenue in just 24 hours, surpassing Pump.fun, which managed 6,701 tokens and $366,000 in revenue.
    Additionally, SunPump's launchpad has posted a higher "graduation" rate, with 1.98% of launched tokens being listed on Sunswap, Tron’s decentralized exchange, after meeting the necessary trading volume requirements. In sharp contrast, only 1.26% of tokens from Pump.fun have been listed on Raydium, the Solana exchange.
    Justin Sun's Legal Triumph Against SEC
    In a separate but noteworthy development, a New York District Court recently dismissed a motion from the U.S. Securities and Exchange Commission (SEC) that sought to undermine Justin Sun's defense in an ongoing case. The ruling, issued by Judge Edgardo Ramos, represents a setback for the SEC as it pursues its allegations against Sun and the Tron Foundation.
    The SEC's case, initiated in March 2023, accuses Sun and his organization of unregistered securities offerings, manipulative trading practices, and unlawful promotion of crypto assets, specifically Tron (TRX) and BitTorrent (BTT) tokens. In April, Sun and his legal team sought to dismiss the case, contending that the SEC does not have jurisdiction over foreign digital asset transactions conducted on global platforms.
    Following Sun's attempt to challenge the lawsuit, the SEC revised its filings in April, asserting that Sun had "traveled extensively" to the U.S. in connection with his activities for the Tron Foundation, the BitTorrent Foundation, and/or Rainberry.
    0 comments
    124 views
    Read more...
    Records

    WazirX Hacker Transfers $6.5 Million In Cryptocurrency To Tornado Cash

    A wallet linked to the individual behind the WazirX hack, which netted over $235 million from the Indian cryptocurrency exchange, has recently moved $6.5 million in stolen Ethereum to Tornado Cash, coinciding with the exchange's advance withdrawal permissions for users.
    According to a post on X by the blockchain security firm Cyvers on September 3, the hacker executed the transfer of 2,600 ETH—valued at $6.5 million based on current valuations—to Tornado Cash, likely as part of efforts to obscure the source of the misappropriated funds.
    The wallet in question initially held approximately $6.7 million as of September 2 but has been drastically reduced to around $154,000 following 26 transactions, each comprising 100 ETH, to Tornado Cash within a single hour, as reflected by data from crypto tracking service DeBank.
    This activity unfolded just as WazirX informed its users that they could withdraw up to 66% of their Indian rupee token holdings significantly earlier than anticipated, with an announcement made on September 3.
    "From today onwards, all qualified users can withdraw up to the full 66% limit of their INR [Indian Rupee] balances," the exchange stated in the aforementioned X post.
    Originally, WazirX had scheduled the withdrawal window to begin on September 9 but decided to expedite the process to give users quicker access to their assets.
    Following the hacking incident on July 18 that resulted in a loss of $235 million, WazirX has been implementing a phased strategy to restore standard operations, which included reinitiating INR withdrawals that started on August 26.
    On August 23, the exchange reported that 34% of rupee-based balances were "frozen" and unavailable for withdrawal due to ongoing investigations by various law enforcement entities.
    WazirX also indicated there remain ongoing legal complications concerning cryptocurrency withdrawals. Moreover, WazirX is pursuing legal proceedings in Singapore, which has been chosen as the jurisdiction for its legal restructuring efforts.
    0 comments
    105 views
    Read more...
    Records

