iPhone 13 Pro Hacked, Tianfu Cup, China Hackers, iOS 15 jailbreak

Ever since the Chinese government invoked regulations to prevent security researchers from taking part in international hacking competitions such as Pwn2Own, the annual Tianfu Cup, held in Chengdu, has been the place for the best hackers in China to demonstrate their collective prowess.

This past weekend saw the latest competition take place and the newest iPhone, the iPhone 13 Pro running the latest and fully patched version of iOS 15.0.2 to be precise, was hacked in record time. Twice.

The Kunlun Lab team, whose CEO is a former CTO of Qihoo 360, was able to hack the iPhone 13 Pro live on stage using a remote code execution exploit of the mobile Safari web browser. And do so in just 15 seconds flat.

Of course, months of preparation were likely involved in getting to this point, but the result was devastating and devastatingly fast. However, full details of the vulnerability or vulnerabilities exploited have yet to be revealed.

Kunlun Lab wasn’t the only team to hack the iPhone 13 Pro, though. Team Pangu, which has a history of Apple device jailbreaking, cemented its reputation in this regard by claiming the top $300,000 cash reward for remotely jailbreaking a fully patched iPhone 13 Pro running iOS 15.

While, again, the full detail of how this was achieved has not been made public, reports suggest it involved a one-click link triggering a remote code exploit that bypassed Safari security mechanisms.

The good news is that hacking is not a crime, as I have repeated time and time again.

Indeed, these hacking teams will turn the details of their exploits over to Apple so that it can release patches for these vulnerabilities. I would expect to see these in either iOS 15.1 or a forthcoming iOS 15.0 security update.

The not so good news is that there have been reports in the past of Chinese state actors using some of these exploits for espionage or surveillance purposes before patches can be released.

It should also be said that Apple products weren’t the only target at the Tianfu Cup 2021 event. Security researchers also successfully launched exploits against Windows 10, Microsoft Exchange and Google Chrome, among others. I’ll bring you more news of those as detail emerges.

I have reached out to Apple for comment and will update this article in due course.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

Davey is a three-decade veteran technology journalist and has been a contributing editor at PC Pro magazine since the first issue in 1994. A co-founder of the Forbes Straight Talking Cyber video project, which has been named ‘Most Educational Content’ at the 2021 European Cybersecurity Blogger Awards, Davey also won the 2020 Security Serious ‘Cyber Writer of the Year’ title. A three-time winner of the BT Security Journalist of the Year award (2006, 2008, 2010) I was also fortunate enough to be named BT Technology Journalist of the Year in 1996 for a forward-looking feature in PC Pro called ‘Threats to the Internet.’ In 2011 I was honored with the Enigma Award for a lifetime contribution to IT security journalism. Contact me in confidence at davey@happygeek.com if you have a story to reveal or research to share.

Source: iPhone 13 Pro Hacked, Tianfu Cup, China Hackers, iOS 15 jailbreak..

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Historic Bitcoin Futures ETF Debuts On New York Stock Exchange

The first bitcoin-linked exchange-traded fund in the United States today debuted on the New York Stock Exchange, presenting new investment opportunities for holders of brokerage accounts.

Though the offering, called the ProShares Bitcoin Strategy ETF (trading as BITO), falls short of what the cryptocurrency industry has long advocated for—funds that invest directly in bitcoin—its launch marks another watershed moment for the nascent market.

The anticipation propelled the world’s largest cryptocurrency to break above $62,000 for the first time since April on Friday, just below its all-time high of $64,957, set in the spring. At press time, it is trading at $62,903.

“BITO will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider,” says ProShares CEO Michael L. Sapir. He adds that the vehicle will help those who are hesitant about “creating a bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks.”

Bethesda, Md. firm, an ETF provider with more than $64 billion in assets, filed an updated prospectus with the offering with the Securities and Exchange Commission late Friday after Thursday reports signaled that the SEC wasn’t likely to block a bitcoin futures exchange-traded fund.

ProShares will not invest directly in or hold the cryptocurrency but instead will be purchasing cash-settled, front-month CME bitcoin futures—monthly contracts with the nearest expiration date that trade on the Chicago-based CME exchange—and will charge a management fee of 0.95%, to be paid each year as a percentage of investment’s value, ProShares’ global investment strategist Simeon Hyman confirmed to Forbes. ProShares estimates annual expenses for those investing in the fund at $97 per $10,000 invested—less than half of the 2% world’s biggest bitcoin fund, Grayscale Bitcoin Trust, charges.

Many hope that the futures-based ETF will pave the way to ultimately launching a full-fledged bitcoin ETF. Industry participants have sought to launch one since 2013, when Tyler and Cameron Winklevoss, billionaire founders of cryptocurrency exchange Gemini, filed the first bitcoin ETF application. The SEC has rejected every previous filing to date.

Forbes’ director of data and analytics, Javier Paz, thinks this “SEC experiment” will help “absorb much of the popular demand for bitcoin without causing the cryptocurrency to skyrocket overnight.” Nearly 40 bitcoin ETF applications, including those from Cathie Wood’s ARK Investment Management, Galaxy Digital, VanEck, and Valkyrie, are pending the Commission’s review.

ProShares, which had previously filed with the Commission for two bitcoin ETFs in 2017, keeps its finger on the pulse. “As other ways to access bitcoin mature, we’ll keep an eye on it,” said  Hyman. “We’re always ready to consider additional solutions for investment.”

