Exchange News: FTX Employees Discovered Alleged Backdoor
Months before the collapse of FTX, some employees based in the US discovered a backdoor that Alameda Research, FTX’s parent company, allegedly used to withdraw customer funds from the exchange. These employees, who previously worked for LedgerX before it was acquired by FTX, found the backdoor while analyzing the code for FTX’s main exchange. They reported the issue to the director of engineering, but it was not resolved.
Regulation News: SFC and HKPF Collaborate on Monitoring VATPs
The Securities and Futures Commission (SFC) of Hong Kong has established a working group with the Hong Kong Police Force (HKPF) to enhance collaboration in monitoring and investigating illegal activities related to Virtual Asset Trading Platforms (VATPs). The group aims to share information on suspicious activities, assess risks of suspicious VATPs, and improve coordination in related investigations. Representatives from various bureaus within HKPF and divisions within SFC are part of this group.
Investment News: Bitfinex Securities Partners with Mikro Kapital
Bitfinex Securities Ltd has signed a Memorandum of Understanding (MOU) with Mikro Kapital, a Luxembourg-based impact finance and microfinance group. This partnership aims to explore projects involving tokenization, listing, and trading of debt securities. Additionally, they will evaluate the use of USD-backed Tether tokens (USDT) and Euro-backed Tether tokens (EURT) for capital raising and microfinancing. Mikro Kapital currently has a lending book worth approximately $1.42 billion across 14 countries.
In another investment news, Zeitgeist, a decentralized application for prediction markets, has announced its collaboration with CoinDesk Indices (CDI). This partnership aims to provide fresh signals to prediction markets for tradeable crypto sectors. They plan to run prediction markets on the CoinDesk DeFi Select Index and the CoinDesk Smart Contract Platform Select Index, allowing traders and data analysts to forecast the monthly levels of these indices.
Blockchain News: IOTA Foundation Introduces IOTA 2.0
The IOTA Foundation has introduced IOTA 2.0, a new protocol that marks the beginning of coordinator removal and aims for true decentralization. After extensive research and prototyping, the entire architecture of IOTA has been rebuilt from scratch to create a robust and sustainable system. IOTA 2.0 will be public, decentralized, parallelized, democratic, and sustainable. The Foundation plans to release resources weekly.
Career News: Bitget Managing Director Joins Forbes Business Council
Gracy Chen, the Managing Director of Bitget, has been appointed to the Forbes Business Council. This invitation-only council serves as a hub for top industry leaders to share ideas, resources, and experiences. Chen’s appointment is expected to bring valuable expertise in decentralized finance, blockchain innovation, and diversity in technology discussions within the council.
Hot Take: The Importance of Collaboration and Innovation in Crypto
The recent news highlights the significance of collaboration and innovation in the crypto industry. From FTX employees discovering alleged backdoors to the SFC and HKPF working together to monitor VATPs, it is clear that addressing challenges requires collective efforts. Partnerships like Bitfinex Securities and Mikro Kapital’s collaboration showcase how tokenization can be utilized for capital raising and microfinancing. Additionally, projects like Zeitgeist’s collaboration with CoinDesk Indices introduce new possibilities for prediction markets.
Furthermore, the introduction of IOTA 2.0 by the IOTA Foundation signifies the continuous evolution and progress of blockchain technology. Lastly, the recognition of Bitget’s Managing Director, Gracy Chen, in the Forbes Business Council exemplifies the industry’s recognition of individuals driving innovation and diversity. Overall, these developments demonstrate the dynamic nature of the crypto space and the importance of collaboration and forward-thinking approaches in shaping its future.
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