Editor's Choice
The Central Bank of Brazil is developing a synthetic digital currency Drex with DeFi elements to address the decentralization, privacy, and programmability trilemma 💻💡
The Central Bank of Brazil is developing a "synthetic" central bank digital currency (CBDC) called Drex, previously known as the digital real. In the development process, the bank aims to incorporate elements of decentralized finance (DeFi) and address the "trilemma" of decentralization, privacy, and programmability, which traditional markets have long faced.The President of the Central Bank of Brazil, Roberto Campos Neto, noted that the goal of the project is to create a multidimensional digital currency that integrates tokenization into bank balances. In his presentation on October 3, he emphasized that Brazil plans to accelerate its tokenization efforts through the Open Finance platform, which will allow users to choose between different banks and payment methods, including the CBDC.Additionally, the second phase of the Drex pilot project is focused on digital asset transactions, such as liquidity pools for government bonds and international trade finance. This phase will last until 2025.Private cryptocurrency companies are also continuing to expand opportunities for digital payments in Brazil. For example, on October 3, Ripple announced a partnership with the Mercado Bitcoin exchange to launch cross-border cryptocurrency payments.
Crypto Tank: BRICS and Japan are actively adopting XRP despite ongoing legal battles and the SEC appeal, highlighting the key role of XRP in the new global financial system 🌍💹
Crypto Tank (@Tank2033js), an influential participant in the XRP community on the X network, recently spoke out about the situation surrounding XRP, assuring the community of the cryptocurrency's stability despite the uncertainty.Crypto Tank emphasized that the SEC's actions did not affect interest in XRP from significant international players such as BRICS countries and Japan. He stated that these countries continue to adopt XRP regardless of the ongoing legal battles. "The SEC appeal will change nothing. BRICS and Japan are continuing to adopt XRP, and they are not concerned about the lawsuit," he noted, underscoring the key role of XRP in the emerging financial system.Crypto Tank also recalled previous statements by Ripple CEO Brad Garlinghouse, who called XRP the heart of the new financial system.The situation with XRP became complicated after the Securities and Exchange Commission (SEC) filed a notice of appeal against the final court decision in the Ripple case. In July 2023, Judge Analisa Torres ruled that XRP is not a security, marking an important victory for Ripple. However, the SEC plans to challenge certain aspects of this decision, focusing on the issue of classifying non-institutional token sales as securities.Despite this, Crypto Tank continues to instill confidence in the community, pointing to the sustained interest in XRP from international organizations, particularly BRICS countries and Japan.
19 family members in Thane District, Maharashtra, charged with defrauding two brothers of more than $119,000 through a cryptocurrency scam promising to multiply investments 12 times 💰
In Thane district, Maharashtra state, India, 19 members of one family are accused of defrauding two brothers of more than one crore rupees (approximately $119,000) through a cryptocurrency scam.The victims were assured of high returns on their investments. The total investment amount exceeded $119,000. The accused promised to multiply the invested funds 12 times, which prompted the brothers to invest $109,000 and $30.6 thousand since March 2022, according to The Economic Times.When the promised returns were not received and the accused disappeared, the brothers began to suspect foul play. One of them, a 42-year-old man, approached the police after he was threatened, with the suspects citing connections to influential people.The suspects, whose names are mentioned in the case, are Sabir Yakub Gachi (50 years old), Shakir Yakub Gachi (45 years old), and Ruhikha Shakir Gachi (39 years old). The case has been registered under the Indian Penal Code and the Maharashtra Protection of Interest of Depositors Act 1999. So far, no arrests have been made in the case.Cryptocurrencies are a decentralized form of currency, based on cryptography to secure transactions.
The U.S. Department of Justice (DOJ) and the SEC have supported a lawsuit against Nvidia worth more than $1 billion related to the sale of graphics processors for cryptocurrency mining 💼⚖️
The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have submitted a request to the U.S. Supreme Court to support a class-action lawsuit against Nvidia, claiming that the company misled investors about its sales in the cryptocurrency mining sector.The lawsuit was filed by investors back in 2018 when they accused Nvidia of hiding more than $1 billion in revenue from the sale of graphics processors to miners. The group of investors claims that the company downplayed the significance of its sales to miners, which became evident after Nvidia’s sales plummeted following the cryptocurrency market crash in 2018.Despite the court’s initial refusal to consider the case, the Court of Appeals reopened the process in 2022. Nvidia appealed to the Supreme Court to overturn this decision, but the Department of Justice and the SEC opposed, stating that the lawsuit has sufficient grounds to continue.The lawsuit also includes testimony from former Nvidia employees and a report from the Bank of Canada, which claims that the company underestimated its cryptocurrency-related revenues by $1.35 billion.Despite these accusations, Nvidia has declined to comment on the actions of the Department of Justice and the SEC.