Follow me on Twitter or LinkedIn.

I report on cryptocurrencies and other applications of blockchain. A Russia native, I am a graduate of NYU Abu Dhabi and Columbia University’s Graduate School of Journalism

Source: Historic Bitcoin Futures ETF Debuts On New York Stock Exchange

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The World’s Newest Call Center Billionaire

Meet the world’s newest call center billionaire. Laurent Junique is quite the globe-trotter: He’s a French citizen, his company is based in Singapore and he just listed that company, TDCX Inc., on the New York Stock Exchange last week.

Junique, TDCX’s 55-year-old founder and CEO, also just joined the billionaire ranks: Junique’s 87% stake in the firm is now worth $3 billion, thanks to a 34% rise in TDCX shares since the IPO on October 1—an offering that raised nearly $350 million for the company.

Started in 1995 in Singapore as Teledirect, an outsourced call center that handled calls, emails and faxes for a variety of clients, the company rebranded as TDCX in 2019 to reflect its expansion into a range of services including content moderation, marketing and e-commerce support. (CX is short for “customer experience” in the customer service industry.)

TDCX reported a $64 million net profit on $323 million sales in 2020, an improvement from the $54 million profit and $242 million in revenues it recorded in 2019. That growth came in part due to greater use of the services that TDCX offers, including tools that help companies improve the performance of employees working from home. Still, TDCX is highly dependent on two clients—Facebook and Airbnb—which collectively accounted for 62% of sales in 2020.

“Our successful listing reflects the world-class company that we have built and our position as the go-to partner for transformative digital customer experience services,” Junique said in a statement on the day of the IPO. “We are grateful for the support of our clients, many of whom are global technology companies that are fuelling the growth of the digital economy.”

Junique is the second call center billionaire that Forbes has tracked. The first, Kenneth Tuchman, founded Englewood, Colorado-based TTEC Holdings (formerly called TeleTech), in 1982; at nearly $2 billion, the firm had about six times the revenues of TDCX last year. Tuchman first became a billionaire in 2007. Several Indian billionaires, including HCL Technologies cofounder Shiv Nadar and Wipro’s former chairman Azim Premji, offer call centers as some of the services their firms provide.

Junique will maintain an iron grip on TDCX as a public company, controlling all of the firm’s Class B shares, which make up more than 86% of the firm’s equity and represent 98.5% of voting power. He owns those shares through Transformative Investments Pte Ltd, a company based in the Cayman Islands that is entirely owned—according to public filings with the Securities and Exchange Commission—by a trust established for the benefit of Junique and his family. While its headquarters are in Singapore, TDCX has also been incorporated in the Cayman Islands since April 2020; prior to the IPO, the firm was controlled by Junique through a Caymans-based holding company. A spokesperson for TDCX declined to comment.

Before launching TDCX as a 29-year-old in 1995, the French native cut his teeth studying advertising at the École Supérieure de Publicité in Paris and business administration at the nearby École Supérieure Internationale d’Administration des Entreprises, graduating in 1989. After a two-year stint at consumer goods giant Unilever, Junique—who had reportedly been cooking up business ideas since he was a child, including a glass recycling proposal he came up with at age 13—decided he wanted a more international career, but struggled to find a gig as a young graduate with little experience.

Armed with a suitcase and just enough cash to get by, he decamped to Singapore in 1995 to try his luck on the other side of the planet. Singapore offered a strategic location as a modern, English-speaking city at the heart of fast-growing Southeast Asia, and Junique started a call center called Teledirect aimed at businesses looking to cut costs and outsource customer service. Soon enough, Junique scored the firm’s first big client, an American credit card firm based in Singapore.

Two years later, in 1997, Junique sold a 40% stake in Teledirect to London-based advertising giant WPP for an undisclosed amount. Since then, TDCX expanded beyond call centers and now has offices in 11 countries across three continents, including locations in China, Japan and India. In 2018, Junique bought back WPP’s 40% stake in the call center business for about $28 million. Three years of growth later, the company now has a market capitalization of $3.5 billion.

With 2020 marking a record year for TDCX, Junique is hoping that the Covid-induced transition away from offices has made the firm’s products more necessary for its clients. “As consumers live more and more of their lives online, the expectation for things to be done simply, conveniently and on-demand will only increase,” Junique said in a statement.

Follow me on Twitter or LinkedIn. Send me a secure tip.

I’m a Staff Writer on the Wealth team at Forbes, covering billionaires and their wealth. My reporting has led me to an S&P 500 tech firm in the plains of Oklahoma; a

Source: The World’s Newest Call Center Billionaire

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“BBC Three – The Call Centre, Series 1”. Bbc.co.uk. 2013-12-10. Retrieved 2017-12-10.

What Is Really Australia’s Quintex Capital Doing To Your Investment or Assets

Quintex Capital Pty’s innovative platforms and tools provide the power and reliability you need to feel more confident in your investment, trading and loan access.

Quintex Capital Pty is an investment Company, located at WEST PERTH 6005 Western Australia, Australia. It was founded in 13th December 2016. Quintex Capital Pty is duely and verifiably registered under Australia Securities and Investment Commission(ASIC). Quintex Capital Pty involved in Forex and Crypto currency Trading simultaneously.

