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Central Bank Executive Says Hong Kong Working On Investor Protection Measures

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The chief executive officer of the central bank in Hong Kong seemed to have an optimistic perspective on the future of decentralized technology in the wake of the current crypto pandemic; nevertheless, the governor of the central bank in Korea had his worries about the subject.

At this very moment, the governors of central banks from all over the globe are assembling in Thailand in order to discuss the function of central banks in this day and age of fast advancing financial technology.

The Bank of Thailand (BOT) and the Bank for International Settlements will both act in the capacity of co-hosts while they are present at the conference (BIS).

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A panel discussion on digitalized monetary systems was attended by Eddie Yue, chief executive of the Hong Kong Monetary Authority; Changyong Rhee, governor of the Bank of Korea; Adrian Orr, governor of the Reserve Bank of New Zealand; and Cecilia Skingsley, from the Bank for International Settlements. The panelists examined the growing popularity of digital assets and central bank digital currency (CBDC), in addition to the dangers that are linked with the recently established technology.

The chairman of the Hong Kong Monetary Authority highlighted the innovations and benefits brought about by blockchain technology, as well as the potential implications that it would have on central banks. He also underlined the conceivable effects that blockchain technology would have on monetary policy.

According to Yue, CBDCs and stablecoins may eventually be able to offer a way of transaction that is not only more efficient but also more cost-effective in the long run.

He did make the point, though, that every new piece of technology has its own unique set of hazards, whether they be innovation risks or operational risks, and that these risks are unavoidable.

Yue pointed out that blockchain is, by its very nature, a decentralized technology; as a result, it is far more difficult to mitigate the risks that are associated with on-chain activities.

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The governor of the Bank of Korea, Changyong Rhee, has voiced some skepticism regarding the possible uses of blockchain technology in the future, especially in the financial sector. This is in light of the recent crypto outbreaks.



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North Korea Stole Over $1 Billion in Crypto in 2022

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According to an unclassified study from the United Nations, cybercriminals operating out of North Korea stole more digital assets in 2022 than in any previous year.

According to Reuters, the UN report was sent to a 15-person committee that is in charge of imposing sanctions on North Korea one week ago.

Following attacks on the computer networks of international aerospace and military corporations, it was discovered that hackers with ties to North Korea were responsible for between $630 million and more than $1 billion worth of crypto assets being stolen in 2017.

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The United Nations research found that cyber assaults were more sophisticated than in previous years, making it more difficult than it has ever been to track down monies that have been stolen.

The independent sanctions monitors stated in their report to the United Nations Security Council Committee that “[North Korea] used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance and to steal information of potential value, including information related to its weapons programs.”

A report published on February 1 by the blockchain analytics company Chainalysis came to a similar conclusion last week. According to this report, North Korean hackers were responsible for the theft of at least $1.7 billion worth of cryptocurrency in 2022, making it the worst year ever for crypto hacking.

According to the company, the cybercriminal syndicates have been the most “productive bitcoin hackers over the last several years.”

According to Chainalysis, “For comparison, North Korea’s entire exports in 2020 comprised $142 million worth of products,” thus it isn’t a reach to argue that hacking cryptocurrencies is a major portion of the nation’s economy.

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According to Chainalysis, at least $1.1 billion of the stolen wealth was acquired via hacks of decentralized finance protocols. This indicates that North Korea was one of the driving factors behind the trend of hacking decentralized financial protocols that accelerated in 2022.

The company also discovered that hackers with ties to North Korea often transfer huge quantities of money to mixers like Tornado Cash and Sinbad.

According to Chainalysis, the pace at which assets stolen by other persons or organizations are transferred to mixers is far lower than the rate at which funds stolen by hackers with ties to North Korea are transferred.

North Korea has frequently denied allegations that it is responsible for cyberattacks; however, the new UN report alleges that North Korea’s primary intelligence bureau, the Reconnaissance General Bureau, utilizes several groups such as Kimsuky, Lazarus Group, and Andariel specifically for the purpose of conducting cyberattacks.

According to the report published by the United Nations, “these actors continued to illicitly target victims in order to earn income and solicit information of value to the DPRK, particularly its weapons programmes.”

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Last week, the entire report was presented to the North Korea sanctions committee of the 15-member council. According to recent reports, it is expected that the report will be made public either later this month or early in March.



