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Natural causes. That’s the official explanation for the death of soul icon James Brown in 2006 at the age of 73. Congestive heart failure to be more specific. Now, however, CNN has come out with a three-part investigation— Part 1 , Part 2 , and Part 3 —raising the bombshell possibility that…
SoftBank has spent at least half of its nearly $ 100 billion Vision Fund in less than two years, increasing the pressure to raise more money if the world’s biggest tech investor wants to maintain that pace.
WSJ.com: US Business
Indonesia air disaster raises new questions about how far aircraft makers should push cockpit automationFebruary 4, 2019 | dailybusinessnews
When an altitude sensor failed on a Turkish Airlines Boeing 737 flight to Amsterdam in 2009, the jetliner’s computerized flight controls erroneously cut the engine thrust. The pilots didn’t understand what happened in time to prevent a crash.
The accident had striking similarities to the recent…
In today’s edition of The Daily we feature another recent example of venture capital infusion into the cryptocurrency space as Japan’s SBI invests in the BRD wallet. We also cover a recent security vulnerability that was detected on the P2P exchange Localbitcoins, and a new AML/KYC compliance solution for stablecoins.
Crypto Wallet Raises $ 15 Million
Cryptocurrency mobile wallet BRD (formally Bread Wallet) has announced it has raised $ 15 million in a Series B financing round to accelerate international expansion and scale its technology platform. The funding came from SBI Crypto Investment, a wholly owned subsidiary of Japanese conglomerate SBI Holdings. The new funds are meant to enable BRD to grow its product and engineering teams as well as to expand its operation in Japan and across Asia.
“SBI Group’s investment in BRD allows us to firmly cement ourselves in the Asian market,” said Adam Traidman, CEO of BRD. “It shows incredible support for the foundation that we have built in North America and reinforces our proven ability to scale the success we have achieved in the past 4 years. The new investment will ensure our long-term global growth, and we are incredibly excited about collaborating with SBI as a strategic investor and business partner to make that happen.”
BRD also announced the availability of cryptocurrency purchases using SEPA transfers for the European market through a partnership with payment provider Coinify. This will enable users to purchase bitcoin in the 34 countries across the SEPA region using bank accounts. “BRD has blazed the trail as a decentralised financial platform and we are excited to be the selected partner for their European launch,” said Rikke Staer, Chief Commercial Officer of Coinify. “They have been one of the pioneers of the virtual currency industry, and it is a pleasure to be chosen to power their SEPA trades.”
Localbitcoins Suffers Vulnerability
Peer-to-peer trading platform Localbitcoins has notified users that on Jan. 26, at approximately 10:00 UTC, the exchange’s team has detected a security vulnerability. The notification explained that “an unauthorised source was able to access and send transactions from a number of affected accounts.”
Outgoing transactions were temporarily disabled by Localbitcoins while the team investigated the case, and they were re-enabled after a number of measures to address the issue and secure the accounts were taken. “We were able to identify the problem, which was related to a feature powered by a third party software, and stop the attack. At the moment, we are determining the correct number of users affected – so far six cases have been confirmed. For security reasons, the forum feature has been disabled until further notice.” The team also added some security guidance for users: “Your Localbitcoins accounts are currently safe to log in and use – we encourage you to enable two-factor authentication, if you have not yet.”
The announcement by the exchange came after a user complained on Reddit about a phishing attack on the forum.
Chainalysis Goes After Stablecoins
Digital surveillance company Chainalysis has announced the launch of Know Your Transaction (KYT) for stablecoins, an anti-money laundering (AML) compliance solution for monitoring stablecoin transactions from issuance to redemption. The developers say that stablecoin issuers can integrate with the tool via an API to begin monitoring large volumes of activity and identify high risk transactions on an on-going basis. The service is also said to help issuers understand the risk profile of each stablecoin holder and filter them by level of risk exposure to identify those that require the most immediate attention.
“Chainalysis exists to build trust in cryptocurrencies among institutions and users,” said Chainalysis COO Jonathan Levin. “The repeated knock against cryptocurrency is its volatility, and trust in stablecoins could lead the way to increased commercial use. Chainalysis KYT for stablecoins further supports this vision by raising the bar for accountability and providing compliance teams with the technology they need to meet AML requirements.”
