Binance founder and former CEO Changpeng Zhao who is currently serving a four-month prison sentence with around 2000 other inmates at Federal Correctional Institution Lompoc II, will not be able to manage the exchange again. This has been reported by the Axios which wrote that Zhao is permanently restrained from managing or operating cryptocurrency exchange for life. It’s normal for someone to ask whether a person with a 90% stake in a company will influence the decisions of the company or not?

The answer is obvious and current Binance CEO Richard Teng said to Axios Report. “As a shareholder, he will be looking at the performance of the company, and if things are not up to what he expects, as an investor, it’s always his right to replace, nominate a new board of directors, or a new CEO … shareholders can also always table a resolution.”

The company has faced serious allegations of allowing users from sanctioned countries to use its platform in violation of sanctions laws and non-compliance with anti-money laundering program regulations. This case did reach a point where the company agreed to pay $4.3 billion as a settlement with the US Department of Justice (DOJ). As part of this settlement, Binance’s founder and CEO resigned from his role and was restrained from holding any executive position or operating the company. At that time, a question was left unaddressed and that was about the period until the founder would not be holding any position. Now the answer is out and we know that Zhao will never be holding any position in the company.

The post U.S. Regulators Permanently Bar Binance Founder CZ From Returning To Leadership appeared first on The Tech Outlook.

Sony has announced its own blockchain network named Soneium. This is a layer 2 network that has built-in collaboration with Startale Labs. The company plans to make the network available to the public and aims to create new services by leveraging the various businesses and IPs within the Sony Group. Apart from providing comprehensive Web3 solutions from the infrastructure to the application layer company will investigate how new services that collaborate with businesses within the Sony Group can be developed as Soneium-compatible apps.

“I think the development of a comprehensive Web3 solution based on blockchain is very significant to the Sony Group, which has developed a wide variety of businesses under its purpose of “Fill the world with emotion, through the power of creativity and technology.” We will work to create diverse businesses and new use cases to deliver customer value that can only be enjoyed through Web3 technology to as many users as possible and making people’s lives richer and more colorful” said Jun Watanabe
Head of Advanced Infrastructure Business Search Department, Business Development Platform, Sony Group Corporation, and Chairman of Sony Block Solutions Labs.

“The Web3 industry is in the midst of a major transformation. We believe that the watershed moment for the entire Web3 industry will be whether we, as companies involved in Web3, can truly provide solutions that billions of people use as a matter of course in their daily lives and make Web3 mainstream in the next few years. We believe that Soneium has great potential to lead the world and realize this vision, and we would like to collaborate with a variety of developers and companies, transcending the boundaries of countries, regions, and industries” said Sota Watanabe
Director of Sony Block Solutions Labs.

Source 

The post Sony Unveils Soneium: A Layer 2 Blockchain Network In Collaboration With Startale Labs appeared first on The Tech Outlook.

WazirX an Indian cryptocurrency exchange firm has gone through a hard time because of a cyberattack on 18 July 2024. The report came after that speculated that North Korean hackers could be behind it. As soon as this incident took place company suspended all the withdrawals.

Now a new update has come from the company that talks about the INR balance withdrawals. As per the company, the suspension on withdrawals of INR balances will be lifted on 26 August 2024, and INR withdrawals will be enabled in phases. To make this withdrawal easier than before company says that it is reducing withdrawal fees by 60% – from INR 25 to INR 10.

Its operating entity for INR-related activities, Zanmai Labs Pvt Ltd (“Zanmai”), on the WazirX platform, was not affected by the cyberattack and has sufficient INR reserves to cover all INR user balances though all balances are not available for withdrawal. 34% of the INR balances are currently frozen while the rest is not available immediately. As a result of this, the user will be able to withdraw half of the ~66% limit of their INR balances from 26 August – 8 September 2024. From 9 – 22 September 2024, users will be able to withdraw up to the full ~66% limit of their INR balances.

Source

The post WazirX To Gradually Lift Suspension On INR Withdrawals Starting August 26 After Cyberattack appeared first on The Tech Outlook.

Scams are reaching new heights, with cryptocurrency scams becoming increasingly common. A recent report reveals that McDonald’s Instagram account was hacked to promote a fake cryptocurrency called ‘GRIMACE,’ named after the company’s purple mascot. This incident occurred on August 21st, 2024, with the hacker claiming to have earned approximately $700,000 by promoting it on McDonald’s compromised Instagram account. Some followers, unaware of the scam, clicked on the link in the post, which prompted them to provide their personal information and cryptocurrency wallet address.

