The vulnerability was located in a file that translates human-readable code into machine language for storage.
While there were many rumors circulating around Facebook’s quiet cryptocurrency project, details didn’t emerge until mid-June 2019 with the reveal of Libra — a cryptocurrency backed by reserve assets maintained in concert by a consortium of companies around the world with the goal of providing secure financial services to anyone anywhere.
The news triggered immediate pushback by the United States government for fear of Facebook’s track record with user data, influence on world affairs and the possible upending of the U.S. dollar’s status as a global reserve currency. Notably, both Facebook CEO Mark Zuckerberg and Libra head David Marcus testified before the House Financial Services Committee.
The Libra project has since pivoted to issuing fiat-backed stablecoins rather than attempting to issue a wholly new currency to be used by Facebook’s billion-plus user base.
The project quickly ignited a debate among world leaders around the future of digital assets in the global economy, with some countries actively researching and developing their own digital currency initiatives.
Aptos’ star-studded founders and the market’s disbelief in the rally could further fuel the rise in APT price.7117
The algorithmic stablecoin ban has sparked a range of arguments in the crypto industry, as it is being seen as a watershed moment.5159
“Since departing Meta (formerly Facebook) we have been able to put our ideas into motion, ditch bureaucratic red tape, and build an entirely new network,” Aptos stated.5076
It only took Libra/Diem two years to come full circle from publishing its white paper to falling apart.3813
Dorsey said that although Facebook probably started Diem for “the right reasons,” it should’ve used an open-ended protocol like Bitcoin rather than attempting to create its own currency.10662
The Diem stablecoin project is shutting down after more than two years of efforts to launch the digital currency.5174
It looks like Meta is planning to jump ship, with inside sources saying that the crypto initiative is trying to sell its assets.6623
While built on the idea of connectivity, the Metaverse could instead break the internet apart, but the solution lies in how the business is done.4849
Facebook’s Novi wallet lets users send and receive a dollar-pegged stablecoin, but not hold it.3797
There are two big questions on everyone’s lips now: What exactly is Facebook’s Diem, and what it will offer its potential 2 billion users?48028
“When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs,” Facebook’s David Marcus said.5844
Marcus shares his honest thoughts on the crypto market, as well as declaring that Novi is ready to launch.4685
Stablecoins use a variety of techniques to keep their value fixed, generally to a specific fiat currency like the U.S. dollar.
Facebook-initiated Diem Association announces a new model of its upcoming stablecoin that is set to be issued by California state-chartered bank Silvergate.16525