China News by Thebittimes.Com

A UK teenager has been charged with terror offenses and banned from PlayStation online after allegedly offering to help Al Qaeda and other terrorist groups with crypto fundraising. According to the London Evening Standard, the 16-year-old boy from London is accused of offering his services to Al Qaeda and the Pakistani Taliban as an expert in crypto and cybersecurity.  A sum of $1,300 in cryptocurrency was allegedly raised by the boy for the terror groups. At Westminster Magistrates Court today the boy pleaded not guilty to five charges , including possessing documents that can be used to prepare acts of terrorism, terrorist training, and terrorist fundraising. Binance says it’s tough to catch terrorists because they use fake names Read more: British man says Welsh city could ‘look like Vegas’ if it dug up lost bitcoin Prosecutors say the boy is accused of being “ideologically supportive of Islamic terrorist groups,” and presenting himself as a crypto/cy...

It was warned that the amount stolen in Q1 2023 mirrors Q2 2022, which was followed by a “record setting number of hacks.” The crypto community is being urged not to let their guard down despite a significant decline in crypto hacks during the first quarter of 2023 — with one firm warning it is most likely a “ temporary reprieve , rather than a long-term trend.” 2022 was the biggest year for crypto hacking in history, with an estimated $3.8 billion stolen, primarily from decentralized finance (DeFi) protocols and North Korea-linked attackers, according to a report from Chainalysis earlier this year. However, this number appears to have drastically reduced in the first quarter of 2023. According to a May 21 report by TRM Labs, the amount stolen through crypto hacks in Q1 2023 “was less than any other quarter in 2022.” Graph showing hacks and exploits from Q1 2022 - Q1 2023. Source: TRM Labs It was also noted that the average hack size dropped nearly 65% compared to the prior year pe...

The newly launched crypto wallet by Kresus requires users to sign in with “magic links,” meaning password hashes don’t need to be stored. A new crypto wallet has just launched in Apple’s App Store store that uses Web2 trickery to ensure users don’t need to interact with seed phrases or passwords. According to a May 11 announcement from the app’s developer, Kresus, the new wallet stores users’ private keys in an Amazon Web Services Hardware Security Module (HSM) and uses “magic links” and 2FA to authenticate users. Most crypto wallets require users to write down a recovery phrase or “seed words” when they set up an account. If the user loses their recovery phrase and their device crashes, they lose access to their account forever. For this reason, some crypto users prefer to store their crypto in an exchange account. But events like the collapse of FTX have also led to fears that keeping crypto in an exchange could also be unsafe. A screenshot of the Kresus iOS app. Source: Kresus Labs...