There's a Long Way Ahead to Make Crypto Safer: Hexens CEO
🐱 While almost all cryptocurrencies are secured by cryptography, which makes these digital assets immune to hacks, counterfeit, or double-spend, the industry remains vulnerable to a range of external threats.
⚫️ Phishing attacks, malware, vulnerabilities in crypto wallets or exchanges, or flaws in smart contracts are some more notable pain points that can prove costly for users.
⚫️ "The blockchain industry faces evolving cybersecurity challenges, with the primary concern being susceptibility to hacks and fraud due to the possibility of stealing assets by exploiting a single point of failure," Sipan Vardanyan, CEO and Co-Founder at crypto security firm Hexens, told Cryptonews.
💣 Vardanyan noted that decentralized technologies, such as blockchain, play a key role in enhancing cybersecurity within the cryptocurrency ecosystem.
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Sam Bankman-Fried Will Remain in Jail Throughout His Trial Until Mid-November
🪙 Former FTX CEO Sam Bankman-Fried will remain in jail throughout his trial mid-November after the District Judge Lewis Kaplan denied his temporary release to prepare for the trial. The trial, scheduled to run from October 4th until November 9th, comes after Judge Kaplan denied a motion for Bankman-Fried's temporary release during a hearing on September 28th.
🖥 The former FTX CEO's legal team had sought his temporary freedom, but the judge expressed concerns that Bankman-Fried might be a flight risk if the trial didn't go in his favor, citing his young age and the potential for a lengthy prison sentence if convicted.
📲 One significant concession granted by Judge Kaplan is that Bankman-Fried will be allowed to wear business attire throughout his trial. The decision came after a request from his legal team, and the judge directed the United States Marshals Service and the Metropolitan Detention Center in Brooklyn to make necessary arrangements.
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Invesco and Galaxy Pursue Spot Ether ETF Application
🔷 Invesco and Galaxy Digital aim to introduce a spot Ethereum (ETH) exchange-traded fund (ETF) as more and more asset managers continue to explore digital asset products. In a Friday post on X (formerly Twitter), Bloomberg ETF analyst James Seyffart revealed that the two asset managers have filed for a spot Ether ETF, dubbed Invesco Galaxy Ethereum ETF.
⚫️ Per the firm’s S-1 registration statement, the Invesco Galaxy Ethereum ETF will “reflect the performance of the spot price of ether” by holding units of the cryptocurrency with a separate custodian, who is yet to be identified.
⚫️ The filing detailed that Invesco is the sponsor, while Galaxy Digital is the “execution agent,” which will sell ETH to pay the Trust’s expenses. Invesco and Galaxy join a growing list of investment managers seeking regulatory approval for a spot ETH ETF.
🔹 The SEC recently extended the deadline for decisions on previous applications from ARK 21Shares and VanEck until December 25-26.
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South Korean Overseas Crypto Holding Figures 'May Be Inflated': Report
🇰🇷 The research division of the South Korean crypto exchange Korbit revealed that the amount of overseas digital assets reported by domestic corporations and individuals to the National Tax Service, “may be inflated.”
💬 The significant value of the reported amount is probably pumped up during the process of reporting to the authorities, Korbit Research Centre notes. Per the research, overseas corporations are believed to be holding their crypto assets without being able to distribute them to the market, specifically after the initial coin offering (ICO) boom in 2017.
💬 According to South Korea’s National Tax Service, the total amount of digital assets held by domestic companies and individuals through foreign accounts amounts to 131 trillion won ($96 billion).
🔍 “Of this, 73%, or 120 trillion won, is owned by 73 corporations,” Korbit Research Center said. It added that the corporate crypto holdings worth 120 trillion won would be market price created artificially through high-price trading.
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🍵tea announces the launch of its incentivized testnet (ITN) in early 2024🍵
@teaprotocol is a decentralized technology protocol that rewards open-source developers for their software contributions. tea uses blockchain technology to support a digital token known as TEA. The tea protocol was co-founded by Max Howell, the creator of Homebrew—the software package manager used by tens of millions of developers worldwide.
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@teaprotocol is a decentralized technology protocol that rewards open-source developers for their software contributions. tea uses blockchain technology to support a digital token known as TEA. The tea protocol was co-founded by Max Howell, the creator of Homebrew—the software package manager used by tens of millions of developers worldwide.
🚀 Want to get involved? Complete challenges or tasks to earn rewards. Participation can be as easy as writing a social media post or as in-depth as registering a software package. Packages uploaded early could receive more rewards—so upload today!
