Encryption Archives | Page 55 of 64 | Digital Watch Observatory

Tether plans US-based stablecoin launch by 2025

Tether is set to launch a US-based, dollar-pegged stablecoin, according to CEO Paolo Ardoino. The stablecoin, expected by the end of this year or early 2025, will be separate from the company’s existing international products.

Ardoino’s push for the US launch comes amid his active lobbying efforts in Washington, DC, where he has met with lawmakers, including Senator Bill Hagerty.

His advocacy aligns with the GENIUS Act, which could support foreign stablecoin issuers that cooperate with law enforcement.

Despite facing regulatory challenges in the past, Tether now claims $120 billion in US Treasuries and $5.6 billion in excess reserves.

The firm’s US expansion comes as Eric and Donald Trump Jr. also plan to launch a dollar-backed stablecoin, potentially igniting a competitive race in the domestic stablecoin market.

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Ghana plans to regulate digital assets with new legislation

Ghana’s central bank is set to regulate the digital asset space later this year, pending the passage of key legislation. Governor Johnson Asiama announced at the African Leaders and Partners Forum during the IMF-World Bank Spring Meetings in Washington.

He stated that the Bank of Ghana (BoG) is committed to fostering digital asset adoption while ensuring consumer protection through appropriate regulation.

The proposed Virtual Asset Providers Act, currently under review by parliament, will give BoG oversight authority over virtual asset service providers (VASPs), requiring them to obtain a licence. The law also aims to prevent illicit crypto use, ensure financial stability, and protect consumers.

Additionally, the Securities and Exchange Commission (SEC) will play a role in regulating the sector.

Once the legislation is passed, the Bank of Ghana plans to establish a dedicated digital asset unit. Despite the absence of regulation, Ghana has already seen considerable uptake of digital assets. Approximately 3.1 million Ghanaians own digital assets, equating to 17% of the population.

The country ranks fourth in Africa for crypto interest, trailing Nigeria, South Africa, and Kenya.

In addition to digital asset regulation, Ghana is pushing forward with the launch of its central bank digital currency (CBDC), the eCedi. Asiama said the digital currency will modernise payments, protect sovereignty, and support digital transformation for Ghana’s youth.

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Hackers hijack NY Post X account to scam crypto users

Cybercriminals reportedly breached the New York Post’s X account. They targeted cryptocurrency enthusiasts by luring them into a Telegram-based scam, disguised as a podcast invitation.

The fraudulent message, impersonating journalist Paul Sperry, invited users to a supposed editorial feature, offering both in-person and virtual interview options.

Kerberus CEO Alex Katz flagged the issue, confirming the scam was being pushed from NYP’s verified X profile.

Cybersecurity expert ‘Drew’ noted the attackers blocked replies to prevent the real NYP team from spotting the breach. He warned users not to respond to Telegram messages, emphasising that the invite was fake.

Unlike typical crypto scams involving phishing links or wallet drainers, this attack focused on private messaging and trust manipulation.

Victims reported that the scammer used detailed, personal references and staged interviews. These interviews enabled audio-triggered suspicious pop-ups, including one labelled ‘WiFi.’

Security experts say such methods exploit user trust built through prior interactions. As social engineering tactics evolve, crypto users are urged to verify every identity, even those they communicate with regularly.

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Trump to hold crypto dinners for top token holders

Donald Trump is hosting two crypto-themed dinners in May, raising ethical concerns among lawmakers. A $1.5 million-per-plate ‘Crypto & AI Innovators Di n ner‘ was held at his Virginia golf club, featuring guests such as David Sacks.

He also confirmed a 22 May gala for top holders of the $TRUMP meme coin. The top 220 wallets qualify, with the highest 25 promised a private reception and a White House tour. Access is based solely on wallet holdings, most of which are pseudonymous.

Lawmakers, including Senator Elizabeth Warren, accuse Trump of selling access. She also criticised the Trump-linked stablecoin USD1, co-founded by his son Eric, calling it a vehicle for personal gain.

Watchdogs warn that the token system lacks transparency and may involve foreign actors. Despite the backlash, $TRUMP tokens surged by over 50% after announcing the dinner.

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How digital twins are being weaponised in crypto scams

Digital twins are virtual models of real-world objects, systems, or processes. They enable real-time simulations, monitoring, and predictions, helping industries like healthcare and manufacturing optimise resources. In the crypto world, cybercriminals have found a way to exploit this technology for fraudulent activities.

Scammers create synthetic identities by gathering personal data from various sources. These digital twins are used to impersonate influencers or executives, promoting fake investment schemes or stealing funds. The unregulated nature of crypto platforms makes it easier for criminals to exploit users.

Real-world scams are already happening. Deepfake CEO videos have tricked executives into transferring funds under false pretences. Counterfeit crypto platforms have also stolen sensitive information from users. These scams highlight the risks of AI-powered digital twins in the crypto space.

