Tag: Blockchain

Chinese regulators reaffirm ‘severe crackdown’ on overseas telecoms dealing in crypto, blockchain

China is warning telecom companies that are based overseas not to wield “new technologies” — digital assets, blockchain, artificial intelligence (AI) and the metaverse — for nefarious purposes. According to Global Times, citing a statement from the Chinese Central Political and Legal Committee, “entities operating from outside China have been using deceptive tactics such as posing as lucrative job opportunities to recruit unsuspecting victims.” “From the perspective of fraud methods, fraud groups use blockchain, metaverse, virtual currency, AI intelligence and other new technologies and new formats to continuously update criminal…

China Targets Overseas Telecom Fraud Leveraging Blockchain, Crypto, Metaverse, and AI

In a recent meeting, China’s Central Political and Legal Affairs Commission has emphasized the need for a systematic, legal, and source-based approach to combat overseas telecom network fraud and related criminal activities. The announcement was made on August 6, 2023, as reported by the Economic Daily. The commission pointed out that fraud groups have been increasingly utilizing new technologies such as blockchain, metaverse, virtual currency, and AI intelligence to update their criminal tools, making them more concealed and deceptive. Overseas Telecom Fraud: A Growing Concern In recent years, overseas telecom…

Blockchain Security Firm Exposes Unverified Orb Operator Access

Blockchain security company CertiK recently revealed a serious flaw that put the Worldcoin system at serious risk. The system’s security and integrity might have been compromised if the vulnerability allowed Orb operators unrestricted access. Users’ iris information was collected as part of Worldcoin’s Orb activities, necessitating a strong verification process to guarantee that only reputable businesses are in charge of the operations. The system’s fault, however, made it possible for bad actors to get through the rigorous verification process without fulfilling the requirements. Following the usual whitehat disclosure process, CertiK quickly…

Crypto Miner Argo Blockchain Mined 129 Bitcoins in July 2023

Argo Blockchain PLC, a leading global cryptocurrency miner listed on both the London Stock Exchange (LSE:ARB) and NASDAQ (NASDAQ:ARBK), has released its operational update for July 2023. The company reported mining 129 Bitcoin or Bitcoin Equivalents (BTC), averaging 4.2 BTC per day. This represents an 11% decrease from the daily average of 4.6 BTC in June 2023, primarily due to increased downtime at the Helios facility caused by weather-related curtailment and onsite construction. Despite the decrease in BTC production, Argo Blockchain’s mining revenue for July remained stable at $3.87 million,…

Ensuring integrity of blockchain transactions: Trust through audits

Blockchain auditing is the process of examining and verifying the data and transactions stored within a blockchain network. It focuses on assessing the integrity and accuracy of the information recorded on the blockchain to ensure it aligns with the intended rules, protocols and regulations. Through the audit process, smart contract code is painstakingly examined to identify vulnerabilities of all levels, ranging from minor loopholes to critical weaknesses that could potentially expose millions to risk. Auditors review and reveal centralization issues, ensure the project code functions as the developer intended, and…

Binance Users Reach 150M | Blockchain News

According crypto exchange Binance CEO Changpeng Zhao’s tweet, Binance has achieved several key milestones, reflecting its ongoing commitment to expansion and innovation. Binance announced that it has hit the 150 million registered users mark. This milestone underscores the platform’s growing popularity and reach in the global cryptocurrency community. In July 2022, Binance revealed that its registered user count had surpassed 120 million, meaning that the exchange has seen a growth of 30 million users within the past year. Binance officially launched its operations in Japan, marking a strategic move into…

Protocol to identify ‘systemically important’ blockchain banks could help prevent a market crash: Study

Kanis Saengchote, a researcher at Chulalongkorn University in Thailand, recently developed a framework for identifying and measuring systemic risk in decentralized finance (DeFi) institutions.  The new protocol is called the Global Systematically Important Protocol (G-SIP), and it’s based on a similar endeavor instituted in the traditional banking industry. After the global banking crisis of 2008, the traditional finance sector collaborated to come up with a protocol for identifying critical banking structures in order to implement strategies for the prevention of future collapses. Related: UBS Group agrees to $3.25B ‘emergency rescue’…