Within just 30 minutes of the fake promotion, the value of ‘GRIMACE’ surged to $25 million. Following this spike, the perpetrators began dumping the cryptocurrency in Solana, causing its value to crash to nothing.

This type of scam is known as a ‘Rug Pull,’ where scammers hold 70-80% of the coins and, after a significant increase in value, start selling off their holdings, leading to a rapid collapse in value.

The hacker then changed the bio of McDonald’s Instagram page to read, ‘Sorry mah n–ga you have just been rug pulled by India_X_Kr3 thank you for the $700,000 in Solana.’ In response, McDonald’s issued a statement and provided a comment to the New York Post “We are aware of an isolated incident that impacted our social media accounts earlier today. We have resolved the issue on those accounts and apologize to our fans for any offensive language posted during that time.”

The post McDonald’s Instagram Account hacked, resulting in a $7,00,000 Cryptocurrency Scam appeared first on The Tech Outlook.

WazirX, a leading cryptocurrency exchange has been hardly hit by the cyberattack that cost the company the loss of digital assets worth $230 Million. As of now, the company has suspended all the INR and Crypto withdrawals.

📢 Update: We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.…

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024

It has also filed a police complaint and reported the incident to the Financial Intelligence Unit (FIU) and CERT-In. In order to speed the recovery process recently announced the Bounty Programs. One of the bounty program objectives is to identify, track, and provide actionable intelligence leading to the freezing of the stolen funds. Under this program company will offer rewards of up to $10,000 worth of USDT.

The second bounty program is White Hat Recovery Bounty. Under this program, someone who assists in the recovery of the stolen funds gets 5% of the recovered amount as a reward. Now the company has increased the percentage of the bounty from 5% to 10% which means a total of 23 million. There have been some report that says that North Korean hackers are behind that has yet not been proven. Recently ZachXBT named a user and an investigator on X who wrote in an X post that “All I can say is the WazirX hack has the potential markings of a Lazarus Group attack (yet again)”

6/ This is where my tracing ends as the BTC appears to come from an unknown service making it difficult to trace.

All I can say is the WazirX hack has the potential markings of a Lazarus Group attack (yet again)

Hopefully the WazirX team will be transparent with their… https://t.co/IjzlI76TRQ

— ZachXBT (@zachxbt) July 18, 2024

Those who don’t know Lazarus Group is a threat group that has been tied to the North Korean government since as early as 2009. Their name has earlier been associated with the Sony Pictures Hack, and Bangladesh Bank Heist and in recent days they have shifted their focus to cryptocurrency.

The post WazirX Suffers $230 Million Cyberattack, Launches Bounty Programs for Recovery appeared first on The Tech Outlook.

Indian cryptocurrency exchange WazirX has been severely hit by a security breach that cost the company the loss of over $230 million worth of crypto. The company has confirmed this security breach along with other sources and experts. The stolen assets include significant amounts of SHIB and FLOKI tokens, among others. The exchange has temporarily suspended Indian rupee (INR) and crypto withdrawals to protect user funds while investigating the incident.

In a recently posted post X company said ” It appears that the security issue involves one of our Liminal multisig wallets”. For those who don’t know Multisig wallets are a type of cryptocurrency wallet that requires two or more keys to authenticate and confirm transactions before proceeding. As per the reports, the thief has already swapped a number of these tokens for Ether using a variety of decentralized services. A report by Elliptic mentions that North Korea-based hackers are responsible for this hacking.

📢 Update: We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.…

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024

There is still a lot to come out though this data breach has costed the company a hefty amount. The WazirX is one of the few trusted Bitcoin and cryptocurrency exchange and trading platforms in India.

The post Major Security Breach At WazirX: $230 Million In Crypto Stolen by Hackers appeared first on The Tech Outlook.

There is a growing threat of distrust among netizens across the world. According to a 2022 study by the Pew Research Center, 64% of Americans are concerned about the reliability of the information they find online. Furthermore, a 2021 survey by the Reuters Institute for the Study of Journalism found that 54% of Americans believe it is difficult to tell the difference between real and fake data online.

These shocking statistics show how there can be distrust and doubt on verifiable data online. However, through the help of blockchain technology, bringing trust back to information found online might just be possible. VX Technologies, a firm that specializes in record creation and verification, revealed to the public their flagship platform AlphaDAPP that serves to bring data sovereignty to its end-users.

