Monat: Mai 2024

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Philippines’ central bank greenlights pilot for Peso-backed stablecoin

  • BSP approves pilot for PHPC, a Peso-backed stablecoin, in collaboration with Coins.ph.
  • Sandbox testing to evaluate PHPC’s real-world performance and impact on local fiat ecosystem.
  • Transition to real-world usage subject to final evaluations and approvals by central bank.

The digital currencies landscape in the Philippines is set for a major shift after the country’s central bank, Bangko Sentral ng Pilipinas (BSP), granted approval for the commencement of a pilot program for a Philippine Peso-backed stablecoin (PHPC).

BHP’s move signals a progressive step towards exploring the potential of blockchain technology and stablecoins in the nation’s financial ecosystem.

Sandbox testing to evaluate PHPC’s viability

The pilot program, conducted within the framework of BSP’s Regulatory Sandbox, will see the collaboration between the central bank and crypto wallet provider Coins.ph.

The primary objective of the pilot program is to assess the real-world performance of the PHPC and its potential impact on the local fiat ecosystem.

Under the terms of the pilot, Coins.ph will maintain cash reserves in pesos equivalent to the circulating supply of PHPC within the sandbox environment, ensuring a stable 1:1 pegging of the digital currency to the Philippine peso.

BSP’s choice Coins.ph is strategic. Being a licensed crypto service provider in the Philippines, Coins.ph dominates Philippines crypto space, especially after its partnership with Circle in 2023 for USDC remittances in the Philippines. It was the first to add BRC-20-support in the Philippines.

The sandbox testing phase is designed to explore various use cases for PHPC, including domestic and cross-border payments, trading with other virtual assets, hedging against market volatility, and providing collateral and liquidity in decentralized finance (DeFi) applications.

These trials will provide valuable insights into PHPC’s practicality and effectiveness in facilitating financial transactions and promoting financial inclusion in the Philippines.

Transitioning from sandbox to real-world usage

While the pilot program marks an important milestone in the development of PHPC, its transition from a sandbox environment to real-world usage is contingent upon the results of the testing phase and final evaluations by the central bank.

According to local regulations, the duration of the testing period can range from three to 12 months, depending on the complexity of the project. However, no official deadline has been disclosed for the conclusion of the stablecoin experiment.

The current initiative to launch a Peso-backed stablecoin builds upon previous efforts to introduce stablecoins pegged to the Philippine peso, such as the PHX launched by UnionBank in 2019. UnionBank’s PHX, aimed at driving greater financial inclusion, is also redeemable for pesos and implemented on the bank’s i2i platform.

The emergence of PHPC and other stablecoin projects reflects the growing recognition of digital currencies as viable tools for enhancing financial services and expanding access to digital payments in the Philippines.

The post Philippines’ central bank greenlights pilot for Peso-backed stablecoin appeared first on CoinJournal.

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Kaspersky’s report reveals new tactics used by North Korean crypto hackers

  • North Korean hackers deploying “Durian” malware targeting South Korean crypto firms.
  • The resurgence of dormant hackers like Careto underscores the evolving cybersecurity landscape.
  • Hacktivist groups like SiegedSec escalate offensive operations amidst global socio-political events.

The first quarter of 2024 has proven particularly eventful, with notable findings and trends emerging from the frontline of cyber security. From the deployment of sophisticated malware variants to the resurgence of long-dormant threat actors, the landscape of cyber threats continues to shape-shift, presenting new challenges for security experts worldwide.

A recent report by the Global Research and Analysis Team (GReAT) at Kaspersky made a striking revelation shedding light on the activities of various advanced persistent threat (APT) groups.

The Durian malware targeting South Korean crypto firms

Among the findings made by GReAT is the emergence of the “Durian” malware, attributed to the North Korean hacking group Kimsuky. It has been used to target South Korean cryptocurrency firms and it has a high level of sophistication, boasting comprehensive backdoor functionality.

The Durian malware’s deployment marks a notable escalation in the cyber capabilities of Kimsuky, showcasing their ability to exploit vulnerabilities within the supply chain of targeted organizations.

