It looks like justice is finally catching up with another major alleged crypto scammer, this time in South Africa. 

According to News24, Willie Breedt, who is accused of stealing up to $16.3 million USD from approximately 2,000 investors through his VaultAge Solutions scam has been forced to declare bankruptcy by a court in South Africa. 

Promised returns never materialised

Breedt founded VaultAge Solutions (VS) in 2018, and began seeking investors with the promise of weekly returns on their deposits. According to VaultAge, the company would use crypto mining and trading to deliver the returns to investors, and accepted deposits from $50 upwards. 

However, investors claim to have only received around 1% of the promised gains, and one of the company’s biggest investors, Simon Dix, who handed over 7.5 million South African rand (approx. $440,000 USD), initiated legal proceedings against Breedt, applying for a sequestration order against Breedt. The order was subsequently granted by the Gauteng High Court in Pretoria.

On the run from debt collectors, an angry colonel, and the Hawks

Reports suggest that, in the weeks prior to his arrest, Breedt had emptied his bank account of $3.15M and gone into hiding from debt collectors who had been hired by a group of disgruntled investors led by a colonel in the South African National Defence Force. 

Though Breedt was initially suspected of having fled to neighbouring Mozambique, he was eventually tracked down to a guest house in the Silver Lake Estates, Pretoria. 

Although the guesthouse was raided by South Africa’s Directorate for Priority Crime Investigation, known as “the Hawks”, and a laptop and a Ledger Nano crypto hardwallet were confiscated, it seems Breedt was not arrested. 

The South African Reserve Bank is also said to have assigned PwC to investigate VaultAge and any agents that may have handled its transactions. 

AYO.NEWS says:

No doubt investors will be hoping their missing funds are still stored on the hardwallet, but we very much doubt it – Breedt was obviously fully aware he was going to be raided at some point. Given the state of corruption in the country and the incredible ineffectiveness of much of the South African police force, perhaps the most surprising thing is that Breedt was even raided… unless, nah, I won’t be that cynical. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

The Crypto Valley Association (CVA) has announced the publication of its Trusted Key Ceremony Guidelines. 

An initiative from the CVA’s Cybersecurity Working Group, it aims to improve awareness of the importance of protecting digital assets in a safe and secure way. 

The guidelines, designed to showcase best practices for safe and secure ‘key ceremonies’, will be officially unveiled during the ‘Demystifying Key Ceremonies’ free online event presented by the CVA’s Cybersecurity Working Group, taking place tomorrow, Tuesday, 7 July at 17:00 CET.

Contributors include security experts from digital asset custody technology providers such as Taurus Group and Ledger Vault, auditing firms such as PwC, and leading blockchain organizations and financial institutions such as SEBA Bank, and the event will provide a venue for the exploration of best practices that have defined the Crypto Valley’s emergence as a leading cryptocurrency and blockchain hub. 

The guidelines have been informed by the extensive experience of Working Group Members pertaining to the design, operation, and reviewing of key ceremonies for regulated institutional firms.

Commenting on the announcement, Chair of Cybersecurity Working Group at CVA and Head of Blockchain Risk Assurance at PwC Switzerland, Markus Perdrizat, said:

“With more and more financial assets locked up in cryptocurrencies, the need for a set of best practice standards regarding key ceremonies for cryptocurrencies has never been more pronounced. 

“Ultimately, the security of financial assets begins with the key ceremony – when the cryptographic secrets are created. From that point forward, the highest standards of security must be upheld. To this end, we are delighted to officially unveil our new guidelines to the world.”

While Board Member at the Crypto Valley Association, Emi Lorincz, said:

“The CVA Cybersecurity Working Group is firmly committed to setting the highest security standards and best practices with regard to product development, security audits, and key management within the blockchain and crypto realm. 

“The publication of the Trusted Key Ceremony Guidelines gives expression to this ongoing effort and captures the far-reaching ambition of the CVA to strengthen security levels in the crypto assets space more broadly, and to extend the accessibility of crypto assets.”

The mission of CVA’s Cybersecurity Working Group is to define and drive the adoption of security standards and best practices for blockchain projects, to provide a forum for Swiss-based blockchain security product and service companies, and to promote their adoption on the global market. 

