Friday, March 24, 2023

TikTok CEO testifies in front of U.S. Congress / WooCommerce bug patched / U.K. Parliament bans TikTok on its network

Inside.com

Part of Network

March 24, 2023

TikTok CEO Shou Zi Chew testified in front of the U.S. Congress in an effort to convince lawmakers that the company will protect U.S. citizens' data. The testimony lasted more than five hours.

More:

U.S. legislators stated that privacy concerns regarding the use of TikTok by U.S. citizens have unified the Democratic and Republican representatives.
When asked about the ties that the social media app has with the Chinese Communist Party, Chew stated that the app does not share data with the CCP.
He added that the company doesn't ask employees about their party affiliations in China but added that the CEO of TikTok's parent company, ByteDance, is not a member of the party.
Chew was asked about Project Texas, a proposal that would see it store all data in the U.S. under Oracle's server technology.
According to the company's CEO, all U.S. citizen data will be deleted from TikTok's servers by the end of 2023.
Chew also mentioned the Cambridge Analytica scandal as an example of American companies not being entirely transparent with the data of U.S. citizens.

A bug that affected over 500,000 websites has been patched. The flaw could enable hackers to gain unauthorized access to websites.

More:

The issue could enable hackers to gain administrator credentials and control a targeted website.
Researchers believe that the vulnerability has not been exploited, but they expect that the methodology will be used to create the malware.
WooCommerce announced that it would shut down the WooPay beta program due to security concerns regarding its payment checkout service.

The U.K. Parliament has banned the use of TikTok on its network. Parliament members will still be able to access the social media app on their personal devices.

More:

Public officials from the U.K. Parliament stated that cybersecurity is a priority for the country and that the decision would help keep the institution safe from cybersecurity risks.
TikTok stated that the decision is misguided and based on fundamental misconceptions about TikTok.
The company claims that it is actively working on storing U.K. user data in its European data centers as a way of reassuring U.K. legislators.

Zoom Out:

In 2022, TikTok stated that certain company members in China could access European user data in specific cases where the company thinks it should do so.
Earlier this year, the French data protection authority CNIL hit the social media company with a $5.3M fine.
In 2022, the British Information Commissioner’s Office announced its plan to fine TikTok $33M for breaking data protection laws.

Britive has raised a $20.5M Series B funding round to help companies improve their cloud security. The company has worked with Toyota, GAP, lululemon, etc.

More:

Britive is a cloud-native platform for automating multi-cloud privilege identity management across data, infrastructure, and applications.
The platform provides a unified access management and policy enforcement platform for a client's cloud infrastructure and platform services.
The company claims that its annual recurring revenue has surpassed seven figures and that it works with several Fortune 500 clients.
- Some of the companies Britive has worked with are:
  - GAP,
  - Forbes,
  - Toyota,
  - lululemon,
  - Reltio,
  - Observe,
  - Nayya, etc.
The funding round was led by Pelion Venture Partners with participation from Liberty Global Ventures, Crosslink Capital, and One Way Ventures.
Since its inception in 2018, the company has raised $35M.
Britive is based in Los Angeles.

Dope Security has raised $16M to enable companies to browse safely using its web gateway solution. Google Ventures led the funding round.

More:

The company's endpoint-based web gateway runs on a company's devices connected to its network, such as computers and mobile phones.
Dope Security claims that this method makes it safer for the client and easier to manage.
Dope aims to use the funding to expand its team and add new product features.
Boldstart Ventures and Preface also participated in the funding round.
Since being founded in 2021, the company has raised $20M.

Quick Hits:

Take your Google Cloud knowledge to the next level with The GCP Cookbook! Discover self-contained recipes for seamless cloud computing.*
GitHub has announced that it has replaced its RSA SSH host key as a way of avoiding possible security risks.
A threat actor named Earth Preta has been tracked as an increasingly active hacker group that is consistently using its tools.
A new malware on the Python Package Index repository has been found. The malware uses Unicode to evade detection.
A phishing campaign using Sharepoint to breach over 1,600 targets has been tracked. Most of the targets are located in the U.S. and Europe.
Wind River Learning Subscription: Get an in-depth embedded software education for $3,600.*

*This is sponsored content.

