Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Oct 7, 2018

‘Huge Cash Flows’: Lithuania Voices Concern Over ICO, Crypto Trading

Lithuanian authorities held a seminar examining the “threats and potential benefits” of Initial Coin Offerings (ICO) to the country’s economy, a press release reported Wednesday, October 3, amid an ongoing investigation into cryptocurrency trading habits.

The Financial Crime Investigation Service (FCIS) organized the meeting, which included representatives from government ministries, the central bank, and the General Prosecutor. According to the press release, the gathering revealed that Lithuanian processes “huge” turnover from crypto to fiat.
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https://cointelegraph.com/news/huge-cash-flows-lithuania-voices-concern-over-ico-crypto-trading

Minimalist · Oct 7, 2018

Top Security Tokens You Should Watch Out For In 2018

Security tokens seem to be real deal that will revolutionize the crypto sphere in 2018 and beyond. If you are new here, tokenized securities are simply investment tokens that comply with SEC regulations.

These tokens come with a variety of financial rights; dividends, equity, profit share rights, buy back rights, and voting rights. In most cases, security tokens represent a right to a principal asset such as holdings in another fund, or proof of real estate or cash flow. The rights are written into smart contracts and are traded on a Blockchain-based exchange.
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https://hackernoon.com/top-security-tokens-you-should-watch-out-for-in-2018-4d31b285a63c

guest · Oct 7, 2018

Binance Locks Down User’s Wallet Holding 1200 BTC
October 7, 2018
https://ethereumworldnews.com/binance-locks-down-users-wallet-holding-1200-btc/

Binance, the world’s largest crypto exchange by trade volume, blocked a user from accessing their wallet with over 1200 Bitcoins. The owner of the wallet goes by the Reddit username skilledguyfx, and claimed that such decision was sudden and that the Binance team had been evasive in providing the specific reasons for the block.

According to the Reddit post, his account was a 3D Level Verified account, and he used those 1200 BTC for arbitrage operations.
Skilledguyfx states that he has met all the requirements and has even given more evidence than necessary; however the Binance team has repeatedly changed the reasons for the blocking without providing any solutions.

[...] Binance is merely saying that their Bitcoins are being held for “security” reasons and due to the demands of an unidentified law enforcement agency.
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guest · Oct 8, 2018

Is it Safe to Send Crypto via Email? New Payment Platform Promises ‘Complete Security’
October 8, 2018
https://cointelegraph.com/news/is-i...w-payment-platform-promises-complete-security

The new smart crypto payment platform Quixxi Connect provides a service for storing and managing digital assets. [...] This “simple and secure” platform has two unique features that aim to contribute to mass crypto adoption.

The first feature is “complete wallet protection”. The platform uses the blockchain to decentralize encrypted fragments of a users’ private keys. [...]
The wallet address is connected directly to the user’s email address. According to Quixxi Connect, this allows making crypto payments through methods that people are already familiar with.

Another feature that could help newcomers in cryptocurrency is that the wallet and address are created automatically on the Ethereum Network after registration in the Quixxi Connect system. [...]
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guest · Oct 9, 2018

Research: China has the power to destroy Bitcoin
... and it's already manipulating the network
October 8, 2018
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

A damning new study has suggested China holds threatening influence over Bitcoin – and perhaps even the ability to attack and ultimately destroy the entire Bitcoin network.

According to the paper, China has both “mature capabilities” and “strong motives” to perform a variety of attacks against Bitcoin. Even worse, it is already exerting its power over Bitcoin in a myriad of ways.

The primary threat to Bitcoin’s infrastructure is the “51-percent attack,” which consists of mining pools teaming up to control a majority of the hash rate [...] When you consider the combined effort of Chinese mining pools accounts for 74 percent of Bitcoin’s hash power, the situation becomes incredibly unsettling.
But why would China destroy Bitcoin?
Well, the researchers speculate Bitcoin is in “ideological opposition” to China’s centralized governing philosophy (totalitarian communism).
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Paper: "The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin" (PDF): https://arxiv.org/pdf/1810.02466.pdf

guest · Oct 9, 2018

Naughty Hacker Steals $38k from SpankChain CryptoCurrency
October 9, 2018
https://www.bleepingcomputer.com/ne...er-steals-38k-from-spankchain-cryptocurrency/

SpankChain, an adult industry focused cryptocurrency, had $38,000 USD worth of Ethereum stolen due to a smart contract bug.

"At 6pm PST Saturday, an unknown attacker drained 165.38 ETH (~$38,000) from our payment channel smart contract which also resulted in $4,000 worth of BOOTY on the contract becoming immobilized," stated the SpankChain announcement.
Hacked using a reentrancy bug
According to the announcement, the hack used a reentrancy attack to steal the cryptocurrency from SpankChain.

