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The Chinese city of Shenzhen will become a testing ground for a new sovereign cryptocurrency with residents issued millions in the digital coin for free. 

As reported by the South China Morning Post, citizens have been able to enter a lottery to receive the digital funds, of which coins worth 10 million yuan ($1.47 million) will be awarded to promote their use in roughly 3,400 designated stores in the Luohu district. 

The 50,000 “red packets” will each contain roughly $30 in cryptocurrency. Chinese citizens living in Shenzhen have been able to apply via iShenzhen, a blockchain-based and government-operated network that backs the new sovereign asset. 

See also: IRS offers grants for software to trace privacy-focused cryptocurrency trades

Digital Renminbi, an official state app, can be used to create an e-wallet to store and exchange the cryptocurrency. The gift amounts can only be used until October 18 and cannot be transferred

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Mobile cryptocurrency wallet BRD announced today that it now has more than six million users worldwide, thanks to strong growth in India and Latin America. With this momentum, the company expects to reach 10 million users by early 2021.

Founded in 2015, Zurich-based BRD also said it now adds about one million new users every two months, after initially taking more than four years to hit the one million user mark. It reached 550,000 monthly active users at the beginning of July. Co-founder and chief executive officer Adam Traidman attributes the increased interest in cryptocurrency, especially among first-time users, to the COVID-19 pandemic.

“It’s causing a lot of people who are staying at home and sheltering in place to reconsider a lot of fundamental questions about their life and family right now,” he told TechCrunch. “It’s causing a lot of thinking about money and finances. People have had a lot

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Singapore-based cryptocurrency exchange KuCoin disclosed today a mega hack. In a statement posted on its website, the company confirmed that a threat actor breached its systems and emptied its hot wallets of all funds.



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Hot wallets are cryptocurrency management apps that are connected to the internet. Cold wallets are stored offline.

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Cryptocurrency exchanges like KuCoin use hot wallets as their temporary storage systems for assets that are currently being exchanged on the platform, and they are used to power conversion operations and funds transfers.

KuCoin said it detected the hack after observing “some large withdrawals” from its hot wallets on September 26.

The company said it started a security audit and discovered the missing funds. KuCoin said the hacker managed to steal Bitcoin assets, ERC-20-based tokens, along with other types of tokens.

Currently, the loss is estimated at a minimal $150 million, based on an Etherium

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