Day: March 6, 2023

Pakistan banks agree on blockchain-based KYC system development

Pakistan Banks’ Association (PBA) — a group of 31 traditional banks operating in Pakistan — signed off on the development of a blockchain-based platform for Know Your Customer (KYC) initiatives.  On March 2, PBA signed the project contract for developing Pakistan’s first blockchain-based national eKYC (electronic Know Your Customer) banking platform, reported Daily Times. The move was aimed at strengthening anti-money laundering (AML) capabilities while countering terror financing — an initiative led by the State Bank of Pakistan (SBP). The member banks include international establishments such as the Industrial and…

Brazilian Tax Authority Numbers Reveal Cryptocurrency Market Recovery in January – Bitcoin News

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Numbers from the Brazilian tax authority indicate that the cryptocurrency market experienced a resurgence in January, with trading increasing more than 10% compared to December. Tether’s usdt is still the currency that moves the most volume, a reality related to OTC (over-the-counter) trades, according to market analysts. Crypto Market Moves Again in January, According to Brazilian Tax Authority The Brazilian tax authority, which receives reports of the movements of cryptocurrency by law for tax collecting purposes, released its crypto volume reports corresponding to January. The institution revealed a growth in…

‘Scammers dream’ — Yuga’s auction model for Bitcoin NFTs sees criticism

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Nonfungible token (NFT) conglomerate Yuga Labs is facing some criticism from the cryptocurrency community, including the creator of Bitcoin Ordinals, over how it plans to auction its new Bitcoin NFT collection.  On Mar. 5, Yuga opened bids for its “TwelveFold” collection which will see 300 NFT-like images inscribed on Satoshis using the Bitcoin-native Ordinals protocol, with 288 from the collection sent to the highest 288 bidders. The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO…

7 DeFi protocol hacks in Feb see $21 million in funds stolen: DefiLlama

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Reentrancy, price oracle attacks and exploits across seven protocols caused the decentralized finance (DeFi) space to bleed at least $21 million in crypto in February.  According to DeFi-centric data analytics platform DefiLlama, one of the largest in the month was the flash loan reentrancy attack on Platypus Finance, which led to $8.5 million of funds lost. DefiLlama highlighted six other noteworthy hacks in the month, the first being the price oracle attack on BonqDAO on Feb 1. DeFi platforms suffered seven attacks throughout February. Source: DefiLlama BonqDAO: $1.7 million BonqDAO…

7 DeFi protocol hacks in Feb sees $21 million in funds pilfered: DefiLlama

Reentrancy, price oracle attacks and exploits across seven protocols caused decentralized finance (DeFi) space to bleed at least $21 million in crypto in February.  According to DeFi-centric data analytics platform DefiLlama, one of the largest in the month was the flash loan reentrancy attack on Platypus Finance, which led to $8.5 million of funds lost. DefiLlama highlighted six other noteworthy hacks in the month, the first being the price oracle attack on BonqDAO on Feb 1. DeFi platforms suffered seven attacks throughout February. Source: DefiLlama BonqDAO: $1.7 million BonqDAO revealed…

Crypto funding seen shifting from CeFi to DeFi after major collapses: CoinGecko

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Digital asset investment firms poured $2.7 billion into decentralized finance (DeFi) projects in 2022, up 190% from 2021 as investments into centralized finance (CeFi) projects went the other way — falling 73% to $4.3 billion over the same timeframe. The staggering rise in DeFi funding was despite overall crypto funding figures falling from $31.92 billion in 2021 to $18.25 billion in 2022 as the market shifted from bull to bear. According to a Mar. 1 report from CoinGecko, citing data from DeFiLlama, the figures “potentially points to DeFi as the…

Bitcoin ATM firm allegedly profited from crypto scams via unlicensed kiosks: Prosecutor

A Bitcoin (BTC) technology firm and its executives have been indicted for allegedly operating unlicensed crypto kiosks in Ohio which knowingly benefited from victims of cryptocurrency scams. S&P Solutions, which operated as Bitcoin of America, along with three of its executives are facing charges of money laundering, conspiracy, and other crimes connected to the operation of more than 50 unlicensed crypto kiosks in the state. A Cuyahoga County grand jury returned the indictment on Mar. 1 against the firm, the owner and founder, Sonny Meraban, manager Reza Meraban, and company…