Internet Security

Car Bombings and Hostage-Taking in Prisons Underscore Ecuador’s Fragile Security

Police inspect a truck that exploded outside an office used by the government’s National Service for Attention for People Deprived of Liberty (SNAI), which runs the jail system, in Quito, Ecuador, early Thursday Aug. 31, 2023.Carlos Noriega—APBy Associated PressSeptember 1, 2023 4:30 AM EDTQUITO, Ecuador — Ecuador’s fragile security situation was underscored Thursday by a

By Associated Press

QUITO, Ecuador — Ecuador’s fragile security situation was underscored Thursday by a series of car bombings and the hostage-taking of more than 50 law enforcement officers inside various prisons, just weeks after the country was shaken by the assassination of a presidential candidate.

Ecuador’s National Police reported no injuries resulting from the four explosions in Quito, the capital, and in a province that borders Peru, while Interior Minister Juan Zapata said none of the law enforcement officers taken hostage in six different prisons had been injured.

Authorities said the brazen actions were the response of criminal groups to the relocation of various inmates and other measures taken by the country’s corrections system. The crimes happened three weeks after the slaying of presidential candidate Fernando Villavicencio.

The corrections system, known as the National Service for Attention to Persons Deprived of Liberty, in recent years lost control of large prisons, which have been the site of violent riots resulting in dozens of deaths. It has taken to transferring inmates to manage gang-related disputes.

In Quito, the first bomb went off Wednesday night in an area where an office of the country’s corrections system was previously located. The second explosion in the capital happened early Thursday outside the agency’s current location.

Ecuador National Police Gen. Pablo Ramírez, the national director of anti-drug investigations, told reporters on Thursday that police found gas cylinders, fuel, fuses and blocks of dynamite among the debris of the crime scenes in Quito, where the first vehicle to explode was a small car and the second was a pickup truck.

Authorities said gas tanks were used in the explosions in the El Oro communities of Casacay and Bella India.

The fire department in the city of Cuenca, where one of the prisons in which law enforcement officers are being held hostage is located, reported that an explosive device went off Thursday night. The department did not provide additional details beyond saying the explosion damaged a car.

Zapata said seven of prison hostages are police officers and the rest are prison guards. In a video shared on social media, which Zapata identified as authentic, a police officer who identifies himself as Lt. Alonso Quintana asks authorities “not to make decisions that violate the rights of persons deprived of their liberty.” He can be seen surrounded by a group of police and corrections officers and says that about 30 people are being held by the inmates.

Ecuadorian authorities attribute the country’s spike in violenc

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Internet Security

Oregon passes bill to establish legal control standards for digital assets

Key Takeaways Oregon passed Senate Bill 167 to update commercial laws and include digital assets in the UCC. The new law allows digital assets to be used as collateral and recognizes electronic records and signatures. Share this article Oregon has enacted Senate Bill 167, updating the state’s commercial laws to incorporate digital assets into the

Key Takeaways

  • Oregon passed Senate Bill 167 to update commercial laws and include digital assets in the UCC.
  • The new law allows digital assets to be used as collateral and recognizes electronic records and signatures.

Share this article

Oregon has enacted Senate Bill 167, updating the state’s commercial laws to incorporate digital assets into the Uniform Commercial Code (UCC).

The legislation, signed by Governor Tina Kotek on May 7, introduces UCC Article 12, which creates a legal framework for digital assets including crypto assets, tokenized records, and electronic money.

The bill amends Article 9 to allow digital assets to be used as collateral in secured transactions. It also updates several UCC articles to recognize electronic records, signatures, and hybrid transactions to support digital commerce.

The new law includes transitional provisions that maintain the validity of transactions made before the act’s effective date and provides a one-year period for existing security interests to comply with the new regulations.

Before these changes, there was legal uncertainty about how digital assets fit into existing commercial laws, especially when used as collateral or transferred between parties. The UCC amendments clarify how rights in these assets can be legally controlled, perfected, and enforced.

Apart from SB 167, House Bill 2071 is another crypto-related bill introduced in Oregon.

This proposed legislation focuses on blockchain and digital asset rights. It is aimed at protecting and promoting the use of Bitcoin and other digital assets in the state by limiting regulatory barriers and clarifying the legal framework for blockchain-based activities.

