Garlinghouse stated that the company initiated the reports with the intention of voluntarily offering updates on its XRP holdings. However, the CEO said these reports were later “used against” the company in the SEC’s lawsuit. Garlinghouse reiterated the company’s commitment to transparency but hinted that future reports might undergo some changes.Continue Reading on Coin Telegraph More
LONDON (Reuters) – Worldcoin will expand its operations to sign up more users globally and aims to allow other organisations to use its iris-scanning and identity-verifying technology, a senior manager for the company behind the project told Reuters.Co-founded by OpenAI CEO Sam Altman, Worldcoin launched last week, requiring users to give their iris scans in exchange for a digital ID and, in some countries, free cryptocurrency as part of plans to create a “identity and financial network”.In sign-up sites around the world, people have been getting their faces scanned by a shiny spherical “orb”, shrugging off privacy campaigners’ concerns that the biometric data could be misused. Worldcoin says 2.2 million have signed up, mostly during a trial period over the last two years. Data watchdogs in Britain, France and Germany have said they are looking into the project.”We are on this mission of building the biggest financial and identity community that we can,” said Ricardo Macieira, general manager for Europe at Tools For Humanity, the San Francisco and Berlin-based company behind the project.Worldcoin raised $115 million from venture capital investors including Blockchain Capital, a16z crypto, Bain Capital Crypto and Distributed Global in a funding round in May.Macieira said Worldcoin would continue rolling out operations in Europe, Latin America, Africa and “all the parts of the world that will accept us.”Worldcoin’s website mentions various possible applications, including distinguishing humans from artificial intelligence, enabling “global democratic processes” and showing a “potential path” to universal basic income, although these outcomes are not guaranteed.Most people interviewed by Reuters at sign-up sites in Britain, India and Japan last week said they were joining in order to receive the 25 free Worldcoin tokens the company says verified users can claim.”I don’t think we are going to be the ones generating universal basic income. If we can do the infrastructure that allows for governments or other entities to do so we would be very happy,” Macieira said.Companies could pay Worldcoin to use its digital identity system, for example if a coffee shop wants to give everyone one free coffee, then Worldcoin’s technology could be used to ensure that people do not claim more than one coffee without the shop needing to gather personal data, Macieira said.”The idea is that as we build this infrastructure and that we allow other third parties to use the technology.”In future, the technology behind the iris-scanning orb will be open-source, Macieira added.”The idea is that anyone can in the future build their own orb and use it to benefit the community that it’s aiming for,” he said.PRIVACY CONCERNSRegulators and privacy campaigners have raised concerns about Worldcoin’s data collection, including whether users are giving informed consent and whether one company should be responsible for handling the data.Worldcoin’s website says the project is “completely private” and that the biometric data is either deleted or users can opt to have it stored in encrypted form.The Bavarian State Office for Data Protection Supervision, which has jurisdiction in the European Union because Tools For Humanity has an office there, said it started investigating Worldcoin in November 2022 because of concerns about its large-scale processing of sensitive data.Michael Will, president of the Bavarian regulator, said it would look into whether Worldcoin’s system is “safe and stable”.The project “requires very, very ambitious security measures and lots of explanations and transparency to ensure that data protection requirements are not neglected,” Will said.Will said people who hand over their data need “absolute clarity” about how and why it is processed.Rainer Rehak, a researcher on AI and society at the Weizenbaum Institute in Berlin said that Worldcoin’s use of technology is “irresponsible” and that it is not clear what problems it would solve.”The bottom line is it’s a big project to create a new consumer base for Web3 and crypto products,” he said. Web3 is a term for a hypothetical next phase of the internet, based around blockchain, in which users’ assets and data exist as tradable crypto assets.Addressing privacy concerns, the Worldcoin Foundation, a Cayman Islands-based entity, said in a statement that it complies with all laws governing personal data and will continue to cooperate with governing bodies’ requests for information about its privacy and data protection practices. More
On Aug. 1, India released its presidency note for input in a roadmap on a global framework for crypto. The document concurs with the guidelines written by the FSB, the Financial Action Task Force (FATF) and the International Monetary Fund (IMF). Continue Reading on Coin Telegraph More
