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Social Security numbers are a privacy liability

Hundreds of millions of SSNs have been leaked online already, but a privacy-focused identity solution could help fix the problem.

Opinion by: Nanak Nihal, president of Holonym Foundation

Social Security started like any form of identity — not identity for its own sake but to solve a specific problem that needs an identity solution. Social Security numbers (SSNs) were created to distribute benefits. If those creating them knew they would be used for identity and security as they are today, they would have designed them very differently. While some may think Social Security numbers are good enough, we should actively strive for better. 

SSNs are terrible identifiers. They suffer from two problems: the entropy problem and the symmetry problem. The entropy problem is that they are not random, so they’re pretty easy to guess, which is undesirable for something you are supposed to keep secret. The symmetry problem is one where you need to prove you’re legitimate. When you give someone your Social Security Number to prove your legitimacy, you’re no longer keeping it a secret, when it should be. 

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Get identity right to get interoperability right in Web3 gaming

Unified digital identity can enable true interoperability in Web3 gaming.

Opinion by: Yukai Tu, chief technology officer of CARV

Delivering interoperability across blockchain gaming remains a white whale. It’s great on paper but frustratingly out of reach in practice. Ironically, despite promising to break down the walls built by traditional gaming, Web3 is recreating similar silos by locking assets, achievements, and indeed identities within standalone platforms.

As we move into and through the new year — which is full of reasons to be bullish about blockchain gaming, from improving gameplay to invisible onboarding — we need to deliver on this long-promised yet unfulfilled vision. How? Through connecting identity with interoperability once and for all.

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Wells Fargo Customers’ Bank Account and Social Security Numbers Exposed, Used for Fraud in Mysterious Data Breach

Wells Fargo Customers’ Bank Account and Social Security Numbers Exposed, Used for Fraud in Mysterious Data Breach

A data breach at Wells Fargo is affecting an unknown number of the banking giant’s customers. A new filing with the Office of the Vermont Attorney General shows the lender is warning customers that an insider at the bank has accessed and used their information to perpetrate fraud. The San Francisco, California-based bank has not […]

The post Wells Fargo Customers’ Bank Account and Social Security Numbers Exposed, Used for Fraud in Mysterious Data Breach appeared first on The Daily Hodl.

Samson Mow Breaks Down Reality of Trump’s Crypto Reserve: Altcoin Free-for-All Incoming?

German Authorities Shut Down 47 Crypto Exchange Services in Cybercrime Crackdown

German Authorities Shut Down 47 Crypto Exchange Services in Cybercrime CrackdownGerman authorities have dismantled 47 exchange services involved in facilitating anonymous crypto transactions for criminal activities. These platforms bypassed anti-money laundering protocols, enabling cybercriminals to exchange digital currencies without identity verification. The takedown follows a series of other operations targeting major cybercrime networks. With seized user and transaction data, authorities are set to pursue further […]

Samson Mow Breaks Down Reality of Trump’s Crypto Reserve: Altcoin Free-for-All Incoming?

FBI will ‘neither confirm nor deny’ the existence of Satoshi records

An investigative journalist reported that the FBI issued a standard “Glomar response” to a request for information on Satoshi Nakamoto but with an “interesting assertion.“

The United States Federal Bureau of Investigation (FBI) has reportedly responded to a Freedom of Information Act (FOIA) request from a journalist implying that Bitcoin creator Satoshi Nakamoto was a “third party individual” for whom it could neither confirm nor deny it had records.

According to an Aug. 13 X post by investigative journalist Dave Troy, the FBI issued a “Glomar response” to his request for information on Satoshi — neither confirming nor denying the law enforcement agency had records identifying the pseudonymous Bitcoin (BTC) creator. Troy said he intended to appeal the FOIA response but claimed the FBI had made an “interesting assertion” by implying Satoshi was a “third party individual.”

“I submitted as a broad general subject request, with full context, so it is the bureau and not me that is asserting that this is an individual,” said Troy. “[M]y intent is not to establish the identity behind the pseudonym, but rather to get what info the bureau may have on the subject. If that helps establish identity somehow, fine, but that’s not my primary question.”

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Decentralized ID is the next ‘killer’ Web3 use case: Cardano sustainability lead

Blockchain needs more non-speculative use cases to onboard the next billion mainstream users.

Decentralized identity (ID) solutions could be the next blockchain use case to onboard the next wave of mainstream adopters, according to Cardano’s sustainability lead.

Speaking during a panel discussion at the Web3 Corporate Innovation Day, Cardano’s Alexandre Maaza said blockchain technology still lacks robust use cases to attract the next generation of blockchain adopters.

However, the emergence of blockchain-based decentralized identity solutions could provide the next “killer” use case to attract millions of new users. Maaza said the Cardano Foundation believes that Web3 still lacks a “killer, scalable use case” that is relevant for businesses and people:

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Chinese government plans for blockchain-based identity verification

The Chinese Ministry of Public Security plans to implement a blockchain-based identity verification system that it claims will help keep personal data and identity credentials safe.

The Chinese Ministry of Public Security plans to roll out a new blockchain-based platform called RealDID to verify the real-name identities of its citizens. 

According to a press release for an event held on Dec. 12 by the Blockchain-based Service Network (BSN), a Chinese blockchain firm, the project, planned with the Chinese government,  will have multiple use cases. These include personal real name confirmation, personal data encrypted protection and certification, private logins, business identities, personal identification certificate services and information vouchers on personal identity.

The application will allow Chinese citizens to register and log into online portals anonymously using DID addresses, which will ensure transactions and data remain private between individuals and businesses.

