Tag: Report

Paxos Report: Is Blockchain The Next Step For Global Remittances?

The age of digital currencies and blockchain technology is upon us, with an increasing number of institutions advocating for their widespread adoption. At the forefront of this conversation is Paxos Trust Company, the New York-based stablecoin titan. In a recent announcement, the firm strongly contended that blockchain technology could fundamentally reshape the global remittance landscape, streamlining the flow of funds and bolstering economies worldwide. Blockchain-powered remittance platforms are aiming to transform this industry with security and transparency, cost efficiency and speed and accessibility. Read more about the ways blockchain can…

Australia’s central bank releases report highlighting CBDC use cases

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Australian Central Bank, in collaboration with the Digital Finance Cooperative Research Centre, has published a comprehensive report outlining the potential use cases for Central Bank Digital Currencies (CBDCs). Additionally, they have successfully concluded a pilot program aimed at studying its practical applications. 16 entities that participated in the pilot program added that CBDC could be beneficial for innovation and even boost Australia’s economy. The report identified four key areas where the Australian digital dollar could…

Crypto entrepreneur faces potential prosecution in Israel related to $290M scam: Report

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Police in Israel have reportedly accused entrepreneur Moshe Hogeg of defrauding users out of roughly $290 million through scams involving crypto projects. According to an Aug. 23 report from the Times of Israel, the national police force recommended to prosecutors that Hogeg be charged with fraud, theft, money laundering, and sex crimes, accusing the Israeli citizen of raising $290 million from investors for crypto projects under false pretenses. The entrepreneur had been previously detained by Israeli authorities in November 2021 for allegedly engaging in unlawful activities including fraud involving cryptocurrency,…

Shopify to accept USDC payments with Solana: Report

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E-commerce giant Shopify has added Solana Pay to its pool of options for payment, allowing millions of merchants to use the platform to accept crypto transactions, kicking off with USD Coin (USDC) stablecoin payments.  According to TechCrunch, Solana plans to add other altcoins to the platform in the coming months, including its native token Solana (SOL) and the meme token Bonk Coin (BONK). Josh Fried from Solana Labs branded the intersection of digital assets and payment solutions as the “killer app for crypto,” adding that “[Everyone] should be doubling down…

Atomic Wallet faces lawsuit over $100M crypto hack losses: Report

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A group of disgruntled cryptocurrency investors have launched a class action against Atomic Wallet, which suffered a major breach and $100 million in losses in June. Dozens of high-net worth investors from Russia and the Commonwealth of Independent States are part of the class action against Atomic Wallet, the German business media agency bne IntelliNews reported on Aug. 21. The lawsuit is being coordinated by German lawyer Max Gutbrod and Boris Feldman, a co-founder of Moscow legaltech firm Destra Legal. Gutbrod, former partner of over two decades at Baker &…

FTX’s Sam Bankman-Fried pleads not guilty to fraud charges: Report

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Sam “SBF” Bankman-Fried, the former CEO and co-founder of crypto exchange FTX, has pleaded not guilty to fraud and money laundering charges levied in an updated indictment by prosecutors, according to a report.  The latest court proceedings against SBF were heard by Magistrate Judge Sarah Netburn. The former FTX CEO was charged with seven counts of fraud and money laundering along with an additional charge of campaign finance. Bankman-Fried pleaded not guilty on all counts. Judge Netburn: You are charged in seven counts [Count 8, campaign finance charges, is gone]…

Germany proposes screening Chinese investment in AI and related sectors: Report

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The vice chancellor of Germany has reportedly proposed tightening the screening process for foreign direct investment from China, according to reports from local media outlets.  Rober Habeck, a member of the Green coalition and federal minister for economic affairs and climate action, said the tightening of restrictions on Chinese foreign investment would be in “critical sectors,” which include semiconductors and artificial intelligence (AI). It aims to consolidate and simplify a number of existing rules pertaining to sectors in which China is dominant, such as those mentioned above. He also reportedly…

South Korean city to seize crypto from thousands of tax evaders: Report

The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents. The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders, the local news agency Yonhap reported on Aug. 22. City authorities reportedly ordered trading platforms like Upbit and Bithumb to inquire into crypto assets of 8,520 users who owe at least 1 million won ($750) in local taxes. Following the inquiry, Cheongju authorities plan to confiscate…

Oman launches $350M crypto mining center: Report

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The Sultanate of Oman has launched a new cryptocurrency mining center, the second mining facility to open in the country in the past 10 months. According to a local publication, the Oman Daily Observer, a data hosting and cryptocurrency mining center, was opened in the Salalah Free Zone, which is a special economic zone in the country with low corporate taxes. A local company, Exahertz, will run the center in cooperation with Dubai-headquartered blockchain company Moonwalk Systems. The center reportedly cost 135 million Omani rials (roughly $350 million) to construct, and…

Friend.tech denies report that database of over 100K users was ‘leaked’

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The team behind the viral decentralized social media platform friend.tech has refuted a report which claimed that the personal information of more than 100,000 of its users was “leaked.”  The now-amended report, first posted by The Block, suggested that data posted by Banteg, a pseudonymous developer for Yearn Finance, was “leaked” information. The friend.tech team however clarified that the information came from scraping its public API. “It’s like saying someone hacked you by looking at your public Twitter feed,” the official friend.tech account argued. This is just someone scraping our…