Hackers steal an estimated $59m from Japanese crypto exchange Zaif

Hackers have stolen an estimated $59m (£45m) from Japanese cryptocurrency exchange Zaif, according to an official released by parent company Tech Bureau Corporation. The hack is believed to occured on September 14, but evidence was only found on September 17 following an investigation into disruptions to the exchange’s deposit and withdrawal services. Zaif says this survey revealed that a portion of “hot wallets” had been “hacked by unauthorised access from outside, and part of the...

PSG football club to launch own cryptocurrency for global fans

Top-flight French football club Paris Saint-Germain (PSG) is gearing up to launch its own cryptocurrency, offering fans across the world a token-based stake in certain club decisions. A partnership with a Malta-based blockchain startup called Socios will provide the technology for the Paris club’s ‘Fan Token Offering’, which would allow holders of the coin to vote on decisions such as team jersey choices or opponents in friendly matches. The PSG fan token will be listed on the...

Twitter CEO tells Congress it’s considering blockchain to fight fraud

The CEO of Twitter, Jack Dorsey, told US Congress yesterday that the social media platform is considering the use of blockchain technology. It came as part of a wider hearing focused on potential political bias among tech giants Twitter, Google and Facebook, and what they are doing to prevent future election meddling in the US. As reported by CoinDesk, Dorsey was responding to a question from Doris Matsui, a representative of California, during a House Committee on Energy and Commerce...

Asia has seen a 50% increase in blockchain & crypto jobs since 2017

Despite a downward turn to the crypto market and China making efforts to wipe all trace of digital coins from its landscape, Asia is witnessing a boom in jobs related to blockchain and cryptocurrencies. CNBC reported that recruitment firm Robert Walters had seen a 50% increase in roles related to the technology in the region since 2017, with the programming language Python being one of the skills most in demand. Those findings were paired with a rise in LinkedIn job advertisements for...

Japanese crypto exchanges face tighter screening from FSA watchdog

Japan’s financial regulator has enforced a tighter screening process for applicants looking to open cryptocurrency exchanges. A report by the Japan Times yesterday revealed that The Financial Services Agency (FSA), Japan’s main financial regulator and watchdog, will ramp up its registration review of cryptocurrency exchanges to ensure they are properly conducting risk management. The registration process forms part of the Payment Services Act introduced in April last year to protect...

The role blockchain could play in building the streaming services of the future

You may think that you don’t use the blockchain, but your business is likely reliant on one of its core components. Unassumingly named ‘merkle trees’, this algorithm allows code changes made by distributed teams of programmers using git to be efficiently and reliably validated and coordinated. Without this, software development would be much more difficult. Yet, when most people think about blockchain, improving team coordination isn’t often the first thing that comes to mind. The...

China to ban 124 offshore cryptocurrency exchanges in continued crackdown

China is readying to block 124 offshore cryptocurrency exchanges still available to domestic users as part of the government’s wider crackdown on activities related to digital money, according to the country’s state media. The Chinese financial authorities affiliate news site Shanghai Securities News (SSN) reported that the government will block access to websites operated by foreign cryptocurrency exchanges that provide trading service to Chinese citizens. The People’s Bank of...

eToro pays for seven-team Premier League sponsorship deal with bitcoin

The world’s largest social investing platform eToro has inked a sponsorship deal with seven Premier League football clubs in the UK, all paid with bitcoin. The Israel-based company partnered with marketing agency SportQuake to strike the deal, which will give it brand access to interview backdrops, rights to players, tickets, stadium LEDs and other stadium advertising. The teams involved include Tottenham Hotspur, Newcastle United, Crystal Palace, Leicester City, Southampton, Brighton...

The future of financial markets lies in tokenised securities

In 2015, Santander predicted blockchain technology would drive a $15-$20bn (£11.8-£15.7bn) reduction in banks’ annual infrastructure costs by 2022. Now, three years on, the first commercial blockchain projects are beginning to realise this prediction — especially in financial markets. The Australian Securities Exchange(ASX) became the one of the first global organisations to embrace distributed ledger tech: announcing plans late last year to replace its settlement system with a...

Are we witnessing the evolution of money?

If you've looked closely at a £20 banknote lately, you may have noticed something strange. In small letters, just below the words “Bank of England” it will say: “ I promise to pay the bearer on demand the sum of twenty pounds .” What does that really mean? If you think about it, that doesn't make much sense. When you pay someone £20 in cash, the note itself is the payment - it's not an IOU note. If you go to a bank and ask them to fulfill that promise, they'll simply give you...