The Winklevoss Twins to Receive New Patent

Patent is about  a system that is designed to improve the security of digital transactions
12 April 2018   589

A company owned by the Winklevoss brothers, the founders of the Gemini exchange, received a patent for a system designed to enhance the security of digital transactions. This is reported by CoinDesk.

The application was filed in November, and the patent itself was issued recently by the US Patent and Trademark Office. It describes the "system, method, and program product for processing secure transactions within a cloud computing system".

The system uses a combination of common cryptographic techniques, including hashing functions and digital signatures. It is designed to ensure the security of transactions on the cloud exchange.

Although the document does not directly mention this, there are reasons to believe that the technology can be used in the infrastructure of the Gemini exchange.

The present invention is an improvement to computer security technology. Computer systems to date have been susceptible to attack, whether the introduction of malicious code or the unauthorized access of information, over external data connections, such as the Internet. As computing systems increasingly move to distributed computing architectures, such as cloud computing, external data connections are often necessary to the functioning of the computing system.

Patent Application

Winklevoss IP, LLC, which was awarded with the patent, owns many trademarks and 5 patents, including issued this week.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.