Quintex Capital Pty trading team consists of highly qualified analyst, analytical experts who by using their experience and latest software, are able to predict the movements in currency exchange & cryptocurrency market with best accuracy. This company is managed by professional crypto currency trading experts with its vision and aim to help those willing to attain financial freedom but lack the technical know-how to achieve.

We have perpetuated our vision to remain at the pinnacle of the crypto world through the opportunity offered to our distinguished clients. Quintex Capital Pty is founded on the principle that cryptocurrencies is changing the fundamental structure of not only our economy and banking systems but also the way we connect and engage as human beings.

The success of traders inspired the creation of Quintex Capital Pty and enter the international trading market to use all the accumulated knowledge and experience on an international scale, Despite the market decline, cryptocurrencies are very volatile, Such volatility allows to constantly earn high profits regardless of whether the cryptocurrency market is falling or growing, A large number of different cryptocurrencies increases our capabilities and gives us prospects for further development and increasing the overall trading volume.

Quintex Capital Pty uses trading bots that monitor the cryptocurrency with the greatest volatility, At the same time, it does not matter whether the price of the cryptocurrency is falling or rising, Traders of Quintex Capital Pty can earn money in any market, The higher is the volatility of cryptocurrencies, the higher is the profit of Quintex Capital Pty.

We work with different exchanges, It increases our capabilities, because different exchanges list different tokens and prices on different exchanges for the same tokens differ, It allows to earn money on arbitration.

  • Trade with 100% peace of mind as we have the best system security team onboard.
  • With our lightning speed servers, you are sure to get the best out of your investments.
  • Watch your accruals grow in real time and monitor how much revenue is being generated for you
  • With different packages, Our system is modelled to accommodate everyone no matter how much you have to invest.
  • You have zero chances of losing your investments as all our assets are duly covered by insurance.
  • Invest in the world’s most popular cryptocurrency and enjoy all the benefits that come with it

Mission and Vision

As a main worldwide market producer,Quintex Capital Pty is focused on making the most easy to use exchanging speculation experience for every one of our customers while accomplishing greatest benefit. We endeavor to bring the most cutting edge innovation and grow new devices to permit dealers to exchange with certainty and achievement.

Notwithstanding our apparatuses, we additionally guarantee that our client support is of the most elevated level. Whatever demand that you as a financial backer may make, we will bend over backward to guarantee that it will be taken care of in an opportune and expert way.

This is not an Initial Coin Offering. We believe that ICO’s should be approached with caution as the majority of “Alt coins” do not offer any benefits to more established crypto currencies such as Bitcoin, Ethereum, etc. Quintex Capital Pty is a managed cryptocurrency trading platform with user friendly interface and attractive offer.

Tradeable Coins: Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP. There is no risk whatsoever. Just invest and enjoy the financial freedom..

If you are a registered user of Quintex Capital Pty , please enter your username and password in the appropriate fields at the top of the website and click the “Login to Account” button. You will be redirected to your account automatically as soon as you have done the above.

We take all security measures to protect your account and keep it safe from third parties intrusion. To make investments you should register with Quintex Capital Pty , create an account and then you can make your deposit. All the investments are made in your personal account after login

Source: Quintex Capital Pty Your best crypto investment and trading platform

 

Japanese Stockmarket Enjoys a Suga Rush As PM Steps Down

The Japanese stock market has hit a 30-year high following the resignation of prime minister Yoshihide Suga.

Japanese stocks have hit a 30-year high following the resignation of prime minister Yoshihide Suga. Suga, who has only been in office for a year, had become widely unpopular as his government failed to get on top of a surge in Covid-19 infections. A slow vaccine rollout and the controversial decision to go ahead with hosting the Olympics despite the pandemic also sapped his support. He will step down before a general election scheduled for later this year. 

Japan’s Topix index reacted to the news by hitting its highest level since April 1991, says Bloomberg. Investors had once had high hopes for Suga, who vowed to accelerate Japan’s digital shift (see also page 28). In February this year the Nikkei 225 index hit the symbolic 30,000-level for the first time since 1990. Yet it fell back as Covid-19 came to dominate his premiership: “Suga had created an atmosphere of uncertainty… there was a perception that Japan was ‘in a mess’”, says Richard Kaye of Comgest Asset Management Japan.  The Topix has gained 6.5% during the past month alone.

In most countries investors dislike the uncertainty of an upcoming election, says Takeshi Kawasaki for Nikkei Asia. Not in Japan. “Looking at the ten early elections held since 1990, stocks rose nearly every time between the day of the lower house being dissolved and the election date”. 

What seems to happen is that headlines about Japanese politics grab the attention of foreign money managers. They decide they like what they see and buy. “Typically at the mercy of trends in US equities” thanks to Wall Street’s tendency to set the tone for world markets, Japanese stocks are likely to go their own way over the coming months.

By: Alex Rankine

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Critics:

The Tokyo Stock Exchange (東京証券取引所, とうきょうしょうけんとりひきじょ), abbreviated as Tosho (東証) or TSE/TYO, is a stock exchange located in Tokyo, Japan. It is the third largest stock exchange in the world by aggregate market capitalization of its listed companies, and the largest in Asia. It had 2,292 listed companies with a combined market capitalization of US$5.67 trillion as of February 2019.

The exchange is owned by the Japan Exchange Group (JPX), a holding company that it also lists (TYO: 8697). JPX was formed from its merger with the Osaka Exchange; the merger process begins in July 2012, when said merger was approved by the Japan Fair Trade Commission.[2] JPX itself was launched on January 1, 2013.