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Galxe replacing 110% of funds users lost in recent front-end hack, over $400K

The platform was the victim of a phishing scam that routed users to a website that drained their wallets after they approved a transaction.

Galxe is making users whole by 110% if they lost funds in a recent hack, the firm announced on Oct. 10. “We want to express our deepest gratitude to those who are standing by us during this difficult time,” the company said.

Users’ funds will be automatically returned on Oct. 16 to the wallet addresses they were taken from unless they request other handling. The affected users will be paid in Tether (USDT) with the value calculated as of 10:00 UTC Oct. 9.

Users who authenticated transactions on a phishing site on Oct. 6 were affected, Galxe said in a letter to users. The hack lasted just over five hours.

In a preliminary estimate dated Oct. 10, over $396,000 of losses were recorded, in amounts ranging from over $53,000 to just pennies. The company had estimated earlier that around 1,120 users were affected by hack.

Related: Crypto suffered 153% YoY increase in hacks and scams in Q3: Immunefi

Platform co-founder Charles Wayn told Cointelegraph in a written response that Galxe is working with two security firms to track down the hacked funds. In addition, it has improved its domain name service security settings, changed its domain provider and is conducting security audits. Wayn said:

“The incident was mainly caused by [domain registrar] Dynadot resetting our account information and granting permission to an impersonator who provided fake documentation claiming to be an authorized member of Galxe.”

The Galxe protocol is a permissionless self-sovereign identity infrastructure. Its native GAL token fell from $1.20 to $1.15 on Friday, Oct. 6. It reached $1.21 over the weekend with high trading volume through Saturday morning. It had settled at $1.16 at the time of writing, according to CoinGecko.

Magazine: Should crypto projects ever negotiate with hackers? Probably

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Brazil rolls out blockchain-based digital ID

Brazil is launching its new national identity program powered by blockchain technology. Rio de Janeiro, Goiás, and Paraná will be the first states to issue identification documents on-chain.

Over 214 million Brazilians will soon be using blockchain technology for digital identity, the government recently announced.

Rio de Janeiro, Goiás, and Paraná will be the first states to issue identification documents on-chain through a private blockchain developed by Serpro, Brazil’s national data processing service. The entire country should be able to issue identity documents through blockchain technology by November 6, reads a decree on Sept. 25.

According to Alexandre Amorim, president of Serpro, the immutability and decentralization of blockchain made it an ideal technology for the country’s digital identification project:

"Blockchain technology plays a critical role in protecting personal data and preventing fraud, offering a more secure digital experience for Brazilian citizens. Utilizing the b-Cadastros blockchain platform significantly enhances the security and reliability of the National Identity Card project."

According to the local government, the national ID project is crucial in targeting organized crime and allowing government sectors to work together, offering a simpler way to access services, and streamlining administrative records. A similar initiative was disclosed by the city of Buenos Aires, Argentina, allowing residents to access identity documents via a digital wallet.

Over the past few years, Brazil has been working to unify identity issuance across its almost 30 states. The newly adopted technology will allow a more secure data exchange between the Federal Revenue and government departments, said the announcement.

Another significant development in the country is an upcoming central bank digital currency (CBDC). The government released more information about the project in August, rebranding the digital currency to Drex.

According to previous reports, the central bank plans to expand business access to capital through a tokenization system associated with the Drex. The Drex code was discovered to allow a central authority to freeze funds or reduce balances, according to a local developer. 

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Animoca plans to develop digital IDs and point system for Web3

Animoca Brands closed a funding round supporting the acceleration of the Mocaverse to create digital IDs and point system for Web3 culture, gaming and entertainment.

The gaming and Web3 company Animoca Brands announced on Sept. 11 the closing of a funding round to accelerate the development of its Mocaverse platform. 

Animoca raised $20 million in an effort to push forward its goal of building out the “Mocaverse” project to be the identity and point system for Web3 gaming, culture and entertainment.

Yat Siu, the co-founder and CEO of Animoca Brands said the DAO-based approach of the project put community first to allow collaboration across the entire Animoca ecosystem.

He highlighted that it will also serve as “the digital identity, reputation and loyalty system for other decentralized organizations.”

Moca ID, which will take the form of a non-transferable nonfungible token (NFT) collection will allow users to create a digital identity, “accrue reputation, earn and spend loyalty points.”

The funding round was led by CMCC Global, one of Asia’s first and primary VC investors in the blockchain space, along with the founder of Sky Mavis Aleksander Larsen and the founder of Yield Guild Games Gabby Dizon, among others.

Related: Meta sinks $3.7B in metaverse money pit as CEO eyes Threads user retention

The ID will also be used to access the larger ecosystem which makes up over 450 companies in Animoca’s portfolio. According to the announcement, this would be access to a network of over 700 million user addresses.

Martin Baumann, the co-found of CMCC Global said:

“​​The project will unify the unique portfolio of companies within the Animoca Brands umbrella… [becoming] a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems.”

Cointelegraph reached out to Animoca Brands for additional information on its plans to develop digital IDs for Web3.

This development comes after a period of decreased attention to the metaverse. With a huge hype in 2022, the following year the metaverse lost the limelight to emerging technologies like artificial intelligence (AI). 

Nonetheless, it continues to hold opportunities for connection in the digital realm. Wikileaks founder Julian Assange held a political rally in the metaverse against his extradition on Aug. 26.

Back in July the British Museum and the Sandbox partnered to bring the museum into the digital realm.

Magazine: NFT collapse and monster egos feature in new Murakami exhibition

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