Day: May 30, 2023

bitFlyer adopts crypto deposit limits to comply with Travel Rule

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Cryptocurrency exchanges in Japan are preparing for the enforcement of the Financial Action Task Force’s Anti-Money Laundering (AML) regulations known as the Travel Rule. Major Japanese crypto exchange bitFlyer on May 30 announced the adoption of measures in response to the enforcement of stricter AML measures targeting crypto transactions in Japan. bitFlyer has introduced restrictions on deposits and transfers, disabling transactions to and from exchanges that are not part of the Travel Rule Universal Solution Technology (TRUST) network. Adopted by major industry firms like Coinbase and Crypto.com, TRUST is a…

US Treasury Yields Slide amid Anticipation for Congress Debt Ceiling Vote

The 2-year and 10-year Treasury yields dropped Tuesday as investors await the legislative voting outcome on the debt ceiling bill.   US Treasury yields slumped today ahead of a Congress on the federal government’s proposed debt ceiling bill. Treasury yields tumbled Tuesday as markets reopened, with investors bracing themselves for a lawmaker vote on the Biden administration’s 11th-hour debt ceiling proposal. Late Sunday, US President Joe Biden and House Speaker Kevin McCarthy struck a deal to raise the nation’s debt ceiling, thereby preventing a default. Although both political leaders avoided a potential first-ever government default, the…

Robert F. Kennedy Jr. Criticizes SEC’s Enforcement Action against Crypto

US presidential candidate Robert F. Kennedy Jr. shared his disapproval of SEC’s enforcement action against the crypto industry and plans to include crypto-friendly members on the board when elected president. In an exclusive interview with TheStreet, Robert F. Kennedy Jr. (RFK Jr.), an aspiring US presidential candidate, criticized the Securities and Exchange Commission (SEC) for taking an enforcement approach to regulating the crypto industry. Kennedy said such a heavy regulatory strategy might significantly affect the country’s digital asset ecosystem. When elected as president, he plans to appoint SEC staff with…

2 key security practices for Web3 startups from Israel Crypto Conference

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Security remains one of the Web3 industry’s most important and relevant issues as decentralized finance (DeFi) protocols and enterprises continue to face exploits. At the Israel Crypto Conference, Cointelegraph talked to Shahar Madar, the head of security products at Fireblocks, about the necessary steps Web3 startups should take to secure their platforms and users. Madar told Cointelegraph that, in his experience, many new startups usually delay developing a security protocol to focus on growth. However, Web2 models for enterprise security don’t work in a Web3 world with such an emphasis…

Japan’s bitFlyer Implements Money Laundering Measures in Line With FATF ‘Travel Rule’

The exchange has set notification requirements for receiving and sending crypto to TRUST-compliant platforms in a list of 21 countries, which includes Japan, Israel, Gibraltar, Hong Kong, the Bahamas and Switzerland. BitFlyer further restricts transfers to complaint platforms in these countries to TRUST-compatible crypto assets such as bitcoin (BTC), ether (ETH) and several ERC-20 tokens. Source

Security firm discovers $500M vulnerability in Tron multisig accounts

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A research team at dWallet Labs has discovered a zero-day vulnerability in Tron multisig accounts, allowing an attacker to bypass the multisignature mechanism and sign transactions with a single signature. In a technical breakdown post, the research team said the vulnerability could have impacted $500 million in assets held in Tron multisig accounts. This is because it allows any signer to “completely overcome the multisig security offered by TRON.” 0d, our superstar cybersecurity research team, discovered a vulnerability in TRON multisig accounts putting over $500M of digital assets at risk…

Bitcoin Price (BTC) on Track for First Monthly Loss of the Year

Bitcoin (BTC) climbed above $28,000 after an agreement on a deal to raise the U.S. debt ceiling, but the crypto still appears on track for its first monthly loss since December. The leading cryptocurrency by market value traded as high as $28,400 late Sunday, up from about $25,900 the previous week. At press time, bitcoin is changing hands at just under $28,000. Prices, however, were still down about 5% for May in what would be the first monthly decline of the year, assuming things hold through Wednesday. Ether (ETH) at…

Indian Central Bank Intends to Make G-20 Focus on Macro Risks of Crypto

The move is seen as a step to attract attention towards how crypto can hurt or completely change the global economy rather than just nations and customers individually, government sources have told CoinDesk previously. However, this is perhaps the first time the RBI has articulated its “intent” as an important stakeholder in the current global conversation around global crypto rules, even as it reiterated its concerns saying “cryptocurrencies are a material threat to financial stability.” Source

Bitcoin Ordinals to bridge Ethereum NFTs with the launch of BRC-721E

Bitcoin Ordinals are the latest layer-2 solution enabling decentralized storage of digital art on the Bitcoin blockchain. Ordinals will now allow users to migrate their Ethereum ERC-721-based nonfungible tokens (NFTs) to the Bitcoin blockchain with the launch of the BRC-721E standard. The BRC-721E standard was jointly launched by the Ordinals market — an Ordinals-based marketplace — and the Bitcoin Miladys NFT collection. The new BRC-721E standard enables the conversion of immutable, verifiable ERC-721 NFTs to Ordinals. Initially, metadata is not stored on-chain, but users can store a lower-quality preview image…

ETH Price Can Hit $11.8K with up to $51K in Revenue by 2030

VanEck analysts have explained in detail why ETH price could rise above $11K by 2030, with revenue of more than $50 billion. According to a VanEck report, the Ethereum (ETH) price could hit $11.8K by 2030. The global investment manager exposited its ETH price predictions earlier in the month. On May 9th, VanEck’s Digital Assets Research Head, Matthew Sigel, and Digital Assets Senior Investment Analyst Patrick Bush made the bold claims. The duo provided a detailed valuation methodology incorporating cash flow projections and fully diluted valuation calculations to support their argument. At…