In March an executive order directed America's treasury secretary to create two stockpiles of crypto assets (to accompany already-existing "strategic reserves"of gold and foreign currencies). And the Washington Post notes these new stockpiles would include "cryptocurrency seized by federal agencies in criminal or civil proceedings." But how big would America's "Strategic Bitcoin Reserve" be — and what other cryptocurrencies would the U.S. government hold in its "Digital Asset Stockpile"?

"New data on what crypto cash the U.S. government has seized may now provide some answers. It suggests the crypto reserves will together hold more than $21 billion in cryptocurrency... The stockpile will be funded with whatever crypto assets the Treasury holds other than bitcoin, leaving the stockpile's composition to be largely determined by a mixture of chance and criminal conduct. That unconventional method for selecting government financial holdings had the benefit of making the reserves cost-neutral for the taxpayer.

It also provided a way to estimate what exactly might go into the two pools before results are released from an official accounting of U.S. crypto holdings that is underway.Because government seizures are disclosed in court documents, news releases and other sources, crypto-tracking firms can use those notices to monitor which digital assets the U.S. government holds. Chainalysis, a blockchain analytics firm, reviewed cryptocurrency wallets that appear to be associated with the U.S. government for The Washington Post. The company estimated how much bitcoin it holds, and the other crypto tokens in its top 20 digital holdings as of May 13, by tracking transactions involving those wallets.

The United States' top 20 crypto holdings according to Chainalysis are worth about $20.9 billion as of 3 p.m. Eastern on May 28, with $20.4 billion in bitcoin and about $493 million in other digital assets. It has been scooped up from crimes such as stolen funds, scams and sales on dark net markets. Those estimates put the U.S. government's top crypto holdings at less than the approximately $25 billion worth of oil held in the U.S. Strategic Petroleum Reserve. Their value is nearly double the Fed's listing for U.S. gold holdings, although that figure uses outdated pricing and would be over $850 billion at current prices...

The crypto tokens headed for the U.S. Digital Asset Stockpile according to the Chainalysis list include ethereum, the world's second-largest digital asset, and a string of other crypto tokens with punier name recognition. They include derivatives of bitcoin and ethereum that mirror those cryptocurrencies' prices, several stable coins designed to be pegged in value to the U.S. dollar, and 10 tokens tied to specific companies, including the cryptocurrency exchanges FTX, which imploded in 2022 after defrauding customers, and Binance.
Two U.S. states have already passed legislation creating their own cryptocurrency reserve funds, the article points out. But ethereum co-founder Vitalik Buterin complained to the Post in March that crypto's "original spirit...is about counterbalancing power" — including government and corporate power, and getting too close to "one particular government team" could conflict with its mission of decentralization and openness. And he's not the only one concerned: Austin Campbell, a professor at New York University's business school and a principal at crypto advisory firm Zero Knowledge, sees hypocrisy in crypto enthusiasts cheering the government's strategic reserves. The bitcoin community in particular "has historically been about freedom from sovereign interference," he said.

"U.S. stock market futures plunged on Sunday evening," reports Yahoo Finance, "after the new U.S. tariff policy began collecting duties over the weekend..."

The EU will vote on $28 billion in retaliatory tariffs Wednesday, Reuters reports. (And those tariffs will be approved unless "a qualified majority of 15 EU members representing 65% of the EU's population oppose it. They would enter force in two stages, a smaller part on April 15 and the rest a month later.")

But France's Economy and Finance Minister has an idea: more strictly regulating how data is used by America's Big Tech companies. Politico EU reports/A>: "We may strengthen certain administrative requirements or regulate the use of data," Lombard said in an interview with Le Journal Du Dimanche. He added that another option could be to "tax certain activities," without being more specific.

A French government spokesperson already said last week that the EU's retaliation against U.S. tariffs could include "digital services that are currently not taxed." That suggestion was fiercely rejected by Ireland, which hosts the European headquarters of several U.S. Big Tech firms...

