Tag: Report

China court declares virtual assets as legal properties protected by law: Report

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People’s courts in China exercise judicial power independently and are not subject to interference by an administrative or public organization. These courts try criminal, civil, administrative, and cases that involve economic disputes. The report titled “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case,” acknowledged that virtual assets have economic attributes and thus can be classified as property, reported a local daily. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argued that virtual assets held…

Exploits, hacks and scams stole almost $1B in 2023: Report

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Malicious actors targeting the crypto space have taken more than $45 million in digital assets from their victims in the month of August alone and a total of $997 million year-to-date (YTD), according to a report shared by the blockchain security firm CertiK. In the report, CertiK highlighted that exit scams took around $26 million, flash loan attacks took $6.4 million and exploits took $13.5 million from their victims in August 2023. The cybersecurity firm confirmed that the total losses amounted to over $45 million. Major incidents that happened in…

Turkey sees rise in adult crypto investors, report reveals

A recent report by the crypto exchange KuCoin reveals that more than half of the adult population in Turkey invests in cryptocurrencies. The report, titled “Into The Cryptoverse: Understanding Crypto Users in Turkey,” discloses that 52% of the country’s adult population was engaged in crypto investments as of May 2023. This rate was 40% in November 2021. Moreover, this indicates a remarkable 12% increase over the past 18 months. The surge brings to light the growing prominence of the crypto industry within Turkey despite prevailing market conditions. Turkish nationals’ desire…

$16M in crypto lost to hacks in August — Report

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A total of $15.8 million in cryptocurrencies were lost to hacks or exploits in the month of August. According to an Aug. 31 report by blockchain security firm Immunfi, a combined $23.4 million in crypto was lost to a combination of hacks and fraud, a significant decrease compared to the $320.5 million lost in July. All exploits consisted of attacks against decentralized finance (DeFi) protocols, and not a single incident affected centralized finance entities.  Of the 21 security incidents reported, five took place on the Ethereum blockchain, while four occurred…

Judge says Sam Bankman-Fried’s lawyers have until Sept. 1 to request a trial postponement: Report

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Lawyers representing former FTX CEO Sam Bankman-Fried, or SBF, have reportedly not asked for a different trial date in order to prepare, but a federal judge has offered a limited window to do so. According to an Aug. 30 thread on X (formerly Twitter) from Inner City Press, Judge Lewis Kaplan said the deadline for requesting a jury based on Bankman-Fried’s trial start date was Sept. 7. SBF’s lawyers reportedly said they “chose an aggressive date” in which the former FTX CEO would have the opportunity to clear his name but…

Sensitive data leaked in Kroll cybersecurity breach — Report

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It appears that a data breach involving FTX bankruptcy claims agent Kroll has resulted in the leak of sensitive information, contrary to earlier reports.  In an alleged Kroll Q&A Summary published on Aug. 30, FTX users’ email addresses, mailing addresses, account numbers, unique bankruptcy identifiers, account balances, phone numbers, and other claim details were all reportedly breached in a cybersecurity incident that took place on Aug. 25. Previously, FTX wrote that Kroll “experienced a cybersecurity incident that compromised non-sensitive customer data of certain claimants in the pending bankruptcy case.”  Kroll…

76% of Vietnamese crypto holders invest based on referrals — Report

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Over three-quarters of Vietnamese crypto holders make investment decisions through friends’ referrals. That’s according to an Aug. 30 report by Vietnamese venture capital firms Kyros Ventures and Coin68, alongside Animoca Brands. In the 3,300-participant survey, 75.5% of participants admitted being “influenced by recommendations or referrals” regarding crypto investing. The amount is 2.5 times higher than reported in the United States. Self-study, community groups and media news were the biggest sources of information for Vietnamese crypto investors, with nearly one in two electing such methods. The “Vietnam Cryptocurrency Market Report” for…

Tether adds Bahamas-based private bank Britannia as partner: Report

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Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in The Bahamas to process dollar transfers on its platform. It is understood Tether has instructed clients to send money to Britannia’s bank account over the last few months, according to an Aug. 29 report by Bloomberg, citing people familiar with the matter. However, it isn’t clear when Tether’s banking relationship with Britannia Bank started, but its other reported banking partners include Deltec Bank and Capital Union Bank. In recent months, United States-based…

JPMorgan forecasts limited downside for crypto markets: Report

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The cryptocurrency market’s recent downtrend appears to be coming to an end, as JPMorgan’s latest research suggests that most long-position liquidations have been completed. According to a Bloomberg report, analysts for the American bank estimate that the liquidations are “largely behind us.” The prediction is based on the open interest in Bitcoin (BTC) futures contracts on the Chicago Mercantile Exchange (CME) indicating that the selling trend might soon decelerate. Open interest, which refers to active futures contracts, serves as an indicator of market sentiment and the strength of price trends.…

Hong Kong regulator eyes tokenization for bond market improvement: Report

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The Hong Kong Monetary Authority (HKMA) released a report on Aug. 25 detailing the findings of its Project Evergreen study which analyzed the market impact of bond tokenization.  In a 24-page overview, the Hong Kong regulator laid out use cases, benefits and any challenges faced during the study. The concluding sentiment being that tokenization provides improvement for the bond market. Eddie Yue, the chief executive of the HKMA, said the study highlighted the potential of deploying distributed ledger technology (DLT) to real capital markets transactions with the current legal framework…