Day: July 31, 2023

South Korea to pilot CBDC in one of these three cities, not Seoul

The Bank of Korea has narrowed down three regions for the piloting of its central bank digital currency (CBDC), which does not include the country’s capital Seoul, according to a report from a local South Korean media outlet.  On July 31, it was confirmed that the Bank of Korea has chosen Jeju, Busan and Incheon as its candidates for the “private target CBDC test bed.” Eventually, according to the report, the Bank plans to select one of the aforementioned regions, along with experimenting with payments and distribution at a public…

HSBC-Owned Hang Seng Bank Limits Crypto Companies to ‘Simple’ Accounts: Report

Crypto companies applying to operate in Hong Kong are struggling to open bank accounts due to limited staffing at the Securities and Futures Commission and reluctance from banks, even though there’s no ban on them offering services to crypto firms, CoinDesk previously reported. The Hong Kong Monetary Authority (HKMA), the central bank, has urged major lenders including HSBC, Standard Chartered and Bank of China to accept crypto exchanges as clients. Source

Borneo authorities seize illegal crypto miners running off stolen power

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Authorities in the town of Miri on the island of Borneo shut down an illegal cryptocurrency mining operation and seized equipment following a tip off from the public. According to local news outlet Borneo Post, Sarawak Energy discovered the operation, which included 34 cryptocurrency mining servers that were operating using stolen electricity through cable tapping. Authorities seized all the equipment used in the operation, including servers and tapping cables, while local police are now investigating the latest mining operation to be taken down on the island. Cryptocurrency mining servers found…

Curve Finance’s CRV Token Surges 500% on Bithumb After Over $100M Exploit

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BALD Memecoin Delivers 40,000x Return on Coinbase’s Base Blockchain

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…

XRP Stalls In Journey To $1: Further Drops Seen: Analysts

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XRP has developed significantly since the recent court ruling in the high-profile case between Ripple and the US Securities Exchange Commission. The court declared that XRP is not a security, leading to a significant rally in its value.  However, XRP has not made significant progress toward the coveted $1 mark since the initial gains, leaving investors and market observers wondering about its future trajectory. The characteristics of the larger cryptocurrency market have also hampered XRP’s development. XRP’s price swings have been impacted by the erratic nature of the cryptocurrency market…

XRP To Skyrocket To $500, Predicts Wells Fargo Treasury Manager

In a recent statement, Wells Fargo’s Treasury Management officer Shannon Thorp provided an eye-catching price prediction for XRP. The forward-thinking executive anticipates a potential surge in XRP’s value to anywhere between $100 and $500 in the short term, specifically within the next 4 to 7 months. This price hike prediction represents an astounding 14,200 % to 71,400% increase from the current trading value. Finding The Right Best Model Thorp acknowledges the longstanding debate within the XRP community, where one faction relies solely on chart patterns and trends exhibited by Bitcoin…

Crypto Exchange Temporarily Suspends CRV Trading Citing High Volatility

“Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV). As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV,” reads the announcement. “To ensure the safety of digital asset transactions, we have temporarily suspended deposits and withdrawals for CRV.” Source

Zero-knowledge proofs, explained – CryptoX

ZK-proofs allow a prover to persuade a verifier of a statement’s veracity without disclosing any information about the assertion itself. The prover and verifier interact in multiple rounds of the protocol, and in the conclusion, the verifier develops confidence in the veracity of the claim without learning any additional information about the secret. Let’s use the “Three Color Problem,” also known as the “Graph Coloring Problem,” as an illustration of how ZK-proofs function. The problem Imagine that you have a map with multiple areas (vertices) connected by lines (edges), and…