Chainlink Acquires DECO from Cornell University

Chainlink Acquires DECO from Cornell University

Chainlink Acquires DECO from Cornell University A recent report released by Chainalysis revealed how U.S officials including the FBI, among other agencies, investigated the recent case of cryptocurrencies stolen by the Lazarus Group, a North Korea-affiliated hacker group. – Advertisement – It was published soon after the U.S. Department of Justice forfeited 280 crypto-accounts involved in the laundering of approximately $28.7 … USD/MXN sees a spike in volatility after Jackson Hole and Banxico meeting minutes NEW YORK, NY / ACCESSWIRE / August 28, 2020 / Exploring The Block will be airing tomorrow Saturday, August 29th at 6 PM eastern standard time on Bloomberg Television. A recent report released by Chainalysis revealed how U.S officials including the FBI, among other agencies, investigated the recent case of cryptocurrencies stolen by the Lazarus Group, a North Korea-affiliated hacker group.It was published soon after the U.S. Department of Justice forfeited 280 crypto-accounts involved in the laundering of approximately $28.7 million worth of cryptocurrencies…

NEW YORK, Aug. 29, 2020 /PRNewswire/ — Smart Contract Summit —  Chainlink, the most widely used decentralized financial data source, securing over $3B in value, announced today that it has acquired DECO from Cornell University. DECO is an improvement on how to utilize HTTPS/TLS for data transmission across the internet, developed by Dr. Ari Juels, the former Chief Scientist of RSA, one of the world’s largest security companies. Juels previously formalized Proof of Work, which is now used to secure the more than $300B in cryptocurrency stored across Bitcoin, Ethereum and thousands of other cryptocurrencies.

Dr. Juels will also be joining Chainlink Labs as its new Chief Scientist, where he will direct the research program and continue to oversee the implementation of DECO, as well as various additional groundbreaking Web 3.0 technologies.

“DECO’s ability to provide previously unavailable data security when transferring data over the internet, will greatly increase the private and premium data that becomes available for use by all Web 2.0 and Web 3.0 applications,” said Sergey Nazarov, Co-founder of Chainlink.

“We have long collaborated with Ari Juels; this acquisition enables us to fully integrate DECO’s unique data security capabilities within Chainlink, which already secures more than $3 billion in value, while also expanding the scope of what Chainlink/DECO validated data can now be used for, well beyond blockchains.”

“We’re truly thrilled and grateful to be working with a world class inventor like Ari. Knowing that he is directing Chainlink Lab’s research and future architecture, puts Chainlink in a position to succeed as the global standard for both validated data and secure data transmission.”

By extending the data security capabilities of HTTPS and TLS, the most widely formats for transmitting all internet data, DECO is able to guarantee that data remains private and untampered with during its delivery from various private and premium data sources. It does o by employing advanced cryptography and zero-knowledge proofs from any server using HTTPS/TLS, without revealing that data to the outside world or even to the final computation using the data. DECO creates a new method of providing private and premium data across the internet, while maintaining its confidentiality and security at previously unachievable levels.

“I’m delighted to intensify my involvement with the Chainlink team in my new role as Chief Scientist of Chainlink Labs. With its strong focus on cutting-edge research for high-trust systems such as blockchains and prominence as a provider of oracle technologies, I think Chainlink is ideally positioned to bring DECO to production,” said Prof. Juels.

This additional level of data security can be considered an order of magnitude improvement in the way that data is transmitted over the internet, enabling various previously inaccessible data to be made accessible to both existing web systems and various blockchains/smart contracts. For example, using a DECO enabled Chainlink Node:

  • Premium data sources that have so far been unable to place the world’s highest quality data onto a blockchain due to its public nature, will now be able to provide that data to various blockchains and the many DeFi protocols/smart contracts that operate on them.
  • Enterprises are now able to prove the state of private data, to both other enterprises and blockchain records, without ever revealing the data held in their internal systems.
  • Consumers are now able to prove personal data like identity or bank balances without giving applications full access to their personal accounts, maintaining their privacy.