Technology is seen as a possible area for Europe to retaliate. The European Union has a €157 billion trade surplus in goods, which means it exports more than it imports, but it runs a deficit of €109 billion in services, including digital services. Big Tech giants like Apple, Microsoft, Amazon, Google and Meta dominate many parts of the market in Europe.
Amid the market turmoil, what about cryptocurrencies, often seen as a "proxy" for the level of risk felt by investors? In the 10 weeks after October 6, the price of Bitcoin skyrocketed 67% to $106,490 by December 10th. But by January 30th it had started dropping again, and now sits at $77,831 — still up 22% for the last six months, but down nearly 27% over the last 10 weeks. Yet even after all that volatility, Bitcoin suddenly fell again more than 6% on Sunday, reports Reuters, "as markets plunged amid tariff tensions. Ether, the second largest cryptocurrency, fell more than 10% on Sunday."

Last month, OpenAI launched GPT-4 with vision (GPT-4V), allowing the chatbot to read and respond to questions about images. One of the many ways AI users are using this new feature is to decode redacted government documents on UFO sightings. "ChatGPT-4V Multimodal decodes a redacted government document on a UFO sighting released by NASA," one tweet raves. "Maybe the truth isn't out there; it's right here in GPT-V." Decrypt reports: Trying to fill gaps in a string of text is basically what LLMs do. The user did the next best thing when trying to test GPT-V's capabilities and made it guess parts of a text that he censored. "Nearly 100% intent accuracy." he reported. Of course, it's hard to verify whether its guess at what's otherwise obscured is accurate -- it's not like we can ask the CIA how well it did peering through the black lines. Some other ways users are utilizing GPT-4V include: deciphering a doctor's handwriting; understanding medical images, such as X-rays, and receiving analysis and insights for specific medical cases; providing information about the nutritional content of meals or food items; assisting interior design enthusiasts by offering design suggestions based on personal preferences and images of living spaces; and proving technical analysis for stocks and cryptocurrencies based on screenshots.

An anonymous reader quotes a report from Bloomberg: Hong Kong is pivoting toward a friendlier regulatory regime for cryptocurrencies with a plan to legalize retail trading, contrasting with the city's skeptical stance of recent years and the ban in place in mainland China. A planned mandatory licensing program for crypto platforms set to be enforced in March next year will allow retail trading, according to people familiar with the matter, who asked not to be named because the information isn't public. Regulators are seeking to allow listings of bigger tokens but won't endorse specific coins like Bitcoin or Ether, the people said, adding the details and timetable have yet to be finalized as a public consultation is due first.

The government is expected to flesh out its recently stated goal of creating a top crypto hub at a fintech conference starting Monday. The push comes amid a broader drive to restore Hong Kong's credentials as a finance center after years of political turmoil and Covid curbs sparked a talent exodus. [...] The upcoming regime for listing tokens on retail exchanges is likely to include criteria such as their market value, liquidity and membership of third-party crypto indexes, the people familiar said. That's similar to the approach for structured products such as warrants, they added. "Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do," said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. "They can't forever effectively close the needs of retail investors."

The short answers are "yes" and "no." America's Constitution prohibits government intervention into public expression, reports the business-news radio show Marketplace, "protecting free speech and expression "through, for example.... writing, protesting and coding languages like JavaScript, HTML, Python and Perl."

Specifically protecting code started with the 1995 case of cryptographer Daniel Bernstein, who challenged America's "export controls" on encryption (which regulated it like a weapon). But they also spoke to technology lawyer Kendra Albert, a clinical instructor at Harvard Law School's Cyberlaw Clinic, about the specific parameters of how America protects code as a form of expression: Albert: I think that the reality was that the position that code was a form of expression is in fact supported by a long history of First Amendment law. And that it, you know, is very consistent with how we see the First Amendment interpreted across a variety of contexts.... [O]ne of the questions courts ask is whether a regulation or legislation or a government action is specifically targeting speech, or whether the restrictions on speech are incidental, but not the overall intention. And that's actually one of the places you see kind of a lot of these difficulties around code as speech. The nature of many kinds of regulation may mean that they restrict code because of the things that particular forms of software code do in the world. But they weren't specifically meant to restrict the expressive conduct. And courts end up then having to sort of go through a test that was originally developed in the context of someone burning a draft card to figure out — OK, is this regulation, is the burden that it has on this form of expressive speech so significant that we can't regulate in this way? Or is this just not the focus, and the fact that there are some restrictions on speech as a result of the government attempting to regulate something else should not be the focus of the analysis?

