Tag: Report

BIS report claims crypto is centralized and DeFi amplifies risks

The Bank of International Settlements (BIS) recently showed skepticism about the potential role of crypto in the global monetary framework, citing flaws that originate from the incentives of validators rather than the technology itself. In a comprehensive report, the BIS argued that the reality of the crypto ecosystem deviates significantly from the vision of decentralization commonly championed by enthusiasts.  The bank pointed to the 2022 collapse of the FTX crypto exchange as a stark reminder of this dichotomy, stating: “Cryptocurrencies often boast of decentralization, yet we see the rise of new centralized…

Stablecoins Pose ‘Existential Threat’ to Policy Sovereignty, Says RBI Senior Official: Report

The number two at the Indian central bank said that stablecoins are beneficial to economies such as the U.S. and Europe, to whose currencies the stablecoins may be linked. But in a country like India, they could potentially replace the use of the rupee in the local economy, Sankar said, thanks also in part to the transfer of profits made by the government by issuing currency to private players. Source

Multichain Executor has been ‘draining’ AnySwap tokens: Report

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A person is using the Multichain Executor to drain tokens associated with the AnySwap bridging protocol, according to a July 10 report from on-chain sleuth and Twitter user Spreek. The report follows outflows of over $100 million from Multichain bridges that occurred on July 7, which were reported by the Multichain team as “abnormal.” The Multichain Executor address has been draining anyToken addresses across many chains today and moving them all to a new EOA pic.twitter.com/gqDaXMBl96 — Spreek (@spreekaway) July 10, 2023 According to Spreek’s July 10 report, “The Multichain…

US authorities are investigating former FTX exec for potential campaign finance violations: Report

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Prosecutors in New York are reportedly looking into former FTX Digital Markets co-CEO Ryan Salame for potential violations of campaign finance law in the United States. According to a July 11 report from The New York Times, Salame and his girlfriend Michelle Bond — a Republican candidate who ran to represent New York’s 1st congressional district in 2022 — may have exceeded the federal limits on contributions during her campaign. Authorities are reportedly investigating financial ties between Salame and Bond dealing with her congressional campaign, which did not move beyond…

Crypto custody market reached $448 billion in 2022: Report

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The digital asset industry reached over $3 trillion at its peak in November 2021. The custodial part of the market, however, remained at the more modest mark of $447.9 billion in 2022.  These numbers are cited from a joint report on the state of digital asset custody, conducted by the consulting firm PricewaterhouseCoopers (PwC) and wealth tech platform Aspen Digital. The 39-page document was published on July 11. The report puts the number of custody service providers at 120 as of April 2023, dividing them into two broad categories —…

Parliamentary report recommends Canada recognize, strategize blockchain industry

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A Canadian House of Commons committee report has recommended that the country “recognize blockchain as an emerging industry,” and take all the steps that entails. There are a lot of steps needed, it said. The report was released by the Canadian House of Commons Standing Committee on Industry and Technology after a study that involved five meetings and numerous witnesses and briefs. The report outlined uses of blockchain that included cryptocurrency, supply chain and public sector uses and non-crypto financial innovations. “Canada punches above its weight,” in blockchain innovation and…

Gaming gear maker Razer hacked, user data, encryption keys for sale online: Report

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A post appeared on a hackers’ forum on July 8 offering information allegedly hacked from gaming hardware maker Razer.  “I have stolen the source code, encryption keys, database, backend access logins etc,” the hacker declared. The Straits Times said it saw a sample of users’ email addresses on offer that the hacker claimed was from a list that contained a total of 404,000 entries. The hacker said they “will be selling this one time” and set a price of $100,000 in privacy coin Monero (XRM), although they would consider lower…

Legal proceedings start for Terraform Labs co-founder in South Korea: Report

Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, has reportedly had his first hearing for charges related to allegedly illicit profits from the sale of Terra (LUNA). According to a July 10 report from News1 Korea, a trial preparation hearing for Shin and 7 alleged accomplices began in a Seoul Southern District Court following his indictment in April. Prosecutors have reportedly said they deceived investors and manipulated the price of certain tokens through media coverage and transactions starting in 2018, resulting in “unfair profits” of roughly 462.9 billion…

Canada’s court deem 👍 emoji valid as a contract agreement: Report

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A Canadian judge has ruled that the widely used thumbs-up emoji can affirm that a person is legally entering into a contract.  According to a report from the New York Times, judge T.J. Keene said the decision mirrors a “new reality in Canadian society” as more people use emojis to express themselves in all sorts of situations, including business dealings. The case sought to determine whether a farmer had agreed to sell tons of flax to a grain buyer in 2021. As per the report, the buyer sent the purchase…