The TSE is incorporated as a kabushiki gaisha with nine directors, four auditors and eight executive officers. Its headquarters are located at 2-1 NihonbashiKabutochō, Chūō, Tokyo which is the largest financial district in Japan. Its operating hours are from 8:00 to 11:30 a.m., and from 12:30 to 5:00 p.m. From April 24, 2006, the afternoon trading session started at its usual time of 12:30 p.m..

Stocks listed on the TSE are separated into the First Section for large companies, the Second Section for mid-sized companies, and the Mothers section for high-growth startup companies, and the TOKYO PRO Market section for more flexible alternative investment. As of October 31, 2010, there are 1,675 First Section companies, 437 Second Section companies and 182 Mothers companies.

The main indices tracking the TSE are the Nikkei 225 index of companies selected by the Nihon Keizai Shimbun (Japan’s largest business newspaper), the TOPIX index based on the share prices of First Section companies, and the J30 index of large industrial companies maintained by Japan’s major broadsheet newspapers.

Ninety-four domestic and 10 foreign securities companies participate in TSE trading. See: Members of the Tokyo Stock Exchange

Other TSE-related institutions include:

  • The exchange’s press club, called the Kabuto Club (兜倶楽部, Kabuto kurabu), which meets on the third floor of the TSE building. Most Kabuto Club members are affiliated with the Nihon Keizai Shimbun, Kyodo News, Jiji Press, or business television broadcasters such as Bloomberg LP and CNBC. The Kabuto Club is generally busiest during April and May, when public companies release their annual accounts.

Market Movers

Constituents of the Nikkei 225 with the highest percent gain over one day.

ListingLastChangeVolume
Shinsei Bank Ltd8303:TYO1,968.00
JPY
+228.00
+13.10%
9.68m
Toho Zinc Co Ltd5707:TYO2,841.00
JPY
+130.00
+4.80%
805.10k
Isetan Mitsukoshi Holdings Ltd3099:TYO808.00
JPY
+35.00
+4.53%
2.68m
Hitachi Zosen Corp7004:TYO947.00
JPY
+32.00
+3.50%
3.45m
DeNA Co Ltd2432:TYO2,167.00
JPY
+72.00
+3.44%
709.60k
Kawasaki Kisen Kaisha Ltd9107:TYO6,380.00
JPY
+190.00
+3.07%
5.45m
Mitsubishi Chemical Holdings Corp4188:TYO1,040.50
JPY
+26.50
+2.61%
5.67m
Meiji Holdings Co Ltd2269:TYO7,260.00
JPY
+170.00
+2.40%
537.60k
Pacific Metals Co Ltd5541:TYO2,094.00
JPY
+44.00
+2.15%
596.40k
Mitsui Mining and Smelting Co Ltd5706:TYO3,590.00
JPY
+75.00
+2.13%
587.70k

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Cryptocurrencies Are Coming Back From the Brink. Here’s Why

After months languishing in the doldrums, cryptocurrencies are surging. On Monday, Bitcoin breached the $50,000 mark for the first time since May. Other coins — including Ethereum, Cardano’s ADA and Dogecoin — also edged higher.

And it was only a few weeks ago that some strategists were eyeing a possible drop to $20,000 for Bitcoin, months after it had hit an all-time high near $65,000 in April.

Instead, sentiment is rising across the board. Crypto’s latest swings are a sign that Bitcoin miners are back in business after a recent Chinese crackdown. At the same time, there is continued evidence of more mainstream acceptance. All of this is happening as the delta variant’s surge has muddied the timeline for a normalization of interest rate policy.

“There’s been an accelerating background of accumulation of crypto assets in the past couple months,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, wrote in an email Monday. “Institutional flows in Bitcoin and Ether as well as a lot of retail activity in NFTs and gaming” are likely contributing, he added.

Here is a look at what is driving the increase — and what could come next:

A Shift in Sentiment

The cryptocurrency world is populated by a cast of characters whose voices can really influence prices. Lately, bullish noises have been boosting sentiment.

Take Elon Musk. Earlier this year, the billionaire caused heads to spin — and helped prices to boost and then plummet — when he said in March that Tesla Inc. would accept payment for its electric vehicles in Bitcoin but backtracked in May. He made his reversal on environmental grounds, expressing concern about the use of fossil fuels for cryptocurrency mining. Following those comments, Bitcoin lost about a quarter of its value in a week.

But here’s the latest twist: Over the past few weeks, Musk has been striking a more supportive tone. In late July he said he personally owns Bitcoin, Ethereum and Dogecoin and would like to see crypto succeed.

Superstar investment manager Cathie Wood is another influential voice in this space. A noted crypto bull, she told Bloomberg TV in May that she could see Bitcoin reaching a price of $500,000. More recently, she said she thinks corporations should consider adding Bitcoin to their balance sheets.

Hash Rate Signals

About a month ago, all the talk in the cryptocurrency world was of a Chinese crackdown. A ban on Bitcoin mining meant the abrupt shuttering of millions of computers that had been processing the transactions necessary to keep the crypto currency humming. Before the ban, around 65% of the world’s Bitcoin mining took place in China.

As computers went offline, the hash rate — a measure of the computing power used in mining and processing — halved in just two and half weeks.