A reentrancy attack is when an attacker is able to repeatedly call a function in the smart contract before the previous function calls finished executing. This allows the attackers to repeatedly withdraw cryptocurrency before the contract realizes that there is no balance left.
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guest · Oct 9, 2018

EU regulators studying crypto assets case by case
October 8, 2018
https://uk.reuters.com/article/us-e...ying-crypto-assets-case-by-case-idUKKCN1MI1VD

The European Union’s securities watchdog said on Monday it was examining every initial coin offering (ICO) to see whether it should be regulated, mirroring moves by its U.S. counterpart.

ESMA and national regulators in the EU are assessing which ICOs come under existing securities rules on “case-by-case” basis.
“Some of these ICOs are like a financial instrument. Once it is a financial instrument it comes under a whole regulatory framework,” Maijoor told the European Parliament’s economic affairs committee.

So far, EU regulators have limited themselves to issuing warnings to retail investors about crypto assets, but this may not be enough.
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guest · Oct 10, 2018

Criminals used Bitcoin to launder $2.5B in dirty money, data shows
October 10, 2018
https://thenextweb.com/hardfork/2018/10/10/bitcoin-money-laundering/

New data shows criminals have laundered $2.5 billion worth dirty Bitcoin through cryptocurrency exchanges, and almost all of it ends up in countries with lax Anti-Money-Laundering (AML) regulations.

Cryptocurrency research group CipherTrace conducted an analysis of 45 million transactions from the top 20 cryptocurrency exchanges globally in order to find out the prevalence of Bitcoin’s use for criminal purposes.
Laundering BTC is easy on unregulated exchanges
CipherTrace found criminals have laundered approximately 380,000 BTC ($2.5 billion), and 97 percent of the Bitcoin criminals send for laundering is to unregulated cryptocurrency exchanges.
Hackers steal almost $1B in cryptocurrency this year
The report also noted that in the first three quarters of this year, hackers have stolen $927 million worth of cryptocurrency – with $166 million taken in the past three months alone.
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Analysis (PDF): https://ciphertrace.com/wp-content/uploads/2018/10/crypto_aml_report_2018q3.pdf

guest · Oct 11, 2018

Cryptocurrencies Just Plummeted $13 Billion in Value Over the Course of a Few Hours
October 11, 2018
https://gizmodo.com/cryptocurrencies-just-plummeted-13-billion-in-value-ov-1829673445

The cryptocurrency markets saw a significant crash on Wednesday(Eastern local time), with just short of $13 billion in value wiped out over the course of just three hours, CNBC reported.

As of late Wednesday, cryptocurrency-tracking site CoinMarketCap listed Bitcoin as down 4.26 percent, Ethereum down 9 percent, XRP down 9.95 percent, and Bitcoin Cash down 10.54 percent in the last 24 hours.

Other analysts have issued similar warnings as of late, saying that the cryptocurrency market could be heading for an imminent implosion.
[...] continued rapid growth in cryptocurrencies could “create new vulnerabilities in the international financial system.”
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guest · Oct 11, 2018

eToro cuts cryptocurrency investing costs to push mainstream adoption
The social trading platform is reducing its spread fees in half!
October 11, 2018
https://thenextweb.com/hardfork/2018/10/11/etoro-cryptocurrency-costs-reduced/

In an effort to stimulate the wider adoption of cryptocurrency and blockchain tech, social trading platform eToro is making it significantly cheaper to invest in crypto-assets.

The global company, which already boasts more than 10 million users, has reduced fees for spread trades on its platform by more than half for a number of assets, including Bitcoin. The updated spread trade fees can be found here.

“Crypto is here to stay,” Assia said. “We believe that in the future all assets will be tokenized and that crypto is just the first step on this journey.”
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guest · Oct 11, 2018

Crypto Exchange YoBit Starts Pump Scheme on Random Coins
October 10, 2018
https://cointelegraph.com/news/crypto-exchange-yobit-starts-pump-scheme-on-random-coins

Cryptocurrency exchange YoBit is going to perform a pump scheme on random coins, according to an Oct. 10 tweet. A pump and dump scheme is a form of fraud that attempts to artificially boost the price of an asset through misleading or false recommendations.

YoBit is a Russia-based digital currency exchange founded in 2015, which offers access to hundreds of digital currencies. The trading platform was in the headlines a number of times in multiple reports of suspicious activity and problems with users trying to withdraw funds from their wallets.