Learn more: https://tea.xyz?utm_source=gimmethecoin&utm_medium=telegram&utm_campaign=oct_launch_kol
Blockchain Adoption: Hong Kong Exchange Launches New Settlement Platform to Connect with Users in China
🇭🇰 Hong Kong Exchanges and Clearing Limited (HKEX), which operates a range of equity, commodity, fixed income, and currency markets, has unveiled an equities settlement acceleration platform called "Synapse."
🔴 The newly launched platform will leverage smart contracts programmed in DAML to streamline post-trade processes and improve operational efficiencies, according to a Wednesday press release.
🔴 Synapse will be integrated into Stock Connect, an HKEX channel that enables international investors to access over 1,000 mainland Chinese stocks through routing in Hong Kong.
🎁 "This technology-empowered platform will not only improve post-trade efficiencies, but will, over time, build a better, stronger ecosystem, supporting both market growth and investor growth strategies," Glenda So, HKEX Group Head of Emerging Business and FIC
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Hong Kong Looks to Curb Retail Stablecoin Trading Amid Crypto Adoption
🇭🇰 Hong Kong is considering measures to restrict retail stablecoin trading for individual investors in response to the increasing adoption of cryptocurrencies, as stated by a local official. It is important to note that retail stablecoin trading is currently not permitted in Hong Kong.
🌐 As reported by a local news agency, Ming Pao, on October 6, in a live interview on an investment committee program, Hui Ching-yu, the Secretary for Financial Services and the Treasury in Hong Kong, clarified that the city has not yet established regulations governing the trading of stablecoins such as Tether (USDT) or USD Coin (USDC). Consequently, retail investors are currently prohibited from engaging in such trading activities within the country.
🌐 Stablecoins, which are cryptocurrencies pegged to the value of a fiat currency like the US dollar, are frequently used by service providers as a key trading asset to mitigate market volatility.
⚡️ However, some stablecoins have experienced significant volatility or even collapsed in the past, as exemplified by the TerraUSD (UST) stablecoin collapse in May 2022. This highlights the critical role of reserve management in maintaining their price stability and safeguarding investors' rights to redeem fiat currencies.
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Entering it is a piece of cake 🎂 :
1. First, you gotta have a Bets.io account
2. Then, subscribe to their Telegram channel — you don’t want to miss this kind of events, duh 😉
3. Subscribe to Instagram and Twitter while you are at it
4. Send their Telegram bot a message and follow the instructions
And you are golden — all you have to do now is wait until October 31st ⌚️
As for additional conditions: no double entry, only legit accounts and if we can’t send you the iPhone, we’ll provide its cash equivalent. 🎁 All the cash prizes will be credited to your account.
Good luck and have fun at Bets.io!🍀
US Consumer Protection Agency Might Introduce E-banking Laws to Digital Assets
👑 The director of the Consumer Financial Protection Bureau (CFPB) disclosed that the agency is considering transplanting e-banking laws to digital assets.
🔥 Speaking at the Bookings payment conference on Oct 6, Rohit Chopra said that the agency might apply the Electronic Fund Transfer Act (EFTA) to protect investors and users in the crypto ecosystem. According to him, to create a safe space for users, the CFPB mulls rolling out traditional finance measures for virtual assets.
🔥 “To reduce the harms of errors, hacks, and unauthorized transfers, the CFPB is exploring providing additional guidance to market participants to answer their questions regarding the applicability of the Electronic Fund Transfer Act with respect to private digital dollars and other virtual currencies.”
➡️ This comes on the heels of recent spikes in activities of bad actors in the digital asset market. If the EFTA gets applied to crypto, virtual asset firms will be required to make certain changes to their operations regarding disclosures and other issues.
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UK Parliament Committee Urges Government to Address NFT Copyright Infringement
🇬🇧 The UK’s Culture, Media and Sport Committee, a cross-party parliament group, is recommending the Government take action on the “widespread copyright infringement” in non-fungible tokens (NFTs). The committee MPs have warned that the promotion of cryptocurrencies in professional sports is putting supporters at risk of financial loss and potentially damaging clubs’ reputations.
🐈 “In professional sports NFTs are being used to extract additional revenue from international fans and, in some instances, as a proxy for fan engagement. NFT advertising may be misleading or even fraudulent,” the committee report stated.
🎁 The report highlighted evidence of fraudulent advertising of NFTs and has urged the Government to make sure that advertisers of crypto assets take responsibility to protect customers. The cross-party Commons also called Government to work with NFT marketplaces to introduce a code of conduct to protect creators and consumers better.