Upcoming events at Inside:

March 27 - Inside Interview with Zscaler - Zero Trust Defense Strategies to Take Your Security to the Next Level (Watch On Demand)
March 28 - Inside Startups Coffee Break (Register Here)
March 30 - A panel on how CTOs balance and prioritize NFRs into their roadmaps (Register Here) *
March 30 - Inside.com Book Club - The Creative Act by Rick Rubin (Register Here)
April 06 - Inside Interview with Lacework - The Evolution of Cloud Security w/ Ulfar Erlingsson (Watch On Demand)
April 18 - Human Resources Summit'23 (Register Here)

*This is a sponsored listing.

Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime.

Editor

Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords.

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A Sudden Onset of Hyperbitcoinization?

March 24, 2023

The biggest crypto news and ideas of the day

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Welcome to The Node. This is Daniel Kuhn and Prachi Vashisht, here to take you through the latest in crypto news and why it matters. In today's newsletter:

Do Kwon Charged

Do Kwon, the creator of the algorithmic stablecoin UST that imploded, was reportedly arrested in Montenegro on Thursday, while carrying falsified documents including a forged Costa Rican passport. The Department of Justice is seeking his extradition to the U.S., a spokesperson confirmed, where he has been charged with commodities fraud, securities fraud, wire fraud and conspiracy to engage in market manipulation. Kwon faces a similar investigation in his native South Korea. He was on the run from police, including Interpol which issued a "red notice" for his arrest, since last spring. It is unclear where Kwon will be extradited.

Capital Control

U.S- based stock exchange company Nasdaq plans to launch new crypto custody services by the end of the second quarter. The firm, which first entered the crypto space in September, is working on getting the necessary infrastructure and regulatory approval in place, said Ira Auerbach, Nasdaq's senior vice president and head of digital assets. Furthermore, it applied to the New York Department of Financial Services for a limited-purpose trust company charter which would oversee its custody service. In other news, CNBC reported that some Binance employees and trained volunteers are helping users in China escape capital controls and know-your-customer (KYC) requirements and obtain Binance debit cards.

On a Venture

Animoca Brands, the non-fungible token and Web3 gaming powerhouse, has slashed the target for its metaverse fund by 20% to $800 million, according to people familiar with the matter. Animoca unveiled plans for the fund inNovember with a target of $2 billion, which was then brought down to half that amount. Elsewhere, the United Arab Emirates is entering the first phase of a central bank digital currency, or CBDC, plan. Expected to finish within 15 months, the CBDC experiment includes testing mBridge cross-border payments solution, a collaboration between the Bank for International Settlements and the central banks of Hong Kong, China and Thailand.

Sound Bites

"[The SEC's] contention is that Do Kwon and these folks were reaching out to U.S. investors, whether they were based in the U.S. or not."

– Former enforcement branch chief at the U.S. Securities and Exchange Commission Lisa Braganca, on CoinDesk TV's "First Mover"

Near at ETHDenver: Launching the Blockchain Operating System

Of the other participants that were actively involved in the conference, no other made an impact quiet like Near Protocol. Until recently, Near was a super-charged, proof-of-stake platform designed for speed, security, and scalability. Building on such a strong platform, people too often view Near as a competitor to Ethereum. However, Near's presence at ETHDenver showed that the blockchain is not out to compete against Ethereum, but instead compliment the blockchain and support Ethereum for its shortfalls. Continue reading.

*This is sponsored content from Near Protocol.

The Takeaway: Inflation and Hyperbitcoinization

I said I wouldn't write about it. I promised. I swore.

I even tweeted.

And I lied.

Last weekend, Twitter was ablaze with reactions to former Coinbase Chief Technology Officer Balaji Srinivasan accepting a bet proposed by James Medlock that due to hyperinflation in the United States a single bitcoin would be worth $1 million in just 90 days (by June 15, 2023).

The bet loosely works like this: In 90 days, Srinivasan will send Medlock $1 million U.S. dollars and Medlock will send Srinivasan 1 BTC.

It feels like a marketing ploy. It is a marketing ploy. Srinivasan himself has admitted that this is an ideological bet and not a "money-making bet." Instead this marks a moment to ring the alarm about the horrors of money printing and impending hyperinflation.

