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Legacy Suite Adopts AI Development, Such as ChatGPT, for Digital Assets in Blockchain Industry
Legacy Suite Says Biden Executive Order on Crypto Could Provide Blueprint for Industry’s Growth
NEW YORK, April 20, 2023 (Newswire.com) - President Biden recently signed an executive order establishing a national policy on digital assets, including cryptocurrencies. The order creates an opportunity for policies that, if designed properly, could promote wider adoption of cryptocurrencies by consumers or businesses, according to Gordon Bell, President of Legacy Suite, developers of a comprehensive digital asset management solution including a crypto wallet and monitoring.
The executive order, signed March 9, recognizes the tremendous scope of digital assets, including cryptocurrencies. The market capitalization of cryptocurrencies is more than $1 trillion, and about 16% of Americans - approximately 40 million people - have invested in, traded, or used cryptocurrencies.
Bell, a Harvard-educated financial analyst with three decades of experience in investment banking and portfolio management, sees the Biden Administration's action as a potential boon for the digital asset field.
"While government regulation can often hinder a business, in this case, we believe a supportive regulatory environment can play a significant role in inspiring the mass adoption of cryptocurrency, by providing a clear legal framework for its use and reducing its perceived risks," Bell said.
The executive order addresses multiple issues, several of them essential to the growth of digital assets. They include:
- Developing policies to protect consumers, investors and businesses.
- Supporting technological advances and responsible development of digital assets, while prioritizing privacy and security and reducing climate impacts.
- Promoting equitable access to safe and affordable financial services, with an approach to digital asset innovation that aids communities lacking access to financial services.
Bell cited the example of the regulation of security token issuances, or any issuances, as a means of providing investor protection and benefiting the crypto sector as a whole.
"Taken as a whole, government regulations can help establish a sense of legitimacy and trust in the cryptocurrency market, providing a level of certainty and stability that is crucial for consumer acceptance," he said.
Bell hopes to see the executive order lead to measures designed to prevent fraud, protect consumers, and ensure that exchanges and other cryptocurrency-related businesses comply with anti-money laundering and know-your-customer regulations.
However, Bell said the Biden policies should go beyond measures that inspire consumer confidence, to providing direct support to the cryptocurrency sector.
One powerful step would be government investment in blockchain technology, the underlying technology behind cryptocurrencies. "That would demonstrate a commitment to innovation and support the development of a robust and secure digital infrastructure," Bell said. "In turn, that would encourage the private sector to develop more use cases for blockchain and cryptocurrencies, which can ultimately spur wider adoption."
Finally, government tax policies also can play a strong role in promoting widespread adoption of digital assets, Bell said. He suggested tax incentives, such as exemptions for certain types of cryptocurrency transactions from taxes, or tax breaks for businesses that use digital assets for payments, as tools to encourage transactions in digital assets.
"Clearly, the Biden Administration recognizes the enormous potential benefits of digital assets, but also the potential risks to consumers from rapid growth with no oversight," Bell said. "Having one unifying framework for the government's cryptocurrency policies can inspire confidence in the market and facilitate the transition to a more decentralized, digital economy."
To learn more, visit legacysuite.com.
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital estate planning support, including wallet monitoring and crypto wallet. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin.
Contact Information:Madeleine Moench
[email protected]
Original Source: Legacy Suite Says Biden Executive Order on Crypto Could Provide Blueprint for Industry's Growth
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Legacy Suite Recommends Wallet Protection Against ‘Address Poisoning’ Hack
NEW YORK, March 29, 2023 (Newswire.com) - Legacy Suite, developer of digital asset management solutions, warns crypto and Ledger users against "Address Poisoning" attacks that can steal their funds.
Scammers are striking crypto users, including Ledger users, by "poisoning" their account via sending a small amount of crypto, usually USDT, MATIC, TRX, or even NFT, often imitating a transaction recorded in the user's transaction history. It looks very similar to the user's own address, with the goal to grab the scammer's address and send funds to their account by mistake.
Check Every Single Character in a Wallet Address
"Address poisoning is a type of cyber-attack in which an attacker attempts to steal funds from a cryptocurrency wallet by modifying the wallet's address," said Azaz Ahmed, chief technology officer of Legacy Suite. "In this attack, the attacker replaces the legitimate address of the wallet with their own address, which allows them to redirect any funds sent to the wallet to their own account."