VX Technologies made the AlphaDAPP introduction at the London Blockchain Conference (LBC) held at the Queen Elizabeth II Centre last May 31 to June 2. Aimed to bring the world of enterprise, government and blockchain together, the LBC served to connect the brightest minds in the technology world and introduce how blockchain can disrupt industries.

VX Technologies President Justin Pauly participated in a panel about how verifiable data and digital sovereignty can be accomplished with AlphaDAPP. But first, he went on to talk about how AlphaDAPP is a foundational product that eases the long list of requirements for app development by putting data-on-chain, distributing the data, and having peer-to-peer verification for all users.

“When we put data on-chain through AlphaDAPP, we’re allowing a corporation to start an audit trail. Someone signed for this, now they’re an authorized signer. I’ve worked to go to school, right? Whether I complete that course or that final degree that I’ve taken my course, I have learned that information. You can’t take that away from me,” said Pauly.

“That is my sovereign thing that I’ve earned, and I think I should have a record of it. Whatever that may be, it brings trust. When we start bringing trust in education, into e-governments, into agriculture, into mining, into sustainability, these things are critically important,” he added.

Simply put, AlphaDAPP works by leveraging blockchain technology to enable enterprises to build trust and provide transparency into their apps. This platform mainly serves to ease down firms’ application and program development work from months to minutes, but it also ensures trust is built using blockchain’s inherent features of immutability, traceability and transparency.

Immutability means that once data is recorded and stored on-chain, it cannot be changed or tampered with. This happens because each block on the blockchain contains a hash or a unique identifier of the previous block—and all changes of data in one block invalidates hashes of all subsequent blocks. Traceability is done by emphasizing the distributed ledger technology (DLT) in the recording of data.

Being a distributed ledger means that data loss is prevented at all times. Data is distributed to each node or miner on the network. Because of this, each node has a master copy of all data on the blockchain. So, even if one crashes or goes bankrupt, no data will be lost because all other nodes will still be in possession of all the data held by that node. 

DLT also allows for the secure and transparent recording of data in a chronological order when it is combined with a public blockchain. This allows anyone to verify the accuracy and integrity of the data, as well as trace its source. Aside from it being a handy tool for law enforcement agencies to track illicit activities, it can also be applied to many different industries.

For instance, AlphaDAPP can be used to store medical records for the healthcare industry. And because AlphaDAPP provides immutability and transparency of data, doctors, patients, insurance agents and other stakeholders will be able to trust that the records they are accessing are verifiably authentic.

In the case of insurance claims, patients will be assured that they are getting what they deserve. On the other hand, insurance companies will also feel confident that they are not underpaying or overpaying claimants. Not only will this kind of system save time, effort and money in this age of digitalization, but it will also bring back the trust from the end user to the service provider. 

Healthcare is but one industry that AlpaDAPP can serve. Governments, which are in need of reliable and efficient digital systems, will also benefit greatly from this system of trust. Gaining back and building the people’s trust is crucial in establishing loyalty, which is a major factor to consider not only for brands, but most businesses.

According to HubSpot Research, 65% of consumers in the United States and United Kingdom “do not trust company press releases.” Distrust in the data that companies provide to the public is something that will negatively affect their margin. However, when the content of press releases, for instance, is based on verifiable data, then trust can be earned back. 

Data sovereignty is key in not only making digital systems highly efficient, but it is also crucial in building trust. This is extremely valuable today and in the future digital economy. 

The post London Blockchain Conference: Bringing Trust to Multiple Industries with AlphaDAPP appeared first on The Tech Outlook.

No one can deny how revolutionary the Bitcoin white paper published in 2008 under the pseudonym Satoshi Nakamoto is. The pioneering digital currency, which is also the first-ever functional implementation of blockchain, has given rise to a new era of digital economy. 

The innovation that is Bitcoin has also been plagued by controversy throughout the years since its launch. One of the issues that created much buzz in the early years of Bitcoin is the mysterious identity of Satoshi Nakamoto. It was only in 2015 when the man behind the famous pseudonym was revealed to be Australian scientist Craig Wright. 

Since he was outed, Wright has had to endure derogatory comments made against him to the point that his reputation has suffered greatly. This is because Wright believes that only in massively scaling Bitcoin will it survive and thrive to be the technical plumbing that will power a myriad of technologies, such as the metaverse, the Internet of Things (IoT) and artificial intelligence (AI).