The CVA key ceremony guidelines were collected and edited by Jean-Philippe Aumasson, Head of Security at Taurus Group and Maria Sommerhalder, Crypto Custody expert at PwC Switzerland, with contributions from the CVA Cybersecurity working group members.

The online event will be moderated by Emi Lorincz with the following panelists: Charles Guillemet, Chief Technology Officer at Ledger; Maria Sommerhalder, Senior Associate of Emerging Technologies Risk Assurance at PwC Switzerland; Jean-Philippe Aumasson, Head of Security at Taurus Group and Co-Chair of Cybersecurity Working Group at CVA; and Vassili Lavrov, Head of Blockchain Program Management at SEBA Bank.

To register for the event, visit: https://members.cryptovalley.swiss/events/37463 

The CVA key ceremony guidelines will be available for download at: https://members.cryptovalley.swiss/news/297452 

Just when you thought 2020 couldn’t get any stranger, it did, with both Kanye West and Brock Pierce announcing they are running for President of the United States. 

Yes, it’s true. American rapper Kanye West has said he’s going to run for president, and has apparently attracted the support of Tesla CEO Elon Musk – though, according to CNN, he still needs to register with the Federal Election Commission, present a campaign platform, and secure enough signatures to make it onto the November ballot.

However, entrepreneur, crypto venture capitalist, and child star, Brock Pierce appears to be a bit more organised, already having a campaign site up and running. It outlines his enthusiasm for digital currencies, and says he’s raised more than $5 billion for companies he’s founded, but doesn’t say if he’s running as an independent or seeking nomination in an existing party.

Pierce is currently Chairman of the Bitcoin Foundation and is co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin. 

He is also founder of IMI Exchange – claimed to be the world’s leading digital currency marketplace for games, with annual sales exceeding $1 billion. IMI Exchange was sold in 2016 for more than $100 million. Additionally, he founded ZAM, one of the world’s largest media properties for gamers. ZAM was acquired by Tencent in 2012. 

Other projects he has co-founded include D10e, GoCoin, Blade Payments, Five Delta (sold NASDAQ: SRAX), Xfire 2.0, Playsino, Evertune, GamesTV, and DEN. He also advises Airswap, Bancor, BitGo, BitGuild, BlockV, Bloq, DNA, Element Group, Metronome, Shyft, and tZERO, and speaks at blockchain and DLT events worldwide. 

AYO.NEWS says:

We know what you’re thinking; how the hell does one man have time to do all that?! Maybe Piece also has a DeLorean-based time machine he picked up from a Hollywood lot during his Mighty Ducks days?

However he does it, Pierce certainly has an impressive track record in business and knows a thing or two about emerging technologies. In fact, we’d say he’s probably exactly the kind of leader the United States needs right now. Unfortunately, we’d say it’s a safe bet that Kanye West will prove more popular with the public. 

And, lets not forget, our favourite crypto maverick, John McAfee, is also running for president! 

Of course, not everyone shares Brock’s vision! We couldn’t resist:

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Unitize, the collaborative online blockchain event, organised by San Francisco Blockchain Week and Blockshow, has revealed its final agenda and added new high-profile speakers. 

The event, which takes place from 6 – 10 July 2020 and is free to attend, is designed to bring together the blockchain community and foster collaboration. It will see blockchain industry pioneers, regulators, policymakers, and investors discussing various topics including enterprise, regulation, cryptoeconomics, gaming, and trading and exchanges. 

In addition to the speakers already announced, also attending Unitize will be Brian Brooks, Acting Comptroller of the Currency at the OCC and the former Chief Legal Officer for Coinbase; CFTC Chairman Heath Tarbert; Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation; Akon, the multi-platinum artist and Co-Founder of Akoin; Olaf Carlson-Wee, Founder and Investor at Polychain Capital; Christian Catalini, Head Economist at Novi and Co-Creator of Libra; Dr. Gavin Wood, Founder of Polkadot and Parity Technologies; Aya Miyaguchi, Executive Director of the Ethereum Foundation; and Juan Benet, the CEO and Founder of Filecoin.

Discussing the news Unitize organiser and Co-Founder of San Francisco Blockchain Week, Jonathan Allen, said:

“Unitize is bringing together people from all corners of the blockchain community to engage in a  dialogue about what has been achieved so far in 2020 and the areas that need additional focus for the remainder of the year. 

