TL;DR Breakdown Hong Kong Securities and Investment Institute (HKSI) plans to train virtual asset traders as the city positions itself as a digital hub amidst increasing regulatory scrutiny. HKSI will offer training programs and seminars on virtual assets to enhance knowledge and attract young individuals interested in the industry. Hong Kong’s regulatory framework aims to attract crypto enthusiasts, while striking a balance between investor protection and business appeal. Description The Hong Kong Securities and Investment Institute (HKSI) is gearing up to provide training programs for virtual asset traders as Hong Kong positions itself as a digital hub amid increased global regulatory scrutiny on online assets. According to a South China Morning Post report, the HKSI, supported by the local regulator Securities and Futures Commission … Read more The Hong Kong Securities and Investment Institute (HKSI) is gearing up to provide training programs for virtual asset traders as Hong Kong positions itself as a digital hub amid increased global regulatory scrutiny on online assets. According to a South China Morning Post report, the HKSI, supported by the local regulator Securities and…

TL;DR Breakdown Headline U.S. consumer price inflation is expected to have slowed to 3.1% year-over-year in June. However, core inflation is predicted to remain robust at around 5%. These contrasting inflation trends may motivate the Federal Reserve to resume increasing interest rates, with market experts predicting a quarter-point hike in July. The puzzling inflation situation, combined with global economic trends like the strength in the UK labor market and possible deep recession in Germany, raises questions about the future direction of the U.S. economy. Description The U.S. economy’s future trajectory seems shrouded in mystery, like an intricate puzzle waiting to be pieced together. A critical component of this economic jigsaw is the perplexing conundrum of inflation. Unraveling the U.S. inflation enigma Inflation, a significant yardstick of an economy’s health, has presented a confounding picture in recent times. While headline U.S. … Read more The U.S. economy’s future trajectory seems shrouded in mystery, like an intricate puzzle waiting to be pieced together. A critical component of this economic jigsaw is the perplexing conundrum of inflation. Unraveling the U.S. inflation enigma Inflation,…

TL;DR Breakdown US Treasury Secretary Janet Yellen says the US remains confident in USD’s dominance, even amidst BRICS currency speculation. Yellen believes no immediate alternatives, including the proposed BRICS currency, can displace the dollar’s global standing. The BRICS currency proposal is a long-term ambition, not an immediate reality, aimed at strengthening individual national currencies. Description Despite ongoing speculation about the potential advent of a new currency proposed by the BRICS nations—Brazil, Russia, India, China, and South Africa—U.S. Treasury Secretary Janet Yellen continues to confidently underscore the enduring strength of the U.S. dollar. The conjecture surrounding this new currency, particularly the notion that it may be backed by gold, has done … Read more Despite ongoing speculation about the potential advent of a new currency proposed by the BRICS nations—Brazil, Russia, India, China, and South Africa—U.S. Treasury Secretary Janet Yellen continues to confidently underscore the enduring strength of the U.S. dollar. The conjecture surrounding this new currency, particularly the notion that it may be backed by gold, has done little to unnerve Yellen who firmly believes in the resilient position of…

TL;DR Breakdown An Iranian official believes a gold-backed BRICS currency will weaken the US dollar’s dominance. The BRICS currency is speculated to disrupt global trade and investor portfolios. The BRICS Summit in August could potentially unveil this currency. Despite anticipation, no official announcement or implementation timeline has been made. Description The recent claim by an Iranian official that a gold-backed BRICS currency would weaken the dominance of the US dollar in global finance resonates like a clarion call to the international economy. This audacious prediction, coupled with the potential benefits for nations like Iran, sets an intriguing stage for the imminent leaders’ summit of the … Read more The recent claim by an Iranian official that a gold-backed BRICS currency would weaken the dominance of the US dollar in global finance resonates like a clarion call to the international economy. This audacious prediction, coupled with the potential benefits for nations like Iran, sets an intriguing stage for the imminent leaders’ summit of the BRICS (Brazil, Russia, India, China, and South Africa) scheduled for August. As the world waits with bated…

TL;DR Breakdown Hacker exploits code vulnerability in Arcadia Finance, draining approximately $455,000 from the DeFi protocol’s Ethereum and Optimism vaults. The breach highlights the need for improved input validation and reentrancy protection in decentralized finance platforms. The incident contributes to the growing number of cyber attacks in the crypto space, prompting concerns about security and the potential impact on the Optimism network’s revenue and future growth. Description Arcadia Finance, a noncustodial protocol supporting on-chain cross-margin accounts, fell victim to a cyber attack that resulted in the loss of approximately $455,000. However, the hacker exploited a code vulnerability, exposing a weakness in the platform’s validation mechanism. The vulnerability allowed unverified inputs to go unchecked, enabling the hacker to drain funds from Arcadia Finance’s … Read more Arcadia Finance, a noncustodial protocol supporting on-chain cross-margin accounts, fell victim to a cyber attack that resulted in the loss of approximately $455,000. However, the hacker exploited a code vulnerability, exposing a weakness in the platform’s validation mechanism. The vulnerability allowed unverified inputs to go unchecked, enabling the hacker to drain funds from Arcadia Finance’s…

