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Bitcoin Daily: ‘DeFi’ Becomes Popular Crypto Rebranding Term; G7 Expresses Concern Over Ransomware

DeFi, which is also known as “decentralized finance,” has been included in an increasing wave of business promotions in 2020, Bloomberg reported.

An operating system that has been active for a minimum of three years, Tron, recently issued a DeFi token. Tao Network has been in existence since the middle of the 2010’s and now indicates that it is “building DeFi of entertainment.”

In theory, DeFi apps are meant to allow individuals to borrow, loan, get insurance or exchange amongst themselves sans middlemen.

The rebranding initiatives in a number of instances are bringing about a rise in crypto prices last observed in at the height of 2017’s bitcoin bubble.

In one instance, Tron’s TRX coin’s market value is linked to the Sun Genesis Mining DeFi coin and spiked by $800 million in the three days following the new token’s unveiling.

Tron Founder Justin Sun rolled out the Sun Genesis Mining meme token “to promote the vigorous development and possibilities of TRON’s DeFi self-governance community,” according to a blog post, as noted by Bloomberg.

In other news, the G7 warned of the utilization of nefarious cyber-attacks – and ransomware, in particular — according to a Tuesday (Oct. 13) statement posted on the U.S. Department of Treasury website.

The group said that ransomware incidents against banks, medical centers, educational institutions and other “critical infrastructure” in G7 nations has been increasing in scope, complexity and commonness.

“Ransomware is primarily a profit-seeking endeavor, and its purveyors generally focus on the most lucrative targets, such as those with significant sources of funding or those with limited cyber security protection,” according to the statement.

The group noted that ransomware brings about sizable negative economic impacts and threatens client protection in addition to information privacy for a number of firms.

Furthermore, the group pointed out that the financial services space has been an attractive focus for ransomware incidents. And, in recent months, the group noted that banks have reported higher complexity in malicious cyber-enabled incidents.

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