Blockchain offers solutions to combat these frauds. Decentralised identities (DID) and NFT identity markers can verify interactions. Blockchain’s immutable audit trails and smart contracts can help secure transactions and protect users from digital twin scams.

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Buterin proposes RISC-V to improve Ethereum’s speed

Vitalik Buterin has suggested replacing Ethereum’s Virtual Machine (EVM) with RISC-V to simplify the network and improve its performance. In a 3 May blog post, he stated that Ethereum could become as simple as Bitcoin within five years.

RISC-V is an open-source instruction set that would allow Ethereum to run faster. By cutting out extra translation steps, it could make operations up to 100 times quicker. Unlike the EVM, RISC-V would allow applications to work directly on the execution layer.

Buterin also believes the switch to RISC-V would reduce infrastructure costs and minimise risks, like bugs and security breaches. However, the change could break backwards compatibility and require retraining developers.

Despite these challenges, some experts are optimistic. Thad Pinakiewicz from Galaxy Research says Ethereum’s success lies in its foundational technology, not just its price.

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Cyber incident disrupts services at Marks & Spencer

Marks & Spencer has confirmed that a cyberattack has disrupted food availability in some stores and forced the temporary shutdown of online services. The company has not officially confirmed the nature of the breach, but cybersecurity experts suspect a ransomware attack.

The retailer paused clothing and home orders on its website and app after issues arose over the Easter weekend, affecting contactless payments and click-and-collect systems. M&S said it took some systems offline as a precautionary measure.

Reports have linked the incident to the hacking group Scattered Spider, although M&S has declined to comment further or provide a timeline for the resumption of online orders. The disruption has already led to minor product shortages and analysts anticipate a short-term hit to profits.

Still, M&S’s food division had been performing strongly, with grocery spending rising 14.4% year-on-year, according to Kantar. The retailer, which operates around 1,000 UK stores, earns about one-third of its non-food sales online. Shares dropped earlier in the week but closed Tuesday slightly up.

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Trump Media may launch a crypto wallet and token

Trump Media & Technology Group is considering launching a crypto token and digital wallet to complement its Truth+ streaming service.

The new asset would be introduced as part of a broader rewards programme. It could be used to pay for subscriptions before expanding to other offerings within the company’s ecosystem.

Other components of the ‘Truth ecosphere’ include Truth Social, a social network favoured by Donald Trump, and Truth.Fi, a recently launched fintech platform. Truth.Fi is developing investment products with an ‘America-First’ theme.

It aims to combine cryptocurrencies and traditional assets in customised ETFs by the end of the year.

Despite declining prices of Trump-affiliated me me coins, including those linked to Donald and Melania Trump, Trump Media remains committed to crypto.

The firm has already pledged up to $250 million of its cash reserves to Bitcoin and similar assets. Its annual meeting is scheduled for Wednesday.

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France accuses Russia of cyberattacks on Olympic and election targets

France has publicly accused Russia’s military intelligence agency of launching cyberattacks against key French institutions, including the 2017 presidential campaign of Emmanuel Macron and organisations tied to the Paris 2024 Olympics.

The allegations were presented by Foreign Minister Jean-Noël Barrot at the UN Security Council, where he condemned the attacks as violations of international norms. French authorities linked the operations to APT28, a well-known Russian hacking group connected to the GRU.

The group also allegedly orchestrated the 2015 cyberattack on TV5 Monde and attempted to manipulate voters during the 2017 French election by leaking thousands of campaign documents. A rise in attacks has been noted ahead of major events like the Olympics and future elections.

France’s national cybersecurity agency recorded a 15% increase in Russia-linked attacks in 2024, targeting ministries, defence firms, and cultural venues. French officials warn the hacks aim to destabilise society and erode public trust.

France plans closer cooperation with Poland and pledged to counter Russia’s cyber operations with all available means.

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Beijing launches blockchain plan to boost industry integration

Beijing has unveiled a two-year plan aimed at promoting blockchain development and adoption across various sectors. The initiative, announced on 29 April, is supported by local bodies like the Beijing Municipal Science and Technology Commission and the Cyberspace Administration Office.

The project will span from 2023 to 2027, with a focus on integrating blockchain into infrastructure and industries.

The plan recognises blockchain as essential for industrial digitalisation and digital infrastructure. Among its objectives is enhancing the value extraction from digital assets, potentially hinting at crypto mining opportunities.

The initiative also focuses on advancements in cryptography, confidential computing, and distributed systems. It includes developing blockchain infrastructure, such as national hubs and digital identity platforms.

Key industries identified for blockchain application include healthcare, education, AI models, financial services, and transportation.

By 2027, the project is set to introduce blockchain chips and a trusted identity system with a user base of over 100 million.

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