By infiltrating legitimate security software exclusive to South Korean crypto firms, Kimsuky demonstrates a calculated approach to circumventing traditional security mechanisms. This modus operandi highlights the need for enhanced vigilance and proactive security strategies within the cryptocurrency sector, where the stakes are exceptionally high.

The connection between Kimsuky and the Lazarus Group

The Kaspersky report further unveils a nuanced connection between Kimsuky and another North Korean hacking consortium, the Lazarus Group. While historically distinct entities, the utilization of similar tools such as LazyLoad suggests a potential collaboration or tactical alignment between these crypto-threat actors.

This discovery underscores the interconnected nature of cyber threats, where alliances and partnerships can amplify the impact of malicious activities.

Resurgence of dormant crypto hacking groups

In parallel, the APT trends report reveals a resurgence of long-dormant threat actors, such as the Careto group, whose activities were last observed in 2013.

Despite years of dormancy, Careto resurfaced in 2024 with a series of targeted campaigns, employing custom techniques and sophisticated implants to infiltrate high-profile organizations. This resurgence serves as a stark reminder that cyber threats never truly disappear; they merely adapt and evolve.

Other crypto hacking groups terrorising the world

The Kaspersky report also highlights the emergence of new malware campaigns targeting government entities in the Middle East, such as “DuneQuixote”. Characterized by sophisticated evasion techniques and practical evasion methods, these campaigns underscore the evolving tactics of threat actors in the region.

There is also the emergence of the “SKYCOOK” implant utilised by the Oilrig APT to target internet service providers in the Middle East.

Meanwhile, in Southeast Asia and the Korean Peninsula, the activities of threat actors like DroppingElephant continue to pose significant challenges. Leveraging malicious RAT tools and exploiting platforms like Discord for distribution, these actors demonstrate a multifaceted approach to cyber espionage. The use of legitimate software as initial infection vectors further complicates detection and mitigation efforts, highlighting the need for enhanced threat intelligence and collaboration among stakeholders.

On the hacktivism front, groups like SiegedSec have ramped up their offensive operations, targeting companies and government infrastructure in pursuit of social justice-related goals. With a focus on hack-and-leak operations, these groups leverage current socio-political events to amplify their message and impact.

The post Kaspersky’s report reveals new tactics used by North Korean crypto hackers appeared first on CoinJournal.

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Bitcoin still struggling around $61k: Will it dip lower?

Key takeaways

  • Bitcoin continues to struggle below $62k and could plunge lower in the short term.
  • Bitbot has raised $3.3m so far, with only two stages of the presale left.

Bitcoin stays below $62k

Bitcoin has been struggling in recent weeks and could record further losses if the market condition persists. At press time, the price of Bitcoin stands at $61,254, down by than % in the last seven days.

The poor performance comes as the US Federal Reserve recently dashed hopes of cutting interest rates in the short term. Risk-averse assets like Bitcoin continue to underperform with the interest rate still high. 

What is Bitbot? 

Bitcoin’s boring price performance hasn’t affected other activities in the broader crypto market. Presales and airdrops continue to attract the attention of Degens and other industry participants. 

Bitbot is one of the projects that is raising capital from investors to address certain pain points in the market. It is a Web3 project that seeks to bring unique value propositions to traders in the cryptocurrency space. It is a Telegram trading bot that puts the power in the hands of the user. 

According to their whitepaper, the team describes Bitbot as a self-custodial trading bot that enables users to trade via their cold wallets on Telegram. The solution provides traders with an innovative way of trading and is leveraging Telegram’s position as a leading social media platform for crypto users. 

Bitbot users will enjoy certain features available only to institutional investors, making it easier for traders to grow their trading portfolios.

Bitbot’s tech targets retail traders

Bitbot is rolling out tech solutions that could help retail traders excel in the cryptocurrency market. According to their whitepaper, Bitbot will leverage the Knightsafe to offer a self-custody solution. This solution helps in mitigating the typical risks associated with Telegram trading.