Although Wright has had many critics, some have crossed the line with outright slander of his name on social media. They went beyond being rude and became obviously defamatory. Blogger and crypto influencer Peter McCormack, with almost 500,000 followers on Twitter, is one of them. 

The Case Against McCormack

Evidence submitted against McCormack is composed of 15 publications: 14 tweets and one YouTube video in which he was one of four guests engaging in a debate over Bitcoin Core (BTC) and Bitcoin Satoshi Vision (BSV). The latter is the Bitcoin implementation that Wright is currently supporting as it has restored the original Bitcoin protocol and unlocked limitless scaling.

“Craig Wright is a fucking liar, and he’s a fraud; and he’s a moron; he is not Satoshi. He can come at me in the fucking UK, he can take me to Court; he can come with his—his fucking billions of dollars; I don’t give a shit, come at me. Sue me, I don’t give a fuck; you’re still a liar, you’re still a fraud, and you’re still a moron,” McCormack said during the debate.

The 14 tweets submitted as evidence include McCormack stating the following:

• “Craig Wright is not Satosh.”
• “I believe that claiming to be Satoshi and promoting a fake version of Bitcoin is fraudulent.” 
• “BSV is a fake Bitcoin run by frauds.” 
• “I was right to allege Craig Wright fraudulently claimed to be Satoshi.” 
• “I believe Craig Wright to be a con man.” 
• “Let’s go to court and prove once and for all that he is a liar and a fraud. Craig Wright is not Satoshi.”

The tweets are numbered Publications 1 to 15, with complaint for number 11 being withdrawn. The YouTube video is referred to as Publication 16.

How McCormack Dealt with the Lawsuit

In a deleted tweet, which was also included in evidence, McCormack was quoted as saying “Craig Wright is not Satoshi! When do I get sued?” But when Wright finally filed a complaint of libel against him in the UK High Court of Justice, Queen’s Bench Division in 2019, McCormack seemed to have lost his bravado.

McCormack attempted to delay discovery, which is the process of handing in evidence by both parties. Because of this delay, he was asked to pay Wright £18,500. After discovery, in which McCormack tweeted that “Craig Wright submitted a crazy amount of evidence that he is Satoshi,” the social media influencer again suffered a great loss. Stablecoin Tether, which has been financially backing him in the lawsuit, backed out. 

Craig Wright submitted a crazy amount of evidence that he is Satoshi in my lawsuit. What’s your point? https://t.co/Y130Zaw7vy

— Pedro ☠️ (@PeterMcCormack) December 4, 2020

Tether’s about-face is a sign of more bad news to come. McCormack’s legal team then appealed to the High Court that they will forgo the truth defense. Using the truth defense means that McCormack will no longer be trying to prove that his statements against Wright are true. 

In a sense, McCormack is admitting to the High Court that his statements are false and that Wright is indeed the real identity of the pseudonym Satoshi Nakamoto who created Bitcoin.

It also means that the trial is now focused on proving whether or not McCormack’s statements caused serious damage to Wright’s reputation. This may be a calculated move to winning the lawsuit as the burden of proof has been transferred to Wright’s camp. 

Even though McCormack has abandoned the truth defense, his legal team still submitted evidence that aimed to discredit the fact that Wright is Satoshi Nakamoto. The court rejected the evidence and asked him to pay 90,000 to Wright for this underhanded move. 

Having to pay a total of £108,500 before trial even started and with no Tether to pay for it, McCormack then delayed payment. For this, the High Court ordered him to go to London to present a status of his finances, which then forced him to pay the full amount plus interest. 

McCormack then tried to appeal to the sympathy of his followers by saying that he is in debt of about £500,000 to his lawyers because he was sued by Wright. But after a while, he boasted about having a new sports car and “buying” the Real Bedford FC football team. 

When questioned during the trial, McCormack then admitted that he did not actually buy the football team. Instead, he just took over it under the pretext that he will provide pre-selling sponsorship rights to cryptocurrency companies in exchange. 

The Verdict

The Wright v McCormack verdict, released on August 1, 2022, states that the Honorable Mr Justice Chamberlain has found McCormack guilty of defamation against Wright that caused serious harm on all 15 Publications. 

“The tweet by Hotep Jesus indicating that he had been persuaded by Mr McCormack that Dr Wright was a fraud provides evidence supporting the inference that Publication 16 in fact caused serious harm to Dr Wright’s reputation by lowering that reputation in the eyes of at least one influential individual,” Justice Chamberlain stated in the released High Court Approved Judgment. 

