The week in news - August 10
Apple is the latest to join the group of technology corporations paying hackers to report bugs and flaws in their products. Google and Microsoft already operate similar programs to strengthen their security networks. The incentives based program could earn those reporting bugs up to $200,000 reports the Wall Street Journal.
Bitfinex customers have been told they will absorb the losses from last week’s security hack, in which a reported $70 million of the digital currency was stolen. Clients are expected to lose approximately 36% of their assets. In compensation, a BFX token will be issued, which can be traded for iFinex (Bitfinex’s parent company) shares. The Bitfinex exchange is scheduled to reopen today.
Last week’s decision by Bank of England to cut interest rates from 0.5% to 0.25% follow continual market uncertainty following Brexit – Britain’s decision to leave the European Union. This marks the lowest ever interest rates adopted by the territory, and the first change since 2009. The bank’s Deputy, Governor Ben Broadbent, alluded that there may be further cuts this year.
The United Kingdom’s Serious Fraud Office (SFO) has confirmed an investigation into the allegations surrounding Airbus. The French-based company has come under fire recently amid accusations concerning their involvement with third party firms and contractors resulting in falsified statements and claims. Since late last month, Airbus has been without funding from key credit agency UK Export Finance.
Australia has set up a new intelligence unit focusing on cyber crime to combat terrorist financing, money laundering and financial crime networks and organizations, in response to ‘unprecedented threats to national security’, its government announced on Tuesday.