How blockchain could be used to tackle internal fraud. Fraud impacts organizations of all types and sizes across a wide range of industries and geographies. Consequences can be direct, through financial losses, or indirect, through fines and reputational fallout. In 2018, firms worldwide lost more than $7 billion to internal fraud schemes, according to a “2018 Report to Nations,” by the Association of Certified Fraud Examiners (ACFE) — which analysed 2,600 real cases of occupational fraud from companies across 125 territories and 23 industries. Addressing the risk […]

More info

60% of bitcoin’s full-nodes are running software still vulnerable to the inflation bug at press time. According to bitcoin (BTC) node stats reported on the website of bitcoin core developer Luke Dashjr, 60.22% of the coin’s full-nodes are running software still vulnerable to the inflation bug at press time. According to the reported data, the software running on 60,101 bitcoin full-nodes is vulnerable to the CVE-2018-17144 bug. As Cointelegraph reported at the end of September last year, the bug allows malicious miners to artificially inflate bitcoin’s supply via […]

More info

The mystery account has made more than 587,000 transactions since it became operational on April 8. A single address has been responsible for more than half of the bitcoin cash (BCH) transactions in the past month, according to a tweet by @IamNomad on May 5. According to the Bitcoin Cash Block Explorer, the mystery account has made more than 587,000 transactions since it became operational on April 8 of this year. Many of the transactions are for fractional amounts of BCH and they are made with regularity, with three to […]

More info

Social media giant Facebook reportedly acquired the rights to the “Libra” trademark for its secretive cryptocurrency project. Social media giant Facebook acquired the rights to the “Libra” trademark for its secretive cryptocurrency project, crypto news website The Block reported on May 3. The Block claims that a source familiar with the matter confirmed that Facebook is recruiting financial firms to develop its own crypto and that the project’s codename and product name is Libra. Moreover, documents released by the United States Patent and Trademark Office and filed […]

More info

Most of the top 20 cryptocurrencies are reporting moderate losses on the day as bitcoin has fallen under the $5,700 mark. Monday, May 5 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) has fallen under the $5,700 mark. Market visualization courtesy of Coin360 Bitcoin is down over 1.5% on the day, trading at $5,692 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 8.2%. Bitcoin 7-day price chart. […]

More info

Winklevoss Capital has participated in a $4.5 million seed financing round in the flare mitigation provider. The Winklevoss twins’ family office, Winklevoss Capital, has participated in a $4.5 million seed financing round for flare mitigation provider Crusoe Energy Systems Inc. to advance its construction of data centers that can mine cryptocurrencies. The news was reported by Bloomberg on May 3. Flare mitigation — as a Crusoe press release accompanying the seed financing round outlines — aims to reduce the environmentally noxious impact of flaring (burning off) surplus […]

More info

Former chief economist at the World Bank, Joseph Stiglitz, says that cryptos do not have any of the attributes of a good currency. Famous American economist and Nobel Prize winner Joseph Stiglitz has reiterated his negative stance on cryptocurrencies in a CNBC video released on May 6. “I actually think we should shut down the cryptocurrencies,” Stiglitz declared in the video, pointing out his opinion of the major deficiencies of the digital currencies like bitcoin (BTC). According to Stiglitz, crypto is not the right way to create […]

More info

A top executive at one of Asia’s largest banks says trade finance needs to go digital because forged paper records have become too sophisticated. A senior executive at one of Asia’s biggest banks has said the $9 trillion trade finance industry needs to be digitized in order to tackle fraud, according to a Bloomberg article published on May 5. Ng Chuey Peng, managing director and head of global commodities finance at Singapore’s Oversea-Chinese Banking Corp Ltd. (OCBC), criticized the industry’s reliance on paper receipts, and warned forgeries have become so sophisticated […]

More info