The company says that the service is now available for a number of ERC-20 stablecoins, and will become available for additional tokens in the coming months.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post The Daily: Crypto Wallet Raises $ 15 Million, Localbitcoins Suffers Vulnerability appeared first on Bitcoin News.
For the second time in a little over a month, Venezuela’s president Nicolas Maduro has hiked up the value of the national cryptocurrency, the petro, this time to 36,000 sovereign bolivars. The move has again been met with criticism.
‘A New Monetary System’
President Nicolas Maduro introduced a “new monetary system” on Jan. 14 which included another increase in the country’s cryptocurrency and a higher minimum wage in a bid to combat the “criminal dollar.” As the country continues to struggle with the world’s highest inflation – around 2 million percent – the leader of the South American nation said the move would protect the national bolivar.
“I want us to create a great alliance to produce and create new formulas of investment and financing,” Maduro told the Constituent Assembly in a video broadcast by local media. President Maduro said he would up the the minimum wage by 300 percent to 18,000 bolivars per month, around $ 6.70, and increase the value of the petro fourfold. His new monetary system will be based on the petro and he said he would stabilize the economy with his new measures.
But this isn’t the first time President Maduro has made such pledges. In December he hiked up the price of the petro, with experts and civilians alike expressing their skepticism, while the minimum wage was raised a total of five times last year. There is still no sign of a crypto wallet for the petro, the links to download it don’t work, and the Venezuelan government still strives to sell the digital currency and issue certificates of purchase to buyers. Venezuelans, meanwhile, are still fleeing the country’s dire economic situation in the hundreds of thousands.
Previously, when Nicholas Maduro hiked up the value of the petro and increased the minimum wage, he was slammed. It was the same story on this occasion. Henkel Garcia, director of the Caracas consultancy Econometrica, wrote on Twitter: “The announcement will exacerbate both hyperinflation and economic downturn. The monetary restriction that continues, both for banking and for companies, is very dangerous.” He added: “They try and try to give the petro circulation. They ignore that the use of a coin is a voluntary act and in which confidence plays an essential role.”
Asdrubal Oliveros, director of Ecoanalitica, a Caracas-based economic research organization, told news.Bitcoin.com: “There is no intention to rectify the direction of the economy so it will continue on its deteriorating path in 2019.” Elsewhere, the leader of the opposition, Juan Guaido, said: “Today, Nicolas Maduro mocks the Venezuelan people, once again, after taking economic measures that only bleed more in the pocket of Venezuelans,” adding:
The Venezuelan economy does not improve with an increase of the salary.
Other Venezuelans told news.Bitcoin.com that they had little faith in the petro improving the economy. One law student, Rafael Gutierrez, 23, opined: “It’s not even worth speaking about it. The whole thing is a sham – and the economy is doomed.” Fabian Camacho, a 28-year-old software developer and systems engineer, added: “No one has and no one ever will have faith in the petro, nor Maduro’s economic knowledge.”
What do you think about President Maduro upping the value of the petro again? Share your thoughts in the comments section below.
Images courtesy of Shutterstock
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Facing high suicide rates, Chicago police have decided to make a change. The fifth Chicago police suicide over the past six months—another self-inflicted gunshot wound on Tuesday—only reinforced the need for officers to have access to better psychological counseling and support, NBC News reports. “Police officers think, ‘I’m…
Federal agencies have been directed to hold off enacting pay raises for top administration officials during a government shutdown that has left hundreds of thousands of federal workers without pay, the AP reports. The guidance was issued Friday in a memo from Margaret Weichert, the acting director of the Office…
The quick development of pilotless aircraft has captivated throngs of industry executives with its possibilities, promising services like drone-based package delivery, rescue drones and drone taxi services. But that promise has been overshadowed at times by incidents like the one this week at Gatwick Airport.
WSJ.com: US Business
Amid stock market turmoil and President Trump’s attacks on the Federal Reserve for raising interest rates, Fed officials announced another rate hike on Wednesday — but signaled a slower path of increases in the coming year.
The quarter-percentage-point boost in the Fed’s benchmark interest rate…