Westpac, one of Australia’s ’Big 4’ banks, is launching its first trial of scam protection measures specifically designed to combat fraudulent activities related to cryptocurrencies. These protection measures aim to mitigate losses from scams with the hope of reducing potential risks. Based on the announcement, investment scams make up approximately 50% of all customer losses related to scams while around…
As accusations are hurled at Ledger over a controversial update, one hardware wallet has decided to open-source its firmware. Others have turned it into a marke… Source: https://cointelegraph.com/public/index.php/news/gridplus-open-source-wallet-firmware-ledger-debacle
Last week’s bail deal of Terra Labs co-founder Do Kwon with the Montenegrin court is now in question after the State Prosecutor’s Office filed an appellation against it. Kwon is still wanted for extradition in South Korea and has criminal charges to answer in the United States. On May 17, the State Prosecutor’s Office in Podgorica, the capital of Montenegro,…
FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence. According to a May 17 filing, FTX had paid $220 million to acquire Embed through its United States subsidiary after having allegedly “performed almost no due diligence” on the platform.…
The infamous Hinman Speech docs are required to be unsealed by June 6, according to a previous court order, defense attorney James K. Filan says. Source: https://cointelegraph.com/app/public/index.php/news/ripple-sec-hinman-speech-public-by-june-6
Investors, plagued by mounting pessimism, have sought refuge in cash, according to a recent survey conducted by Bank of America. The survey highlights a notable 5.6% increase in cash reserves during May, as apprehensive investors brace themselves for a potential credit crunch and a recession. Flight to Safety: Investors Increase Cash Reserves and Brace for Recession Investors are increasingly gravitating…
Self-regulatory organization CryptoUK and crypto exchange Kraken UK has slammed a recent report from a panel of British lawmakers that suggested crypto should be regulated in a similar vein to gambling. In a May 17 report, the Treasury Committee “strongly recommended” that unbacked crypto be regulated as gambling due to concerns over the “significant” consumer risks associated with the asset…
Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry participants have said many crypto firms are not audited because the “Big Four” accounting firms are…
As accusations are hurled at Ledger over a controversial update, one hardware wallet has decided to open-source its firmware. Others have turned it into a marke… Source: https://cointelegraph.com/app/public/index.php/news/gridplus-open-source-wallet-firmware-ledger-debacle
Amid fallout over Ledger’s controversial decision to allow private keys to be “recovered” from its devices, cold storage competitor GridPlus has announced that it will move to “open source” the firmware of its crypto wallets. GridPlus took to Twitter on May 17 to inform its 17,500 followers that it will open source the firmware of all its crypto devices in…
