A new class action lawsuit makes severe allegations that high-profile Silicon Valley law firm Fenwick & West actively helped conceal and enable fraud by the collapsed cryptocurrency exchange FTX and its founder Sam Bankman-Fried. Filed in federal court on Aug. 7, the suit claims Fenwick had an “exceedingly close” relationship as legal counsel to FTX The post FTX lawfirm hit with class action over alleged role in FTX cover up appeared first on CryptoSlate.

The Central Bank of Brazil has unveiled its upcoming digital currency, ‘DREX.’ As reported in a live video from the Central Bank, DREX will be a digital representation of the Brazilian real, with the capacity to interact with other digital assets. The video specified that “unlike cryptocurrencies such as Bitcoin,” DREX aims to facilitate access The post Brazil to launch CBDC ‘DREX’ in 2024 said to improve financial accessibility amid centralization concerns appeared first on CryptoSlate.

A recent research paper from Durham University in the UK revealed a powerful AI-driven attack that can decipher keyboard inputs solely based on subtle acoustic cues from keystrokes. Published on Arxiv on Aug. 3, the paper “A Practical Deep Learning-Based Acoustic Side Channel Attack on Keyboards” demonstrates how deep learning techniques can launch remarkably accurate The post Protect against new AI attack vector using keyboard sounds to guess passwords over Zoom appeared first on CryptoSlate.

De.Fi’s Rekt Database reports that July saw $389.82 million in DeFi losses related to hacks and exploits, pushing the cumulative total value of all of to cross the threshold of $77 billion. Ethereum emerged as the most targeted, losing $350 million across 36 incidents. Multichain, however, suffered the most severe single-case loss of $231 million The post DeFi total losses breach $77B as July records largest loss of 2023 with $389M stolen appeared first on CryptoSlate.

In a move signaling the significant shift towards digital currencies, PayPal has announced the launch of its U.S. dollar-backed stablecoin – PayPal USD (PYUSD). This development, announced by PayPal directly, adds a new dimension to the emerging potential of regulated, fully-backed stablecoins in transforming payments in digitally native environments like web3. The news comes after The post PayPal launches ERC20 stablecoin ‘PYUSD’ with Paxos appeared first on CryptoSlate.