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The Bank of England and the United Kingdom’s Treasury are working on a digital asset

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The Bank of England (BoE) and the Treasury of the United Kingdom are moving on with plans to establish a digital currency that might “offer a new method to pay” without necessarily replacing cash. These ideas are in the early stages.

A joint consultation paper on central bank digital currencies (CBDCs) is scheduled to be released on February 7, with the Bank of England and the Treasury seeking views on how and if they should continue with establishing a CBDC. The topic of the document is central bank digital currencies (CBDCs).

Jeremy Hunt, the Minister of Finance, made an announcement to the public on February 6 indicating that the two organizations will collaborate in an effort to build a modernized digital payments system that does not necessarily exclude the usage of cash.

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“While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that is trusted, accessible, and easy to use,” he said. He continued by saying that “we want to investigate what is possible first, while always making sure that we protect financial stability.”

Officials from the Bank of England and the Treasury Department anticipate that large technology firms will provide a government-backed alternative to privately produced stablecoins over the next few years. This will be another significant area of attention that will be addressed.

As part of the statement, Governor of the Bank of England Andrew Bailey highlighted the fact that a “digital pound would enable a new method to pay, benefit companies, retain faith in money, and better safeguard financial stability.”

“However, there are a number of ramifications that will need to be thoroughly considered by our technical work. This consultation, together with the further work that will be done by the bank at this time, will provide the groundwork for what would be a major choice for the nation about the manner in which we use money.

A speech by BoE Deputy Governor Jon Cunliffe is also scheduled to take place on February 7. The purpose of this address is to provide the financial sector with an update on the central bank and Treasury’s CBDC work to far.

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It was proposed that even if they choose to continue ahead with the project, the construction of the blockchain-based infrastructure that would support the digital pound would not take place until at least the year 2025.

Related: According to new study, London has become the world’s most crypto-ready city for commercial use.

Rishi Sunak, the current prime minister and a former finance minister, issued an order in April 2021 mandating that the Bank of England and the Treasury work together to establish the Central Bank Digital Currency Taskforce. The two individuals are essentially entrusted with supervising the investigation as well as the possible deployment of the digital pound.

Although it seems to have been a slow burn so far, given how cautious the BoE and Treasury’s stances are, the latter did post a job listing to LinkedIn on January 24 calling for a team lead for its Payments and Fintech Team of approximately 20 people focused exploring on a “potential digital pound.” Despite the fact that it appears to have been a slow burn so far, given how cautious the BoE and Treasury’s stances are, the Treasury did post the job listing.



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Former Coinbase Product Manager Seeks to Dismiss SEC Charges of Insider Trading

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A former product manager at the cryptocurrency exchange Coinbase has made a formal request to have the allegations of suspected illegal insider trading dropped against them. Since the tokens that are being alleged to have been traded by him are not securities, his legal team believes that the charges should be dismissed as groundless. The fact that this is the case is the primary justification for dismissing the charges.

Ishan Wahi, a former employee of Coinbase, and Nikhil Wahi, his brother, are both being represented by attorneys who, on February 6, filed a motion in the United States District Court for the Western District of Washington requesting that the charges brought against them by the Securities and Exchange Commission be dropped. Ishan Wahi is also being represented by his brother, Nikhil Wahi. Nikhil Wahi is also being represented by attorneys. Attorneys are also defending Nikhil Wahi’s interests in this case. Ishan Wahi was a member of the Coinbase team in the past.

The SEC filed charges of insider trading against the brothers and their associate Sameer Ramani in July of last year, alleging that the three of them made $1.1 million using Ishan’s tips on the timing and names of tokens in upcoming Coinbase listings. The SEC filed these charges against the brothers and their associate Sameer Ramani. These allegations were brought against both of the brothers as well as their colleague Sameer Ramani by the SEC. Additionally, allegations were made against Sameer Ramani that he engaged in insider trading.

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The attorneys prepared a report that was more than 80 pages long and in it they described the many ways in which the SEC’s statements were “incorrect.”

They stated that the bitcoins that were supposedly sold by the Wahi family did not satisfy the legal definition of a security since they did not have a “investment contract written or inferred.” This was the basis for their argument. To put it another way, there was neither a written nor an inferred agreement between the parties to invest in the bitcoins. Instead, they compared bitcoins to collectibles like baseball cards and stuffed animals, like stuffed animals and stuffed animals.



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