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5 Things Blockchain You Need to Know
Crypto Price Crash: Serious NFT ‘Hack’ Suddenly Sends Cryptocurrencies Sharply Lower
Cryptocurrency prices have tanked following reports of an assault on OpenSea, a non-fungible token (NFT) platform. The most recent cryptocurrency price drop has knocked almost $300 billion away from the combined crypto market since Friday evening - triggered by viral tweets from scared NFT traders. The hacker who has been reported as using an OpenSea phishing scam to steal $3 million worth of NFTs, including from the well-known Bored Ape Yacht Club collection that counts several celebrities as owners were recently tracked down by Etherscan and put on warning. Scams like these try their best to steal not only user data, but also access to user accounts - don't let this happen!
continue reading!
DeFi Is On The Move To The Institutional Market: More A Marathon Than A Sprint
Decentralized Finance (DeFi) aims to create a digital version of Wall Street that removes all boundaries, has low costs, and is accessible to everyone. Institutions are showing interest in DeFi Fixed Income because it has better credit risk management and high returns than traditional bonds. Higher-yielding and riskier "pure" DeFi products are seeing accelerated growth as consumers become more educated and confident in their use.
While individuals are optimistic about DeFi, institutions have not yet been convinced. Institutions want to invest in the technology but they're concerned with its regulatory environment and lack of reporting functionalities institutional investors need to make their decisions. Financial institutions are still figuring out how to deal with DeFi, which is creating a challenge for the growth of this technology.
continue reading!
JPMorgan Announces ‘Viable’ Quantum Secure Blockchain Network
JP Morgan, Toshiba, and Ciena, the three companies that announced their progress in a press release Thursday (Jan. 17) say they've demonstrated "full viability" of a first-of-its-kind Quantum Key Distribution network for big cities, which would allow 800 Gbps data rates and resist quantum computing attacks!
In a recent test, it was shown that QKD can be integrated with ultra-high bandwidth 800 Gbps optical channels in such a way as to provide secure communication. The process employs quantum mechanics and subsequent encryption methods to protect messages from being eavesdropped on by hackers or other malicious actors who may try intercepting them during transmission. The introduction of quantum computers will change the security landscape for blockchain and cryptocurrency transactions.
continue reading!
SEC’s BlockFi Order Signals Further Scrutiny of DeFi
BlockFi, a crypto-based lending company was charged by the SEC for failing to register their product and making false statements about risk in loan portfolios. The company agreed to pay $50 million to the commission, and another 50 million for settling claims in other states.
BlockFi offered and sold accounts to investors that allowed them to lend their crypto assets in exchange for a monthly interest payment. This part of BlockFi's business was financed by institutional and corporate borrowers, who borrowed money from BlockFi. Following that, the commission released an investor warning emphasizing the risks of selling cryptocurrency-related financial services.
The recent warning from the SEC has made it clear: they will act to protect investors. The agency is relentless in purging any form of fraud in the cryptocurrency space and won't hesitate for a second before taking action against the deceptive or misleading statements that put investors at risk or fail to register under the Securities Act or Investment Company Act.
continue reading!
‘Ice phishing’ on the blockchain
The advance of technologies that connect us is an open-source invitation for abusers and hackers. Social engineering attempts to exploit all device types at any time, targeted primarily by way of authenticating users into giving away sensitive information like passwords or personally identifying details (PII).
Cybercriminals are profiting from credential phishing day in and day out in the web2 world. Even if margins are tight and the risk is high, it's still a lucrative trade for cybercriminals. Is Web 3 more secure than Web2? Web3 is a decentralized world that has security built-in, thanks to the emerging blockchain technology. In Web 3, for instance, funds are secured by the owner's private key and there aren't any phishing attacks because everything on this side of things can never be changed or modified once committed. Researchers, including Blockchain experts at VezTek, continue to improve security through secure code and informed security products.
continue reading!