In November 2017, a Business Insider investigation revealed that traders were conducting pump and dumps on YoBit via the messaging app Telegram. However, it remained unclear whether the exchange was aware of the pump and dump activity, as Yobit reportedly did not respond to a request for comment from Business Insider.
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guest · Oct 15, 2018

MasterCard, VISA to Classify Crypto, ICOs as ‘High Risk,’ Increase Monitoring, Sources Say
October 15, 2018
https://cointelegraph.com/news/mast...-as-high-risk-increase-monitoring-sources-say

Payment giants MasterCard and VISA will soon group cryptocurrency and Initial Coin Offering (ICO) jurisdictions in a new “high risk” category, financial trading news site Finance Magnates reported Friday, October 12.

According to the Broker Complaint Registry, some details of the shortly upcoming classification by MasterCard had already become public in May of this year. The registry notes that binary options, CFDs, forex, cryptocurrency options, and ICOs will fall under a new category of “High-Risk Securities Merchants” starting on Oct. 12, 2018, and will be subject to additional monitoring.

Some associated businesses have already reported to their customers that they will stop accepting credit cards, according to Finance Magnates, [...]
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ronjor · Oct 15, 2018

Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies

Kate Rooney@Kr00ney
Fidelity Investments, which administers more than $7.2 trillion in client assets, announced a new and separate company called Fidelity Digital Asset Services on Monday.
The firm will handle custody for cryptocurrencies such as bitcoin and will execute trades on multiple exchanges for investors such as hedge funds and family offices.
Other crypto companies have debuted similar products, but Fidelity is the first Wall Street incumbent to officially provide cryptocurrency solutions such as custody.
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Minimalist · Oct 15, 2018

Major Korean Financial Holding Company Wins Blockchain Patent for Improved Fintech Security

Leading South Korean financial holding company KB Financial Group Inc. has been awarded a patent for a blockchain-based fintech app security solution, South Korean economic news outlets The Digital Times reports Monday, Oct. 15.

KB Financial is reported to have over $342 billion in assets under management and presides over multiple overseas and domestic subsidiaries, among them KB Kookmin Bank, the country’s largest bank and also the 60th largest bank globally as of 2017.
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https://cointelegraph.com/news/majo...ockchain-patent-for-improved-fintech-security

guest · Oct 16, 2018

mood said: ↑

Almost $240,000 Worth Of EOS Tokens Stolen In DApp Smart Contract Hack
September 15, 2018
https://ethereumworldnews.com/almost-240000-worth-of-eos-tokens-stolen-in-dapp-smart-contract-hack/
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Hackers target EOS gambling dApp once again, $338K believed stolen
October 15, 2018
https://thenextweb.com/hardfork/2018/10/15/eos-dapp-hacked/

Hackers are believed to have stolen hundreds of thousands of dollars worth of EOS cryptocurrency from blockchain-powered gambling dApp EOSBet — again.

Thieves have exploited another vulnerability in the automated dice game, allegedly taking at least $338,000 from its operational wallets.
By injecting standard EOS accounts with malicious code, digital baddies appear to have tricked its smart contract into mistakenly crediting their accounts with large amounts of cryptocurrency.

Well, after that incident, EOSBet promised the code had been audited “extensively” by its development team and “multiple independent third parties.” They then pledged to “harden” their security measures.
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guest · Oct 16, 2018

mood said: ↑

Japanese messaging app operator Line to launch cryptocurrency
August 31, 2018
https://www.reuters.com/article/us-...r-line-to-launch-cryptocurrency-idUSKCN1LG0PW
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Line lists cryptocurrency on Bitbox exchange
October 15, 2018
https://www.zdnet.com/article/line-lists-cryptocurrency-on-bitbox-exchange/

Line has listed digital token Link on its cryptocurrency exchange Bitbox, making it available for trade via three digital tokens: Bitcoin, Ethereum, and Tether.

The Tokyo-based messaging platform described the launch as a milestone in its efforts to build its token economy whilst boosting Link's footprint in the marketplace.

Line launched Bitbox in Singapore in July this year, offering more than 30 virtual currencies including Litecoin and Bitcoincash. Operated by Singapore-based Line Tech Plus, the exchange supports 15 languages including Korean and English and is available globally, except Japan and the US.
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guest · Oct 18, 2018

Top UK security firm to offer vaulted cryptocurrency storage
October 18, 2018
https://thenextweb.com/hardfork/2018/10/18/g4s-cryptocurrency-storage/

With over $1 billion worth of cryptocurrency being stolen since 2017, British security services firm G4S is taking it upon itself to try and make the wild west of cryptocurrency a little less wild.

G4S announced on its blog this week that it is launching a new way to store your cryptocurrency to keep it away from the bad guys.
A spokesperson was tight-lipped about the specifics of how it works exactly [...]