Court Reopens Case Against AT&T: Hackers Used SIM Swap 💳 to Steal $24M in Cryptocurrency 💰 from Investor Michael Terpin in 2018, Plaintiff Seeks $45M Compensation ⚖️
Ripple and Mercado Bitcoin launch a new cross-border payment solution in Brazil, improving operations between Brazil and Portugal and aiming for expansion to corporate and retail clients 🚀
Amazon Payment Services and Mastercard Launch Partnership to Improve Digital Payments in 40 Countries, Including UAE, Egypt, and South Africa, with the Implementation of Innovative Technologies 🏦💳
Taiwan introduces new anti-money laundering regulations for all virtual asset service providers, with mandatory registration by 2025 and fines of up to 5 million New Taiwan dollars 💰
The U.S. Department of Justice accuses Donald Trump of attempting to illegally interfere with the results of the 2020 election in seven key states, claiming that his actions were personal and not protected by presidential immunity 🗳️
Transak obtains a money transfer license in Alabama, enabling legal cryptocurrency transactions for 46 US states 🏦🚀
BBVA will launch its own euro-backed stablecoin in 2025 with the support of Visa: digital assets for settlements on tokenized exchanges 🌐
Donald Trump has promised to pardon Silk Road founder Ross Ulbricht, who is serving a double life sentence and an additional 40 years for creating a platform for illegal goods ⚖️
A massive Bank of America network outage affected tens of thousands of customers, leaving them with a $0 balance in their accounts and without access to mobile and online banking services, leading to increased calls for financial decentralization and the use of cryptocurrencies like Bitcoin, which are not subject to such disruptions 💸
On October 2, tens of thousands of Bank of America customers faced a widespread network outage, causing many to be unable to access their accounts or see a $0 balance. The issues began around 16:26 UTC and peaked 15 minutes later when nearly 18,000 people reported difficulties, according to Downdetector data.Around 98% of complaints were related to mobile and online banking services. While Bank of America did not officially release a statement, comments to CNN suggested the problem had mostly been resolved. However, some customers disputed this, claiming that access to accounts was still unavailable.Some customers expressed dissatisfaction, noting that their balances showed $0, while debts remained unchanged. One customer sarcastically remarked: "My money is gone, but my debts are still there."This incident has led to increased calls for financial decentralization, with Bitcoin supporters using the case as proof of the need to store funds outside of banks.
DMCC and CV VC have signed a strategic agreement to accelerate the development of Web3 ecosystems in Dubai and Switzerland with a focus on blockchain, cryptocurrencies, and future innovations 💼🌐
DMCC and CV VC have signed a strategic agreement to accelerate the development of Web3 ecosystems in Dubai and Switzerland.The collaboration involves the exchange of knowledge, workspaces, and the organization of joint events, such as the Web3 Hub at the World Economic Forum in Davos in January 2025. CV VC will also become a partner of the DMCC-Bybit hackathon.Feryal Ahmadi, Chief Operating Officer of DMCC, noted that the cooperation would help accelerate the global adoption of Web3. Mathias Ruch, founder of CV VC, emphasized the importance of joint efforts for the development of the blockchain sector in the region.DMCC Crypto Centre and CV VC aim to jointly develop blockchain startups and expand the Web3 space.
SWIFT will start conducting real transactions with digital assets and currencies in 2025 using blockchain to enhance the security and speed of financial operations 🌐💰
The beginning of digital asset trials in 2025: SWIFT will integrate blockchain technologies into the banking system.In 2025, the global financial network SWIFT will transition from testing digital assets under controlled conditions to conducting real transactions with assets and currencies. This significant event will allow commercial and central banks to conduct transactions with digital assets, integrating blockchain into the existing financial infrastructure.SWIFT will begin live trials next year so that banks can test the advantages of blockchain technologies and their potential to accelerate and enhance the security of financial operations. This step promises to be an important milestone in the path towards implementing blockchain technologies in corporate life and further adapting banks to working with digital assets.Furthermore, this project will allow banks to better understand the possibilities of blockchain and optimize processes for working with digital assets, which could potentially significantly change the global financial landscape.
Hackers stole over $750 million in cryptocurrencies in Q3 2024 through more than 150 attacks 🎯 Phishing and private key compromises led to the largest losses on Ethereum and Bitcoin 💸
In the third quarter of 2024, hackers stole more than $750 million in cryptocurrency through more than 150 attacks, a 9.5% increase compared to the previous quarter, despite a decrease in the number of incidents. The primary attack vectors were phishing and private key compromises.According to CertiK, hackers have already stolen nearly $2 billion in 2024. In the third quarter, phishing became the most dangerous vector, leading to losses of $343.1 million, and private key compromises resulted in the second-largest loss of $324.4 million.Ethereum was the most attacked blockchain, losing $387.9 million in 86 incidents, significantly surpassing other blockchains, including Bitcoin.