Before all this, he raised the "BitSignal," a promise to pay $1,000 in BTC to people with the best tweets about the state of American decay. Last weekend, Srinivasan and the Twitter faithful raised the alarm: Financial ruin is nigh.

And then U.S. financial markets opened Monday morning flat. Balaji's peers, venture capitalists such as Jason Calacanis, have had a mixed reaction. Calacanis called the bet "brilliant" because the increased attention would likely drive up bitcoin's price, but caution Balaji about starting a bank run.

In any event, I'll go on record: Bitcoin won't be worth $1 million on June 15, 2023, because of hyperinflation in the United States. This is not financial advice. But instead of focusing on the bet itself, I'd rather focus on what a hyperinflated, $1 million bitcoin would even look like.

First and foremost, hyperinflation in the United States would be catastrophic for the global economy. Full stop. The fallout would be genuinely unfathomable. The U.S. is the beacon of stability for the rest of the world. Hyperinflation in the U.S. likely means hyperinflation everywhere.

But, at least we have bitcoin, right?

Right now you could get roughly $28,000 in exchange for a bitcoin. Under hyperinflation with $1 million bitcoin, you can get 35 times that amount for a bitcoin. If you have some bitcoin that might excite you. But don't think of this as the dollar value of your bitcoin stack increasing 35 times. Instead, think about the price of bread, gas, rice, steak, cast iron pans, electricity, everything increasing 35-fold. It would be the same for your bitcoin.

And then there's the glaring problem: How will you even spend your bitcoin? If you're in a bitcoin economic ecosystem like Bitcoin Beach in El Salvador or Bitcoin Lake in Guatemala you'd probably be fine, because they have the infrastructure to support a local economy. But even with the many millions of bitcoiners out there and the many thousands of businesses that accept bitcoin and the hundreds of exchanges that will give you dollars for your bitcoin, is that enough?

Probably not.

Bitcoin needs to service billions of bitcoiners and millions of businesses. And where will those who had no bitcoin before hyperinflation get their bitcoin? Will the exchanges even survive the sudden onset of hyperinflation? Maybe they will. Maybe people will broadly begin accepting bitcoin for payment for goods and services. Maybe some will sell their possessions for bitcoin. Who knows?

The point is that right now bitcoin wouldn't save us from sudden global hyperinflation. The ecosystem is simply not built out enough. We need more bitcoiners, more businesses that accept bitcoin, more bitcoin companies, more Lightning Network companies (to handle the increased transaction volumes) and more distributed mining.

How many more bitcoiners do we need? How many BTCPay Servers do we need to set up so companies can transact bitcoin? How many Lightning channels do we need to open? How many ASICs should be mining bitcoin?

More. We simply need more everything in bitcoin.

Hyperbitcoinization is the term used to describe a post-government-controlled-money world where bitcoin is the main global currency. Bitcoiners want hyperbitcoinization to improve money. Fix the money, fix the world.

But if we are thrust into hyperbitcoinization before the ecosystem is ready then we might not be in a position to actually use bitcoin even if it could save us.

– George Kaloudis
george@coindesk.com
@gckaloudis

Off-Chain Signals

Greenpeace's New 'Skull of Satoshi' Artwork Hits Meme Status Among Bitcoin Fans (Decrypt)
Uniswap V3 To Be Deployed On Avalanche (The Defiant)
Latest in Crypto Hiring: New CEOs for Bit Digital, Alluvial (Blockworks)
Did The Government Start A Global Financial Crisis In An Attempt To Destroy Crypto? (Nic Carer/Pirate Wires)
At the Altar of the Fed (Baffler)
Another hard week for the crypto industry – particularly Justin Sun (Protos)

We are committed to bringing crypto and Web3's most innovative builders to Consensus by offering a Startup Package. Enjoy a special discount on passes, an in-app company profile, access to private startup/investor meetups and more. Only 100 Startup Packages are available, so act fast! Learn more and apply.

Made of Tungsten?

Kudos for making it this far! On occasion, we'll give our loyal Node readers the opportunity to claim DESK, our social token, which is a mechanism for returning the value of engagement directly to the users who create it.

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