The US financial regulator has confirmed a key security procedure on its X account had been suspended for six months when hackers made a fake post about Bitcoin in January.
The cryptocurrency surged in value before the post was deleted. The Securities and Exchange Commission (SEC) did not have multi-factor authentication (MFA) in place when hackers gained access to the account. Cyber-security experts say it should be a wake-up call for other agencies. "While the SEC's X account hack is a minor security incident, all governmental agencies should review the security of their social network accounts," said Ilia Kolochenko from cyber-firm ImmuniWeb. He pointed out that a similar incident at a body such as the US Department of Defense could have more "devastating consequences". "While MFA had previously been enabled on the @SECGov X account, it was disabled by X Support, at the staff's request, in July 2023 due to issues accessing the account," the SEC said in a statement. "Once access was re-established, MFA remained disabled until staff re-enabled it after the account was compromised on January 9. "MFA currently is enabled for all SEC social media accounts that offer it."#ETH_ETF_Approval_23July #SOFR_Spike
* The Chamber of Progress believes President Biden can improve his chances in the 2024 election by adopting a positive stance on crypto; * They highlight that Trump capitalizes on the current regulatory uncertainty surrounding crypto to rally his base; * The Chamber of Progress highlights Biden's veto of an SEC crypto rule and his opposition to the FIT21 Act as potential election issues.#CPI_BTC_Watch #BinanceTurns7 #Ethereum_ETFs_Expected_Date
Huione Guarantee's $11 Billion Scam Network Busted by Elliptic
* Elliptic Research reports that Huione Guarantee facilitates scams across Southeast Asia, handling over $11 billion in transactions; * Huione Guarantee operates thousands of messaging channels managed by merchants who offer services for cyber scams; * The platform primarily uses USDT for transactions thus Elliptic was able to trace thousands of related crypto addresses.#Ethereum_ETFs_Expected_Date #BinanceTurns7
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Bitcoin as an electronic cash system is something novel. A settlement system isn't. Bitcoin as a [shared worldwide electronic cash system](https://bitcoin.com/bitcoin.pdf) is something novel. A "settlement system" where existing financial institutions extract value through high fees, isn't. Such a settlement system has to compete with what already exists - the infrastructure in the hands of central bankers. When powerful interests in Bitcoin suggested that it should be thought of as "digital gold" or a settlement system instead of directly a day-to-day medium of exchange, they were - knowingly or unknowingly - acting in the interests of the status quo and against the interests of Bitcoin ultimately appreciating and being useful to the most people (like a successful global currency would). Without this appreciation through being useful and thus gaining mass adoption, Bitcoin's "halving" mechanism could be turned into a timebomb that will destroy the network's security in the coming decades, which would put a total end to the "store of value" narrative. TL;DR there are only 2 scenarios for Bitcoin (unless changes are made which entirely change its character and consensus rules): 1. Success through adoption as a global [p2p cash system](https://whybitcoincash.com) 2. Failure, loss of value relative to fiat currency, and disappearing into the footnotes of history#BTC_Bounce_Back_to_57k $BTC
Blockchain is a decentralized, distributed ledger technology that records transactions across multiple computers in a way that makes them tamper-resistant and transparent. Each "block" in the chain contains a cryptographic hash of the previous block, a timestamp, and transaction data. Once recorded, the data in any given block cannot be altered without altering all subsequent blocks, which requires the consensus of the network majority. This makes blockchain secure against fraud and manipulation. It has applications beyond cryptocurrencies, including supply chain management, voting systems, and digital identity verification.