Bitcoin

Bitcoin Daily: S Korea OKs Crypto, Exchange Regulation; Malta’s Trident Crypto Database Stolen

Bitcoin Daily

In a new digital real estate game called Upland, players can buy virtual versions of properties in San Francisco, Cointelegraph reported.

Players can then earn rental income on those properties, much like in the game Monopoly, and they can buy and sell the properties.

The idea of tapping into the blockchain to support a digital property market isn’t entirely novel. Decentraland, in one case, sold over $1 million in digital real estate. The Sandbox, on the other hand, rolled out a presale in which over 3,000 plots of virtual land were sold in a matter of four hours. And, according to the report, Cryptovoxels calls itself a “virtual world powered by the Ethereum blockchain” that is owned by users.

Meanwhile, Trident Crypto Fund, which is based in Malta, has experienced a large data beach in the newest privacy leak to impact the digital currency industry, per a report from a Russian news outlet, CoinDesk reported. The outlet said the physical location of the fund, or where it is registered, isn’t clear.

One cybersecurity company’s chief technology officer told the newspaper that personal information of roughly 266,000 people was put on many websites for file sharing sites after the reported incident. The pilfered database reportedly appeared online in February with detail on the flaw in the site that allowed the breach to occur.

In other news, South Korea has ratified one of the inaugural comprehensive digital currency laws globally, according to TechCrunch. The South Korean National Assembly passed new legislation that would lay the groundwork for the legalization and regulation of digital currency as well as digital currency exchanges. The country has been a trailblazer in the digital currency craze, and its biggest city, Seoul, had headed up an initiative to debut a digital currency. Polls at the apex of the crypto boom indicated that over one-third of workers in the country were active digital currency investors.

And, the Financial Conduct Authority (FCA) in the U.K. has put forward a warning about BitMEX, a digital currency derivatives exchange, CoinDesk reported. The watchdog claimed it has information that the exchange was dealing in regulated activities that needed its permission. It said the company had been aiming to reach U.K. residents without its clearance.

The organization said, “Almost all firms and individuals offering, promoting or selling financial services or products in the U.K. have to be authorized by us.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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