Q: Congress and federal agencies as well as some states are looking to tighten regulations around cryptocurrencies and blockchain technology. What role do you think the idea of code as speech will play in this environment moving forward?

Albert: The reality is that the First Amendment is not a total bar to regulation of speech. It requires the government meet a higher standard for regulating certain kinds of speech. That runs, to some extent, in conflict with how people imagine what "code is speech" does as sort of a total restriction on the regulation of software, of code, because it has expressive content. It just means that we treat code similarly to how we treat other forms of expression, and that the government can regulate them under certain circumstances.

Ethereum's big software update on Thursday may have turned the second-largest cryptocurrency into a security in the eyes of a top U.S. regulator. From a report: Securities and Exchange Commission Chairman Gary Gensler said Thursday that cryptocurrencies and intermediaries that allow holders to "stake" their coins might pass a key test used by courts to determine whether an asset is a security. Known as the Howey test, it examines whether investors expect to earn a return from the work of third parties. "From the coin's perspective...that's another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others," Mr. Gensler told reporters after a congressional hearing. He said he wasn't referring to any specific cryptocurrency.

Issuers of securities -- a category of assets that includes stocks and bonds -- are required to file extensive disclosures with the SEC under laws passed in the 1930s. Exchanges and brokers that facilitate the trading of securities must comply with strict rules designed to protect investors from conflicts of interest. Cryptocurrency issuers and trading platforms face strict liabilities if they sell any assets that are deemed to be securities by the SEC or courts. Staking is one of two ways in which cryptocurrency networks verify transactions. Used by some of the largest cryptocurrencies -- including Solana, Cardano and, as of this week, ether -- it allows investors to lock up their tokens for a specified amount of time to receive a return.

An anonymous reader quotes a report from Axios: Federal Reserve Vice-chair Lael Brainard gave a timeline for the launch of FedNow, the platform it has been working on to enable nearly instant payment settlement within the U.S. FedNow should launch in 2023 between May and July. This is the most specific the Fed has been yet about when the service will go live. "The payment system is a critical part of America's infrastructure that touches everyone," Brainard said in a speech she gave today via webcast to the FedNow early adopters workshop in Rosemont, Illinois. "We have been working hard to deliver on time, but ultimately the number of American businesses and households that are able to access instant payments will depend on financial services providers making the necessary investments to upgrade our payments infrastructure," Brainard said.

FedNow is a platform the Fed will provide for banks to build on top of and create payment features in existing or new products. Products enabled by FedNow will have nearly instant settlement around the clock. Ever needed a cashiers check after all the bank branches had closed? FedNow could be an answer for that kind of situation. Depending on how its partners implement FedNow, it could be used consumer-to-business, business-to-business or consumer-to-consumer. [...] Consumers probably don't realize that every time they swipe a debit card, it costs the merchant an average of $0.23, according to Merchant Maverick. Those costs stack up and ultimately get passed on in sticker prices. The FedNow platform, meanwhile, will cost a fifth of that to make a transaction. "FedNow is not a blockchain-based product and it's not a central bank digital currency (CBDC). It still very much relies on third parties, to operate, for example," notes Axios. "But -- if it catches on -- it would make money as we know it more competitive with cryptocurrencies, by lowering the cost to transact and providing low risk settlement around the clock."

The Securities and Exchange Commission (SEC) has listed nine cryptocurrencies that it says are securities. This was contained within a complaint arresting and charging a former Coinbase employee and two others with wire fraud. From a report: The assets were: AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, KROM. They were each mentioned in connection with alleged insider trading. "Our message with these charges is clear: fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street," wrote the SEC in its complaint. This is one of few examples from the SEC where it has named specific cryptocurrencies as securities; it has provided little clarity over the years.

"Russian President Vladimir Putin approved a law Friday prohibiting the use of digital assets as forms of payments in Russia..." reports the tech/policy news site Protocol. The ban on crypto-form payments also apparently applies to NFTs: The new law also includes a provision that requires crypto exchanges and providers refuse transactions in which digital assets could be construed as a form of payment... The new law is set to take effect in 10 days.