TL;DR Breakdown Vitalik Buterin emphasizes the need for scaling solutions beyond payments in the Bitcoin ecosystem, urging Bitcoiners to explore experimentation and learn from Ethereum’s experiences. Buterin calls for an open-minded approach, suggesting the adoption of solutions like Plasma, ZK Rollups, and Ordinals, which have shown promise in scaling Ethereum. Description In a recent Twitter Spaces session, Vitalik Buterin, the inventor of Ethereum, shared valuable insights for the Bitcoin community, emphasizing the need for experimentation and scaling solutions beyond payments. Joined by prominent figures such as “altcoin slayer” Eric Wall and Bitcoin developer Udi Wertheimer, the discussion shed light on Bitcoin’s challenges with transaction throughput and … Read more In a recent Twitter Spaces session, Vitalik Buterin, the inventor of Ethereum, shared valuable insights for the Bitcoin community, emphasizing the need for experimentation and scaling solutions beyond payments. Joined by prominent figures such as “altcoin slayer” Eric Wall and Bitcoin developer Udi Wertheimer, the discussion shed light on Bitcoin’s challenges with transaction throughput and explored how Ethereum’s experiences could benefit Bitcoiners. Buterin’s main concerns centered around Bitcoin’s political dynamics, highlighting…

TL;DR Breakdown Crypto developers’ code commits have gone down 22% YoY Developers that left were mostly newcomers and were only responsible for 20% of the commits Crypto developers are seeking opportunities in other tech sectors like AI Description As the crypto market tries to recoup its 2021 highs, it is surging, and investors have returned to the market. However, it is different for software developers. The number of active crypto developers contributing to open-source crypto projects has decreased by 22% in the last year. A recent report found 21,300 active developers in June, … Read more As the crypto market tries to recoup its 2021 highs, it is surging, and investors have returned to the market. However, it is different for software developers. The number of active crypto developers contributing to open-source crypto projects has decreased by 22% in the last year. A recent report found 21,300 active developers in June, lower than the 27,200 reported last year. Developers that left were mostly newcomers The Electric Capital report explains that most developers who left the crypto space had little experience….

TL;DR Breakdown Despite crypto firms rushing to establish bases in Hong Kong, local recruitment in the sector is low. The volatility of crypto businesses and their dependency on fluctuating cryptocurrency prices have deterred potential recruits. The exodus of specialized talent from Hong Kong has led to a competitive talent market. Description In the buzzing digital landscape of Hong Kong, there’s a curious anomaly. Despite a high-octane rush from numerous crypto firms vying to establish their base in the city, the anticipated explosion in crypto-related employment has not materialized. This is not speculation, but the reality as observed by some of the most well-established recruitment firms in … Read more In the buzzing digital landscape of Hong Kong, there’s a curious anomaly. Despite a high-octane rush from numerous crypto firms vying to establish their base in the city, the anticipated explosion in crypto-related employment has not materialized. This is not speculation, but the reality as observed by some of the most well-established recruitment firms in the city. The crypto mirage The crypto allure of Hong Kong, it appears, is predominantly theoretical…

TL;DR Breakdown The top U.S. banks are bracing for a significant increase in loan losses, the biggest since the pandemic started. This is due to rising interest rates and the impact of inflation on borrowers. An estimated $5 billion has been written off due to defaulted loans in Q2 of 2023, nearly double from a year ago. Description The tumultuous tide of the U.S. banking sector is about to witness a mammoth wave in the form of escalating loan losses. As the nation’s top financial institutions prepare to release their second-quarter results, they seem to be on the cusp of reporting a dramatic increase in loan defaults, a nightmare scenario unseen since the … Read more The tumultuous tide of the U.S. banking sector is about to witness a mammoth wave in the form of escalating loan losses. As the nation’s top financial institutions prepare to release their second-quarter results, they seem to be on the cusp of reporting a dramatic increase in loan defaults, a nightmare scenario unseen since the dawn of the Covid-19 pandemic. The sting of higher…

TL;DR Breakdown SVB Financial Group is suing the U.S. FDIC over $1.9 billion, claiming it as their rightful property. The dispute arose after SVB’s banking subsidiary, Silicon Valley Bank, was put under FDIC’s control following a $42 billion bank run. Description There is a heavyweight battle occurring within the United States financial arena. SVB Financial Group, a substantial holding company, is squaring off against a titan of the industry – the U.S. Federal Deposit Insurance Corporation (FDIC). The clash involves a staggering sum of $1.9 billion, a vault of cash that SVB contends belongs to them, … Read more There is a heavyweight battle occurring within the United States financial arena. SVB Financial Group, a substantial holding company, is squaring off against a titan of the industry – the U.S. Federal Deposit Insurance Corporation (FDIC). The clash involves a staggering sum of $1.9 billion, a vault of cash that SVB contends belongs to them, a claim the FDIC currently rejects. This case has sent tremors through the economic landscape, underlining the tension between regulators and financial institutions. Crisis unfolding in…