As well as the practical implications, the aggressive moves by China laid bare the fact that the decentralized currency is still at the mercy of governments, which hit sentiment. Bobby Lee, one of the country’s first Bitcoin moguls, even said that China’s crackdown on cryptocurrencies will probably intensify and may even lead to an outright ban on holding the tokens. And in the U.S., a recent congressional debate over crypto rules added to the uncertainty.

However, the hash rate has rebounded and is up from its July nadir, according to data from Blockchain.com.

That recovery has helped restore confidence in the market that cryptocurrencies can flourish even in the face of opposition from legislators around the world.

Keep Your Eye on Jackson Hole

Prices of cryptocurrencies, like gold, tend to suffer when there is the prospect of interest rate hikes. The emergence of Covid’s delta variant may scramble plans to remove crisis-level monetary policy.

If Federal Reserve Chairman Jerome Powell were to strike a dovish note in his speech at the Jackson Hole conference this Friday, that could boost the currency, Oanda analyst Edward Moya said in a note.

The Kansas City Federal Reserve’s annual event, being held virtually again, is traditionally scrutinized for hints on upcoming changes in stance. Some Fed leaders have used it as a platform to explain new initiatives, as Powell did last year in unveiling a new monetary policy framework.

Even More Mainstream — and Main Street — Interest

Huge financial and consumer firms over the past year have increasingly been embracing crypto, giving the asset more legitimacy and driving up the price. Banks, brokerages and securities exchanges have been gearing up to meet demand. A watershed moment came in April with the U.S. stock market debut of Coinbase Global Inc., a crypto trading venue that’s shooting to establish a digital-money ecosystem.

This summer, there has been growing speculation that Amazon.com Inc. may become involved in the cryptocurrency sector. An Amazon job posting published online in July said the firm was seeking a “Digital Currency and Blockchain Product Lead.” After people found out about the post, Bitcoin surged to about $40,000. Amazon shares gained about 1% in New York. The company went on to say that the “speculation” about its “specific plan for cryptocurrencies is not true,” but the fact that the world’s largest retailer is exploring crypto has big implications for the shadowy and often hard-to-access market.

Walmart Inc. revealed it, too, was looking for some crypto help, with a job posting on Aug. 15 with responsibilities that would include “developing the digital currency strategy and product roadmap” and identifying “crypto-related investment and partnerships.” (As of Monday morning, visitors to the website were given a 404 error message.)

So… Where to From Here?

In these final days of summer, it’s now back in vogue to make $100,000 predictions.

As with any investment — or anything, really — it’s impossible to predict the future. But analysts do have a few estimations on how breaching $50,000 has changed Bitcoin’s prospects, at least in the short term.

Bitcoin is “getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s,” said Rick Bensignor, chief executive officer at Bensignor Investment Strategies.

Daniela Hathorn, an analyst at DailyFx.com, thinks that it may be a while before we see any further bullish momentum because $50,000 is a key psychological level for the currency.

“A pullback towards the $48,000 area would be the first sign of trouble,” she wrote in a note on Monday. “But the positive trend isn’t in any trouble as long as Bitcoin stays above its 200-day moving average at $45,750. Looking ahead, the key challenge for buyers will be to cement further gains towards $55,000 without losing momentum along the way.”

By: Emily Cadman / Charlie Wells / Joanna Ossinger

Source: https://www.bloombergquint.com/wealth/bitcoin-price-surge-reasons-why-ethereum-cryptocurrencies-are-rising
Copyright © BloombergQuint

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SEC Signs Deal To Investigate DeFi Transactions

Blockchain analytics firm AnChain.AI has signed a deal with the U.S. Securities and Exchange Commission (SEC) to help monitor and regulate the turbulent decentralized finance (DeFi) industry, according to a company spokesperson. The initial value of the contract is $125,000, with five separate one-year $125,000 option years for a total of $625,000.

According to CEO and co-founder Victor Fang, “The SEC is very keen on understanding what is happening in the world of smart contract-based digital assets…so we are providing them with technology to analyze and trace smart contracts.”

AnChain.AI is a San Jose-based artificial intelligence and machine learning blockchain startup that focuses on tracking illicit activity across crypto exchanges, DeFi protocols, and traditional financial institutions. In revealing the SEC contract, which started in May 2021, the company also announced today a $10 million Series A round of funding led by an affiliate of Susquehanna Group, SIG Asia Investments LLP, at an undisclosed valuation.

The deal comes on the heels of the SEC taking further interest in DeFi as it rapidly matures and grows in size. The industry currently manages more than $82 billion, and the largest decentralized exchange, Uniswap, processed over $1.8 billion worth of transactions in the last 24 hours, many of which included tokens that could be determined to be securities by the SEC.

Additionally, these platforms are becoming increasingly complex. Fang noted that the Uniswap platform is actually an amalgam of 30,000 separate smart contracts that execute the actual exchange of tokens.

The SEC’s first major action against the DeFi space came in 2018, when it shut down EtherDelta, a ‘DeFi’ exchange that it deemed to be operating illegally.

In an August interview with The Wall Street Journal, SEC Chairman Gary Gensler warned that DeFi operations are not immune from oversight because they use the word decentralized, and that “There’s still a core group of folks that are not only writing the software, like the open source software, but they often have governance and fees…There’s some incentive structure for those promoters and sponsors in the middle of this.”

