Bitcoin Industry

2023-05-31 18:01:20 Trust Reserve Stablecoin Team Detained in China

A Trust Reserve stablecoin team was detained by police in China on May 29.
The news outlet reported that the team “had been taken away by the police and detained, and the family members of some employees had been notified.”

The office in Shanghai was vacant and had a seal of “Judicial Seizure, Strictly No Vandalism,” on it.
Trust Reserve had products including stablecoin CNHC and the Hong Kong dollar stablecoin HKDC.

HKDC is a stablecoin pegged to the Hong Kong dollar backed one-to-one, and CNHC is a stablecoin pegged to the offshore RMB, also backed one-to-one.

Trust Reserve also completed a $10 million A+ fundraising round, led by KuCoin Ventures and followed by Circle and IDG Capital. Open / Comment

2023-05-28 18:30:39 JP Morgan Chase Files Trademark for Finance-Themed Chatbot in US

The application suggests the AI chatbot will provide investment advice in “financial investment in the field of securities” and “funds investment”, as well as in “advertising” and “marketing services”.

The new application comes after a February survey by JP Morgan revealed that more than half of the institutional traders believed artificial intelligence and machine learning would be the most influential technology in shaping the future of trading over the next three years.

Commenting on the move, trademark attorney Josh Gerben said that he believes JP Morgan's choice to trademark the chatbot is a “real indication” towards launching a new AI product for investors.

“Companies like JPMorgan don’t just file trademarks for the fun of it. This sounds to me like they’re trying to put my financial advisor out of business.” Open / Comment

2023-05-25 18:00:29 Cybersecurity Firm Unciphered Hacks Popular Trezor T Crypto Wallet

The breach of the popular hardware wallet was made possible by physically taking apart the device using highly specialized tools.
Cracking of the hardware wallet would, in other words, only work if the attacker had physical possession of it, as well as access to advanced tools and knowledge.

Unciphered, which specializes in recovering locked crypto in cases where for instance passphrases are lost or forgotten, said they used their own “in-house exploit” method that allowed them to extract the wallet’s firmware.

This eventually enabled them to crack the necessary pin code and seed phrase, thus getting access to the funds stored on the device, the firm claimed.
Trezor T is one of the most popular crypto hardware wallets in the market today, and is made by Czech Republic-based company Satoshi Labs.

As the news of the hack broke, members of the crypto community on Twitter were quick to point out that a similar hack was also carried out in 2019 by experts at the hardware wallet maker Ledger.

Among those who pointed that out was Rodolfo Novak (also known as NVK), a veteran in the Bitcoin community who is also the CEO of the Bitcoin hardware wallet maker Coinkite.
According to Unciphered, however, the old vulnerability has already been addressed by Trezor, and nobody else has so far hacked the updated version of the hardware wallet with its new firmware. Open / Comment

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2023-05-22 23:02:07 Korean crypto executives allegedly profited $2.3M from coin listing scandal

According to local news outlet The JoongAng, an indictment on May 22 revealed that four individuals named Mr. Jeon, Mr. Kim, Mr. Ko and Mr. Hwang in court proceedings, all of whom were employees of South Korean crypto exchange Coinone, allegedly used illicit means to profit more than 2.98 billion Korean won ($2.26 million) during coin listings from various projects. At least 46 coins were involved in the incident lasting from November 2019 to December 2022, accounting for nearly 25% of all tokens listed on Coinone.

As told by prosecutors, Coinone executives and staff members required projects to sign a market-making (MM) contract with a specific MM company through brokers before a coin’s listing. This was done to ensure sufficient liquidity in trading volume after the new coins were listed. However, the contract’s recipients allegedly operated illegally by artificially boosting trading volume and prices through cross-trading. Coinone executives also allegedly enticed projects into signing such contracts by offering to remove “listing deposits” if they did so. Open / Comment

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2023-05-19 22:01:59 Jack Dorsey's TBD announces new Web5 toolkit

TBD, a division of fintech company Block, which is led by CEO Jack Dorsey, has announced a novel Web5 decentralized web platform at Bitcoin Miami on May 19.

The platform aims to introduce “decentralized identity and data storage” to applications, thereby allowing developers to leverage the technology to create “delightful user experiences, while returning ownership of data and identity to individuals,” the company shared.

Dorsey’s Web5 platform also seeks to introduce several key components to facilitate this decentralized web experience. Under the platform, wallets will act as agents, facilitating identity and data interactions for individuals and institutions. Decentralized web nodes (DWNs) will serve as personal data stores, securely holding both public and encrypted data, while Decentralized web apps (DWAs) leverage decentralized identity and data storage capabilities to enhance user experiences. Open / Comment

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2023-05-16 22:00:02 ​Bitcoin Cash enables CashTokens upgrade on its network

The Bitcoin Cash network underwent a major upgrade on May 15, allowing developers to create tokens with the same properties as BCH. The tokens — called “CashTokens” — can be issued by anyone using the network.

The network successfully upgraded the blockchain at the block height of 792,772. According to BCH developer Jason Dreyzehner, the new upgrade includes support for CashTokens, which the developer believes to be a “tool for expanding financial access.” The upgrade also has features like future-proof multiparty vaults and technical improvements for transaction validation.

The developer highlighted that CashTokens could be used for various applications, from payment stablecoins and commodities to gift cards and event tickets. Dreyzehner also mentioned that its underlying technology would make advanced on-chain applications possible. This includes decentralized exchanges (DEXs), security vaults and bridged sidechains.

The price of BCH surged on the same day due to the new update. Data shows that the tokens went from $114 to a high of $120 on May 15. Despite the hype, the price action was short-lived as the price almost instantly returned to the $113 to $114 range after the upgrade. Open / Comment

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