Binance Losses US$500M After a Hack of Its Network! India to Test ‘E-Rupee’ Digital Currency: Tech Market Roundup

The largest cryptocurrency exchange Binance losses US$500M after a hack, get more insights here!

Good morning Tech Fam, here's a quick tech update for you to catch on to:

What's new today: Google AI videos point to a machine-generated future; the Indian Air Force is future-ready, focusing on new tech, and cyberspace.

Fast-Trach Insights: The largest cryptocurrency exchange Binance losses US$500M after a hack; India will soon test 'E-Rupee' digital currency.

The Reserve Bank of India has proposed a phased pilot of its version of a Central Bank Digital Currency, according to a paper released by the agency on Friday. In what was published as a "concept note," India's central bank outlined its vision for a digital version of the rupee, referred to as the e-rupee. It also explained its rationale for implementing a CBDC (central bank digital currency) and how it would be tested in distinct phases.

Binance, the world's largest cryptocurrency exchange, may have lost half a billion dollars after a hack of its network. The company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.

The foreign direct product rule, or FDPR, was first introduced in 1959 to control the trading of US technologies. On Friday, US officials applied it to China's advanced computing and supercomputer industry to stop it from obtaining advanced computing chips. It essentially says that if a product was made using American technology, the US government could prevent it from being sold – including products made in a foreign country.

The Indian Air Force (IAF) Chief, Air Chief Marshal VR Chaudhari, has said there is a need to redefine, reimagine and recalibrate to transform the IAF into a contemporary and future-ready force. He said this at the Air Force Day parade in Chandigarh on Saturday. Incidentally, this year's IAF anniversary celebrations theme is "IAF: Transforming for the Future". The IAF plans to plug the gaps by phasing out outdated planes and helicopters and adding new equipment and technology.

Artificial intelligence researchers from Meta Platforms Inc. and Google from Alphabet Inc. have made an extraordinary leap forward. Over the past week, artificial intelligence researchers at Meta Platforms Inc. and Alphabet Inc.'s Google have taken an extraordinary leap forward in developing systems capable of generating video with just about any prompt from the imaginable text.