“With that in mind, we’ve designed the agenda around topics and trends that are the most significant to the industry, with a particular focus on regulatory affairs, enterprise use cases, and decentralized finance (DeFi). With some of the most well-respected voices from the worlds of technology and finance set to take to the stage, Unitize promises to be an event you do not want to miss.”

While Co-Organiser of Unitize and Head of Strategy at BlockShow, Gabriel Yang, added:

“2020 has already proven to be a pivotal year for the blockchain ecosystem in terms of enterprise adoption and the development of tangible use cases. 

“As we look to the second half of the year, we’re particularly excited to gather some of the brightest minds in the space for great conversations and to spark some exciting new collaborations. Anyone who is interested in the future of emerging technology and digital assets is sure to find a lot to be interested in at Unitize.”

For more information, please visit https://unitize.online/ 

AYO.NEWS says:

With the COVID-19 crisis showing no signs of abating, it’s fantastic to see the industry pull together to organise free online events like this. We’ll be particularly interested in getting a progress update from Akon regarding the Akon City project. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

The Bank of Japan (BoJ) has announced plans to begin feasibility trials relating to the technical aspects of a central bank digital currency (CBD). 

In late January 2020 the BoJ signalled it had accepted the case for a CBD, with deputy governor Masayoshi Amamiya saying that the public would likely soon demand it. Now, it seems the BoJ is ready to commence a Proof of Concept (PoC) process with a digital yen.

The Bank has published a report titled Technical Hurdles for CBDC, and says it will be investigating technical feasibility in partnership with other central banks and institutions. 

In January 2020 the central banks for Japan, Britain, Canada, the euro zone, Sweden, and Switzerland announced they would be collaborating to look into the case for issuing central bank digital currencies. 

Apparently, the BoJ has identified two principal technical problems involved in the roll out of a central bank digital currency. Namely, how to ensure universal access, when many people still don’t have a smartphone, and how people would access the currency during times of crisis, like power failures, earthquakes, and other disasters. 

Another technical consideration is whether or not to use a blockchain-based system. While a decentralised platform would remove the risk of the entire system crashing due to a failure at a single point, there are still performance issues that would be problematic for an everyday currency – specifically transaction time. 

AYO.NEWS says:

With historical arch-rival China already way out in front when it comes to developing the world’s first major CBDC, having already thought to have tested it in Shenzhen, Chengdu, Suzhou, and Xiongan in April 2020, the Japanese seem to have a sudden sense of urgency regarding the matter!

Earlier this week Japanese blockchain company Soramitsu announced it would soon start testing its White Tiger digital currency for retailers at the University of of Aizu in Fukushima. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

The Central Bank of Sri Lanka has shortlisted three firms to develop proof of concepts (PoC) for a shared blockchain-based Know Your Customer (KYC) platform. 

According to local news outlet Daily Mirror, the Bank launched the project in Autumn 2019, with a view to creating a blockchain-based platform to allow the government and banking sector to securely and efficiently share and update customer information across the country. 

Apparently the Bank invited software firms to develop a KYC PoC for free, as a “national project”, and received 36 responses from both local and international companies. 

The Bank has now shortlisted three, including one unnamed foreign technology firm. Over the next six to nine months, those three firms will develop their concepts, before submitting them for evaluation by the Payments and Settlements Department, the National Payment Council, and the Monetary Board. 

A number of Sri Lankan financial institutions have agreed to participate in the project, which it is hoped will improve financial inclusion in the country – where a significant percentage of the population remains either unbanked, or excluded from many services.

Sri Lanka has been striving to improve its financial system, implementing several Anti-Money Laundering (AML) reforms, to the point where it was recently removed from the Financial Action Task Force’s (FATF) “grey list” – which it had been added to in 2017 for inadequate Anti-Money Laundering and Counter Terrorism Financing safeguards. 

In response to the COVID-19 crisis, the Central Bank has also recently enabled digital on-boarding of customers, using digital KYC, to ensure customers can access their bank accounts and digital payment mechanisms despite closures and travel restrictions. 

AYO.NEWS says:

Maybe Malta could learn a thing or two from Sri Lanka? As we reported last week, it has emerged that the Mediterranean island nation, which ironically is a blockchain and fintech hub, is in very real danger of becoming the first EU nation to be grey listed by the Moneyval (the European division of the Financial Action Task Force). 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020