Cryptocurrencies

British Columbia unveils major plan to power economic growth with clean energy

The Government of British Columbia has announced a sweeping economic and energy plan aimed at driving industrial growth through clean electricity. Centred on the North Coast Transmission Line, the plan aims to boost the province’s economy while ensuring First Nations share in the benefits.

Premier David Eby said the new legislation would make British Columbia the ‘economic engine’ of Canada, powered by clean energy and local partnerships. Set to begin in 2026, the NCTL will provide clean, affordable power to major industries such as mining, natural gas, and manufacturing.

Once operational, it is projected to create nearly 9,700 direct jobs, contribute around $10 billion to GDP, and cut millions of tonnes of carbon emissions annually.

To manage rising energy demand, the government will limit crypto mining and prioritise projects with strong economic and environmental benefits. A power allocation process for data centres, AI, and hydrogen projects will start in 2026 to support responsible growth.

The plan also enables greater First Nations participation through potential equity ownership in new energy infrastructure. Industry leaders say the project could attract billions in investment and strengthen British Columbia’s position in clean energy and critical minerals.

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Bitcoin wallet vulnerability exposes thousands of private keys

A flaw in the widely used Libbitcoin Explorer (bx) 3.x series has exposed over 120,000 Bitcoin private keys, according to crypto wallet provider OneKey. The flaw arose from a weak random number generator that used system time, making wallet keys predictable.

Attackers aware of wallet creation times could reconstruct private keys and access funds.

Several wallets were affected, including versions of Trust Wallet Extension and Trust Wallet Core prior to patched releases. Researchers said the Mersenne Twister-32’s limited seed space let hackers automate attacks and recreate private keys, possibly causing past fund losses like the ‘Milk Sad’ cases.

OneKey confirmed its own wallets remain secure, using cryptographically strong random number generation and hardware Secure Elements certified to global security standards.

OneKey also examined its software wallets, ensuring that desktop, browser, Android, and iOS versions rely on secure system-level entropy sources. The firm urged long-term crypto holders to use hardware wallets and avoid importing software-generated mnemonics to reduce risk.

The company emphasised that wallet security depends on the integrity of the device and operating environment.

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Privacy laws block cross-border crypto regulation progress

Regulators continue to face hurdles in overseeing global crypto markets as privacy laws block effective cross-border data sharing, the Financial Stability Board warned. Sixteen years after Bitcoin’s launch, regulation remains inconsistent, with differing national approaches causing data gaps and fragmented oversight.

The FSB, under the Bank for International Settlements, said secrecy laws hinder authorities from monitoring risks and sharing information. Some jurisdictions block data sharing with foreign regulators, while others delay cooperation over privacy and reciprocity concerns.

According to the report, addressing these legal and institutional barriers is essential to improving cross-border collaboration and ensuring more effective global oversight of crypto markets.

However, the FSB noted that reliable data on digital assets remain scarce, as regulators rely heavily on incomplete or inconsistent sources from commercial data providers.

Despite the growing urgency to monitor financial stability risks, little progress has been made since similar concerns were raised nearly four years ago. The FSB has yet to outline concrete solutions for bridging the gap between data privacy protection and effective crypto regulation.

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UK government urges awareness as £106m lost to romance fraud in one year

Romance fraud has surged across the United Kingdom, with new figures showing that victims lost a combined £106 million in the past financial year. Action Fraud, the UK’s national reporting centre for cybercrime, described the crime as one that causes severe financial, emotional, and social damage.

Among the victims is London banker Varun Yadav, who lost £40,000 to a scammer posing as a romantic partner on a dating app. After months of chatting online, the fraudster persuaded him to invest in a cryptocurrency platform.

When his funds became inaccessible, Yadav realised he had been deceived. ‘You see all the signs, but you are so emotionally attached,’ he said. ‘You are willing to lose the money, but not the connection.’

The Financial Conduct Authority (FCA) said banks should play a stronger role in disrupting romance scams, calling for improved detection systems and better staff training to identify vulnerable customers. It urged firms to adopt what it called ‘compassionate aftercare’ for those affected.

Romance fraud typically involves criminals creating fake online profiles to build emotional connections before manipulating victims into transferring money.

The National Cyber Security Centre (NCSC) and UK police recommend maintaining privacy on social media, avoiding financial transfers to online contacts, and speaking openly with friends or family before sending money.

The Metropolitan Police recently launched an awareness campaign featuring victim testimonies and guidance on spotting red flags. The initiative also promotes collaboration with dating apps, banks, and social platforms to identify fraud networks.

Detective Superintendent Kerry Wood, head of economic crime for the Met Police, said that romance scams remain ‘one of the most devastating’ forms of fraud. ‘It’s an abuse of trust which undermines people’s confidence and sense of self-worth. Awareness is the most powerful defence against fraud,’ she said.

Although Yadav never recovered his savings, he said sharing his story helped him rebuild his life. He urged others facing similar scams to speak up: ‘Do not isolate yourself. There is hope.’

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AWS glitch triggers widespread outages across major apps

A major internet outage hit some of the world’s biggest apps and sites from about 9 a.m. CET Monday, with issues traced to Amazon Web Services. Tracking sites reported widespread failures across the US and beyond, disrupting consumer and enterprise services.

AWS cited ‘significant error rates’ in DynamoDB requests in the US-EAST-1 region, impacting additional services in Northern Virginia. Engineers are mitigating while investigating root cause, and some customers couldn’t create or update Support Cases.

Outages clustered around Virginia’s dense data-centre corridor but rippled globally. Impacted brands included Amazon, Google, Snapchat, Roblox, Fortnite, Canva, Coinbase, Slack, Signal, Vodafone and the UK tax authority HMRC.

