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Ex-Fed. Prosecutor Turned Crypto VC Katie Haun: Crypto Is in the ‘Dial-up Days’

Former U.S. federal prosecutor and current cryptocurrency VC executive Kathryn Haun recently took part in a debate on crypto with Nobel-prize winning economist Paul Krugman, posted on YouTube by crypto venture capital firm Andreessen Horowitz (a16z) Nov. 2. The debate, hosted by Mexican tech company KIO Networks and moderated by local business journalist Rodrigo Pacheco, was reportedly held in Mexico in September 2018. A former federal prosecutor for the U.S. Department of Justice (DoJ) and current general partner at a16z, Haun was representing the optimistic approach towards crypto-related technologies. Krugman, who was awarded the Nobel Prize in Economic Sciences in 2008, held his previous negative position on the topic, debating with Haun as a crypto skeptic. In her preliminary speech that preceded the debate, Haun, who is also a board member at major crypto exchange and wallet service Coinbase, compared the current stage of cryptocurrency evolution to the early years of Internet: &
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How to Profit on Uber and AirBnB With Crypto: Project Helps Investing in IT Companies

BaseCore, a US-based blockchain project, reveals a new security token concept which allows investing in private IT companies, like Uber, AirBnB and Grab, among others. According to the project’s whitepaper, the BaseCore token is backed by a portfolio containing the assets of private IT companies. These assets are impossible to purchase on the stock market, as the companies are not public. The paper states, “This feature of the token allows it to become one of the most stable digital currencies on the market.” The BaseCore company aims to purchase shares from private IT companies and tokenize them by creating digital assets – the BaseCore security token. Additionally, the company has created its own exchange platform for buying, selling, and exchanging security tokens. The BaseCore token is a dual-purpose investment tool: it will include investments in the asset market, in the form of private IT companies, as well as the potential growth of the largest cryptocurrencies, such as Bitcoin
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Abu Dhabi Securities Exchange Issues Thought Paper on Crypto and Blockchain

The Abu Dhabi Securities Exchange (ADX) has issued a thought paper on cryptocurrency and blockchain infrastructure for issuing digital assets, reports the Emirati government news agency WAM Nov. 6.                                 The document was reportedly issued in collaboration with the Central Securities Depositories and under the auspices of the International Securities Service Association, ISSA. In publishing the paper, the ADX seeks to identify the necessary technical and operational criteria for issuing digital assets and supporting financial institutions in offering crypto assets. According to ADX CEO Rashed Al Blooshi, the exchange “continues its efforts to manage the transition from conventional assets to more encrypted assets, which are witnessing major and rapid development in the region." Al Blooshi also outlined the importance of market infrastructure improvement and the development of governance standards in order to increase investor confidence and keep the market
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Texas Regulator Issues Cease and Desist Order to Cloud Mining Company

The Texas State Securities Board has issued an emergency cease and desist order to an Australia-based cloud mining company AWS Mining PTY LTD for selling unregistered securities, according to an official notice filed Nov. 6. Per the document, AWS Mining along with its multiple agents and Chief Marketing Officer Josiah Kostek have violated the Texas Securities Act by luring the state’s residents in purchasing AWS’ unregistered cloud mining power contracts and promising a “200 percent passive return on every investment.” The company’s website also reportedly offers investors to join a multi-level marketing matrix for $20, after which they could earn commissions by operating as sales agents. AWS allegedly shirked its commitments to pay out the promised profit, stating that “investors assume the risks associated with the investment.” AWS failed to register as a securities broker-dealer, and moreover, crypto mining power contracts have not been registered and qualified for sale in Texas. Th
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California Cybercrime Police Focus on Cryptocurrency SIM Swapping as ‘Highest Priority’

U.S. law enforcement consider so-called “SIM swapping” one of its “highest priorities” in a bid to fight cryptocurrency fraud, security news and investigation blog KrebsonSecurity reported Nov. 7. Speaking to the publication, Samy Tarazi, a police sergeant in Santa Barbara and a supervisor of the REACT Task Force — a group dedicated to fighting cybercrime — said the number of instances of the crime had increased dramatically. “For the amounts being stolen and the number of people being successful at taking it, the numbers are probably historic,” he said. SIM swapping refers to the act of remotely hijacking the SIM card in a mobile device — for example by gaining access to an operator’s customer database as in one high-profile example involving millions of dollars — and using the resulting control over the device to gain access to poorly-protected private data. The data proving most valuable to SIM swappers is cryptocurrency login details and wallet passwords, resulting in huge amounts
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Ex-Fed. Prosecutor Turned Crypto VC Katie Haun: Crypto Is in the ‘Dial-up Days

Former U.S. federal prosecutor and current cryptocurrency VC executive Kathryn Haun recently took part in a debate on crypto with Nobel-prize winning economist Paul Krugman, posted on YouTube by crypto venture capital firm Andreessen Horowitz (a16z) Nov. 2. The debate, hosted by Mexican tech company KIO Networks and moderated by local business journalist Rodrigo Pacheco, was reportedly held in Mexico in September 2018. A former federal prosecutor for the U.S. Department of Justice (DoJ) and current general partner at a16z, Haun was representing the optimistic approach towards crypto-related technologies. Krugman, who was awarded the Nobel Prize in Economic Sciences in 2008, held his previous negative position on the topic, debating with Haun as a crypto skeptic. In her preliminary speech that preceded the debate, Haun, who is also a board member at major crypto exchange and wallet service Coinbase, compared the current stage of cryptocurrency evolution to the early years of Internet: &
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Report: Swiss Financial Watchdog Recommends Banks Set Crypto Risk Coverage at 800%

The Swiss Financial Market Supervisory Authority FINMA has advised banks and other financial institutions to estimate risk coverage for cryptocurrencies at 800 percent of current market value, Cointelegraph auf Deutsch reports today, Nov. 5. Major local news portal Swissinfo reportedly saw a copy of a confidential letter from FINMA to the Swiss Association for Audit, Tax and Fiduciary (EXPERTsuisse), which explains the watchdog agency’s stance on capital buffers for crypto assets. In the letter, FINMA recommends financial service providers to allocate a flat risk weight of 800 percent for "to cover market and credit risks, regardless of whether the positions are held in the banking or trading book.” Bitcoin (BTC) is currently trading at $ 6,402, meaning that when calculating the risk weight of assets, a bank must assume a value of over $51,000 per Bitcoin. Under the new advisement, banks would set aside massive amounts of capital in order to cover potential losses on cryptocurrenc
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