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United States, South Korea and Japan security advisors in Seoul for trilateral meeting

Advertisement Asia United States, South Korea and Japan to step up actions on North Korean cyberthreats Japan’s Prime Minister Fumio Kishida speaks during a summit discussion, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, at the Stanford, California, US, Nov 17, 2023. (File photo: Reuters/Brittany Hosea-Small) New: You can now listen to articles.

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United States, South Korea and Japan to step up actions on North Korean cyberthreats

United States, South Korea and Japan to step up actions on North Korean cyberthreats

Japan’s Prime Minister Fumio Kishida speaks during a summit discussion, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, at the Stanford, California, US, Nov 17, 2023. (File photo: Reuters/Brittany Hosea-Small)


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09 Dec 2023 09:24AM
(Updated: 09 Dec 2023 04:11PM)


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SEOUL: The United States, South Korea and Japan agreed new initiatives on Saturday (Dec 9) to respond to North Korea’s threats in cyberspace, including cryptocurrency abuses and space launches, White House National Security Adviser Jake Sullivan said.

The three countries’ national security advisers met in Seoul as Pyongyang warned that it would deploy more spy satellites.

Sullivan said the meeting followed up on commitments set forth at a Camp David trilateral summit hosted by President Joe Biden in August, where leaders of the US and its two key Asian allies pledged to deepen security and economic cooperation.

“We’ve also launched new trilateral initiatives to counter the threats posed by the DPRK, from its cybercrime and cryptocurrency money laundering to its reckless space and ballistic missile tests,” Sullivan told reporters, referring to North Korea by its official name, the Democratic People’s Republic of Korea.

His Japanese counterpart Takeo Akiba said North Korea’s “illicit cyber activities” had emerged as most recent challenges, calling them “a source of funds” for the isolated state’s nuclear missile development.

The three countries’ coordinated efforts will target potential threats of economic coercion, having completed work on a supply-chain early warning system, agreed to at Camp David, in critical minerals and rechargeable batteries, Sullivan said.

Biden met at Camp David with South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida to project unity in the face of China’s growing power and nuclear threats from North Korea.

Sullivan said the nations “continue to stand up for peace and stability across the Taiwan Strait and freedom of navigation in the East and South China Seas”.

Sullivan and his South Korean counterpart Cho Tae-yong co-chaired on Saturday the first Next Generation Critical and Emerging Technologies (CET) Dialogue, a forum aimed at cooperation on chips and other critical technologies, the South Korean presidential office said.

NORTH KOREA-RUSSIA TIES

North Korean state media said on Saturday that Pyongyang was determined to launch more spy satellites soon, calling space development part of its right to defend itself as any other country has.

Sullivan disputed that claim, saying North Korea’s satellite launch involves ballistic-missile technologies that violate United Nations resolutions.

Sanctions monitors have accused North Korea of using cyberattacks to gather funds for its nuclear and missile programmes, and a UN report said Pyongyang had stepped up its cryptocurrency theft last year, using sophisticated techniques to steal more in 2022 than any other year.

North Korea has denied allegations of hacking or other cyberattacks.

After talks with Sullivan and Akiba, South Korean national security adviser Cho Tae-yong said the three had also exchanged ideas on Ukraine and Middle East issues.

They discussed growing military cooperation between Russia and North Korea, and all three were confident North Korea was supplying weapons for Russia in the Ukraine war, Sullivan said.

Since the White House said in October that North Korea had provided Russia with a shipment of weapons from a port in its border town of Rason, the port continues to display a high level of activity, the Washington-based Center for Strategic and International Studies (CSIS) said in a report published on Friday, citing satellite imagery analysis.

North Korea has denied any arms transfer with Moscow.

South Korea flies solid-fuel rocket amid space race with North Korea

North Korea begins reconnaissance satellite operations: Report

US, South Korea revise deterrence strategy, boost drills over North Korea threat

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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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