There's been some speculation that sanctioned Russian companies or individuals might use crypto to avoid sanctions imposed after the country's invasion of Ukraine. But officials have proven savvy in using on-chain analytics to trace transactions, and industry experts have warned that sanctions evaders would be ill-served by trying to use cryptocurrencies. U.S. and EU bodies have even added specific crypto wallet addresses to sanction lists.

An anonymous reader shares a report: Hidden away in Coinbase Global's disappointing first-quarter earnings report -- in which the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users -- is an update on the risks of using Coinbase's service that may come as a surprise to its millions of users. In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts too.

Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, "the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings." Coinbase users would become "general unsecured creditors," meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

Ex-Google CEO and chairman Eric Schmidt says he's invested "a little bit" of money into cryptocurrencies -- but for him, the most interesting part of blockchain isn't virtual currency. It's Web3. From a report: "A new model [of the internet] where you as an individual [can] control your identity, and where you don't have a centralized manager, is very powerful. It's very seductive and it's very decentralized," Schmidt, 67, tells CNBC Make It. "I remember that feeling when I was 25 that decentralized would be everything."

[...] Schmidt says his interest in Web3 involves a concept called "tokenomics," which refers to the specific supply and demand characteristics of cryptocurrencies. Schmidt also notes that Web3 could come with new models for content ownership and new ways of compensating people. "[Web3's] economics are interesting. The platforms are interesting and the use patterns are interesting," Schmidt says. "[It] doesn't work yet, but it will." For Schmidt, part of the problem with today's blockchain technology -- specifically referencing bitcoin as an example -- is that the majority of time people spend on those systems is dedicated to "making sure that nobody's attacking them ... they're incredibly wasteful."

Hundreds of people have lost access to their cryptocurrency, and recovering those lost Bitcoins has become a lucrative business. "Motherboard talks to some of the people trying to get back their crypto, and the people who are making that happen in the newest episode of CRYPTOLAND on YouTube," writes Slashdot reader em1ly. Here's an excerpt from an article accompanying the episode: It's hard to know exactly how much Bitcoin is locked forever in wallets whose owners forgot the password, or in hard drives thrown out. There's plenty of anecdotes of desperate people trying to recover their lost Bitcoin. Chainalysis, a firm that tracks cryptocurrencies to help companies and law enforcement, estimated in 2018 that up to 23% of all Bitcoin is lost forever -- around 3.79 million bitcoins or the equivalent of around $170 billion at today's conversion rate. Naturally, some of the people who own those lost Bitcoin are willing to do anything to get them back. And there's a market for companies or individuals who promise to recover the lost Bitcoin for a fee.

There's the mysterious Wallet Recovery Service, run by an anonymous person who goes by DaveBitcoin, or Crypto Asset Recovery, a father and son startup based in New Hampshire. In essence, what these organizations do is try as many password or passphrase combinations as fast as they can -- or as fast as their password cracking software and hardware will allow -- until they get the right one for a specific wallet they're trying to break into. They brute force the password, but they need help from their customers -- some guess, at least, of what their password may have been. Charlie Brooks, the son in the duo that runs Crypto Asset Recovery, told Motherboard that their success rate is 32 percent, without counting those customers that they believe have almost no chance of getting their Bitcoin back (who they decline to take on as clients).

During today's telecast of the Super Bowl, 100 million Americans will see at least three commercials promoting cryptocurrency, reports the Washington Post, "and though Tom Brady may be gone from the game, he hovers over it, hawking crypto exchange FTX."

"Yet the hype belies a more complicated relationship. Unlike the National Basketball Association, the National Football League, the country's most popular sports league, has essentially prohibited its teams from using crypto." It's a microcosm of the broader cultural battle between those touting the currency as the shiny future and others warning of its dangers.... [T]he headlines often come with a negative tint. New York Times columnist and economist Paul Krugman warned last month about crypto's parallels to the subprime mortgage crisis. This week, the FBI arrested a New York couple for allegedly conspiring to launder billions in crypto. That can scare the large corporate entities of professional sports, particularly the NFL, whose love of fresh revenue sources is matched only by its fear of public relations disasters.... In September, a memo revealed by the Athletic showed the league's restrictive attitude toward crypto... "Clubs are prohibited from selling, or otherwise allowing within club controlled media, advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales or any other media category as it relates to blockchain, digital asset or as blockchain company, except as outlined in this policy," it said.

