The vulnerability was located in a file that translates human-readable code into machine language for storage. The Sui blockchain network quietly fixed a bug that could have put “billions of dollars” at risk, according to a May 16 announcement from Zellic, the security firm hired to audit the network’s security. Loss of Funds Bug in…
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Timothy Massad, former chairman of the Commodity Futures Trading Commission (CFTC) and a current research fellow at Harvard’s Kennedy School of Government, argued that regulatory progress on stablecoins can be made immediately by utilizing the current laws…. Read More: A Former CFTC Chair Thinks There is No Need For New Laws on Stablecoins: Here’s What…
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It only took Libra/Diem two years to come full circle from publishing its white paper to falling apart. On Jan. 31, Meta, formerly known as Facebook, announced that it was pulling from its stablecoin project, Diem, formerly known as Libra. Intellectual property and other assets related to the operations of the Diem Payment Network were…
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A group of U.S. senators has asked Facebook CEO Mark Zuckerberg to discontinue his company’s crypto wallet pilot and commit to not bringing the cryptocurrency Diem to market. “Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient,”…
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Novi, Facebook’s digital wallet, will launch a pilot program to test the functionality of the service in two countries: Guatemala and the U.S. The test will allow Novi to test all of its main functions and to evaluate what things need to be improved before launch. Novi will use pax dollars as the main currency…
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Kevin Weil has previously said that the launch of the Facebook-backed stablecoin would be “a journey of years and decades.” Kevin Weil, the vice president of product at Facebook’s digital wallet unit and one of the creators of the Libra token, now called Diem, will be leaving the social media giant. In a Twitter thread…
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Fireblocks and First Digital Asset Group have developed a seamless connection to Diem, allowing financial institutions to access the emerging payment network. The platform is still awaiting regulatory approval before it can launch. The Diem Association is progressing towards launch with a new technical upgrade that reportedly allows more financial institutions to connect with the…
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The Diem Association’s rebrand from Libra was supposed to herald a new day for the project, but a touted 2021 launch may not go as planned. Facebook-backed Libra Association’s rebrand to Diem looked to quash negative perceptions of the project, but its new name has not changed the regulatory pressures the project still faces. It…
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Attorney General William Barr tendered his resignation to President Trump last night, opening up the conversation as to how a Biden-appointed successor will handle crypto. In a tweet Monday evening, President Trump announced the departure of William Barr from the office of Attorney General. The announcement comes the same day that the Electoral College convened…
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A former PBoC official says that his country has taken a cautious approach with the digital yuan. The Chinese government is not seeking to replace existing fiat currencies with its own digital currency, according to a former governor of the People’s Bank of China, or PBoC. Zhou Xiaochuan, the president of the Chinese Finance Association…
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