Aurelia Butler

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    in Cryptocurrency

    Crypto chipset maker Bitmain plans to add new talent

    In an update on Sep. 4, Bitmain outlined their specific interest in recruiting PhD candidates talented in thermal energy, machinery, electrical engineering, materials science, and related fields as part of this initiative.Bitmain is seeking 24 graduates, both from home and abroad, with at least a master’s degree. In return, they offer free dormitory accommodation for three years or discounted rent. This recruitment drive isn’t limited to China; it also covers Singapore, Malaysia, and the United States.This update follows Bitmain’s announcement on June 21 that it, along with the crypto platform Anchorage Digital, would acquire equity in Core Scientific, then the second-largest publicly listed Bitcoin miner.Core Scientific had filed for bankruptcy due to declining revenue and falling Bitcoin prices. However, it’s worth noting that the status of this plan is still pending, and there have been no new updates to report as of now.At the same time, the company also shared its hosting of World Digital Mining Summit 2023 (WDMS 2023) in Hong Kong from Sept. 22 to 23, 2023, with the theme of “mining for the next bull market.”This article was originally published on Crypto.news More

  • 113 Shares149 Views

    in Economy

    Colombia government, business leaders call for interest rate cut

    Latin America’s fourth-largest economy expanded 0.3% in the second quarter, much less than expected. The central bank has forecast growth of 0.9% for 2023, well below the 7.3% growth last year.”We need to recover the economy,” Finance Minister Ricardo Bonilla said in a statement after meeting with Colombia’s major business associations. “What are we missing? The creation of the financial conditions so that we all go in the same direction.”Between April and June private investment in Colombia plummeted 24% versus the year-earlier period.Businesses should not postpone investment decisions, said Jonathan Malagon, president of Colombia’s banking association, Asobancaria, adding that reduced borrowing costs amid lower interest rates are expected in the future.”Let’s not postpone, let’s not give up, let’s not surrender, liquidity conditions in the Colombian economy are trending upward,” he said.Colombia’s interest rates are at their highest level in a quarter of a century, ratcheted upwards due to the global inflationary shock that followed the coronavirus pandemic.The central bank has held its benchmark interest rate stable at 13.25% at its last two rate meetings, after increasing it by 1,150 basis points between September 2021 and April 2023 to deal with inflation.Both business leaders and the finance minister called on the central bank to begin cutting the rate.”We believe that there are several conditions that today allow us to think of a path to reduction – which hopefully will start relatively soon – for the interest rate,” said Bruce Mac Master, president of the Colombian business association ANDI.Most analysts expect the first cut to the benchmark rate to fall in September or October. (Reporting Nelson Bocanegra and Carlos Vargas; Writing by Oliver Griffin; Editing by Rosalba O’Brien) More

  • 113 Shares189 Views

    in Economy

    Australia sues Westpac for negligence over financial hardship notices

    (Reuters) -Australia’s corporate regulator said on Tuesday it was taking Westpac Banking (NYSE:WBK) Corp to court over its alleged failure to respond to customers’ financial hardship notices between 2015 and 2022 within the required administrative time frame. Under Section 72 of Australia’s National Credit Code, an individual with overdue payments can request a change to the terms of their credit contract on the grounds of financial hardship, and creditors are expected to provide a response in writing within 21 days of being informed. Shares of Westpac dropped as much as nearly 1% to A$21.630 by 0105 GMT, versus a 0.6% fall in the broader benchmark index. The Australian Securities and Investments Commission (ASIC) has initiated civil penalty proceedings in the Federal Court against Westpac stating that shortcomings with the lender’s online hardship notice process resulted in 229 Westpac customers not receiving a response on time, ASIC said. The proceedings against Westpac come at a time when regulators have resorted to increased scrutiny against Australian lenders taking into account all the recent notices issued to banks pertaining to data on fees charged to indigenous customers, banks not following required home loan guidance, push for a better approach to handling bank scams etc. “I totally think increased scrutiny is warranted and politically it is an easy win for governments and regulators to look at the perceived ‘fat cats’,” said Damian Rooney, director of equity sales, Argonaut.The legal proceedings are linked with a “technology failure” and Westpac has completed a remediation programme for the affected customers including payments for non-financial loss of about A$900,000 ($581,310.00), the company said. Westpac could have done more to probe and rectify the system’s problems affecting its online hardship notification process, the regulator said. “This error meant we didn’t provide some of our customers with the help they needed. For this, we are deeply sorry,” said Westpac Group Chief Information Officer Scott Collary.($1 = 1.5482 Australian dollars) More