According to a recent tweet, Karpelès claims that the 79956.55 Bitcoins (BTC) were sent to the 1Feex wallet (1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF) without proper authorization from the exchange on March 1, 2011.He added the assets belong to Mt. Gox and its creditors.Moreover, a statement in June revealed that the US Department of Justice (DOJ) unsealed charges against Alexey Bilyuchenko and Aleksandr Verner, who were allegedly connected to the Mt. Gox hack. The two Russian nationals were charged with laundering roughly 647,000 BTC and more illicit activities within the crypto space.On April 7, the exchange opened its repayment window for its creditors with the permission of the Tokyo District Court. Per the report, creditors can get some of their assets back in Japanese yen, Bitcoin Cash (BCH), and Bitcoin.The owner of the 1Feex account remains a mystery, as Dr. Craig Wright has already denied the wallet’s ownership. Per the Twitter thread, the holder of the 1Feex wallet is the “person who stole 80,000 BTC from Mt. Gox.”This article was originally published on Crypto.news More
NEW YORK (Reuters) -Sam Bankman-Fried, the indicted founder of the bankrupt FTX cryptocurrency exchange, on Tuesday said he never sought to intimidate witnesses at his scheduled October fraud trial, and there is no reason to jail him.In a letter to U.S. District Judge Lewis Kaplan in Manhattan, Bankman-Fried said prosecutors mischaracterized his intentions in giving a New York Times reporter the writings of former romantic partner Caroline Ellison, who is expected to testify against him.”Mr. Bankman-Fried’s contact with the New York Times reporter was not an attempt to intimidate Ms. Ellison or taint the jury pool,” his lawyer, Mark Cohen, wrote in the letter. “It was a proper exercise of his rights to make fair comment on an article already in progress.”Bankman-Fried, 31, has pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at his hedge fund Alameda Research, where Ellison was chief executive.He has been largely confined to his parents’ Palo Alto, California home on $250 million bond since his December 2022 arrest.Ellison is one of three former members of Bankman-Fried’s inner circle who pleaded guilty to fraud charges and agreed to cooperate with the U.S. Attorney’s office in Manhattan.Kaplan barred Bankman-Fried from speaking about the case and asked both sides to submit written arguments about possible jail.In an affidavit submitted by the defense, Laurence Tribe, a Harvard University constitutional law professor, said Bankman-Fried had a right to “avoid projecting a false image of someone who is media-shy or, worse, someone whose consciousness of guilt makes him shun the media.”Bankman-Fried’s lawyers also argued that restricted internet access at the Metropolitan Detention Center in Brooklyn, where he would be held, would leave him unable to prepare for trial.Prosecutors may respond to Bankman-Fried’s letter by Thursday. It is not known when Kaplan will rule. More
Ethereum development group, Consensys, through its smart contract review division, Diligence, has launched a self-sufficient tool Fuzzing. This technology aims to improve the detection of vulnerabilities in Ethereum (ETH) smart contracts for developers.Fuzzing is deeply rooted in the software testing methodology of the same name, which revolves around feeding an application random or unexpected inputs. The goal of this technique is to induce bugs, cause crashes, or unveil vulnerabilities.The tool incorporates a sophisticated form of fuzzing technique known as greybox fuzzing. This methodology scrutinizes the entire smart contract system’s functional attributes instead of limiting the investigation to individual functions. According to Consensys, this approach differentiates it, providing an efficiency increase compared to other existing smart contract audit tools.Integration with Scribble, another open-source utility from Consensys, enables developers to optimize their security testing process, prompting secure deployments on the Ethereum mainnet using Fuzzing.Liz Daldalian, who heads Consensys Diligence, described the automatic tool as scrupulously engineered to expose smart contract vulnerabilities. She stressed the tool’s ability to provide “unmatched” security solutions, establishing new industry standards for code coverage, speed, and bug detection.“The launch of Diligence Fuzzing solidifies our unwavering devotion to enhancing smart contract security, aiming to make it user-friendly and accessible to all developers in the Ethereum ecosystem,” Daldalian added.This article was originally published on Crypto.news More
In a notice posted to its website, GameStop said iOS and Chrome Extension wallets will no longer be available starting on Nov. 1, advising users to ensure they have access to their secret passphrases by Oct. 1. The wallets, launched in May 2022, allow users to manage cryptocurrencies and nonfungible tokens, or NFTs.Continue Reading on Coin Telegraph More
Pechman notes that it is impossible to know how much fake volume and how many trades involving the same entity or small groups were used to prop up BALD’s price on decentralized exchanges (DEXs). Further evidence for this hypothesis is the 85% price plunge shortly after BALD’s developer removed the liquidity deposited in DEX pools.Continue Reading on Coin Telegraph More