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China's FX Minister Suggests CBDC Programmability for Macroeconomic Management
🇨🇳 An official from China's foreign exchange regulatory body has suggested the potential use of "programmable features" within China's Central Bank-Backed Digital Currency (CBDC) to bolster the effectiveness of monetary policy tools.
🔴 China, alongside several other nations, is diligently working on the development of CBDCs, digital tokens issued and regulated by central banks, although their widespread adoption remains in its early stages.
🔴 However, Lu Lei, the Deputy Administrator of the State Administration of Foreign Exchange (SAFE), has proposed that central banks could harness the programmable attributes of CBDCs to elevate their status to M2 currency, encompassing deposits and savings, Reuters reported.
🚫 This involves the capacity to set parameters that can be altered, allowing for a range of possibilities. For instance, money could be programmed to have an expiration date or be limited in its utilization for specific purposes.
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Ferrari Greenlights Crypto Payments for Supercars – Adoption on the Rise?
💵 Luxury sports car manufacturer Ferrari has announced the acceptance of cryptocurrency payments for its vehicles in the United States, with plans to extend the offering to Europe in response to customer requests.
🟢 The decision comes after electric carmaker Tesla briefly accepted Bitcoin as payment in 2021, only to halt the practice due to environmental concerns.
🟢 However, in an interview with Reuters, Ferrari's Chief Marketing and Commercial Officer Enrico Galliera noted that cryptocurrencies have made efforts to reduce their carbon footprint through the introduction of new software and increased use of renewable energy sources.
💸 Galliera reaffirmed Ferrari's commitment to achieving carbon neutrality along its entire value chain by 2030.
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SEC's Surrender: Bitcoin ETF on the Horizon, Experts Predict
👽 The Securities and Exchange Commission (SEC) has seemingly conceded its battle against a Bitcoin (BTC) exchange-traded fund (ETF) as the deadline for an appeal passed on Friday. With the agency's inability to appeal a key court ruling, many now predict that a Bitcoin ETF will soon make its way to the market, potentially as early as January 10, according to analysts at Bloomberg.
🟧 The SEC's decision not to challenge the August court ruling in the case of Grayscale vs. SEC is unlikely to be a result of a change of heart by Chair Gary Gensler. Rather, it is believed that the agency's limited legal resources, coupled with the court's dismantling of the SEC's justification for denying the ETF, led to their decision to fold their cards.
🟧 Back in May, a US court ruled in favor of Ripple in the ongoing lawsuit brought by the SEC, claiming that selling XRP on exchanges in itself does not constitute an investment contract. The ruling, issued by the District Court for the Southern District of New York, stated that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.”
❔ However, the federal judge also ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test.
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Chainalysis Highlights Flawed Analysis in Assessing Crypto's Role in Terror Financing
🇮🇱 In light of recent events, various media outlets have attempted to estimate the extent of illicit cryptocurrency funds that may have been channeled into the Hamas offensive.
⚔️ Senator Elizabeth Warren, along with other lawmakers, has called for answers from the Biden administration in response to a Wall Street Journal report on Hamas's alleged use of cryptocurrency.
⚔️ Chainalysis outlines two critical aspects of analyzing the flow of terrorism-related funds: quantifying funds directly in the possession of a terrorist organization and identifying the service providers facilitating the movement of funds tied to terror financing.
💣 The firm raises concerns that recent estimates concerning the Israel attacks may have included all flows to certain service providers, even if they received some funds associated with terrorism financing. In such cases, the reported totals might encompass funds unrelated to terrorism financing.
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An announcement about the Sundae project has appeared in the public space. Bloggers, stars and opinion leaders are discussing this project.
One of the creators of Sundae published information about the project in Telegram, and 20 minutes later Ilon Musk posted a photo of himself eating Sundae ice cream as a child. It may be a coincidence, but it could also be Musk's idea.
What's known about the project. Something partly crazy, partly grandiose is coming.
Sundae: it's a crypto-token that equates to digital art. According to the project's philosophy, without community appreciation, a Picasso painting is worthless. The value of a work of art depends on community appreciation.
Right now Sundae is available for the price of an ice cream, but in a month the token may be worth $5, and then $50, $100, $1000. With each new purchase, the "Picasso painting token" will become more and more difficult to buy. The current capitalization of the project is only $20 million.
According to the project's White Paper, Sundae holders are expected to receive multi-million dollar dividends, as well as the right to medical and legal insurance, pensions and free use of the corporation's assets.
