Top crypto tweets of the day – August 15th

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  TL;DR Breakdown HSBC is initiating trials of quantum encryption technology, potentially revolutionizing banking security. Quantum “metro” network developed by Toshiba and BT, secures transactions using quantum cryptography. Quantum key distribution (QKD) allows secure data transfer; any interception becomes instantly detectable. Description From the misty avenues of London, a remarkable technological evolution is taking shape in the world of finance. As the city’s double-decker buses and black cabs proceed with their routine buzz, an extraordinary narrative unfolds at the headquarters of HSBC. This tale is one of financial institutions stepping into the quantum era, spearheaded by HSBC’s … Read more From the misty avenues of London, a remarkable technological evolution is taking shape in the world of finance. As the city’s double-decker buses and black cabs proceed with their routine buzz, an extraordinary narrative unfolds at the headquarters of HSBC. This tale is one of financial institutions stepping into the quantum era, spearheaded by HSBC’s ambitious trials of quantum encryption technology, a venture that could reshape the future of banking. Embracing quantum encryption In a ground-breaking initiative, HSBC is setting the…

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• 40% of South Africans embrace the concept of web3

  TL;DR Breakdown 40% of South Africans are aware of Web3, highlighting a digital shift amid rising data privacy concerns. Most South Africans identify financial trading as the key skill for Web3 and cryptocurrency participation. 80% of South Africans believe we possess the technology to transform or rebuild the financial system, seeing cryptocurrency as a potential catalyst. Description The dawn of a digital revolution is upon us as an impressive 40% of South Africans are now well-acquainted with the concept of Web3. What once seemed like a futuristic idea is gradually morphing into our present reality, fundamentally transforming how we interact online. Web3 awareness soars in South Africa amid data privacy concerns In … Read more The dawn of a digital revolution is upon us as an impressive 40% of South Africans are now well-acquainted with the concept of Web3. What once seemed like a futuristic idea is gradually morphing into our present reality, fundamentally transforming how we interact online. Web3 awareness soars in South Africa amid data privacy concerns In a world where data privacy is a growing concern, South…

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• Upbit temporarily suspends CRV trading amidst critical security Flaws in Curve Finance

  TL;DR Breakdown Upbit, a South Korean crypto exchange, suspends CRV token trading due to critical security flaws in Curve Finance. Curve Finance experiences substantial volatility and security concerns affecting CRV token stability. Reentrancy vulnerability found in specific Vyper compiler versions responsible for outflows from the platform. Description Upbit, a prominent cryptocurrency exchange based in South Korea, has taken the precautionary measure of suspending trading for the CRV token, which is utilized by Curve Finance, a decentralized finance (DeFi) platform. This decision comes after discovering critical security flaws within the Curve (CRV) stablecoin pools, leading to significant concerns about its stability and safety … Read more Upbit, a prominent cryptocurrency exchange based in South Korea, has taken the precautionary measure of suspending trading for the CRV token, which is utilized by Curve Finance, a decentralized finance (DeFi) platform. This decision comes after discovering critical security flaws within the Curve (CRV) stablecoin pools, leading to significant concerns about its stability and safety for investors. The exchange disclosed that they found several vulnerabilities in Curve Finance, which have resulted in substantial volatility for…

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• US Senator blames the crypto collapse on bank executives

  TL;DR Breakdown US Senator Cynthia Lummis criticizes the statement of a former Signature Bank executive. US Congress wants to abolish excessive executive compensation. US Senator Cynthia Lummis has faulted the statement of a former Signature Bank executive at Congress. Scott Shay has come under scrutiny for allegedly attempting to shift blame onto the cryptocurrency industry while personally benefiting from hefty bonuses and stock options. During a Senate Banking Committee hearing on May 16, Senator Cynthia Lummis criticized Shay’s prepared statement regarding the bank’s collapse. Senator Lummis pick holes in his statement Scott Shay acknowledged that Signature Bank began accepting deposits from digital asset businesses in 2018 but significantly reduced its exposure to the industry in 2022 due to volatility. He claimed that the bank’s seizure by regulators was triggered by the failure of a bank closely associated with the digital asset sector, leading to the withdrawal of $16 billion from Signature Bank. Senator Lummis accused Shay of deflecting blame onto cryptocurrency depositors and regulators while evading personal responsibility. Shay denied placing blame on digital assets, but Lummis pointed out that…

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• Credit Suisse’s massive job cuts in Hong Kong

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