“In the light of the matters discussed at [132]-[138] above, I find it more likely than not that each of the Publications caused serious harm to Dr Wright’s reputation,” Justice Chamberlain added. 

It is a clear win for Wright. Not only was McCormack forced to completely give up on proving that Wright is not Satoshi Nakamoto in the trial, but he was also found guilty of all charges of defamation. However, the fact that Justice Chamberlain only awarded him nominal damages amounting to a measly £1 has again become fuel for Wright’s critics to disparage him on social media. 

It seems that McCormack’s supporters are forgetting the fact that McCormack already paid £108,500 plus interest to Wright before trial had even begun. On top of this, Wright can still appeal Justice Chamberlain’s decision to award nominal damages. 

It must be remembered that Wright also won the Kleiman v Wright trial last year in Florida. Ira Kleiman, estranged brother of Wright’s friend David Kleiman, sued Wright claiming that David Kleiman’s estate is entitled to half of the 1.1 million Satoshi coins amounting to over $600 billion due to a partnership between Wright and David Kleiman in creating Bitcoin. 

The Kleiman v Wright jury ruled that there was no partnership and that Wright alone created Bitcoin as Satoshi Nakamoto. After this vindication, Wright has also come out victorious in this libel case against McCormack. Whether or not Wright’s detractors continue to paint him as a fraud, the courts of law in two countries have now sided with him. 

The post Craig Wright Wins Defamation Lawsuit Against Crypto Influencer Peter McCormack appeared first on The Tech Outlook.

While everyone was eagerly anticipating the development of Samsung’s own cryptocurrency exchange platform, a recent announcement has turned heads. In a press release, Crypto.com revealed a partnership with Samsung for the latest update of its app.

The update has been tailored to provide an optimized experience for Samsung Galaxy Z Fold devices. According to Crypto.com, this updated app will “enable increased productivity, multitasking, and ultimately deliver enhanced trading and analysis capabilities.”

This partnership promises to provide Galaxy Z Fold 4 device users with more tools and resources than ever before. Users will be able to compare a range of tokens simultaneously and more easily than on any other mobile device.

Eric Anziani, President and Chief Operating Officer of Crypto.com, stated, “This collaboration with Samsung will allow users to experience our app like never before. Together, Samsung and Crypto.com have optimized the Crypto.com App for the large-screen experience, taking advantage of the foldable form factor, to bring a more productive way of using the app for the trading and analysis of cryptocurrencies.” Crypto.com, founded in 2016, is currently used by more than 80 million customers worldwide.

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The First Finance Ministers & Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency is scheduled in Bengaluru and will be chaired by  Finance Minister Nirmala Sitaraman and co-chaired by RBI Governor Shaktikanta Das .

RBI on their official twitter account has shared the information that as the curtain raiser of this meeting held in Bangalore RBI’s e- ₹ as in the digital currency was showcased .

As a curtain raiser at the #FMCBG meetings under @G20India at #Bengaluru, @RBI's e-₹ (digital currency) showcased. Various delegates and Governor @DasShaktikanta visited stall.#RBI #RBIgovernor #G20Summit pic.twitter.com/TtFAhZ1j2J

— ReserveBankOfIndia (@RBI) February 23, 2023

In the image shared by them it can be seen that various delegates and Reserve Bank governor Shaktikanta Das have visited the Central Bank Digital Currency stall .

India’s Central Bank Digital Currency (CBDC) , Digital Rupee is issued by Reserve Bank of India as a digital token representing legal tender and is considered fiat money . This digital rupee is issued in the same denominations as the paper currency and coins currently in use .

Last year in a press release the Chief General Manager of RBI also stated that Reserve Bank will soon commence pilot launches of e- ₹ for specific use cases and as the extent and scope of such pilot launches expand , RBI will continue to communicate about specific features and benefit of e- ₹ , from time to time

RBI has also issued a concept note on CBDC which explained that this digital currency holds a lot of promises by way of ensuring transparency and low cost of operation among other benefits and potential to expand the existing payment systems to address the needs of a wider category of users .

The concept of this digital currency basically derived from crypto currencies , the only difference is that CBDC would be termed as a legal tender , easily transferable and legally recognized . The purpose of introduction of CBDC is risk mitigation in trade , business and commerce and also to control illegal , nefarious and money laundering activities carried out by certain cross sections of people .

The post RBI’s e- ₹ (digital currency ) showcased at FMCBG meeting as a curtain raiser appeared first on The Tech Outlook.