Best news of the last 10 days
SEC Appeal Against Ripple Labs: The Future of Crypto Regulation in the U.S. at Risk, XRP Back in Legal Battles ⚖️
Aptos Labs acquires Japanese NFT provider HashPalette to integrate Japanese businesses into its blockchain ecosystem and expand Web3 innovations 🌐
Lamborghini and Animoca Brands are launching the Fast ForWorld platform for using Lamborghini digital cars in Web3 games with full NFT support 🚗📈
Nibiru Foundation launches Nibiru Ventures to support development on Nibiru Chain blockchain with investments in DeFi and real assets - LayerBank platform with $675M in assets prepares for cross-chain lending launch in 2024 💰
Hacker attack on WazirX with damage of 2000 crore (about $240 million): Nischal Shetty launches a creditors' committee and receives a four-month court moratorium to restore the exchange 💼🔐
WazirX co-founder Nischal Shetty announced on September 30 on the social network X (formerly Twitter) that the recovery process after the hacker attack on the exchange is on track, and he is forming a creditors' committee to take into account the opinions of all parties after the theft of 2000 crore (about $240 million).Although Shetty's statement looks positive, exchange users have not had access to their funds for two months following the hack, which occurred on July 18. Amid criticism on social media, he disabled comments on his posts as well as on the official WazirX account posts.Recently, a Singapore court granted WazirX a four-month moratorium, which temporarily protects the company from legal claims. However, for millions of users, this means a longer wait for the return of their funds. The exchange is required to disclose information about its wallets, be transparent with users, and present a financial report within six weeks. Any voting on assets must also take place on an independent platform.The moratorium gives WazirX a chance for recovery if the company manages to restore operations and return some of the stolen funds, although a large part of them has already been laundered through Tornado Cash. The situation with WazirX has sparked discussions in India's crypto community and could lead to tighter regulation of cryptocurrencies in the country and beyond.
Kraken will stop supporting Monero in the European Economic Area by October 31, 2024, and all assets must be withdrawn by December 31, 2024, otherwise they will be automatically converted into Bitcoin with the distribution of funds until January 6, 2025 💰🔄
Kraken will stop supporting Monero in the EEA by the end of October 2024 due to regulatory changes. Monero trading and deposits will be halted on October 31, 2024, at 15:00 UTC. Users will be able to withdraw their XMR until December 31, 2024, after which any remaining balances will be automatically converted into Bitcoin at the market rate.This decision is related to new EU rules aimed at combating money laundering and tightening control over privacy-focused cryptocurrencies.
ComplyCube and GRVT have joined forces for large-scale user onboarding and to ensure compliance with global crypto regulations on a hybrid derivatives exchange with off-chain order matching and on-chain settlements at 600,000 TPS 🌐🔐
ComplyCube, the global leader in AML and KYC solutions, has partnered with the hybrid derivatives exchange GRVT to onboard users on a large scale and comply with global crypto regulations. This partnership ensures a secure and compliant process for millions of new users.Founded in 2022, GRVT offers a hybrid derivatives exchange with off-chain order matching and on-chain settlements at a speed of 600,000 TPS. Before the Mainnet launch in Q4, it has already attracted 16 major market makers and secured a trading volume of $3.3 billion.With the rise of cyberattacks, reliable AML and KYC solutions have become essential for maintaining trust in crypto platforms. GRVT aims to become the first regulated decentralized exchange with blockchain settlements, appealing to both crypto and traditional financial traders.ComplyCube helps GRVT provide a scalable and secure onboarding process, meeting high standards of security and confidentiality.
Zeus Network and Sec3 strengthen security for Mainnet Beta: protecting cross-chain infrastructure for Solana and Bitcoin 💼🔒
Zeus Network partners with Sec3 to enhance security ahead of Mainnet Beta launchZeus Network (ZEUS), a decentralized protocol for the Solana and Bitcoin ecosystems, has announced a strategic partnership with the auditing firm Sec3 to strengthen its security ahead of the Mainnet Beta launch. The partnership is focused on auditing key components of the network, such as ZeusNode and the Zeus Program Library (ZPL), which provide the network's cross-chain infrastructure.Sec3 will conduct a detailed audit to identify vulnerabilities and bolster security, helping Zeus Network ensure stability and reliability during the Beta stage. This is a crucial step to build trust in the network, which aims to become a significant player in cross-chain interactions between Solana and Bitcoin.Additionally, Zeus Network plans to regularly update the community on audit progress and infrastructure development to ensure transparency and readiness for the upcoming launch.