Leveraging Knowledge to Manage Your Data Risks
In the decades that followed the enactment of the Homestead Act of 1862, more than 1.6 million U.S. citizens and intended citizens filed applications with the U.S. government to lay claim to 160 acres of land guaranteed to each applicant willing to settle, farm and improve the lands.
Settlers quickly encountered a major problem. The…
As numerous states propose and enact legislation focused on blockchain technology and cryptocurrencies, in 2018, no state has been more aggressive in this space than Wyoming. In March, the state legislature passed several bills impacting cryptocurrency businesses, each of which is designed to position Wyoming as a blockchain-friendly environment for businesses.
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Lazarus, the well-known hacking group responsible for the WannaCry ransomware attack from last year, as well as the attack on the Bangladesh Central Bank and Sony, is now targeting global financial firms and Bitcoin adopters with a phishing campaign dubbed “HaoBao.”
The phishing campaign was discovered by McAfee Labs in mid-January. The way it works…
As previously reported, state legislatures throughout the country continue to propose legislation designed to facilitate the use of blockchain-based technology by businesses within their states. In recent weeks, legislatures in Florida and Nebraska have each proposed laws streamlining the transaction of business electronically and through use of distributed ledgers on blockchain applications. In Arizona, the…
In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies. This follows previous warnings by both the Securities and Exchange Commission (SEC) and FINRA about the risks associated with investing in ICOs and virtual currencies, including Bitcoin. SEC Chairman Jay Clayton…
While the investment potential of cryptocurrencies, including BitCoin, has been all over the news in recent weeks, state governments have begun to explore the practical applications of blockchain – the technology underlying BitCoin. In New York, Assemblyman Clyde Vanel introduced four bills in late November related to blockchain technology. The first, Assembly Bill 8780, would amend the state technology law to allow signatures, records and contracts secured through blockchain technology to be considered valid electronic records and signatures and further to recognize the legal validity of the use of smart contracts in commerce. This proposed legislation, recognizing legal effect to blockchain transactions and smart contracts, is similar to laws recently passed in other states, including Arizona, Nevada and Vermont.
Continue Reading Proposed Legislation in New York Would Recognize Enforceability of BlockChain Transactions and Explore Applications of Technology
Top mutual fund firm The Vanguard Group, Inc. unveiled a plan last week to incorporate blockchain smart contract technology into some of its indexing operations beginning early next year. Vanguard’s initiative will be carried out through a partnership with the Center for Research in Security Prices (CRSP) and technology provider Symbiont and is intended to simplify Vanguard’s index data sharing process. By utilizing a dedicated blockchain network created by Symbiont, Vanguard hopes to make CRSP data available to investment managers on a nearly instantaneous basis.
Continue Reading Early Adopter—Vanguard Announces Plan to Utilize Blockchain Technology
Many are lamenting not purchasing bitcoin now that its value has skyrocketed. Yesterday, Massachusetts Secretary of State William Galvin warned investors to stay away from investing in bitcoin, as he considers it a financial bubble that is a gamble for investors.
Galvin stated: “It’s simply a creation of a vehicle which doesn’t exist backed by…
Virtual currency exchanges are popping up at breakneck speed. Tether, which operates USDT, a cryptocurrency that is backed up with the U.S. dollar, announced that almost $31 million of its USDT was stolen from its core treasury wallet “through malicious action by an external attacker.”
In response to the heist, Tether has flagged and is…
In its first lawsuit targeting Initial Coin Offerings (ICOs), the Securities and Exchange Commission (SEC) has filed fraud charges against the creator of the ICOs marketed as “REcoin” and “DRC.” The action, filed in the United States District Court for the Eastern District of New York on September 29, 2017, alleges that Maksim Zaslavskiy, operating through two wholly owned companies, raised over $300,000 from investors based on false claims the digital “tokens” or “coins” being marketed were backed by investments in either real estate or diamonds. According to the SEC’s Complaint, not only were funds raised by the ICO not invested in any assets, the digital tokens did not actually exist. Despite representations by Zaslavskiy, no digital tokens and actually been developed or issued on a blockchain, leaving investors with no value in exchange for their payments.
Continue Reading SEC Brings Fraud Action Against ICO Creator