Some of the highlights of the bill include a prohibition on state and local governments from restricting or impairing a person’s ability to accept digital assets as payment for lawful goods and services, as well as the right to conduct peer-to-peer transactions via blockchain or digital asset networks.

The bill is still in the early stages of the legislative process and has not yet advanced to a vote in either the House or the Senate.

Unlike most US states, Oregon lawmakers have not proposed any bill to create a state Bitcoin reserve as of now.

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Internet Security

White House rejects parts of Trump advisers’ sovereign wealth fund proposal

Key Takeaways The White House has rejected parts of a sovereign wealth fund proposal created by Trump’s advisers. The details of the sovereign wealth fund are still under debate with no final decisions announced yet. Share this article The White House has opposed certain elements of a sovereign wealth fund proposal developed by Treasury Secretary

Key Takeaways

  • The White House has rejected parts of a sovereign wealth fund proposal created by Trump’s advisers.
  • The details of the sovereign wealth fund are still under debate with no final decisions announced yet.

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The White House has opposed certain elements of a sovereign wealth fund proposal developed by Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick at President Trump’s request, according to a new report from CBS News.

The plan, reportedly delivered by early May, follows Trump’s February executive order directing the Treasury and Commerce departments to develop a framework for a US sovereign wealth fund within 90 days.

The order fueled speculation that the fund might be used to acquire Bitcoin on behalf of the US government.

However, at the time, Bessent and Lutnick said that the fund would indeed focus on warrants, equity, and other non-crypto investments. Still, David Sacks, Trump’s crypto czar, indicated that Bitcoin could be included in the fund’s portfolio.

That no longer appears to be the case after Trump signed a separate executive order establishing a strategic Bitcoin reserve and a digital asset stockpile on March 6, which suggests a standalone approach to crypto holdings.

There were also rumors that the fund might be financed through tariffs and other revenue sources despite ongoing budget deficits. But Lutnick later clarified that tariffs would not be used to support the sovereign wealth fund.

According to the CBS News report, White House spokesperson Kush Desai said the Treasury and Commerce Departments have developed plans in response to Trump’s directive, but no final decisions have been made.

The administration, Desai added, continues to view the initiative as part of its broader effort to safeguard national and economic security.

Details of the fund’s structure and purpose remain under discussion, with no formal announcement expected in the near term.

Sources say Trump has not yet decided how the fund’s proceeds would be used, though he has previously floated the idea of it taking a stake in TikTok, which faces a potential US ban unless ByteDance divests.

Regarding the US Strategic Bitcoin Reserve and the Digital Asset Stockpile, Bessent and Lutnick are also tasked with outlining operational guidelines, custody frameworks, and acquisition strategies. These plans are expected to remain separate from the sovereign wealth fund initiative and are designed to be budget-neutral.

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Internet Security

Crypto Security Breach at Lido DAO Triggers Governance Response

TLDR Lido DAO started an emergency vote to rotate a compromised Chorus One oracle The exploit drained ETH balance and likely resulted from a hot wallet private key leak The issue is restricted to one oracle and is not system-wide Cybersecurity remains a critical issue for cryptocurrency and DeFi Over $2 billion in crypto was

TLDR Lido DAO started an emergency vote to rotate a compromised Chorus One oracle The exploit drained ETH balance and likely resulted from a hot wallet private key leak The issue is restricted to one oracle and is not system-wide Cybersecurity remains a critical issue for cryptocurrency and DeFi Over $2 billion in crypto was […]
The post Crypto Security Breach at Lido DAO Triggers Governance Response appeared first on Blockonomi…
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Internet Security

CZ Shares Security Warning After Ledger Discord Hack Exposes User Data

Changpeng Zhao (CZ), founder and former CEO of Binance, shared a security warning after receiving a message regarding a hack of Ledger’s Discord admin account, where a scammer falsely claimed a security flaw and urged users to enter their recovery phrases on a phishing site. Zhao highlighted two critical lessons: the necessity of never sharing

Changpeng Zhao (CZ), founder and former CEO of Binance, shared a security warning after receiving a message regarding a hack of Ledger’s Discord admin account, where a scammer falsely claimed a security flaw and urged users to enter their recovery phrases on a phishing site. Zhao highlighted two critical lessons: the necessity of never sharing [……
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