My guess is most of us are better off sticking with hardware wallets and smartphones for smaller amounts of coins, even if they might be a little less secure.
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ronjor · Oct 18, 2018

Hacked, scammed and on your own: navigating cryptocurrency 'wild west'

Gertrude Chavez-Dreyfuss October 18, 2018
NEW YORK (Reuters) - When Peggy and Marco Lachmann-Anke learned in January that hackers cracked a 40-character password and cleaned out their cryptocurrency wallet, they did not go to the police or alert the tokens’ issuer, the Berlin-based technology group IOTA.
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guest · Oct 18, 2018

130 Coffee Shops in Europe Started to Accept and Sell Crypto
October 18, 2018
https://cointelegraph.com/news/130-coffee-shops-in-europe-started-to-accept-and-sell-crypto

A “technology enabler” startup known as Cyclebit is aiming to simplify things by enabling stores to serve as “cryptocurrency gateways” – enticing crypto enthusiasts to come and spend their coins with them and inject some new funds into the economy.

Unlike some of the other startups in this space, Cyclebit says it already has access to a working ecosystem provided by Ibox – an omnichannel payment platform that has an annual turnover of $1 billion.
Using a working ecosystem
Ultimately, Cyclebit hopes to make every point-of-sale device capable of accepting crypto payments, and its team has amassed experience in building large payment networks.
Why the solution is needed
In its white paper, the team behind Cyclebit argue that its infrastructure could ultimately help to reduce the volatility seen in cryptocurrencies. This is because easy ways to pay using crypto would help it make the transition from an enthusiasts’ hobby, to a mass financial asset – with mass ownership preventing massive fluctuations.
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ronjor · Oct 18, 2018

Report: Cryptocurrency Exchanges Lost $882 Million to Hackers

Jeremy Kirk (jeremy_kirk) October 18, 2018
Launching an ICO? You're a Target, Group-IB Warns
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guest · Oct 18, 2018

mood said: ↑

[...] The primary threat to Bitcoin’s infrastructure is the “51-percent attack,” which consists of mining pools teaming up to control a majority of the hash rate [...]
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Researcher Livestreams 51% Attack on Altcoin Blockchain
October 18, 2018
https://www.bleepingcomputer.com/ne...eams-51-percent-attack-on-altcoin-blockchain/

A little over a week ago, researcher promised to run a 51% attack on the blockchain of a small cryptocurrency called Einsteinium (EMC2), to show the world how easy the entire process was.

He kept his promise he made in a message on Reddit and over the weekend he managed to get control of about 70% of the network of a different cryptocurrency, Bitcoin Private (BTC). And he live-streamed it.
[...] GeoCold managed to prove his point: that cryptocurrencies with a small market cap are easy to attack.

The cost for a 51% attack on small cryptocurrencies is far from being restrictive. A website that exposes this reality shows a collection of coins and the theoretical cost of such an attack on each network.
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Minimalist · Oct 18, 2018

Goldman Sachs invests in BitGo

Goldman Sachs and an investment firm set up by billionaire Michael Novogratz have invested in BitGo, a startup promising to help institutional investors securely store their cryptocurrency.
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https://www.finextra.com/newsarticle/32809/goldman-sachs-invests-in-bitgo/pto

ronjor · Oct 18, 2018

The SEC Is Setting Up a New Office to Talk to ICO Startups

Nikhilesh De Oct 18, 2018 at 18:30 UTC
The U.S. Securities and Exchange Commission (SEC) is launching a new division with the goal of making it simpler for fintech startups – including those launching initial coin offerings (ICOs) – to navigate the legal implications of their products.
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ronjor · Oct 19, 2018

Crypto Exchange Coinbase Open-Sources Its Security Scaling Tool

Daniel Palmer Oct 18, 2018
U.S.-based cryptocurrency exchange Coinbase is making a recently developed automated security scaling tool available to the public.
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guest · Oct 21, 2018

Armenia opens $50 million Bitcoin and Ethereum mining farm
October 20, 2018
https://www.chepicap.com/en/news/4554/armenia-opens-50-million-bitcoin-and-ethereum-mining-farm.html

A cryptocurrency mining farm opened in Armenia on October 18. Using 3,000 machines, the $50 million farm will mine Bitcoin and Ethereum. A further 120,000 miners are expected to be added in the coming months

The country’s first mining project, launched in the Armenian capital of Yerevan, is headed by Armenian real estate investment company Multi Group Concern and Malta-registered Omnia Tech International Company.

Bitcoin.com reports that Armenia is working at establishing its own Silicon Valley through the development of a free economic zone that will boast an advanced technology center.
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