Check out the latest blockchain and cryptocurrency news you need to know to make better business decisions.
Russian Developers Create SWIFT Alternative Using Blockchain
Experts from the Competence Center of the National Technology Initiative have created an alternative to the SWIFT international payment system using blockchain technology. The new system will supposedly be more efficient and secure than its predecessor.
The initiative is a part of the country's plan to reduce its dependence on foreign financial infrastructure and create its own. The developers say the new system will allow Russian businesses to make international payments without going through foreign banks. The new system is based on the Hyperledger Fabric platform and uses smart contracts to automate transactions. The developers say that it will be able to process up to 1,000 transactions per second and will be more secure than SWIFT because it will use multiple signatures from different nodes in the network.
Over this, the university representative said — "The pilot version of the decentralized interbank financial messaging system is ready for testing and can be used in banks." Moreover, the new project will work with fintech companies, banks, and exchanges. The developers are planning to launch a test version of the system in 2022.
Financial Stability Board (FSB) to launch global crypto rules soon.
The Finance Stability Board, Switzerland, has announced that it will soon be launching a set of global rules for the cryptocurrency industry. The new regulations will cover aspects such as anti-money laundering, countering the financing of terrorism, and know-your-customer requirements.
The FSB is an international body that monitors the financial system and makes recommendations to its member countries. It was established in 2009 in the wake of the global financial crisis. The FSB is composed of representatives from the world's major economies, including the United States, the European Union, China, and Japan.
The new rules are expected to be finalized by October 2022 and will be implemented by member countries within two years. The FSB has been working on the regulations for several years and has been consulting with a group of several central bankers and financial regulators.
The launch of the new rules comes as the cryptocurrency industry is growing rapidly and becoming more mainstream. Institutional investors are increasingly entering the space, and central banks are considering launching their own digital currencies. Considering the recent turmoil in the crypto market, the launch of the new rules is likely to provide more clarity and stability in the industry.
7,500 Ether Stolen from Uniswap in Phishing Attack
Uniswap, a leading decentralized exchange (DEX), has been the victim of a phishing attack that resulted in the loss of 7,500 ETH. A group of hackers successfully tricked users into sending ETH to a fake address by impersonating the Uniswap team on a phishing website.
The hacks were able to steal over $8 million worth of ETH from users. The hackers targeted the liquidity provider using a fake Uniswap airdrop token. The phishing website looked identical to the real Uniswap website and even had the same logo.
The hackers were able to steal the ETH by creating a fake ERC20 token with the same name as the Uniswap airdrop token. After the hack, the hackers liquidated the stolen ETH in a DEX.
This is not the first time that Uniswap has been targeted by hackers. In 2019, a hacker was able to steal $300,000 worth of ETH from the exchange. The attack highlights the need for users to be vigilant when dealing with cryptocurrencies and only to use trusted exchanges.
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