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The Unchained Web Daily #117

Alexandros Dolgov CBA? (Study/Bitcoin)

发布日期: 2023年8月10日

If you enjoy and find value in the newsletter, please feel free to donate for its upkeep and independent nature as much as you think is fair:

Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

X Is Fined $350,000 For Pushing Back Against Secret Warrant For Tump’s Twitter Account

Elon Musk's company, X, previously known as Twitter, was fined $350,000 for missing a compliance deadline with a secret search warrant related to Donald Trump's Twitter account. This warrant, part of a US Department of Justice investigation into Trump, sought data connected to potential disruptions after the 2020 election and the January 6, 2021 Capitol riot. Although X responded three days past the deadline, the records it provided were incomplete. X's delay was due to an unsuccessful challenge against a non-disclosure order concerning the warrant, citing First Amendment rights. A lower court previously suggested that alerting Trump might compromise the investigation, but later permitted limited notification after certain information became public. After acquiring Twitter in October for $44bn, Musk has significantly reduced its workforce, causing internal disruptions and raising regulatory concerns, especially regarding compliance staff cuts. Trump's account, previously suspended after the January 6 incidents, was reinstated by Musk. Meanwhile, Trump, now involved with social media platform Truth Social, faces several legal challenges, including conspiracy to defraud the US. He has pleaded not guilty in all cases and criticized the legal actions as biased against him. Both the DoJ and X have not provided comments on the matter. Click here for more.

Australia’s ABC Pulls Back On X Over “Negative Interactions”

Australia's state-owned broadcaster, ABC, has largely withdrawn from Elon Musk's platform, X (formerly Twitter), citing concerns about "toxicity" and rising "abusive" interactions. As a result, most of ABC's official accounts have been shut down, leaving only @abcnews, @abcsport, @abcchinese, and @abcaustralia active. David Anderson, ABC's managing director, highlighted the increased negative interactions and blamed them for diminishing positive engagement with their programs. Anderson also criticized X for allegedly cutting its “trust and safety” teams, making it costlier to maintain a presence on the platform. Earlier in the year, US public service broadcasters, NPR and PBS, also left X after Musk categorized them as "state media" due to their public funding. This trend underscores a wider cultural movement favoring controlled digital spaces over open dialogue, raising concerns about potential suppression of valid perspectives. Click here for more.

Australian Banks Restricting Cash Raises CBDC Fears

The global headlines highlight Australia's aggressive push towards a cashless society, raising concerns about economic privacy and individual freedom. The adoption of Central Bank Digital Currencies (CBDCs), while promising financial convenience, is viewed with suspicion as it could lead to a loss of trade privacy and grant excessive control over personal funds to banks and governments. Australia has conducted experiments with CBDCs, collaborating with corporations like Mastercard and the Bank for International Settlements. The country's major banks have eliminated cash withdrawals from branches, while "special centers" hide the trend of diminishing paper money. The implementation of CBDCs grants unprecedented control to the establishment and enables tailored money flow for specific interests. There are fears of potential coercion, where CBDCs could have expiration dates, prompting accelerated spending, and introducing social credit systems similar to China's, resulting in financial penalties for dissenting speech or beliefs. Australia's decision to lead in the move towards a cashless future capitalizes on lockdown measures and the compliant nature of its citizens to pilot this significant currency transformation. Click here for more.

FTX Accuses Creditors Who Oppose Restart of Promoting Hidden Agendas

FTX alleges hidden motives behind opposition to its relaunch, referencing past creditor objections to its asset sales. The exchange is seeking court approval to invest in Treasuries for improved creditor returns. FTX introduced a restructuring plan in July, favoring operations over full asset liquidation, leading to tensions with creditors. The FTT token value increased by 10% post-restructuring announcement. The IRS is prioritizing its claims to FTX assets, while FTX's past loan to BlockFi has made it an unsecured creditor. FTX later contested its position in BlockFi's bankruptcy, suggesting rushed payouts and overlooking key legal queries to be addressed in an upcoming trial. Click here for more.

