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Finance

Investment firms on edge ahead of parliament audit as leverage losses, finance hacking loom

South Korea\'s financial investment industry is bracing for a parliamentary audit that is expected to focus on investor protection and information security. Lawmakers are set to question regulators over the rollout and supervision of single-stock leveraged and inverse exchange-traded products after disclosures of retail losses. The expanding hacking incidents across financial institutions have also put securities firms\' security and internal control systems under scrutiny, alongside calls for tougher preventive inspections.

Finance

FSS urges brokerages to review IT security, respond immediately to investor losses

South Korea’s Financial Supervisory Service called on securities firms to conduct a full review of their information technology security and internal control systems after a series of hacking incidents in the financial sector. At a meeting with audit officials from 21 major brokerages, the regulator discussed measures to strengthen IT security and investor protection. It also urged firms to ensure internal controls work in sales operations and to shift audits toward prevention.

Crypto

Bitcoin mining experiment using fruit fly brain model draws attention

Bitcoin mining hardware maker FutureBit has unveiled an experiment that performs hashing calculations by simulating neural activity from a fruit fly brain. The browser-based test, called HashFly, simulates 2,914 neural pathways from the MaleCNS v1.0 dataset and runs simplified bitcoin hashing. FutureBit said it is working to simulate all neurons for SHA-256 and plans to release results. It said the approach could potentially reach about 1 watt per terahash if expanded to real neurons, but the current test is not competitive with commercial miners.