Although Touted for Security, Blockchain Is Still Hackable

MIT Technology Review magazine has published an article today, Feb. 19, arguing that security-touted blockchain tech is still vulnerable to hacks. The magazine is fully owned by the United States Massachusetts Institute of Technology (MIT). In the recent article, the MIT Technology Review stressed that blockchain technology represents a complex economic system that depends on unpredictable human behavior. As such, the Review pointed out multiple security breaches that have been increasingly emerging in cryptocurrency and smart contract platforms since the inception of crypto, citing a number of incidents including the…

Japan’s Central Bank Examines Central Bank Digital Currencies in New Report

Japan’s central bank has examined the role of central bank digital currencies (CBDCs) in the current monetary system in a report released on Feb. 19. In the document, the bank describes the possible ways to implement a CBDC and the hypothetical consequences of different approaches. The report divides possible CBDCs in two categories, the first being those accessible to the general public in a form like banknotes, and the other as those limited for large-value settlements. The source of this categorization is attributed to the report released by the Bank…

Staking Coins for Gains Potentially a Good Strategy in a Bear Market but Is Not Without Risk

Volatility coupled with one of the longest bear markets ever experienced by the cryptocurrency industry have compelled many investors to consider staking as a method of “playing it safe,” according to a Bloomberg article. Staking, which is similar to earning dividends or interest on your investment, is not a new concept. However, in a long bear market, it does become more prevalent among cryptocurrency investors, as possible gains from regular trading are not as fruitful. As Kyle Samani, managing partner at Multicoin Capital Management, stated to Bloomberg: “Regardless of market…

South Korean Capital to Invest Over $1 Billion in Fintech and Blockchain Startups by 2022

The Seoul Metropolitan Government has announced plans to invest more than $1 billion in blockchain and fintech startups by 2022, according to the official announcement published on Feb. 18. According to the release, the South Korean capital’s government plans to use the “Seoul Innovation Growth Fund” for startups that have various investments problems with Series A funding rounds. The fund, launched last year, will primarily focus on startups related to blockchain and fintech industries. The Seoul Metropolitan Government announcement underlines that the average investment per company in London and Silicon…

Op Ed: How Bitcoin’s Protocol of Peace Can End the Nuclear Age

Since it came to life in early 2009, Bitcoin has begun disrupting the world of finance. Over the years, this decentralized digital currency came to mean different things for different people. For some, it presented opportunities for prosperity, becoming the best performing asset in their portfolio. For others, this peer-to-peer cash for the internet represents a non-confiscatable digital gold that could enable financial sovereignty. For those who are concerned about civil liberty, Bitcoin’s censorship resistance and permissionlessness define it as free speech money. “Yellow Vest” protesters occupying in the streets…

SEC to Review NYSE Arca Bitwise Bitcoin ETF Proposal

Yet another journey to launch a bitcoin exchange-traded fund (ETF) has begun. According to a published notice, the U.S. Securities and Exchange Commission (SEC) has begun reviewing a proposed rule change for a bitcoin ETF filed by NYSE Arca and Bitwise. The Commission now has 45 days from the date of publication to make a final decision on whether to approve, reject or extend the rule change. Should the SEC require more time to review the proposal, it can extend the review period up to 90 days, once it gives…

Op Ed: Why It’s Unsafe to Store Private Crypto Keys in the Cloud

There are two primary reasons why storing your private crypto keys in the cloud is a bad idea. First, your cloud provider represents a centralized honeypot that could experience a security breach, allowing cyber criminals to access your data. For example, in August 2018, a fourth man was jailed in the U.S. for hacking into private Apple iCloud accounts and leaking nude photos of Jennifer Lawrence, Kirsten Dunst, Mary Elizabeth Winstead and others. So it does happen. And it will probably happen again in the future. The second and more…

Bitmain Unveils Its Latest Energy-Efficient Mining Chip for Bitcoin

China-based mining giant Bitmain has announced a new mining rig that uses less power. The hardware mining manufacturer has launched a 7nm application-specific integrated circuit (ASIC) processor dubbed the BM1397. Beyond energy efficiency, the new mining processor promises to achieve faster performance for mining cryptocurrencies that use the SHA256 algorithm for their proof of work (PoW), including Bitcoin and its hard forks. Like the BM1391 chip that came before it, the BM1397 will be powered by the advanced semiconductor manufacturing technology called the 7nm FinFET process, integrating more than a…

FBI Outline Key Features of Scam ICOs, Warns Investors to Be Vigilant

The United States Federal Bureau of Investigation (FBI) has outlined what it believes to be the consistent threads running through fraudulent initial coin offering (ICO) schemes. The Bureau’s perspective was shared in an interview with Netherlands-based financial news site the Paypers on Feb. 19. According to the FBI, the key strategies of scam offerings include misrepresentations of their directors’ professional experience, an engineered false impression of how much traction the ICO has garnered in the industry, and unrealistic promises of prospective returns on tokens: “Like any investment product, rates of…

India Targets Cryptocurrency Crime аs Part оf Cyber Security Offensive

Cryptocurrency crime forms one focus of a dedicated cybercrime lab launched by Indian authorities this week, Indian daily news outlet The Hindu reported on Feb. 19. As part of efforts to step up the fight against internet-based adversaries, India’s Union Home Minister Rajnath Singh inaugurated the cyber forensic lab and Cyber Protection Awareness and Detection Centre (CyPAD), which will be operated by police in Delhi. Within the lab, there will be a special unit focused on cryptocurrency, following years of problems involving scammers using the emerging phenomenon to commit crime.…