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Crypto Sleuth Ogle Proposes Security-Centric ‘Glue’ Blockchain

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Pseudonymous crypto sleuth Ogle has witnessed many failures while investigating DeFi hacks. He belongs to a niche group of security experts who clean up the mess from frequent attacks on crypto-finance projects. His specialty is tracking down attackers and recovering stolen funds.

Stopping these heists relies on robust smart contract code and adept security. In an interview with CoinDesk, Ogle mentioned that it also comes down to incentives. If attackers perceive the personal cost of their exploits as too high, they might refrain from attempting them. This principle underpins Ogle’s upcoming blockchain, Glue, which aims to fund a security blanket that raises the stakes for black hats, encouraging them to target other platforms.

Despite its $1.4 billion valuation raised in a public token sale, Glue has remained relatively unnoticed this year. It’s another new layer 1 blockchain competing for the attention of crypto traders and developers amidst many rivals. Unlike well-known platforms like Monad and Berachain, Glue has used guerilla marketing tactics, such as distributing spy-style manila envelopes at industry conferences, to generate intrigue.

In interviews with CoinDesk, Ogle and co-founder SnapShot discussed Glue’s philosophy, security, and design. They believe Glue can appeal to both “regular people who don’t do crypto all day long” and traditional financial professionals who seek a secure platform.

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Glue will feature an activity “hub” that aggregates DeFi services for users, setting it apart from most blockchains where users must find services independently. SnapShot mentioned that while “centralization” is often viewed negatively in crypto, a more centralized user interface can improve the user experience. Ogle added that Glue Hub aims to make on-chain onboarding as smooth as using Coinbase.

This approach targets the 90% of crypto users who prefer centralized exchanges over the relatively few who operate on-chain. Although Glue Hub will be the primary trading venue, the chain is permissionless, allowing anyone to build and launch services. These can be integrated with Glue Hub if they pass security checks, including audits commissioned by Glue.

Audits have become a marketing tool in crypto, with projects using positive reports to attract users. However, Ogle, a former auditor, criticized this practice, noting that many projects hide negative reports. To counter this, Glue plans to subject high-caliber projects to audits funded by the Glue Security Fund (GSF), which will be financed by a small tax on every transaction. The GSF will support various security initiatives across the chain.

Despite audits, vulnerabilities remain. For instance, the lending protocol Euler lost $200 million in a hack despite undergoing ten audits. Ogle, who helped recover Euler’s funds, claims a 65% success rate in retrieving money for the 40-odd exploited projects he has assisted.

Glue’s GSF aims to deter hackers by funding efforts to chase them down. Ogle acknowledged they won’t catch everyone but hopes the threat of pursuit will make hackers think twice about targeting Glue. Transactions on Glue will require multiple approvals (multi-sig), allowing third-party services to build tools enhancing user security by flagging suspicious activities.

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This setup could help prevent users from losing money to seemingly innocent wallet interactions.

Source: coindesk.com

The post Crypto Sleuth Ogle Proposes Security-Centric ‘Glue’ Blockchain appeared first on HIPTHER Alerts.

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Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

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Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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