Nigeria to issue verifiable blockchain certificates for NYSC

Kashifu Inuwa Abdullahi, the director-general of Nigeria's National Information Technology Development Agency (NITDA), announced the use of blockchain technology for generating and validating National Youth Service Corps (NYSC) certificates. The NYSC program requires graduates under 30 to complete a year of national service. This decision followed concerns of widespread counterfeiting of NYSC certificates. NITDA, in partnership with the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), plans to create a blockchain system to store and verify these certificates. Abdullahi also mentioned similar plans for NITDA training program certificates and expressed Central Bank of Nigeria's willingness to collaborate in the blockchain sector. He emphasized blockchain's potential, citing its ability to add significantly to Nigeria's GDP by 2030. SiBAN's president, Obinna Iwuno, commended the government's vision and openness to work closely with the blockchain industry. Click here for more.

Biden administration launches AI cybersecurity challenge to ‘protect Americans’

The Biden administration has announced an opportunity for hackers to compete using AI to protect critical U.S. infrastructure from cybersecurity threats. In spring 2024, up to 20 top-performing teams will be selected for DEF CON 2024's semifinals, with a chance for five of them to win $2 million each and proceed to DEF CON 2025 finals. The top three teams will compete for additional prizes, including a $4 million award for safeguarding vital software. The challenge involves partnerships with companies like Anthropic, Google, Microsoft, and OpenAI, aiming to foster innovation. Participants will share their system workings publicly, guided by the Open Source Security Foundation. The competition is organized by DARPA, with $1 million support for smaller enterprises. This approach aligns with previous U.S. efforts to use hacking competitions to drive innovation, such as the 2014 Cyber Grand Challenge. This initiative acknowledges the evolving threat landscape and aims to advance technological capabilities. Additionally, President Biden's executive order highlights U.S. investments and technology advancements in sensitive areas like semiconductors, microelectronics, quantum computing, and AI, while acknowledging potential risks of aiding competitors. Click here for more.

CipherTrace expert says Chainalysis data contributed to ‘wrongful arrest’ of alleged Bitcoin Fog founder

Jonelle Still, CipherTrace's director, supports the defense in the U.S. v. Roman Sterlingov case involving Bitcoin Fog mixing service. CipherTrace's report disputes Chainalysis' data, claiming it lacks on-chain corroboration. Sterlingov is accused of founding Bitcoin Fog for alleged money laundering. His attorneys argue Chainalysis failed to trace transactions and built the case on an IRS message to Bitcoin Fog's service. CipherTrace suggests blockchain forensics should generate leads, not stand as primary evidence. They recommend independent audits for Chainalysis. CipherTrace and Sterlingov's defense assist pro bono, given his seized assets during the trial. Click here for more.

Maple Finance secures SEC exemption for on-chain Treasury pools

Maple Finance, a blockchain institutional capital marketplace, has received SEC exemption to offer one-month U.S. Treasury yields to accredited U.S. investors. Initially available to accredited investors outside the U.S., Maple Finance's Treasury pools can now target U.S. investors with a net worth above $1 million or annual income exceeding $200,000. Around $21 million USDC has been deposited in the Treasury pool, yielding 4.76%, with a 0.50% management fee. The onboarding process is swift, withdrawals take up to 48 hours, and Room40 Capital is the sole borrower from the pool, using proceeds for U.S. Treasury bills. Click here for more.

Another Fantom project winds down citing Multichain exposure

Decentralized exchange (DEX) SpiritSwap, built on Fantom's smart contract platform, will shut down operations from September 1 due to its exposure to Multichain, a troubled Chinese cross-chain protocol. SpiritSwap's treasury was drained by a Multichain hack, leaving them unable to finance their operation's essentials. The team seeks a new owner for the DEX by September 1, or it will cease operations. SpiritSwap was a popular Fantom DEX with a peak TVL of $374 million in January 2022, now reduced to $2.92 million due to the Multichain incident. Multichain's co-founder's arrest led to fund mismanagement and capital flight, impacting Fantom's TVL and related protocols like Geist Finance. Click here for more.

Russia to begin CBDC trials with 13 banks

The Bank of Russia will commence testing its central bank digital currency (CBDC), the digital ruble, starting on August 15. The pilot tests will involve 13 banks and a select group of their clients. The aim is to refine the digital ruble platform's functionality, essential procedures, and user experience. The bank intends to gradually integrate the digital ruble into widespread use based on successful testing outcomes. By 2025, citizens and businesses are expected to actively use the national digital currency. The initial pilot phase will refine processes like creating and funding digital ruble accounts, transactions, automated payments, and QR code-based transactions. Participants will use digital rubles for payments in various retail establishments across Russia. The pilot program will expand to include more participants and transaction scenarios in 2024. The introduction of the digital ruble pilot was initially delayed, but legislation was enacted in July 2023, allowing the initiative to proceed. Click here for more.