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit veztek.substack.com
View all episodes
By Sani Abdul-JabbarCrypto Price Crash: Serious NFT ‘Hack’ Suddenly Sends Cryptocurrencies Sharply Lower
Cryptocurrency prices have tanked following reports of an assault on OpenSea, a non-fungible token (NFT) platform. The most recent cryptocurrency price drop has knocked almost $300 billion away from the combined crypto market since Friday evening - triggered by viral tweets from scared NFT traders. The hacker who has been reported as using an OpenSea phishing scam to steal $3 million worth of NFTs, including from the well-known Bored Ape Yacht Club collection that counts several celebrities as owners were recently tracked down by Etherscan and put on warning. Scams like these try their best to steal not only user data, but also access to user accounts - don't let this happen!
continue reading!
DeFi Is On The Move To The Institutional Market: More A Marathon Than A Sprint
Decentralized Finance (DeFi) aims to create a digital version of Wall Street that removes all boundaries, has low costs, and is accessible to everyone. Institutions are showing interest in DeFi Fixed Income because it has better credit risk management and high returns than traditional bonds. Higher-yielding and riskier "pure" DeFi products are seeing accelerated growth as consumers become more educated and confident in their use.
While individuals are optimistic about DeFi, institutions have not yet been convinced. Institutions want to invest in the technology but they're concerned with its regulatory environment and lack of reporting functionalities institutional investors need to make their decisions. Financial institutions are still figuring out how to deal with DeFi, which is creating a challenge for the growth of this technology.
continue reading!
JPMorgan Announces ‘Viable’ Quantum Secure Blockchain Network
JP Morgan, Toshiba, and Ciena, the three companies that announced their progress in a press release Thursday (Jan. 17) say they've demonstrated "full viability" of a first-of-its-kind Quantum Key Distribution network for big cities, which would allow 800 Gbps data rates and resist quantum computing attacks!
In a recent test, it was shown that QKD can be integrated with ultra-high bandwidth 800 Gbps optical channels in such a way as to provide secure communication. The process employs quantum mechanics and subsequent encryption methods to protect messages from being eavesdropped on by hackers or other malicious actors who may try intercepting them during transmission. The introduction of quantum computers will change the security landscape for blockchain and cryptocurrency transactions.
continue reading!
SEC’s BlockFi Order Signals Further Scrutiny of DeFi
BlockFi, a crypto-based lending company was charged by the SEC for failing to register their product and making false statements about risk in loan portfolios. The company agreed to pay $50 million to the commission, and another 50 million for settling claims in other states.
BlockFi offered and sold accounts to investors that allowed them to lend their crypto assets in exchange for a monthly interest payment. This part of BlockFi's business was financed by institutional and corporate borrowers, who borrowed money from BlockFi. Following that, the commission released an investor warning emphasizing the risks of selling cryptocurrency-related financial services.
The recent warning from the SEC has made it clear: they will act to protect investors. The agency is relentless in purging any form of fraud in the cryptocurrency space and won't hesitate for a second before taking action against the deceptive or misleading statements that put investors at risk or fail to register under the Securities Act or Investment Company Act.
continue reading!
‘Ice phishing’ on the blockchain
The advance of technologies that connect us is an open-source invitation for abusers and hackers. Social engineering attempts to exploit all device types at any time, targeted primarily by way of authenticating users into giving away sensitive information like passwords or personally identifying details (PII).
Cybercriminals are profiting from credential phishing day in and day out in the web2 world. Even if margins are tight and the risk is high, it's still a lucrative trade for cybercriminals. Is Web 3 more secure than Web2? Web3 is a decentralized world that has security built-in, thanks to the emerging blockchain technology. In Web 3, for instance, funds are secured by the owner's private key and there aren't any phishing attacks because everything on this side of things can never be changed or modified once committed. Researchers, including Blockchain experts at VezTek, continue to improve security through secure code and informed security products.
continue reading!
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit veztek.substack.com