    Court Rejects Dogecoin Manipulation Allegations Against Elon Musk & Tesla

    Elon Musk, along with his electric vehicle company Tesla, has successfully defended himself against a federal lawsuit that accused them of manipulating Dogecoin and causing significant financial harm to investors.
    On August 29, US District Judge Alvin Hellerstein in Manhattan issued the ruling, as revealed in court documents.
    The lawsuit was initiated by investors in June 2022, alleging that Musk used his influence via Twitter, appearances on "Saturday Night Live," and various publicity tactics to manipulate the price of Dogecoin.
    It was claimed that he sold Dogecoin at strategic moments, particularly when actions like changing Twitter's logo to the Dogecoin Shiba Inu dog were anticipated to boost the cryptocurrency's value. This conduct was said to enable him to engage in insider trading for profit.
    Additionally, the lawsuit accused Musk of purposely misleading the market through his public endorsements and comments regarding Dogecoin, labeling these actions as "puffery" rather than based on truth.
    In response to the allegations, Musk referred to the lawsuit as a “fanciful work of fiction,” with his legal team arguing for its dismissal. They characterized the claims and the $258 billion in damages sought by the plaintiffs as baseless.
    Judge Hellerstein noted that the plaintiffs had misinterpreted many of Musk's tweets concerning Dogecoin. For instance, they misconstrued his statement about becoming the "official CEO" of Dogecoin and his assertion of sending a physical Dogecoin to the moon on a SpaceX mission.
    The judge characterized Musk's tweets as “aspirational and puffery, not factual and susceptible to being falsified.” He further ruled that no rational investor could substantiate a securities fraud claim based on Musk’s tweets. It was deemed “not possible to understand” how the tweets supported claims of market manipulation and insider trading. Consequently, the court dismissed the allegations.
    As of now, the value of Dogecoin has seen a slight decline of 0.3%, trading around $0.10.
    0 comments
    106 views
    Read more...
    Records

    IOTA Successfully Concludes The EU's Blockchain Pre-Commercial Phase

    IOTA has officially finalized the last phase of the European Union's blockchain Pre-Commercial Procurement (PCP), paving the way for a robust, scalable, and environmentally friendly blockchain framework throughout the EU.
    The European Commission has been collaborating with top blockchain developers to envision a future characterized by scalability, sustainability, and security across member states.
    The IOTA Foundation recently announced its achievement in completing the final phase of the EU's blockchain PCP, joining seven other contributors in this significant initiative.
    Progress in European Blockchain Initiatives
    The developers involved have been crafting advanced prototypes utilizing distributed ledger technology (DLT) with a focus on key areas such as managing intellectual property rights (IPR) and implementing digital product passports (DPP).
    Launched in 2020, the European Blockchain PCP is part of a wider strategy aimed at refining the European Blockchain Services Infrastructure (EBSI), which is intended to support cross-border digital services throughout the EU.
    With the recent culmination of this final phase, IOTA is now positioned to play an integral role in shaping the next generation of blockchain infrastructure under the upcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).
    This concluding phase featured partnerships with local organizations, including Software AG and the Universidad Politécnica de Catalunya, to create blockchain solutions that utilize decentralized identities (DIDs), smart contracts, and innovative data sharding methods.
    The ultimate goal is to enable the development of scalable and energy-efficient blockchain solutions operating across the EU's infrastructure.
    Dominik Schiener, chairman of the IOTA Foundation, stated:
    "EBSI represents a vital advancement toward a unified digital future for Europe, establishing the essential framework for innovation and collaboration across different sectors."
    EU Technology Initiatives
    As the European blockchain framework transitions to EUROPEUM-EDIC, IOTA indicated its intention to strengthen collaborations with businesses and governmental institutions in the region to transition its prototypes to the market.
    Potential use cases it emphasized include tracking automotive batteries and ensuring secure management of intellectual property.
    This development aligns with the EU's ongoing efforts to advance policies and foster innovations in emerging technology sectors.
    In July, the EU announced its partnership with ChromaWay to develop blockchain solutions focused on sustainability.
    The ChromaWay team, alongside other blockchain participants, is set to convene with EU representatives at a follow-up workshop in Brussels this September to map out the next steps for the end of 2024 and into 2025.
    Even though Europe has made significant strides in cooperating with developers and formulating regulations for cryptocurrency and artificial intelligence (AI), critics are raising concerns that excessive bureaucracy may hinder the continent's progress.
    Overall, as IOTA concludes this vital stage, it not only cements its position within the EU blockchain landscape but also highlights the growing importance of technological innovation and collaboration in shaping Europe's digital future.
    0 comments
    87 views
    Read more...
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

spacer.png

Disable AdBlock
The popup will be closed in 5 seconds...