Investing in Sundae today might be like buying McDonald's stock on the day it opened in 1940 or accidentally buying a Picasso drawing for ten dollars.
The Sundae project was created by the team behind the popular meme token Grimace, which grew in value hundreds of times in six months, making many investors millionaires.
One of the creators of Sundae published information about the project in Telegram, and 20 minutes later Ilon Musk posted a photo of himself eating Sundae ice cream as a child. It may be a coincidence, but it could also be Musk's idea.
What's known about the project. Something partly crazy, partly grandiose is coming.
Sundae: it's a crypto-token that equates to digital art. According to the project's philosophy, without community appreciation, a Picasso painting is worthless. The value of a work of art depends on community appreciation.
Right now Sundae is available for the price of an ice cream, but in a month the token may be worth $5, and then $50, $100, $1000. With each new purchase, the "Picasso painting token" will become more and more difficult to buy. The current capitalization of the project is only $20 million.
According to the project's White Paper, Sundae holders are expected to receive multi-million dollar dividends, as well as the right to medical and legal insurance, pensions and free use of the corporation's assets.
Investing in Sundae today might be like buying McDonald's stock on the day it opened in 1940 or accidentally buying a Picasso drawing for ten dollars.
The Sundae project was created by the team behind the popular meme token Grimace, which grew in value hundreds of times in six months, making many investors millionaires.
Blockchain Firm LBRY Ceases Operations, Cites Insurmountable Debt
🪙 Blockchain file-sharing and payment network, LBRY, announced the termination of its operations, citing "several million dollars" in debts owed to the SEC, its legal team, and a private debtor.
⚡️ On October 20th, the blockchain firm issued its final message to the crypto community on its video-sharing website Odysee and X, stating that "this will be our last post." In the heartfelt message the company shared, they acknowledged that they are unable to continue operations due to mounting financial challenges.
⚡️ However, LBRY clarified that all of its executives, employees, and board members had resigned, and they are now dedicated to fulfilling their legal obligations. It also noted that its assets, including Odysee, its flagship application, are now placed under the watch of the financial regulator.
🦊 The company had previously declared its intention to cease operations due to a legal conflict with the SEC. This was after the court ruling in favor of the SEC in November 2022 and also made a final ruling in July, also adding that a fee must be paid to the SEC as a fine.
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Thailand Delays Plan to Distribute $15 Billion in Digital Currency to its Citizens
🇨🇷 Thailand's ambitious plan to distribute digital currency to its citizens, with a total value of approximately $15 billion, has hit a roadblock, as Deputy Minister of Finance Julapun Amornvivat announced a delay in the program's launch, local media outlets reported.
🔠 The initiative aimed to provide 10,000 baht (about $280) to each Thai citizen over the age of 16, with the objective of revitalizing the nation's economy.
🔠 The Thai government has shifted the launch date of the digital currency distribution plan to the first quarter of 2024. The delay was attributed to the need for additional time to develop a secure system, ensuring the protection of both funds and user data.
😯 Earlier, Thailand's Prime Minister, Srettha Thavisin, who also has ties with crypto sector, had envisioned this program as a means to boost consumer spending and, in turn, stimulate the economy, with an ambitious target of achieving 5% economic growth in the coming year.
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Our friends at Bets.io are holding yet another amazing giveaway, and this time it’s bigger, badder and radder! Yeah, you heard it right — this time it’s five iPhones 15 Pro 256 GB and twenty five $200 cash prizes! 🎉
Entering it is a piece of cake 🎂 :
1. First, you gotta have a Bets.io account
2. Then, subscribe to their Telegram channel — you don’t want to miss this kind of events, duh 😉
3. Send their Telegram bot a message and follow the instructions
And you are golden — all you have to do now is wait until October 31st ⌚️
As for additional conditions: no double entry, only legit accounts and if we can’t send you the iPhone, we’ll provide its cash equivalent. 🎁 All the cash prizes will be credited to your account.
Good luck and have fun at Bets.io! 🍀
Entering it is a piece of cake 🎂 :
1. First, you gotta have a Bets.io account
2. Then, subscribe to their Telegram channel — you don’t want to miss this kind of events, duh 😉
3. Send their Telegram bot a message and follow the instructions
And you are golden — all you have to do now is wait until October 31st ⌚️
As for additional conditions: no double entry, only legit accounts and if we can’t send you the iPhone, we’ll provide its cash equivalent. 🎁 All the cash prizes will be credited to your account.
Good luck and have fun at Bets.io! 🍀