Humanity Protocol said poorly protected multisignature wallet keys have been exploited to the tune of $36 million, driving the proof-of-humanity protocol’s $H token down as much as 85% today. The hack was first spotted Monday evening by onchain analyst Specter, who initially reported that 17 wallets holding the $H token had been drained of $5 million. Several hours later that total had grown to hundreds of wallets, Specter reported. Humanity protocol is a Worldcoin competitor, using privacy-preserving palm prints (instead of Worldcoin’s retina scans) to allow people to prove they are humans rather than bots or AI agents. “We’ve detected a security incident involving the compromise of private keys belonging…
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Citigroup, JPMorgan Chase Launch Tokenized Deposits
16 banks join forces to fight stablecoins’ ability to poach savings accounts
A group of America’s biggest banks are launching tokenized deposits in order to stave off the threat that stablecoins will poach depositors. Bank of America, Citigroup and JPMorgan Chase are among the 16 major banks that have joined forces with The Clearing House to build a tokenized deposit network to enable 24/7 blockchain-based settlement of bank deposits. Banks have been running scared that depositors will turn to stablecoins like Circle’s USDC and Tether’s USDT instead of bank accounts to save their money, particularly if they are able to earn interest (or yield) on their stablecoin savings. Banks have been working to try and ban such yield offerings. The new initiative…
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Couple Get First Bitcoin-Backed Fannie Mae Mortgage
Buyers used bitcoin collateral for downpayment without selling
An Ann Arbor, Mich., couple have become the first to receive a traditional Fannie Mae-backed mortgage using bitcoin collateral for a downpayment. Joe and Amy, in their early 30s, were ready to buy their first home but had most of their savings invested in bitcoin, and did not want to sell, giving up potential future upside while paying capital gains taxes. They found a mortgage from Coinbase and Better Home & Finance Holding Company, which are offering Fannie Mae-backed mortgages to people who meet all eligibility requirements except the cash downpayment, as their assets are tied up in cryptocurrency rather than traditional savings. “The 30-year fixed mortgage was designed for…
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Mastercard Adds Stablecoin Settlement Support
Circle, Ripple, SoFi, and PayPal stablecoins are among those supported
Mastercard today announced plans to make it easier to settle transactions by expanding its intraday, weekend, and holiday settlement capabilities via regulated stablecoins. Settlement with fiat currency is also supported. The goal is to offer greater flexibility for card issuer banks and merchant acquirer financial institutions, which have to manage settlement timing and liquidity without disrupting existing processes. Mastercard said these upgrades are particularly relevant to settlements where stablecoins bring big benefits, including cross-border payments, corporate treasury management, and liquidity needs outside of traditional banking hours. Mastercard will support settlement using Circle’s USDC, Ripple’s RLUSD, SoFi’s SoFiUSD, and three Paxos-issued stablecoins: USDG, USDP, and PayPal’s PYUSD. These stablecoin payments will…