These are just some of the many examples where the data security created by DECO enables users to both utilize their data in various applications, while maintaining both its security and privacy from the larger world, and even the applications utilizing the data itself.

For more information about Chainlink, visit: https://chain.link/

About Chainlink
Chainlink is a decentralized oracle network that helps resolve connectivity issues with smart contracts, enabling users to build blockchain-based smart contracts that securely access off-chain data feeds, web APIs, and traditional bank payments. By doing so, Chainlink transforms the role that smart contracts can play in a vast number of sectors, including financial services, insurance, and supply chain. Chainlink provides highly secure and reliable oracles to large enterprises and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Aave, Tezos, Bancor, and many others. Learn more by visiting the Chainlink website or following on Twitter or Reddit.

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SOURCE Chainlink

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Exchanges join DoJ in taking on Bitcoin, Ethereum-laundering Lazarus Group

Exchanges join DoJ in taking on Bitcoin, Ethereum-laundering Lazarus Group

A recent report released by Chainalysis revealed how U.S officials including the FBI, among other agencies, investigated the recent case of cryptocurrencies stolen by the Lazarus Group, a North Korea-affiliated hacker group.

– Advertisement –

It was published soon after the U.S. Department of Justice forfeited 280 crypto-accounts involved in the laundering of approximately $28.7 million worth of cryptocurrencies following two crypto-exchange hacks. According to the report, investigators were able to keep up with the Lazarus Group, despite the fact that they tried to obfuscate their tracks by trying to liquidate the stolen funds via “chain hopping.” 

The chain hopping technique includes trading funds for other types of cryptocurrencies to make it harder for law enforcement to trace the funds between blockchains. Moreover, the Lazarus hackers attempted to convert funds into Bitcoin and cash out through other services. Besides Bitcoin, the cryptocurrencies involved in these exchange hacks also included Ethereum and Algorand.

It should be noted, however, that chain hopping isn’t foolproof by any means, since it is often reliant on unregulated crypto-exchanges that do not rely on norms such as KYC checks.

– Advertisement –

According to Chainalysis, Lazarus Group moved large swathes of the stolen funds to OTC brokers to be converted into cash. Transactions are made over-the-counter or via OTC brokers when traders do not want to use a formal exchange. In this case, the OTC broker the hackers used was on Chainalysis’s list of “100 rogue” OTC brokers.

Chainalysis’s Reactor graph shown below traced the stolen cryptocurrencies.

Interestingly, the report also went on to explain that a few exchanges did assist in curbing the hackers’ efforts by pre-empting chain hopping patterns. In fact, when the Lazarus hackers moved their funds, some of these exchanges interrupted their transactions after exchange monitoring tools were able to identify incoming funds from an exchange hack.

This is a good sign since for long there have been cases where ill-coordinated efforts have had nothing to show for. In fact, it also indicates that exchanges are stepping up and keeping a vigilant eye on efforts to launder money internationally.

Here, it should be noted that the report in question did not explicitly mention the names of the exchanges that were involved. However, a previous study by Chainalysis had concluded that Binance and Huobi were among the two exchanges to have received the most funds (around $1.4 billion in Bitcoin) from criminal entities in 2019. Ergo, the probability that one of these two exchanges was involved is high. 

Interestingly, both Binance and Huobi, two of the largest crypto-exchanges operating today, are subject to enforcing KYC or Know Your Customer regulations. One can therefore argue that the successful identification of these accounts and the exchanges’ assistance in doing so is a victory of sorts for those who have been clamoring for more crypto-regulations.

Before the DoJ’s announcement, the Lazarus Group was already in the news after F-Secure’s Threat Intelligence Team tracked the hackers’ latest attack to an advert on LinkedIn. Before that, the group was also believed to be responsible for an $81M ‘heist’ that crippled Bangladesh Bank.