The NFL has made some forays into NFTs, or non-fungible tokens, the digitally watermarked tools that are crypto's less controversial cousin, signing up for a partnership with Ticketmaster for NFTs of Super Bowl tickets and an NFT video highlight program with Dapper Labs, one of the leaders in the space. And of course the Super Bowl is taking place at SoFi Stadium, named for the digitally minded financial firm. But sponsorships from crypto exchanges remain off-limits, and the idea of the NFL creating a cryptocurrency, which some enthusiasts have advocated, is the stuff of fantasy. Even the Super Bowl commercials going for as much as $7 million for 30 seconds — which the league authorizes — include only exchanges such as FTX and not currencies themselves....

The NFL has formed an internal working group to study the regulatory, brand and other consequences of partnering with crypto companies but has set no timetable for when its rules could be revised. Renie Anderson, the NFL's chief revenue officer, said the league is moving slowly by design. "We don't want to put everything and the kitchen sink into this," she said by phone from the site of Super Bowl events in Los Angeles. "We don't know where a lot of this is going, so what we're trying to do is testing and learning so we can understand." She cited regulatory and market forces that are still coming into focus. (The Treasury Department and other federal agencies have been ramping up their efforts to create a regulatory framework for crypto, but there remains a degree of murkiness around what the future limits might be.) The NFL, Anderson said, would rather act after there's clarity. "It's hard to unwind something like a naming rights deal," she said, "and I'd rather not have to undo opportunities two years later because there are rules against advertising or marketing certain things."

National Basketball Association executives, however, say they see a major opportunity right now.
The article also points out that one football star even says he converted his $750,000 salary to Bitcoin. Though one sports analyst calculates that if the purchase was made on November 12th, after federal and state taxes it's now worth about $35,000.

Criminals have been selling fake vaccine certificates online and may be able to fool an EU system designed to verify the certificates' validity, researchers warn. BankInfoSecurity reports: [A] report released last week, "COVID-19 Vaccination Certificates in the Dark Web," which has not yet been peer-reviewed, notes that some darknet markets continue to sell supposed vaccine certificates for use in multiple countries. Four researchers - Dimitrios Georgoulias, Jens Myrup Pedersen, Morten Falch, Emmanouil Vasilomanolakis - who are all part of the Cyber Security Group at Aalborg University in Copenhagen, Denmark, reviewed vaccination certificate offerings from 17 marketplaces and 10 vendor shops. The researchers found that at least one vendor appears to be selling digital certificates, registered in Italy, that are being read as valid by mobile COVID-19 certificate-checking apps developed by both France and Denmark.

The Aalborg University researchers, however, note that many darknet markets forbid any listing containing any items related to COVID-19. But others, they say, do allow both physical and digital vaccine certificates to be offered for sale, and in some cases also "yellow vaccination cards" or other vaccination record cards that can be used as proof of vaccination, albeit only inside the country in which they were supposedly issued. "The listings are heavily focused on European countries and the United States, but there are also listings from other continents and countries, such as Brazil, Canada, Mexico and Australia," as well as Russia, the researchers write. "The pricing differs greatly between the different listings, with the cheapest certificate starting at $39 and the highest price reaching almost $2,800, which included both a physical and a digital certificate, registered in the United Kingdom," they write. Most markets accept bitcoin and monero cryptocurrencies as payment, they add, while a smaller number also take such digital coins as ethereum, cardano, litecoin and zcash. [...] The Aalborg University researchers note that buying a fake digital certificate gives the seller ample opportunity to scam a buyer.

If these fake COVID-19 certificates can indeed pass for valid ones, then one unanswered question remains: How? Many of the sites claim to have access to the systems used to issue certificates, either by hacking into them remotely, or having insiders who work at a healthcare or other health organization, the researchers say. "In the specific case of a listing on the Russian marketplace Hydra, the description even mentioned the exact location and hospital that the system was accessed from," they say. Another possibility, however, is that criminals have somehow stolen one or more private keys for the European system, which were issued to participating health organizations. If so, it would be difficult to revoke these keys, the researchers say, since doing so would invalidate what might be a large quantity of legitimate certificates too.

