The Department of Justice recently released a report that served as a “Cryptocurrency Enforcement Framework” as part of the Attorney General’s Cyber Digital Task Force. The full contents can be read here. What follows are some key takeaways from the report and some additional context.
1- Distributed ledger technology and even cryptocurrency itself is regarded as a potential positive technological force by the Department of Justice
“At the outset, it bears emphasizing that distributed ledger technology, upon which all cryptocurrencies build, raises breathtaking possibilities for human flourishing.” — in almost the beginning of the report this key point stands out almost right away —a somewhat positive
Mobile cryptocurrency wallet BRD announced today that it now has more than six million users worldwide, thanks to strong growth in India and Latin America. With this momentum, the company expects to reach 10 million users by early 2021.
Founded in 2015, Zurich-based BRD also said it now adds about one million new users every two months, after initially taking more than four years to hit the one million user mark. It reached 550,000 monthly active users at the beginning of July. Co-founder and chief executive officer Adam Traidman attributes the increased interest in cryptocurrency, especially among first-time users, to the COVID-19 pandemic.
“It’s causing a lot of people who are staying at home and sheltering in place to reconsider a lot of fundamental questions about their life and family right now,” he told TechCrunch. “It’s causing a lot of thinking about money and finances. People have had a lot
Singapore-based cryptocurrency exchange KuCoin disclosed today a mega hack. In a statement posted on its website, the company confirmed that a threat actor breached its systems and emptied its hot wallets of all funds.
Hot wallets are cryptocurrency management apps that are connected to the internet. Cold wallets are stored offline.
Cryptocurrency exchanges like KuCoin use hot wallets as their temporary storage systems for assets that are currently being exchanged on the platform, and they are used to power conversion operations and funds transfers.
KuCoin said it detected the hack after observing “some large withdrawals” from its hot wallets on September 26.
The company said it started a security audit and discovered the missing funds. KuCoin said the hacker managed to steal Bitcoin assets, ERC-20-based tokens, along with other types of tokens.
Currently, the loss is estimated at a minimal $150 million, based on an Etherium
Cryptocurrency has become a global phenomenon in recent years. Various industries are benefiting from the convenience of cryptocurrency, and one of those industries is online gaming.
As per a report by the Wax, around 75% of online game players want to exchange their virtual assets for a currency that they could use to buy and sell on other platforms.
Cryptocurrencies enable players to collect and trade in virtual assets, which they can exchange and trade across anywhere in the world. Hence, it offers the gaming industry a safe and easy medium to make money.
What is Cryptocurrency?
A cryptocurrency is a virtual asset secured by cryptography. It leverages blockchain technology to ensure decentralization, transparency, and immutability.
Cryptocurrencies are immune to government interference and manipulation as generally, no central authority issues cryptocurrency. The most popular blockchain-based cryptocurrency is Bitcoin. Other competing cryptocurrencies are