SEC Commissioner Hester Peirce echoed this sentiment in a March interview with Forbes, but perhaps in an acknowledgement of the potential in DeFi asked these projects to come forward and be pro-active with the regulator, “When you start to look at the tokens themselves and try to figure out whether they’re securities, it does get kind of confusing.

In particular, it’s so hard in the DeFi landscape because there’s such variety. This is why I encourage individual projects to come in and talk to the SEC because it really does require a look at the very particular facts and circumstances.”

In addition to cataloguing and monitoring known wallets tied to illicit actors, AnChain.AI has built a predictive engine that can be used to identify unknown addresses and transactions that could be suspicious. This is all part of Fang’s goal to move beyond doing “post-incident investigations” to move the “defense all the way up to the upstream” and make it “preventive”.

Aside from government clients, AnChain.AI’s technology is also being used by centralized cryptocurrency exchanges and traditional financial institutions. In a press release, Ye Li, Investment Manager at SIG said of the investment, “AnChain.AI has made great progress in developing its market-leading crypto security technology to meet its customers’ broad demand in regulatory compliance and transaction intelligence.”

The SEC declined to comment.

Follow me on Twitter or LinkedIn. Check out my website. Send me a secure tip.

I am director of research for digital assets at Forbes. I was recently the Social Media/Copy Lead at Kraken, a cryptocurrency exchange based in the United States.

Source: SEC Signs Deal To Investigate DeFi Transactions

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Bitcoin Has No Value: People Bank’s Of China Official Announces Further Crackdown

Bitcoin (CRYPTO: BTC) and other cryptocurrencies “are not legal tenders and have no actual value support,” according to Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC) Yin Youping.

What Happened: According to a report by local news outlet People’s Daily Online, Youping said that cryptocurrencies are purely speculative assets. He also advised the public to increase its risk awareness and stay away from the crypto market to “protect their pockets.”

Read also: Crypto’s Biggest Legal Problems

The PBoC official also said in anticipation of the possible crypto market rebound and their related operations in China, the central bank will monitor overseas cryptocurrency exchanges and domestic traders in collaboration with relevant authorities.

What Else: The institution also plans to crack down on the space by blocking crypto trading websites, applications, and corporate channels.

Per the report, PBoC — being a member of the Joint Conference to Deal with Illegal Fund Raising — actively cooperates with the lead department of the China Banking and Insurance Regulatory Commission.

As a result of this collaboration, the regulator created systems aiming for the monitoring, early warning, publicity, education, and overall combating of illegal fundraising powered by cryptocurrencies and blockchains.

Read also: Why Bangladesh will jail Bitcoin traders

Youping explained that PBoC’s next step will be establishing a normalized working mechanism, continue putting high pressure on illegal cryptocurrency-related operations, and continue cracking down on crypto-related transactions.

Lastly, the report intimates that “if the general public finds clues about illegal fund-raising crimes, they must promptly report to the relevant departments.”

By:

Source: Bitcoin Has No Value: People Bank’s Of China Official Announces Further Crackdown

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China’s crackdown on cryptocurrencies will probably intensify and may even lead to an outright ban on holding the tokens, according to Bobby Lee, one of the country’s first Bitcoin moguls.

Lee knows what it’s like to be on the wrong side of Beijing: He sold BTC China, the nation’s first Bitcoin exchange and at one point the second biggest worldwide, in the aftermath of a crackdown in 2017.

China has launched a new campaign against cryptocurrencies this year, taking action against miners and imposing curbs on crypto banking services and trading. The moves have fueled Bitcoin’s drop to about half its mid-April record near $65,000.

“The next thing they could do, the final straw, would be something like banning cryptocurrency altogether,” Lee said in an interview at his office in a WeWork space in downtown Shanghai, without elaborating on how a ban might be enforced. “I put it at the odds of 50-50.”

Lee recently returned to China after spending time in the U.S. and publishing a book, “The Promise of Bitcoin.” He’s now focused on his latest venture, Ballet Global Inc., which produces a hardware wallet that stores cryptocurrencies. Lee is still a Bitcoin bull, predicting it could end this year around $250,000 and reach $1 million by 2025. He declined to disclose his Bitcoin holdings.

Next year will be a bear market cycle. So we’ll see Bitcoin fall back down 50%-80% from the all-time high. I think Bitcoin will have its bull cycle every three or four years in the coming years. I expect Bitcoin to pass a million, two million dollars easily in the next 10-15 years. In fact the next cycle I predict to be in the year 2024 or 2025, and that’s when Bitcoin will cross half a million dollars and might even touch $1 million.

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3 Issues To Consider Before You Introduce Recurring Revenue Streams Into Your Business

All business owners understand and appreciate the importance of revenue to the success of their businesses. At the outset, revenue is critical to the ability of a business to pay its expenses and satisfy any payroll obligations. Investors will examine the history of revenue of a business as a benchmark to evaluate the future profitability and potential growth of the company. Revenue is also an important criteria that lenders use when assessing whether to extend credit to a business  the lifeblood of every business.

With revenue being so important to the success of a business, it is often a surprise how little time most business owners spend on exploring how their businesses can meet  if not exceed  their revenue-generating potential.

The reality is most business owners are so focused on the day-to-day realities of running their businesses that they simply do not have the time to consider if their businesses are generating as much income as they should or if there are other opportunities to increase revenue-generating potential.

