Internet Security

How TikTok became a US-China national security issue

WASHINGTON – Depending on whom you ask, the short-form video app TikTok is where you watch goofy dances and make-up tutorials, or it’s a gravely sophisticated threat to US national security. TikTok is owned by a Chinese company, ByteDance. And because China is known to be interested in having its technology companies share the data

WASHINGTON – Depending on whom you ask, the short-form video app TikTok is where you watch goofy dances and make-up tutorials, or it’s a gravely sophisticated threat to US national security.

TikTok is owned by a Chinese company, ByteDance.

And because China is known to be interested in having its technology companies share the data they collect, TikTok’s ubiquitous popularity among Americans carries geopolitical implications far beyond the mobile phone screen.  

What makes TikTok different from other social media sites?

Like US-owned social media platforms such as YouTube, Facebook and Instagram, TikTok collects all sorts of data about each user and, through an algorithm, uses that information to deliver more of what the person seems to want.

But TikTok is viewed as potentially the most advanced, and uncannily effective, at learning about your interests.

This is based on how long you stay with a video and whether you like, forward or comment on it.

Through its algorithm, the app delivers more of that to your “For You” feed.

Some people joke that TikTok’s “For You” knows you better than you know yourself.

That makes Chinese ownership of TikTok – the most salient difference between it and other social media, in the eyes of US critics – particularly worrisome.

So does this: American adult users of TikTok will spend an average of 56 minutes a day on the app in 2023, far more than on either Facebook or Instagram, according to researcher Insider Intelligence. 

What are the biggest worries about TikTok?

The national security concerns involve hypothetical, though not implausible, scenarios in which China’s government employs its influence over ByteDance to turn TikTok into an instrument of harm against United States interests, through such channels as:

  • Data collection. Along with what you seem to be interested in, TikTok learns your computer’s unique Internet Protocol (IP) address as well as – if you choose to let it – your precise location data and who is on your contact list. All that could be used to “develop profiles on millions of Americans” that could be used to blackmail them, Senator Marco Rubio of Florida and Representative Mike Gallagher of Wisconsin, both Republicans, wrote last November.
  • Espionage. A 2020 executive order by then US President Donald Trump broached the possibility that China could use TikTok’s data to “track the locations of federal employees and contractors” and to “conduct corporate espionage”.
  • Influence operations. US national security officials are concerned that TikTok could try to shape US public opinion by strategically suppressing or promoting certain videos.

Is there evidence to back up those concerns?

Last December, the chief executives of ByteDance and TikTok admitted that ByteDance employees had inappropriately accessed the IP addresses of American users, including journalists writing critical stories about the company.

The US Justice Department is investigating whether that amounted to improper surveillance of Americans.

While not involving TikTok specifically, there have been numerous reports in recent years abou

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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.

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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 […]
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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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