Month: June 2020

How Terrorists Use Cryptocurrency in Southeast Asia – The Diplomat

In May 2020, the Philippine Institute for Peace, Violence and Terrorism Research (PIPVTR) reported that Islamic State (IS)-linked terror groups had conducted their first transactions in cryptocurrencies. According to the report, a terrorist-linked money laundering operation involving cryptocurrencies generated funds, which were then allegedly used to finance the activities of terror networks operating in the conflict-ridden Mindanao region in the southern Philippines.

While the…

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The Great Estonian Exodus — Crypto Firms Are Leaving Estonia

Back in 2017, the Estonian government rocked the legislative side of the crypto world when they introduced a raft of new laws designed to support crypto projects. These licenses split into two different categories: those looking to operate a crypto exchange and those looking to undertake an initial coin offering. Both company types stood to benefit from the first “real” cryptocurrency licenses anywhere on the planet.

As a result of these licenses, entrepreneurs digitally flocked to the…

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Bancor’s Bug Exposes Dangerously Common Practice in Ethereum DeFi

A vulnerability discovered on Bancor on Thursday would have allowed hackers to simply drain the funds of anyone who interacted with its smart contracts. The exploit relied on the concept of withdrawal authorization, introduced in the ERC-20 standard. This allows various Ethereum-based decentralized applications to automatically withdraw money from users’ wallets.

As Oded Leiba, a research engineer at ZenGo, wrote, the fund withdrawal function on Bancor’s smart contract was mistakenly…

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Estonia’s Cryptocurrency Crackdown – Lexology

Syedur Rahman of Rahman Ravelli outlines the Estonian authorities’ tougher new approach to cryptoassets.

Estonia has cancelled 500 cryptocurrency firms’ licences as it looks to tackle money laundering in the wake of the Danske Bank scandal.

Cancellation of the licences – roughly a third of the total in Estonia – is an attempt to prevent a repeat of the Danske Bank situation, which saw an estimated €200 billion in suspicious transactions flow through the Danish bank’s small…

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$6 Billion Construction Contract Awarded to Build Akon City in Senegal

It has been announced that a $6 billion construction contract has been awarded to build Akon City in Senegal, Africa.

Senegalese-American singer, businessman, and philanthropist Akon is building a futuristic-cryptocurrency themed city, named after himself. Akon City has awarded the contract for building and executing the city to KE International, which is a United States-based consulting and engineering firm.

The city’s Phase 1 is expected to be completed before the end of 2023, and they should be starting the construction of roads, along with a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility, and a solar power plant.

Phase 2 will run from 2024 to 2029 and will end with a complete cryptocurrency city running exclusively on AKOIN cryptocurrency.

Akon City is located on 2,000 acres near the ocean, less than an hour’s drive south of the new international airport in Dakar.

The St. Louis native plans on running the whole city he is planning on renewable energy sources. Akon says he will use his cryptocurrency, ‘AKoin” to build the city’s economy. The Grammy-nominated singer originally announced his plans for a futuristic city that would be built on the land that was gifted to him by Senegal’s President Macky Sall, last year.

“It’s Akon city. It’s all renewable, the Akon-tainment solar city. It’s all renewable. A real physical place, it’s going to have a real airport. It’s a 10-year building block so we’re doing it in stages,’ the singer told Nick Cannon during a radio interview last year.

Akon also has his own company, Akon Lighting Africa, a project he started along with Samba Bathily and Thione Niang in 2014 that aims to provide electricity by solar energy in Africa. Since launching, Akon’s group has operations in 14 nations, including Guinea, Senegal, Mali, Niger, Benin, and Sierra Leone.

Source: Adobe/dennizn

Bancor, an on-chain liquidity protocol for Ethereum and other blockchains, has discovered a security vulnerability. The team informs that upon discovery it has used a white-hack attack to migrate all funds at risk to safety, and all user funds are secure. Trading within the system is now back to normal. (Updated at 14:30 UTC, with the comments from Bancor’s team).

According to the Bancor Network, the vulnerability was discovered last night at midnight, 00:00 UTC,…

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Bancor Breach Exposes Latest DeFi Exploit

Reports are emerging of exploitation of vulnerabilities in the Bancor decentralized finance platform that may have resulted in the loss of funds. It is the latest attack on the embryonic and burgeoning DeFi industry.

According to a tweet by on-chain liquidity platform Bancor [@Bancor], in the early hours of June 18, a vulnerability was discovered in the latest version of the network’s smart contracts:

Last night at 12:00AM GMT, a vulnerability was discovered in a new…

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Let’s Talk Turkey And The Crypto Rage Against The Machine

Turkey accelerates cryptocurrency adoption as the nation attempts to detach economic ties from the US and regenerate an economy facing potential recession.

Bitcoin, blockchain and the wider crypto world are by no means perfect but during times of economic unrest and uncertainty, people seek out alternative solutions. And those who serve the people, the governments, do the same. Both have very different agendas in mind however.

Turkey

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