Related: 17 Passive Income Ideas for Increasing Your Cash Flow

What is a recurring revenue stream?

A recurring revenue stream is simply a way of conducting business that results in customers paying the business on a regular basis in exchange for some value. This value can either be the right to receive goods or services from a business or the right to access or use the property of the business for a given time.

This is very different from non-recurring revenue-generation business models, such as the sale of a product or the provision of a service, where a business has no expectation that a current customer will be a customer in the future. Recurring revenue streams enable business owners to better predict how much revenue their businesses will generate in the future. Savvy business owners use these recurring revenue streams to attract investors, obtain credit and grow their companies.

It is no wonder that the foundation of many successful modern businesses today often relies on recurring revenue streams.

Related: Why You Should Use a Subscription Business Model

What are some examples of recurring revenue streams?

You may be intimidated by the idea of a recurring revenue stream. You have no reason to be: Recurring-revenue business models are all around us. Here are three common examples of recurring revenue streams that you may be familiar with and ought to consider implementing in your business.

  1. Renting or leasing. If you have ever leased a car or rented a home, you are familiar with this business model. Leasing is a form of generating revenue where a business collects money from a customer in exchange for giving a customer the right to use a physical asset for a specified time.
  2. Licensing. Do you pay for any online services? Do you use any form of social media? Your relationship with those online services is often governed by a license agreement, which sets out terms for how intellectual property of one party can be used by the other. If one party is required to pay for the rights to use the intellectual property of the other party, those payments are often calculated based on how often that customer uses that intellectual property or on the amount of money the customer generates using the intellectual property of the business.
  3. Subscription. This is the model you are most likely familiar with. Whether it be your account to the latest video-streaming platform, your fresh coffee subscription or even your subscription to a pizza service, subscription-based business models are everywhere. The success of most subscription-based business models relies on providing ongoing value to customers in exchange for recurring payments for as long as possible.

What to ask before integrating a recurring revenue stream

While introducing a new revenue stream for your business is certainly attractive, recognize that not every recurring-revenue business model is the same. The reality is that each type of recurring revenue stream needs to be tailored to the capabilities of each business and the needs of each customer. Here are some questions to ask when considering the opportunities to integrate a recurring revenue stream into your business:

What value from your business are your customers willing to pay for on a regular basis? What price will customers pay for that value on a regular basis? What changes in your business operations need to happen to make these revenue streams a reality?

Related: 3 Simple But Effective Strategies to Create Consistent Income Online

Don’t go it alone

While I hope this article illustrates some of the benefits of integrating recurring revenue streams into your business, I must emphasize that this is simply an introduction to the concept. Don’t underestimate the amount of time, money and energy that may be required to create a new revenue stream for your business.

I would encourage you to find lawyers, accountants and other advisors to guide both your assessment of the suitability of a recurring-revenue business model for your business and the implementation of your strategic decisions. After all, a little time and energy invested in preparation often pays dividends in the long term.

Romesh Hettiarachchi

By: Romesh Hettiarachchi  – Entrepreneur Leadership Network Contributor

Source: 3 Issues to Consider Before You Introduce Recurring Revenue Streams Into Your Business

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Satoshi Nakamoto Collaborator Says His Bitcoin Fork, Zcash, Should Go Proof Of Stake And Wind Down Its Carbon Footprint

Zcash founder Zooko Wilcox might seem like an unlikely source to challenge Bitcoin’s ‘third rail’, its controversial, expensive, yet effective method of processing transactions, but in many ways he is the perfect candidate to offer an alternative.

After all, few know Bitcoin better than him.

An early and active participant on Bitcoin message boards, Wilcox frequently communicated and collaborated directly with the pseudonymous founder of Bitcoin, Satoshi Nakomoto. In fact, he authored the very first blog post on bitcoin, which Satoshi linked to on the original Bitcoin.org website. That is the ultimate seal of approval when it comes to crypto.

However, in an interview with Forbes, Wilcox made it clear that for as far as Bitcoin has come it is far from a fully-formed project in many areas.

For starters, the pseudonymous nature of the blockchain, which hackers and criminals are slowly finding out is not nearly as private as they hoped, was not the desired end state. As Wilcox tells it, “The fact is, like, to basically 100% of all the early bitcoiners, including Satoshi and Hal (Finney) and Nick (Szabo) and Adam (Back), and everyone…Privacy was like the main value proposition.”

If nothing else, it was clear that it deserved central billing alongside independence from central banks, the more common narrative of Bitcoin’s origin story.

The proposed solution back in 2010 was something called zk-snarks (Succinct Non-Interactive Argument of Knowledge). In short, zk-snarks can be used in a blockchain to hide not only the identities of the sender and receiver, but transaction amounts as well. Total privacy.

Back when Satoshi was actively developing bitcoin he had hoped to integrate zk-snarks into the network. However, by the time he stepped away in 2011 the technology was not advanced enough to install without slowing Bitcoin down (it is already slow even by crypto standards) or burdening it with too much data.

Wilcox was part of a team of scientists in 2012 who presented a proposal to integrate zk-snarks on top of Bitcoin at a conference in San Jose, but the core developers told them that the technology had to be proven on another blockchain before receiving serious consideration.

So that is exactly what Wilcox did – and a couple of years later Zcash was born.