Coinbase told users ‘all funds are safe’ as platforms struggled to authenticate, fetch data and serve content tied to affected back-ends. Third-party monitors noted elevated failure rates across APIs and app logins.

The incident underscores heavy reliance on hyperscale infrastructure and the blast radius when core data services falter. Full restoration and a formal post-mortem are pending from AWS.

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Florida renews effort to create state crypto reserve

Florida has reintroduced its push to establish a state crypto reserve, with Representative Webster Barnaby filing House Bill 183 to permit limited investment of public funds in digital assets. The proposal comes after his earlier attempt was withdrawn in June.

Under the new bill, Florida could invest up to 10% of state and public entity funds in assets such as Bitcoin, crypto ETFs, tokenised securities and other blockchain-based products. The legislation adds stricter standards to improve oversight of digital holdings.

Unlike its predecessor, the bill broadens investment options beyond Bitcoin, aiming to provide greater flexibility for portfolio diversification. If passed, HB 183 would take effect on 1 July 2026, allowing digital assets in state pension and trust funds.

Barnaby also introduced a separate measure, HB 175, which seeks to clarify regulations for stablecoin issuers. The proposal exempts recognised payment stablecoin issuers from additional licensing, provided they maintain full collateral in dollars or treasuries and conduct monthly reserve audits.

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UK and US freeze assets of Southeast Asian online scam network

The UK and US governments have jointly sanctioned a transnational network operating illegal scam centres across Southeast Asia. These centres use sophisticated methods, including fake romantic relationships, to defraud victims worldwide.

Many of the individuals forced to conduct these scams are trafficked foreign nationals, coerced under threat of torture. Authorities have frozen a £12 million North London mansion, along with a £100 million City office and several London flats.

Network leader Chen Zhi and his associates used corporate proxies and overseas companies to launder proceeds from their scams through London’s property market.

The sanctioned entities include the Prince Group, Jin Bei Group, Golden Fortune Resorts World Ltd., and Byex Exchange. Scam operations trap foreign nationals with fake job adverts, forcing them to commit online fraud, often through fake cryptocurrency schemes.

Proceeds are then laundered through a complex system of front businesses and gambling platforms.

Foreign Secretary Yvette Cooper and Fraud Minister Lord Hanson said the action protects human rights, UK citizens, and blocks criminals from storing illicit funds. Coordination with the US ensures these sanctions disrupt the network’s international operations and financial access.

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US seizes $15 billion crypto from Cambodia fraud ring

US federal prosecutors have seized $15 billion in cryptocurrency tied to a large-scale ‘pig butchering’ investment scam linked to forced labour compounds in Cambodia. Officials said it marks the biggest crypto forfeiture in Justice Department history.

Authorities charged Chinese-born businessman Chen Zhi, founder of the Prince Group, with money laundering and wire fraud. Chen allegedly used the conglomerate as cover for criminal operations that laundered billions through fake crypto investments. He remains at large.

Investigators say Chen and his associates operated at least ten forced labour sites in Cambodia where victims, many coerced workers, managed thousands of fake social media accounts to lure targets into fraudulent investment schemes.

The US Treasury also imposed sanctions on dozens of Prince Group affiliates, calling them transnational criminal organisations. FBI officials said the scam is part of a wider wave of crypto fraud across Southeast Asia, urging anyone targeted by online investment offers to contact authorities immediately.

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UK regulator outlines roadmap for tokenised funds

The UK’s Financial Conduct Authority (FCA) has unveiled new plans to advance tokenisation in the asset management sector, aiming to drive innovation and long-term growth. With 2,600 firms managing £14 trillion in assets, the regulator aims to give firms clarity and confidence in adopting blockchain solutions.

Tokenisation, which represents assets digitally using distributed ledger technology, is expected to increase competition, enhance investor choice, and open access to private markets. It could also make investing more cost-effective and tailored, particularly for new investors.

The FCA’s plans include guidance for tokenised fund registers, a simpler dealing model, and a roadmap to tackle blockchain settlement barriers. The regulator’s approach aligns with its broader digital assets strategy, aiming to make the UK a global leader in asset management innovation.

Simon Walls, executive director of markets at the FCA, said tokenisation could bring ‘fundamental changes’ to the industry, highlighting that the UK now has a real opportunity to lead globally in this emerging space.

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Bhutan moves national ID system to Ethereum

Bhutan has moved its national ID system to the Ethereum blockchain, aiming to enhance security, transparency, and citizen control. Nearly 800,000 residents will use Ethereum to verify identities, replacing the Polygon system.

The migration of all credentials is expected to be completed by the first quarter of 2026. Ethereum co-founder Vitalik Buterin and Ethereum Foundation President Aya Miyaguchi joined Bhutan’s Prime Minister Tshering Tobgay and Crown Prince Jigme Namgyel Wangchuk at the launch ceremony.

Miyaguchi described the project as a ‘world-first’ achievement in self-sovereign digital identity.

Bhutan previously used Hyperledger Indy and then Polygon for its national ID solution, making Ethereum its third blockchain platform. The nation’s National Digital Identity and GovTech teams played key roles, supported by the local crypto community.

Other countries, including Brazil and Vietnam, have partially adopted blockchain-based identity systems.

In addition to digital IDs, Bhutan has become a significant crypto adopter. It holds 11,286 Bitcoin, worth $1.31 billion, largely mined via renewable Himalayan hydropower. The country has also met with former Binance CEO Changpeng Zhao, suggesting potential future crypto initiatives.

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