Furthermore, the integration of anti-MEV and anti-rug solutions will help users protect their assets. These solutions would ensure traders protect their data and assets from bots artificially pumping transaction costs and block scam projects.

With more than $3.3 million raised so far, some of the presale funds will be channeled towards integrating Ultra-flexible wallet management fuelled by non-custodial API technology. 

Finally, Bitbot will also enable the Cop Trading feature, allowing novice traders to copy the trades of the strongest-performing wallets based on on-chain activities.

Bitbot’s presale tops $3.3m

The Bitbot presale is currently in its tenth stage and is drawing closer to its end. So far, the project has raised $3,337,931 of the required $3,546,000 in this current stage. According to the team, there are only two presale stages left.

The $BITBOT token is going for $0.0180 in the current presale round and will increase to $0.0189 once the next round commences. 

The whitepaper indicated that the Bitbot development team will hold 20% of the total token supply and use it to fund ongoing development. An additional 14% is allocated to marketing & CEX listings while 3% is allocated to exchange liquidity provision.

Click here to read more about Bitbot’s upcoming presale. 

Should you buy the Bitbot token now? 

There are only two stages left in this presale, which means the opportunity to invest early in this project is slipping away. Bitbot’s presale continues to attract more investors despite the choppy market conditions.

Bitbot is looking to gain massive adoption in the market by offering unique technologies that would allow traders to improve their trading activities. Its native token could be a big winner in the coming months and years with the right level of adoption.

The post Bitcoin still struggling around $61k: Will it dip lower? appeared first on CoinJournal.

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AEVO, Arbitrum, Render token unlocks near as BitBot gains momentum

Popular cryptocurrencies are on edge as investors wait for their upcoming token unlocks that will lead to more dilution. Arbitrum’s ARB token was trading at $1 on Sunday, down by over 58% from its highest point in 2023, and is near its lowest swing since December 1st last year. 

Top token unlocks ahead

AEVO, a newly launched token, has also tumbled to about $1.20, its lowest level on record. It has crashed by more than 68% from its highest level this year. 

Render Token (RNDR), on the other hand, has defied gravity as other cryptocurrencies slip. It jumped to a high of $11.5, its highest swing since March 27th. It has soared by over 75% from its lowest level in April, helped by the rising demand for artificial intelligence (AI) assets. It is also nearing its highest level this year.

These cryptocurrencies will be in the spotlight this week as investors focus on their upcoming token unlocks. A token unlock is a situation where more coins are released to the market as part of their tokenomics. These unlocks lead to substantial dilution by introducing tokens to the market.

Data by TokenUnlocks shows that AEVO will release over 827K tokens on May 15th, a substantial amount since AEVO has 110 million tokens in circulation. If the figure is correct, it means that the network will have substantial oversupply.

Arbitrum, the biggest layer-2 network in the market, will have its token unlock event on May 16th. It will release over 92.6 million tokens, a substantial figure since It has over 2.6 billion tokens in circulation.

Render, a platform that offers decentralized GPU, will have its token unlock on Friday. It will release over 8.4 million tokens equivalent to 0.20% of its supply. 

The other popular networks that will have token unlocks soon are Aptos (APT), Pendle, ApeCoin, Manta, and Oasis Network.

BitBot token sale going on

Meanwhile, BitBot, an upcoming blockchain platform, is doing well as its token sale gains momentum.

Data shown on its website shows that it has raised over $3.3 million from global investors. This figure makes it one of the most popular tokens in the market. It has now entered its 13th stage, meaning that the token sale is nearing its end. The final part of the sale will be the 15th stage.

BitBot is a platform that seeks to become the leading player in the crypto trading industry. It will provide a Telegram bot that will help thousands or millions of people make money day trading these assets.

BitBot will be a unique Telegram bot for three main reasons. First, in addition to the normal technical analysis, it will have unique artificial intelligence features that are expected to boost its accuracy. 

Second, the network will be non-custodial, meaning that it will not have access to user data and funds. Third, it will be powered by $BITBOT, a crypto token that will have more features like revenue sharing and governance features. You can buy the $BITBOT token here.

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