It is also clear in his writings that Satoshi knew that bitcoin, if successful, would have a very large carbon footprint, something that my colleague Chris Helman pointed out in a recent article for Forbes, “It’s the same situation as gold and gold mining. The marginal cost of gold mining tends to stay near the price of gold. Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange. I think the case will be the same for bitcoin. The utility of the exchanges made possible by bitcoin will far exceed the cost of electricity used.”

It is on this point that Wilcox wants to use Zcash to move crypto forward, starting today. In a forthcoming blog post shared exclusively with Forbes, he is advocating for Zcash to move away from the same energy-intensive ‘proof-of-work’ consensus mechanism as Bitcoin to a more eco-friendly ‘proof-of stake’ approach.

The implications of such a transition could be huge. Zcash is a close cousin of Bitcoin, its code is actually based on Bitcoin, and if successful it could open the door to Bitcoin possibly eschewing mining as well.

So what exactly is ‘proof-of-stake’? Rather than operating millions of dollars worth of energy-consuming computing hardware racing to solve complicated math problems in exchange for freshly-minted bitcoin, nodes on the network post holdings as collateral at risk of forfeiture should they act dishonorably. Proof-of-stake is lighter, faster, and in the words of Wilcox even more secure than proof-of-work.

“I think proof-of-work has some security flaws, as has been demonstrated by the 51% attacks that have occurred (when a miner controls a majority of computing power on the network and can steal tokens). And I think proof-of-stake can provide a much more powerful kind of security and at lower cost.”

He also pointed out that under proof-of-work setups users have little recourse if the network gets attacked. However, on a proof-of-stake network the bad actors can be identified and have their tokens revoked so that the rest of the network can go on operating as usual. In fact, this is similar to an argument offered by Ethereum creator Vitalik Buterin, which is also going through an arduous transition from proof-of-work to proof-of-stake, to justify the switch.

When asked why he is advocating for the transition now, Wilcox points to a few key reasons, most notably that the proof-of-stake is ‘proven’ and no longer experimental. As evidence he points to the successful launch of networks such as Algorand, Cardano, Cosmos, and Tezos.

In fact, environmental concerns do not seem to be a leading justification for the shift, but rather his belief that proof-of-stake is the better all-around approach moving forward. He also recognizes that right or wrong, people are increasingly worried about crypto’s carbon footprint. Switching to proof-of-stake in his mind is then a win for everyone.

That said, while Zcash is based on Bitcoin and shares many of the same characteristics, down to its hard limit of 21 million units, the two networks are in different universes from adoption and scale points of view. ZEC (Zcash’s native token) is currently priced at $111.55, while bitcoin is nearly 350x bigger at $38,709. Bitcoin processes around 250,000 transactions per day, while Zcash hovers around 4,000. Additionally, the bitcoin network’s hashrate of 102,631,000,000,000,000,000 hashes per second is orders of magnitude bigger than Zcash’s 4,992,000,000.

That said, Zcash has tripled Bitcoin’s returns to investors year to date.

So even if Zcash makes a successful transition, that does not mean that bitcoin could simply follow the same path. Plus, bitcoin’s community has historically been resistant to major change, understandable given its focus on security, and the necessity of proof-of-work has become a hardened part of its ideology.

A final reason why things are moving forward now is because as Wilcox tells it, we are entering an inflection point when it comes to protecting our privacy from governments and corporations alike, “We’re both simultaneously seeing mega corporations and governments seizing more and more control over everyone, both in the east and the west…And we’re simultaneously seeing people worldwide becoming more aware and valuing their privacy more, their autonomy, their human relationships.”

He also believes that the stakes are being raised when it comes to central bank digital currencies (CBDCs) and fears of surveillance capitalism. That said, Wilcox would not be opposed to collaborating with banks around the world if they wanted to integrate Zcash and  zk-snarks, saying “We definitely could help them come up with improved or variants, zero knowledge proof that would serve their purposes. But we would do so only if that one they would feed back into ZEC, which is the engine of our mission, our mission is to empower and free everyone in the world.”

Follow me on Twitter or LinkedIn. Check out my website. Send me a secure tip.

I am director of research for digital assets at Forbes. I was recently the Social Media/Copy Lead at Kraken, a cryptocurrency exchange based in the United States. Before joining Kraken I served as Chief Operating Officer at the Wall Street Blockchain Alliance, a non-profit trade association dedicated to the comprehensive adoption of cryptocurrencies and blockchain technologies across global markets. Before joining the WSBA, I was the Lead Associate within the Emerging Technologies practice at Spitzberg Partners, a boutique corporate advisory firm that advises leading firms across industries on blockchain technology. Previously I was Vice President/Lead Strategy Analyst at Citi FinTech, where I drove strategic and new business development initiatives for Citigroup’s Global Retail and Consumer Bank business across 20 countries. I also served five years as a Senior Intelligence Analyst at Booz Allen Hamilton supporting the U.S. Department of Defense. I have a B.S. in Business Administration from the Tepper School of Business at Carnegie Mellon University and a M.A. in International Affairs from Columbia University’s School of International and Public Affairs. Additionally, I am a Certified Information Privacy Professional (United States, Canada, and the European Union) and a Certified Information Privacy Technologist at the International Association of Privacy Professionals (IAPP).

Source: Satoshi Nakamoto Collaborator Says His Bitcoin Fork, Zcash, Should Go Proof Of Stake And Wind Down Its Carbon Footprint

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