South Korea arrests Bitsonic CEO for allegedly stealing $7.5M of users’ money

Jinwook Shin, CEO of Bitsonic crypto exchange, has been arrested by South Korean police for alleged theft of investments and deposits from exchange users. Shin is accused of manipulating cryptocurrency prices and trading volume on Bitsonic, resulting in the theft of around $7.5 million from users between January 2019 and May 2021. He also allegedly continued offering crypto to new clients even after the exchange faced liquidity issues. The investigation involves the vice president of Bitsonic, referred to as Mr. A, who is accused of assisting Shin's manipulation. The arrest comes amid South Korea's efforts to combat cryptocurrency crimes through an interagency investigation unit. Click here for more.

India Wants to Use Crypto Tokens to Digitally Sign Documents

The Indian Ministry of Electronics and Information Technology (MeitY) plans to enable users to use crypto tokens for digital document signatures in a new domestic web browser. This development is noteworthy as India hasn't introduced legislation for Web3 or cryptocurrency, although it has advocated for global crypto regulations as G20 president. The country's central bank opposes legalizing cryptocurrency while promoting its central bank digital currency (CBDC). The Indian finance ministry hasn't taken a clear stance on crypto legalization or banning, despite taxing it and aligning it with global anti-money laundering standards. The proposed web browser aims to offer digital document signing using crypto tokens to enhance secure transactions and interactions. The initiative is part of the Indian Web Browser Development Challenge (IWBDC), offering a prize pool of around $400,000 for creating a domestic web browser with advanced features, including support for Web3. The submission deadline is July 1, 2024. Click here for more.

France Steps Closer to Implementing MiCA for Crypto Firms

France has adjusted its crypto firm registration requirements to align with the EU's Markets in Crypto Assets (MiCA) regulations, which will come into effect in the next 12-18 months. The changes, effective from January 1, 2024, are mandatory for new players offering regulated services. Existing firms with prior approval will have a fast-track authorization process. The amended rules involve aspects like security systems, conflict of interest management, accurate information provision, pricing policies, and specific custody provisions. The AMF recently granted its first crypto license to Societe Generale's crypto division, and firms like Binance and Hex Trust are already registered with the regulator. Click here for more.

USDC issuer Circle launches MPC wallet beta for Ethereum, Polygon, Avalanche

USD Coin (USDC) issuer Circle has launched a beta version of a multiparty computation (MPC) wallet service. This new service is designed for developers of decentralized finance (DeFi) apps, Web3 video games, e-commerce services, and other blockchain applications. It enables the creation of customized wallets for users and will be available on Ethereum, Avalanche, and Polygon initially. MPC wallets enhance security by splitting a user's private key into shards distributed through a decentralized network. Developers can tailor wallet security and control configurations, host their own MPC nodes, or connect to Circle's nodes. This service aims to promote the use of USDC and marks a step in Circle's Web3 services strategy. Circle emphasizes that this service is built and maintained in-house to avoid external vendor dependencies, addressing concerns raised by recent MPC hacks. Click here for more.

Only 6 out of 45 crypto wallet brands have undergone penetration testing

A report from cybersecurity platform CER reveals that out of 45 cryptocurrency wallet brands, only 6 (13.3%) have undergone penetration testing to identify security vulnerabilities. Of these, only half have tested the latest versions. MetaMask, ZenGo, and Trust Wallet have conducted up-to-date tests, while Rabby and Bifrost tested older versions, and Ledger Live tested an unspecified version. Most brands (39 out of 45) haven't performed any penetration testing. Popular wallets are more likely to conduct security audits due to greater resources and user bases. CER's security rankings consider factors like bug bounties, past incidents, and security features. Though penetration testing is rare, many brands rely on bug bounties to prevent hacks. CER rated 47 out of 159 individual wallets as "secure." Wallet security has gained urgency due to high-profile hacks, including the Atomic Wallet breach in June. Click here for more.