You Are the Product: A Three-Step Plan to Take Back Control of Personal Data

Entrepreneur and investor Jennifer Zhu Scott is a Council Member of The Future of Blockchain Council at the World Economic Forum and holds a dual fellowship with the APAC Program and the Digital Society Initiative at Chatham House. She is also a consultant to the HBO show “Silicon Valley.” Let’s state a simple fact. Your traits and intimate personal information, such as your relationships, location histories, sexual orientation, genetic details and your children’s images have become business assets. But they are not yours. They are recorded in digital form and…

Officials Arrest US Resident for Allegedly Laundering Drug Proceeds With Crypto

The U.S. arrested an alleged money launderer Tuesday on accusations of using cryptocurrencies and cashier’s checks to obfuscate the origins of funds related to drug running. First noted by George Washington University’s Seamus Hughes, the complaint, unsealed Wednesday, charges Pedro Antonio Aquino-Eufracia with conspiracy for allegedly participating in a drug cartel, laundering funds using a combination of cashier’s checks and cryptocurrencies. According to the filing, U.S. Drug Enforcement Administration (DEA) Special Agent Drew Gizzi alleged Aquino-Eufracia was part of “a large-scale, international Money Laundering Organization” (MLO), with individuals based in…

Paxos, Credit Suisse Claim First Blockchain-Based Settlement of US Equities

New York-regulated crypto startup Paxos, in conjunction with Credit Suisse and Nomura-owned broker-dealer Instinet, has claimed bragging rights for the first live blockchain-based settlement of U.S. equities.  Announced Wednesday, the Paxos Settlement Service has gone live, allowing for the simultaneous exchange of cash and a select number of U.S.-listed securities on Paxos’ own private version of ethereum. Last year, Paxos Trust Company announced the pilot, involving Credit Suisse and Société Générale, would be given the green light from the U.S. Securities and Exchange Commission (SEC) in the form of a…

Brazil’s Central Bank to Launch Near-Instant Payments as a Response to Cryptocurrencies

A new payments system is coming to Brazil later this year promising almost instant transfers. Called PIX, the project from the country’s central bank will provide 24/7 payments in up to 10 seconds via mobile apps, internet banking and ATMs, according to reports from Reuters and local crypto news site Livecoins on Wednesday. Slated for launch on Nov. 10, 2020, PIX is aimed to speed up and reduce the costs of fiat transfers between individuals and businesses. At a launch event for the planned system on Wednesday, Central Bank of…

Gemcoin Founder Agrees to Plead Guilty to Fraud, Tax Evasion for $147M Scheme

Steve Chen, the ringleader behind the $100 million-plus Gemcoin fraud of 2013-2015, agreed to plead guilty Wednesday to tax evasion and conspiracy to commit wire fraud. The 62-year-old San Gabriel Valley resident will face a minimum of 10 years in prison, according to the Department of Justice (DOJ). As part of his plea agreement, Chen admitted to running and promoting U.S. Fine Investment Arts (USFIA), an Arcadia, Calif., company that peddled investors its “Gemcoin” digital currency, backed by gemstones that did not actually exist. The multi-level marketing scheme attracted 70,000…

Chainlink’s Sergey Nazarov on What DeFi Can Learn From Early Exchange Hacks

Sergey Nazarov joins today’s episode of The Breakdown to discuss the role of price oracles in the recent DeFi attacks, plus what DeFi can learn from early exchange hacks. The DeFi world continues to dissect the recent attacks on bZx. To most, the amount lost in the attacks is far less relevant than what the attacks suggest about how DeFi applications need to be designed.  Within that, one key topic of conversation is the role of price oracles – the systems by which DeFi applications check the prices of assets…

Financial Services: The Coming Cataclysm

Alex Tapscott is a venture capital investor, co-author (with Don Tapscott) of Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrencies is Changing the World and co-founder of the Blockchain Research Institute, in Toronto. The following excerpt, written by Alex Tapscott, is from his new book Financial Services Revolution, available in all good stores now. Facebook’s foray into cryptocurrencies should surprise no student of technology. After all, the digital revolution has transformed nearly every aspect of our lives, except banking. Financial intermediaries depend more or less on pre-internet technologies. Libra is simply the…

Blockstation Builds Disclosure Tool for Security Token Issuers on Jamaica Stock Exchange

Blockstation, a Canadian digital asset trading systems firm, has built a fast-track disclosure filing process for companies hoping to list security tokens on the Jamaican Stock Exchange (JSE). Announced Tuesday alongside JSE’s launch of a tokenized Initial Public Offering (IPO) platform, Blockstation’s new tool, called the Smart Listing Accelerator Process (SLAP), is designed to streamline the filing of required regulatory disclosures and prospectuses, said CTO and co-founder Jai Waterman. Waterman said SLAP “lowers the barrier to entry” for companies that want security token offerings (STOs) but do not know how to…

Crypto Exchange Binance Suspends Trading Over ‘Systems Messaging Error’

Binance, the world’s largest cryptocurrency exchange by trading volume, suspended trading on Wednesday, alerting users of an outage due to “temporary system maintenance.”  The exchange has suspended deposits, withdrawals, spot trading, margin trading, person-to-person trading, lending, redemption and asset transfers from sub-accounts, margin accounts, futures accounts and wallets that hold government-issued or “fiat” currencies, according to a notice posted on the company’s website.  Futures trading is unaffected, the exchange said.  Josh Goodbody, Binance’s London-based director for growth and international business, told CoinDesk in a series of WhatsApp messages there was…

Korean ICO Project Shuts Down, Says ‘Negative Perceptions’ of Crypto Made Business Impossible

An $8 million ICO project is shutting down, citing regulatory uncertainty and difficulties in onboarding new users. Content-sharing platform Contents Protocol announced Wednesday that following numerous attempts to turn its business into a success, the firm is closing down and refunding investors as much as $7.5 million-worth of the ether (ETH) raised in its initial coin offering (ICO). “We inform you that due to continued regulatory uncertainties in cryptocurrency and lack of business prospect, we have decided to end our project,” reads an announcement that has now wholly replaced Contents…