Source: otcpm24.com

Author: News Bureau


USD/MXN Week Ahead: Quick Rebound Shows Upside is Limited

USD/MXN Week Ahead: Quick Rebound Shows Upside is Limited

  • USD/MXN spikes and then corrects to end the week
  • Banxico seems divided of the future path of monetary policy

Another week comes to a close and USD/MXN has remained pretty much unchanged. Whilst the week started off pretty flat, the Mexican Peso fell on Thursday after Banxico released its meeting minutes, which allowed USD/MXN to recover some upside momentum.

The report showed that central bankers are divided on the future of monetary policy, as some believe there is no more room for interest rate cuts whilst others wish them to keep on coming. As a reminder, Banxico has cut rates 6 times this year, taking the benchmark from 7.25% to 4.50% in less than 9 months.

Mexico’s economic data continues to show a slump in the economy, as data reported this week showed that the Mexican economy had shrunk 18.7% on an annualized basis in the second quarter of the year. Data on trade showed the industry had started picking up but uncertainty about the future of emerging market economies might keep future trade weak.

On top of that, tropical storm Laura has been threatening the Gulf of Mexico for several days, with the possibility of putting safe havens in demand again, specially as widespread media coverage can get the fear ball rolling. Despite this, the US dollar seems to be in a very weak place at the moment, with little hopes of getting out in the short term.

The US’ handling of the pandemic has lead to irreparable damage to the economy, which has left the dollar in a weak position, losing its carry trade value against many other currencies. This is likely to limit the upside in USD/MXN, which, as seen on Thursday, is likely to run into key resistance as soon as it attempts to push higher.

This means short-term direction will be provided by Mexican fundamentals, with fear and overall uncertainty a big factor of any upside corrections. The outlook continues to be bearish in the medium term, but volatility is likely to creep up as we head into the new month, and traders must watch out for short-term reversions.

USDMXN Price Chart

From a technical standpoint, USD/MXN remains on the path towards the descending trendline support, which now hangs around the 21.75 area. Friday’s price action confirmed that 21.84 is a key support area whilst upside continues to remain capped above 22.20.

— Written by Daniela Sabin Hathorn, Market Analyst

Follow Daniela on Twitter @HathornSabin

Source: www.dailyfx.com

Author: Daniela Sabin Hathorn


New To The Street's

New To The Street’s “Exploring The Block” Broadcasting Fetch.ai (FET), Electroneum(ETN), BlockQuake and More tomorrow 6PM est nationwide

NEW YORK, NY / ACCESSWIRE / August 28, 2020 / Exploring The Block will be airing tomorrow Saturday, August 29th at 6 PM eastern standard time on Bloomberg Television. We have fetch.ai CEO Humayun Sheikh second interview of theIr 6 part series.

Also coming on for their first interviews are Richard Ells CEO of Electroneum (ETN) and Gordon Gao CEO and Founder of WaykiChain (WIXX). WaykiChain and Electroneum are fast-moving disruptors and just completing their featured interviews days ago.

” We have been covering BlockQuake and their pursuit to build the safest and most secure platform to trade your digital assets for almost 2 years now. I feel confident in the media investment we have made and continue to make in BlockQuake ,Antonio Brasse and the entire team . The company is giving us the lastest update and preparing to launch stated Vince Caruso CEO FMW Media.

Rounding out the show we have PASCAL COIN (PASC) with CEO Herman Schoenfeld and David Bolet Lead Programmer.

Fetch.ai, Somee.Social (ONG), MANDI (MANDI) , Electroneum (ETN) ,WaykiChain(WICC), and BLOCKQUAKE will be giving us new interviews in the next few weeks for September broadcasts.

Home

Twitter: @NewtotheStreet @ExploringBlock @IPOMarketcom

BlockQuake’s™ accomplished team includes internal and external subject matter experts in FinTech, regulatory finance, investment banking, insurance, blockchain, and risk management and a robust understanding of both the finance and crypto industries. They now draw upon decades of experience in blue-chip financial services to deliver solutions that address trader frustrations in the current cryptocurrency landscape. The result is a platform that aims to be an industry standard in global compliance, built on security, transparency, and trust.