An anonymous reader quotes a report from The Associated Press: Facebook said it plans to hire 10,000 workers in the European Union over the next five years to work on a new computing platform that promises to connect people virtually but could raise concerns about privacy and the social platform gaining more control over people's online lives. The company said in a blog post Sunday that those high-skilled workers will help build "the metaverse," a futuristic notion for connecting online that uses augmented and virtual reality. Facebook executives have been touting the metaverse as the next big thing after the mobile internet, though their track record is spotty on predicting future trends. "As we begin the journey of bringing the metaverse to life, the need for highly specialized engineers is one of Facebook's most pressing priorities," according to the blog post from Nick Clegg, vice president of global affairs, and Javier Olivan, vice president of central products. Facebook's recruiters are targeting Germany, France, Italy, Spain, Poland, the Netherlands and Ireland for the hiring drive. The company as of June reported having more than 63,000 employees worldwide, up 21% from the same time last year.

The metaverse essentially is a massive virtual world that can be accessed in real time by millions of people using avatars, who can use it to hold virtual meetings or buy virtual land and clothing or other digital assets, often paying with cryptocurrencies. The social network isn't the only one working on the metaverse, and Facebook acknowledged that no single company will own and operate it. Other players include Fortnite maker Epic Games, which has raised $1 billion from investors to help with its long-term plans for building the metaverse. "There's not going to be specific metaverses to specific companies. There's only going to be one metaverse," said Tuong Nguyen, an analyst who tracks immersive technologies for research firm Gartner. But there are concerns Facebook and a handful of other Silicon Valley giants would end up monopolizing the metaverse and use it to collect and profit from personal data, mirroring the situation now with the internet.

Crypto heists are becoming increasingly common, but forensic investigators are getting savvier at figuring out who is behind specific accounts. From a report: Paolo Ardoino was on the front lines of one of the largest cryptocurrency heists of all time. He was flooded with calls and messages in August alerting him to a breach at Poly Network, a platform where users swap tokens among popular cryptocurrencies like Ethereum, Binance and Dogecoin. Hackers had made off with $610 million in crypto, belonging to tens of thousands of people. Roughly $33 million of the funds were swiftly converted into Tether, a "stable coin" with a value that mirrors the U.S. dollar. Ardoino, Tether's chief technology officer, took note. Typically, when savvy cybercriminals make off with cryptocurrency, they transfer the assets among online wallets through difficult-to-trace transactions. And poof -- the money is lost. Ardoino sprang into action and minutes later froze the assets.

"We were really lucky," he said. "Minutes after we issued the freezing transaction, we saw the hacker attempt to move out his Tether. If we had waited five minutes more, all the Tether would be gone." Two weeks later, Tether released the money to its rightful owners. And after threats from Poly Network, the online bandit gave up the rest. The seizure pokes a hole in the long-held belief that cryptocurrency is impossible to trace. Cryptocurrency is computer code that allows people to send and receive funds, recording the transactions on a public ledger known as a blockchain, rather than retaining account holder info. Because of the lack of user data, cryptocurrencies like bitcoin have been hailed as a safe haven for criminal activity. Fueled by anonymity, the shadowy industry allows hackers, tax evaders and other bad actors to launder money secretively, outside of the traditional banking system. Online scammers made off with $2.6 billion in 2020, according to a Chainalysis report. That year, ransomware attacks more than quadrupled.

But forensics investigators are getting savvier at scrupulously mapping activity on blockchains and figuring out who is behind specific accounts. This has sparked a "novel cottage industry of data providers" who are able to track cryptocurrency accounts flagged for illicit activity, said Zachary Goldman, a lawyer at WilmerHale specializing in novel payment technologies. "That's never really been available before." Through tracking, agents have recouped stolen crypto funds in a handful of high-profile cases. In June, the Federal Bureau of Investigation seized the $2.3 million in bitcoin ransom Colonial Pipeline paid to hackers who infiltrated the company's computer network. Investigators used the blockchain to follow the flow of the ransom payment to track the perpetrators. In 2020, the crypto exchange KuCoin recovered almost all of the $281 million stolen by suspected North Korean hackers and refunded customers.