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    in Cryptocurrency

    Seoul to target North Korea’s illicit crypto assets with a new cyber bill

    Local reports indicate that high-ranking government officials view crypto as a crucial facilitator of Pyongyang’s illicit weapons programs, highlighting a perceived lack of vigilance in this regard during the previous administration.The forthcoming legislation seeks to counteract the exploitation of digital assets acquired by North Korean hackers.This is an addition that was absent from the draft initially proposed by the National Intelligence Service (NIS) in the previous year.Intelligence reports reveal that North Korean hackers managed to pilfer $1.28 billion worth of coins in 2022, employing tactics such as ransomware, scams, fraud, and various cyberattacks.This underscores the critical urgency for implementing robust countermeasures.Yoon Han-hong, a People Power Party representative serving on the National Policy Committee, pointed out that crypto assets approximating $52.46 million have likely been funneled through South Korean exchanges by North Korean hackers in the last four years.According to Anne Neuberger, US Deputy National Security Advisor for Cyber and Emerging Technology, about half of North Korea’s missile program financing is from digital theft and cyberattacks.This information aligns with the increase in the country’s missile tests, marking a surge in both cyber and military activities.Chainalysis, a blockchain analytics firm, has substantiated these claims, revealing that North Korea has illicitly obtained over $3 billion through cybercrime in the last five years.Additionally, United Nations sanctions experts have linked North Korea to using stolen funds to support its prohibited nuclear and missile programs.South Korea’s move is when the US Federal Bureau of Investigation (FBI) is intensifying its scrutiny of North Korean hackers.In August, the bureau identified six Bitcoin wallets connected to the Lazarus Group, a North Korean hacking syndicate, with roughly $40 million worth of Bitcoin (BTC).This article was originally published on Crypto.news More

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    in Cryptocurrency

    Stake reportedly hacked, $15.7m suspiciously moved

    Initially flagged by Cyvers Alerts on X, the AI-powered system detected “multiple suspicious transactions” linked to Stake.Transactions totaling roughly $16 million were questionably transferred from Stake.com.The transfer comprised 6,000 Ethereum (ETH), worth roughly $9.8 million, and an additional $5.9 million in stablecoins.While these transactions are still under investigation, some experts believe that they could be linked to a possible security vulnerability in Stake’s wallet infrastructure.Notably, data analysis firm PeckShield tweeted a direct alert to Stake, linking to a specific Ethereum address connected to the unusual movements.Shortly after, ZachXBT, a known crypto analyst, also tweeted, “Looks like ~$15.7 million,” further highlighting the scale of the issue.So far, Stake hasn’t issued an official statement addressing the situation, adding to the uncertainty for its user base.However, it’s worth noting that the betting platform has suspended deposits and withdrawals, possibly as a preventative measure while the issue is investigated.Given the lack of formal communication from Stake, it’s difficult to determine the scope or the nature of this suspected security lapse.Vulnerabilities in crypto wallets aren’t a new phenomenon; the crypto industry has had its share of high-profile breaches.What makes this situation more pressing is Stake’s role as a platform where people not only invest but actively bet on various events, making the integrity of its financial operations crucial for user confidence.As Stake’s situation remains unresolved, its challenges highlight the larger security concerns that exist in the crypto industry.The sector, although booming, is relatively young and comes with its own set of growing pains—security being at the forefront.This article was originally published on Crypto.news More

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    in Cryptocurrency

    Multiple Bitcoin ETFs incoming: JP Morgan analyst

    In a recent note, JP Morgan analysts proposed that the SEC might need to reconsider its approval of a futures-based Bitcoin ETF to prevent the conversion of Grayscale Bitcoin Trust (GBTC) into a spot ETF. However, the analysts deem this scenario unlikely, as it would be highly disruptive and potentially embarrassing for the SEC.The analysts also noted that even if Bitcoin spot ETFs were approved, they might not lead to substantial price increases for Bitcoin or the overall crypto market. They highlighted that similar spot Bitcoin ETFs have been available in Canada and Europe for some time but haven’t garnered substantial investor attention.Grayscale, the manager of the world’s largest bitcoin fund, has been engaged in a legal battle with the SEC over its request to convert its investment vehicle into an ETF.The SEC initially rejected Grayscale’s proposal, citing concerns about investor protection against fraudulent and manipulative practices.In response to the SEC’s denial, Grayscale criticized the agency’s stance as “illogical” and “discriminatory.” Several affiliations, including The Blockchain Society, The Chamber of Digital Commerce, the Chamber of Progress, and Coin Center, filed an amicus curiae to support Grayscale and criticize the SEC’s decision.However, Grayscale recently secured a significant victory in its legal battle against the SEC. A panel of three federal judges in Washington overturned the SEC’s decision, allowing Grayscale to proceed with the initiation of a Bitcoin spot ETF. This decision had a positive impact on the crypto market, pumping BTC and crypto prices.The US Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale, deeming the SEC’s prior rejection of the company’s Bitcoin spot ETF proposal as “arbitrary and capricious.”The court recognized that Grayscale had presented substantial evidence to support the similarity of their offering to existing Bitcoin futures ETFs, which had already gained SEC approval.Importantly, the court underscored the parallels, such as the surveillance-sharing agreements both products have with the Chicago Mercantile Exchange (CME).This article was originally published on Crypto.news More