Day: May 7, 2019

Bank of Thailand’s CBDC Project Prototype Is Being Finalized by R3 and Wipro

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Blockchain consortium R3 and global IT leader Wipro Limited have developed a blockchain solution prototype to enable digital currency for interbank settlements in Thailand, according to a press release from May 7. The release states that the solution will be used by the country’s central bank, the Bank of Thailand (BoT), and eight local commercial banks to enable decentralized interbank real-time gross settlement using a wholesale central bank digital currency (CBDC). As a part of the first phase of the project, dubbed Inthanon, the solution is based on R3’s open…

Chinese Social Media Giant WeChat Bans Crypto Transactions in Its Payment Policy

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Chinese social media giant and payment service provider WeChat banned cryptocurrency transactions in its payments policy. Dovey Wan, founding partner of crypto investment firm Primitive, tweeted the news on May 7. The tweet contained a screenshot of the policy changes, which intimates that users who engage in cryptocurrency trading will have their accounts terminated. Wan expressed concern that since most over-the-counter transactions are happening in WeChat, “this may impact local liquidity to quite some extent.” WeChat is a popular messaging and payments service provider in China, also featuring game integrations.…

HBUS Hires Tech and Financial Services Veteran as VP of Product and Technology

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HBUS, the operator of United States-based crypto exchange Huobi.com, has announced the appointment of technology and financial services veteran Oren Blonstein as its vice president of product and technology. The development was revealed in a press release shared with Cointelegraph on May 7. As previously reported, the Huobi.com marketplace first launched under the name of HBUS in June 2018 as a strategic partner of Huobi Group — operator of the flagship Huobi Global crypto exchange, currently ranked 19th largest by daily adjusted volume globally. According to the press release, Blonstein…

‘Predatory’ Bots Exploiting Decentralized Crypto Exchanges: Report

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Arbitrage bots are exploiting “inefficiencies” in decentralized exchanges (DEX), according to a report. Citing recent research from Cornell Tech, Homeland Security News Wire said on Monday that such cryptocurrency platforms are being used by “predatory users” to profit from everyday trades, “siphoning millions or possibly billions of dollars a year in cryptocurrency.” In some cases, high fees are paid to prioritize certain transactions, posing a security threat to entire blockchains, the piece said. According to the article: “Like high-frequency traders on Wall Street, these bots exploit inefficiencies in DEXes, paying high transaction…

‘Predatory’ Bots Exploiting Decentralized Crypto Exchanges: Report

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Arbitrage bots are exploiting “inefficiencies” in decentralized exchanges (DEX), according to a report. Citing recent research from Cornell Tech, Homeland Security News Wire said on Monday that such cryptocurrency platforms are being used by “predatory users” to profit from everyday trades, “siphoning millions or possibly billions of dollars a year in cryptocurrency.” In some cases, high fees are paid to prioritize certain transactions, posing a security threat to entire blockchains, the piece said. According to the article: “Like high-frequency traders on Wall Street, these bots exploit inefficiencies in DEXes, paying high transaction…

Homeland Security Warns Bots Are Exploiting Decentralized Crypto Exchanges

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The U.S. Department of Homeland Security has warned that arbitrage bots are exploiting inefficiencies in decentralized exchanges (DEX). Citing recent research from Cornell Tech, the department said on Monday that such cryptocurrency platforms are being used by “predatory users” to profit from everyday trades, “siphoning millions or possibly billions of dollars a year in cryptocurrency.” In some cases, high fees are paid to prioritize certain transactions, posing a security threat to entire blockchains, the agency said. According to the article: “Like high-frequency traders on Wall Street, these bots exploit inefficiencies in…

Chinese Authorities Probably Want to Exploit Blockchain to Monitor Citizens

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By CCN.com: In modern times, China has worked to consolidate state power over individuals. Local authorities are trialing systems to control peoples’ social standing, access to jobs, and even where they can go. Until now, one refuge for its citizens has been in the wooliness of time; not even the all-powerful Communist party can always measure where people go, when, and what they do. But, with a state-mandated blockchain, this could begin to change. Those inside China will be aware of the fate that awaits Bitcoin and other major cryptocurrencies;…

How to Start Crypto Investing

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While cryptocurrencies have been largely volatile, the truth is that they are here to stay as viable investment options. Trading virtual coins, like Forex or any other speculative investment, is sometimes bearish and other days, bullish. It means that you’ve only got to expect two things. Your investment getting wiped out or you reap big time. But, here is the catch. What remains of an aspiring crypto investor? Well, it is a fact that investing in virtual coins comes with big risks. But come to think about it. The biggest…

Bitcoin Inches to $6,000 While US Stocks Drop

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Tuesday, May 7 — following some moderate losses yesterday, the crypto markets have rallied to break new 2019 highs today, with bitcoin (BTC) inching close to $6,000. All the top 20 coins by market cap are solidly in green at press time, with ether (ETH) and tezos (XTZ) seeing the biggest gains over the past 24 hours at press time. Both coins are up more than 8% over the day. Market visualization from Coin360 After slipping under the $5,700 threshold yesterday, bitcoin rose 4.4% to trade at $5,947 at press…

DAO Behind DAI Stablecoin MakerDAO Announces Critical Vulnerability in Voting Contract

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MakerDAO, the Decentralized Autonomous Organization (DAO) behind the DAI stablecoin, announced a critical security update to its governance contract in a Reddit thread published on May 6. Per the announcement, during the second round of security audits part of the DAO’s partnership with crypto exchange Coinbase and smart contract security startup Zeppelin, a critical vulnerability had been discovered in the governance smart contract. Zeppelin also released an independent critical vulnerability notice. While the announcement claims that the tokens of users who have staked MKR tokens in the contract are not…