Investors can support BlockQuake™ through a worldwide KYC compliant ST20/ERC1400 token offering. The Regulation D 506(c) token offering for accredited investors in the U.S. and Canada or the Regulation S token offering for retail and institutional/accredited investors outside the U.S. and Canada. Visit BlockQuake.com for more information.

The independent research and development of the third generation of blockchain business reached the leading level in the industry, with high-performance transaction processing capabilities (TPS 3300), efficient mechanism of consensus (DPoS + pBFT), robust and smart engine (Lua + WASM) contract, plus the blockchain decentralized control ability. WaykiChain will provide expertise in critical areas of vertical industry with infrastructure services and industry solutions.

CEEK simulates the communal experience of attending a live concert, being in a classroom, attending a sporting event and other ‘money can’t buy’ exclusive experiences with friends from anywhere at any time.

SOURCE: FMW Media Works Corp

Source: finance.yahoo.com


Exchanges join DoJ in taking on Bitcoin, Ethereum-laundering Lazarus Group (www.blockcast.cc)

Exchanges join DoJ in taking on Bitcoin, Ethereum-laundering Lazarus Group (www.blockcast.cc)

A recent report released by Chainalysis revealed how U.S officials including the FBI, among other agencies, investigated the recent case of cryptocurrencies stolen by the Lazarus Group, a North Korea-affiliated hacker group.

It was published soon after the U.S. Department of Justice forfeited 280 crypto-accounts involved in the laundering of approximately $28.7 million worth of cryptocurrencies following two crypto-exchange hacks. According to the report, investigators were able to keep up with the Lazarus Group, despite the fact that they tried to obfuscate their tracks by trying to liquidate the stolen funds via “chain hopping.” 

The chain hopping technique includes trading funds for other types of cryptocurrencies to make it harder for law enforcement to trace the funds between blockchains. Moreover, the Lazarus hackers attempted to convert funds into Bitcoin and cash out through other services. Besides Bitcoin, the cryptocurrencies involved in these exchange hacks also included Ethereum and Algorand.

It should be noted, however, that chain hopping isn’t foolproof by any means, since it is often reliant on unregulated crypto-exchanges that do not rely on norms such as KYC checks.

According to Chainalysis, Lazarus Group moved large swathes of the stolen funds to OTC brokers to be converted into cash. Transactions are made over-the-counter or via OTC brokers when traders do not want to use a formal exchange. In this case, the OTC broker the hackers used was on Chainalysis’s list of “100 rogue” OTC brokers.

Chainalysis’s Reactor graph shown below traced the stolen cryptocurrencies.

Source: Chainalysis

Interestingly, the report also went on to explain that a few exchanges did assist in curbing the hackers’ efforts by pre-empting chain hopping patterns. In fact, when the Lazarus hackers moved their funds, some of these exchanges interrupted their transactions after exchange monitoring tools were able to identify incoming funds from an exchange hack.

This is a good sign since for long there have been cases where ill-coordinated efforts have had nothing to show for. In fact, it also indicates that exchanges are stepping up and keeping a vigilant eye on efforts to launder money internationally.

Here, it should be noted that the report in question did not explicitly mention the names of the exchanges that were involved. However, a previous study by Chainalysis had concluded that Binance and Huobi were among the two exchanges to have received the most funds (around $1.4 billion in Bitcoin) from criminal entities in 2019. Ergo, the probability that one of these two exchanges was involved is high. 

Source: Chainalysis

Interestingly, both Binance and Huobi, two of the largest crypto-exchanges operating today, are subject to enforcing KYC or Know Your Customer regulations. One can therefore argue that the successful identification of these accounts and the exchanges’ assistance in doing so is a victory of sorts for those who have been clamoring for more crypto-regulations.

Before the DoJ’s announcement, the Lazarus Group was already in the news after F-Secure’s Threat Intelligence Team tracked the hackers’ latest attack to an advert on LinkedIn. Before that, the group was also believed to be responsible for an $81M ‘heist’ that crippled Bangladesh Bank.

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Source: blockcastcc.wordpress.com

Author: By Blockcast.cc

www.blockcast.cc

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Chainlink Acquires DECO from Cornell University


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