The scammer makes a custom address with specific characters that are nearly identical to the owner's address. It often includes the same first and last characters. It is important to check every single character in one's wallet address before sending any transaction.
The scammer then sends a very small amount of currency, even $0, via the almost matching dummy wallet, which poisons one's transaction history.
How to Protect Yourself
Legacy Suite offers the following suggestions for safeguarding against address poisoning:
· Stop copying and pasting your wallet address from your transaction history
· Manually check your address so it is an exact match before sending any funds
· Use your wallet's contact book to manage addresses used often
· Be aware of anyone sending tiny amounts of cryptocurrency
· Double-check your transaction details on your Ledger
Legacy Suite has a wallet monitoring service designed to keep crypto assets secure 24/7 so that one can quickly take action to prevent any potential losses. "Legacy Suite's wallet protection services, such as wallet monitoring and emergency backup wallet, help to protect against critical threats by providing additional layers of security to your cryptocurrency wallets," Ahmed said.
Wallet monitoring constantly monitors activities associated with one's wallet in case any unauthorized changes occur in real time. The owner is immediately notified if any unusual activity is detected like the addition or modification of a new or existing address allowing for prompt action and the prevention of any unauthorized access to one's funds.
"Legacy Suite's Lifeline, emergency backup wallet, is a service that provides you with a secure backup of your cryptocurrency wallet," Ahmed said. "In the event that your wallet is compromised, you can quickly transfer your funds to another wallet. This protects your funds from being lost or stolen in the event of an attack."
The wallet protection services are an additional layer of security to cryptocurrency wallets and protect them from fraud and other types of cyber-attacks.
To learn more about Legacy Suite, please visit https://www.legacysuite.com.
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital estate planning support, including wallet monitoring and crypto wallet. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin.
Contact Information:Madeleine Moench
[email protected]
Original Source: Legacy Suite Recommends Wallet Protection Against 'Address Poisoning' Hack
Amidst Banking Failures, Legacy Suite’s Latest Technology Offers Secure Digital Asset Management
NEW YORK, March 22, 2023 (Newswire.com) - With the fall of Silicon Valley Bank and Signature Bank, Legacy Suite has seen the price of cryptocurrency skyrocket, with Bitcoin surpassing $28,000 per coin, its highest level since June of 2022, and investors fearing more bank meltdowns. Amidst this, Legacy Suite announces its newly developed complete end-to-end solutions, providing first-class digital asset management for individuals who wish to engage in crypto securely. Legacy Suite's latest technology offers complete end-to-end solutions, providing first-class digital asset management for individuals who wish to engage in crypto securely.
"There are a lot of uncertainties right now about what people should do with their money," Karan Malik, Legacy Suite's Head of Web3 Strategy, said. "The two banks were shut down by regulators, and other regional bank stocks went down while the Federal Deposit Insurance Corporation (FDIC) reassured depositors that their funds were safe.
"Bitcoin and other cryptocurrencies are built on a blockchain in a decentralized structure that is not controlled by just one entity," Malik added. "The argument for decentralization and the adoption of cryptocurrency has become more valid after the banks' collapse.
"As we see more migration to the decentralization mindset, Legacy Suite provides the necessary safety precaution measures and responsibilities that come with self-custody of those assets," Malik continued.
Self-custody refers to individuals managing digital assets and cryptocurrencies without relying on an intermediary. It involves securing and controlling private keys or seed phrases necessary to access and transfer digital assets. But self-custody comes with the responsibility of managing the security of the digital assets and the risks involved.
Self-custody cryptocurrency wallets are secure depending on how the private key is kept safe through software, hardware, and common security measures, including physical access to the wallet. If a private key is compromised through fraud or theft, the digital assets can end up controlled by a third party.
"It is important to create and store private keys and their backups in a secure manner," Malik said. "Legacy Suite urges users to take ownership of their digital assets. Our platform is equipped to facilitate self-custody and ensure estate planning is inclusive of both physical and digital assets.
"The goals of Legacy Suite are simple: privacy and security," Malik continued. "Our platform is a shield to safeguard digital assets and vital information through cutting-edge technology and encrypted security, regardless of size."
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital asset management, estate planning support, and crypto wallet protection. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin.
For more information, please visit www.legacysuite.com.
Contact Information:Madeleine Moench
[email protected]
Original Source: Amidst Banking Failures, Legacy Suite's Latest Technology Offers Secure Digital Asset Management
MyHealthVerse to Become the Go-to Healthcare Data Platform for Pharma Companies
