According to a KPMG study, more and more French people are investing in crypto-currencies. This enthusiasm is explained by the possibility of rapid gain (we remember bitcoin reaching 60,000 dollars in April 2021), but not only. The French (and the whole world) see in cryptos a way to break free from traditional financial institutions, perceived as too opaque, centralized or unfairly regulated. Cryptos mean more freedom, but suddenly it can cause security issues.
That is why Theter Limited (the company that created Theter) and the Bitfinex trading platform decided provide $100,000 in funding for the development of the Qubes OS open-source privacy operating system.
Qubes OS appreciated by crypto lovers
“If you are serious about security, Qubes OS is the best operating system available today.” It’s Edward Snowden who says so, proof of the credibility enjoyed by this open source privacy operating system among computer security professionals. The latter praise his security architecture aimed at protecting users’ privacy as much as possible.
This operating system use the Xen-based virtualization to isolate different tasks and applications within separate virtual machines, called “qubes”. Which adds more security to financial transactions or secure communications.
Timely funding?
Paolo Ardoino, Chief Technology Officer of Tether and Bitfinex, welcomes this operation “We recognize the paramount importance of privacy and security in the digital age. We are delighted to support the development of Qubes OS, which is a state-of-the-art operating system renowned for its rock-solid security.”
But it must be remembered that this announcement falls 3 months after an article appeared in the Wall Street Journal accusing the company Tether having used fraudulent documents, hidden identities and fictitious societies. All this in order to maintain its access to the global financial system.
Processes that would have started in 2017, when the Wells Fargo & Co bank interrupted the processing of transactions from several Taiwanese bank accounts of the company that created Theter.
Bitfinex has also had problems in recent months. The crypto trading platform is accused of transferring more than $1 billion to a company named Crypto Capital Corp. A company known for setting up front companies allowing opening bank accounts for crypto companies.
Bitfinex now declares himself a victim of fraud from Crypto Capital Corp. An accusation that led to the seizure of approximately $850 million of its assets under suspicion of bank fraud and money laundering. A case that still seems to contain many dark sides.
Does the substantial investment (over $100,000) of these 2 crypto companies in an open source system aimed at increasing transaction security demonstrate a real desire to make progress in the field? Or can we consider this gesture as the search for an alibi? Only the future and the decisions of justice will tell us.
Sources: Cointelegraph, KPMG, Wall Street Journal