Walmart is looking to hire a cryptocurrency expert to develop a blockchain strategy, joining a growing number of major corporations exploring the viability of digital currencies such as Bitcoin. From a report: The position will be responsible for "developing the digital currency strategy and product roadmap" and identifying "crypto-related investment and partnerships," according to a job posting Sunday on the retail giant's website. The senior director will be based in Walmart's corporate offices in Bentonville, Arkansas.

While Walmart's specific intentions weren't immediately clear, the job description refers to the "broad set of payment options for its customers" in stores and online. The company didn't immediately respond to a request for additional information. The recruitment effort by Walmart comes several weeks after a similar job posting by rival Amazon.com, indicating that the biggest retailers in the U.S. may soon let customers use cryptocurrencies to pay for their purchases. PayPal Holdings began letting select customers of its Venmo app buy, sell and hold digital currencies earlier this year and expanded the effort last week.

Amazon on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year. Reuters reports: The report from London's City A.M. newspaper, citing an unnamed "insider," sent the world's biggest cryptocurrency up as much as 14.5% before it trimmed gains to last trade 6% higher at $37,684.04. "Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true," said a spokesperson from Amazon. "We remain focused on exploring what this could look like for customers shopping on Amazon." The company on July 22 posted a job opening for a digital currency and blockchain product lead. In a statement to Ars Technica, the Amazon spokesperson added: "We're inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible."

Yesterday, in an earnings call, Visa CEO Alfred Kelly said that the firm wants to "work with wallets and exchanges" on handling crypto, and has called bitcoin and other cryptocurrencies "digital gold." Cryptocurrency News reports: During his talk, Kelly spent a significant amount of time discussing crypto. After differentiating a divide between "cryptocurrencies that represent new assets such as bitcoin" and "digital currencies and stablecoins" backed by fiat holdings, he stated: "We see all [cryptocurrencies] as digital gold. They are predominantly held as assets that are not used as a form of payment in a significant way at this point. Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make fiat purchase[s]."

The Visa chief appeared to be keen to leave the door open for all crypto projects that show promise, pledging that should "a specific digital currency become a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies." And Kelly appeared ready to court the custom of stablecoin issuers -- as well as digital currency-issuing central banks. He said: "For [...] stablecoins and central bank digital currencies, these are an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency. We think of digital currencies running on public blockchains as additional networks [...] we see them as part of our network of networks strategy. [...] We are the clear leader in this space."

An anonymous reader shares a report: Brian Armstrong, CEO of cryptocurrency exchange Coinbase, revealed in a late September blog post that the company would prohibit employees from debating political or social issues, deeming this a "distraction" from the company's mission. Armstrong doubled down on his position during a virtual all-hands held on October 1, billed as an "AMA" (for "ask me anything"), from which Motherboard obtained audio. The AMA was meant to further explain the company's new "apolitical" direction for those who might consider accepting a severance package that was offered to any employee who felt "uncomfortable." Executives also explained when and where dissent would be appropriate, and explained why they required employees to delete specific political Slack messages. This, at a company that works with cryptocurrencies intended to replace government banking systems in order to create a more free world. During the meeting, Armstrong claimed there is a "silent majority" at Coinbase that agreed with his decision but feared reprisal from colleagues. Armstrong and Coinbase leadership, however, failed to soothe fears that this policy would police employees if they voiced opinions that did not align with Armstrong or this "silent majority."

One former Coinbase employee who left the company after the AMA and to whom Motherboard provided anonymity due to fear of industry reprisal said that these assurances were insufficient and workers feared surveillance and censorship. These fears are not unfounded. Emile Choi, Coinbase's chief operating officer, explained that at least two employees were asked to delete Slack posts, and that HR head L.J. Brock "proactively reached out to employees to explain why their posts would be taken down. He had a very productive conversation with both of them and they understood the context," she said. One employee asked if Coinbase leadership thought that this was "taking away employee power to start a discussion except with 300 character questions" in an AMA format. "It seems like Coinbase is stunting internal discussion." Choi said that the entire executive team was aligned on Armstrong's post and policy, and that the new "culture is focused on what unites us and what we face in the world, which is building toward our mission," Choi said. "The goal was not intended to be harsh, it wasn't intended to land in a way where people felt they were being policed."