SEC
SEC typically refers to U.S. Securities and Exchange Commission which "protects investors in the $3.8 trillion municipal securities markets that cities and towns rely on to provide neighborhood schools, local libraries and hospitals, public parks, safe drinking water and so much more". But it can also refer to the security and exchange regulation bodies of other countries.
Cryptocurrency Phishing Attacks Surge in 2022
Kaspersky reports a 40% YoY increase in cryptocurrency phishing attacks in 2022. These attacks involve fake websites and communication channels that mimic official companies to trick users into sharing private information such as private keys. Kaspersky warns that scammers continue to evolve their techniques and stories to lure in unsuspecting crypto investors.
BlockSec Launches Phalcon Fork for Collaborative Testing on Ethereum Mainnet
Blockchain security firm BlockSec has launched Phalcon Fork, a toolkit that enables collaborative testing on private chains forked from arbitrary transaction positions and block numbers on the Ethereum mainnet. The toolkit offers greater control over testing, analysis, and debugging on testnets, with features such as snapshots and a faucet for acquiring free fork network Ether. The Phalcon Fork user manual touts advantages over traditional solutions such as Goerli, including retaining services and states from the mainnet and maintaining full control over block information.
OpenAI Launches Bug Bounty Program
OpenAI has launched a bug bounty program to address privacy and cybersecurity issues, inviting security researchers and ethical hackers to identify and address vulnerabilities in its systems. The program offers cash rewards ranging from $200 to $20,000 for qualifying vulnerability information.
NFTs Get Security Boost with New Warranty Service
Wert and Avata have launched a new nonfungible token (NFT) warranty service, providing coverage for up to 90% of the value of compromised digital assets in a smart contract hack. The service will be available on 80 digital asset marketplaces and will be charged at 6% of the asset cost at checkout. The offering aims to encourage mass adoption of NFTs by reducing risk for both active and prospective collectors.
Winklevoss Twins Fund Gemini Amid Crypto Downturn
Gemini co-founders Tyler and Cameron Winklevoss have reportedly loaned their own money to fund the cryptocurrency exchange during the market downturn, which comes as the exchange faces scrutiny from regulators.
US SEC Hiring Attorneys for Crypto Assets and Cyber Unit
The US SEC is hiring general attorneys in New York, San Francisco, and Washington D.C. for its Crypto Assets and Cyber Unit in the Division of Enforcement. The job will involve investigating crypto asset securities and cyber issues, drafting subpoenas, and questioning witnesses. This move comes after the SEC chairman Gary Gensler asked for $2.4 billion in funding to chase down crypto misconduct.
PureFi Introduces SafeTransact to Enhance Web3 Security
PureFi has launched SafeTransact, a new security method that examines blockchain transactions and notifies users of any suspicious activities. The system is designed to integrate with AMLSafe, a multi-crypto wallet from the same ecosystem. SafeTransact aims to improve the security of Web3 transactions and address the potential hacking threats to blockchain networks.
Hong Kong Embraces Web3 Despite Crypto Market Volatility
Hong Kong's financial secretary, Paul Chan, has emphasized the need for the city to embrace Web3 technology, despite the fluctuations in the crypto market. Chan has proposed a strategy that focuses on proper regulation and promoting development to facilitate Web3's steady growth. He also noted that Hong Kong plans to prioritize financial security, prevent systemic risks, and focus on investor education and protection. The region's approach to crypto regulation contrasts with that of the United States, which has adopted a more hardline response to the industry.
XRP Not a Security According to Hogan
Jeremy Hogan, partner at Hogan & Hogan, argues that Ripple’s XRP does not fit the definition of an investment contract and is therefore not a security. The SEC lawsuit against Ripple claims that the company illegally sold XRP as an unregistered security, but Hogan argues that the SEC has not demonstrated an implied or explicit investment contract.
Japan supports OpenAI amid concerns
Japan expressed interest in incorporating OpenAI’s technology into government systems, provided privacy and cybersecurity concerns are addressed. OpenAI CEO, Sam Altman, visited Japan and met with government officials to discuss the potential of the technology and how to maximize its benefits while minimizing risks. Meanwhile, OpenAI is being investigated by Canada’s privacy commissioner for allegedly collecting and utilizing personal information without consent.