Curious about the latest buzz in crypto? Buckle up, because here’s the lowdown on the trends and events shaking the landscape of Bitcoin prices, blockchain innovations, DeFi dynamics, NFTs, Web3, and the ever-evolving realm of crypto regulation.
Security researchers have unearthed a shocking new technique that hackers can exploit to pilfer seed phrases from Bitcoin hardware wallets. Meanwhile, Franklin Templeton has made waves with the official launch of its tokenized money fund on the Arbitrum network, and a U.S. policy group is cooking up plans to establish a Bitcoin tax-free Digital Economic Zone!
The ‘Dark Skippy’ Heist: A New Way to Steal Bitcoin Hardware Wallet Keys
In a revelation that has sent shivers down the spine of the crypto community, security experts have introduced a chilling new hacking method dubbed “Dark Skippy.” This audacious tactic allows cybercriminals to extract private keys from Bitcoin hardware wallets with just two signed transactions.
This vulnerability casts a wide net, potentially jeopardizing all hardware wallet models—provided the attacker can dupe the victim into downloading malicious firmware. Unlike its predecessor, which demanded the victim post “dozens” of transactions to the blockchain, this new method is disturbingly efficient; it only requires a couple of transactions to unleash chaos. Even if users generate their seed words on a separate device, they’re not safe from this insidious attack.
The alarming findings were revealed in a disclosure report by tech experts Lloyd Fournier, Nick Farrow, and Robin Linus on August 5. Fournier and Farrow, both co-founders of the hardware wallet manufacturer Frostsnap, teamed up with Linus, a co-developer of Bitcoin protocols like ZeroSync and BitVM, to expose this critical vulnerability.
Franklin Templeton Unveils Tokenized Money Fund on Arbitrum
In an exciting development for institutional investors, Franklin Templeton has officially launched its tokenized money fund—the Franklin OnChain US Government Money Fund (FOBXX)—on the Arbitrum layer-2 network as of August 8.
Originally launched in 2021, FOBXX is now accessible through Franklin Templeton’s Benji Investments platform, allowing users to acquire and hold tokenized shares on Arbitrum as well as on networks like Stellar and Polygon.
Arbitrum has rapidly ascended to prominence as the go-to Ethereum layer-2 scaling solution, boasting a staggering total value locked of around $14 billion. As Steven Goldfeder, CEO and co-founder of Arbitrum developer Offchain Labs, stated, opting for Arbitrum “aligns with our mission to provide scalable and efficient solutions for the financial sector.”
U.S. Proposes Bitcoin Tax-Free Zone to Fuel Digital Economy Growth
In an ambitious bid to position the United States as a frontrunner in the digital economy, a groundbreaking proposal is underway to create a Bitcoin tax-free Digital Economic Zone (DEZ).
Led by the newly minted USABTC policy group, this initiative seeks to establish a zone where Bitcoin can be traded and accumulated without capital gains taxes, albeit with a tax applied upon redemption.
According to USABTC, this forward-thinking initiative could safeguard the U.S.’s financial future, fostering a “resilient and innovative” economic landscape that harnesses the power of Bitcoin while preserving the dollar’s pivotal role.
Bitcoin has already compelled policymakers globally to rethink conventional financial strategies. The USABTC proposal argues against the impracticality and political unfeasibility of outright government purchases of Bitcoin. Instead, it champions the creation of a DEZ, enabling tax-free Bitcoin transactions while instituting a taxed redemption process to ensure sustainable revenue generation.
In a world where innovation meets regulation, the crypto landscape is transforming faster than ever. Keep your eyes peeled—who knows what tomorrow will bring?