Online Cash Bitcoin Could Challenge Governments, Banks

hawki · Apr 3, 2018

"John McAfee charges $105,000 per tweet to promote your ICO...

And there is no shortage of confidence on the McAfee team. They write: 'John McAfee’s tweets are by far the most influential in the field of cryptocurrency. Over 50,000 of his followers answered a series of polls about their investments and use of cryptocurrencies.'

As of April 3, John McAfee had 812,000 Twitter followers."

https://www.marketwatch.com/story/j...5000-per-tweet-to-promote-your-ico-2018-04-03

ronjor · Apr 5, 2018

A 200-Year-Old Idea Offers a New Way to Trace Stolen Bitcoins

Author: Andy Greenberg 04.05.18
Bitcoin's blockchain provides inalterable evidence, stored on thousands of computers, of every Bitcoin transaction that's ever taken place. Many of the transactions recorded on that distributed ledger are crimes: Billions of dollars in stolen funds, contraband deals, and paid ransoms sitting in plain sight, yet obscured by unidentifiable Bitcoin addresses and, in many cases, tangles of money laundering.
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Minimalist · Apr 5, 2018

Why Investors Are Betting Millions On Bitcoin Surveillance

Tracking the myriad cryptocurrencies as they ping around the world en masse every day is no simple task. Ask 27-year-old British entrepreneur Jonathan Levin, co-founder and chief operating officer of Chainalysis, one of the hottest companies in the burgeoning business of digital currency tracking. In its early days, in 2014, Chainalysis would do its best to retroactively monitor transactions and follow the money of nefarious types on the blockchain, largely for the benefit of U.S. government investigators hunting fraudsters and launderers. Now Levin sees multi-billion dollar financial institutions who want to instantly know who they're dealing with when interacting with millions of cryptocurrency owners every day.
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https://www.forbes.com/sites/thomasbrewster/2018/04/05/snooping-on-bitcoin-is-big-business

ronjor · Apr 6, 2018

India's central bank bans financial firms from dealing with cryptocurrency

Kate Rooney @Kr00ney
Regulated financial institutions in India can no longer provide services to companies or individuals dealing with virtual currencies, the Reserve Bank of India says.
The statement comes as other regulators around the world are grappling with how to regulate digital assets like bitcoin.
The Reserve Bank of India was more open to blockchain, the technology that underpins virtual currencies, and says in the statement that it has the potential to improve the financial system.
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ronjor · Apr 7, 2018

Cryptocurrency Firm Coinbase in Talks to Become SEC-Regulated Brokerage

By Dave Michaels April 6, 2018
WASHINGTON—Coinbase, a leading cryptocurrency firm, has approached U.S. regulators about registering as a licensed brokerage firm and electronic-trading venue, a move that comes as regulators have waged an aggressive campaign to supervise the fledgling industry.
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Minimalist · Apr 7, 2018

Firm Hopes to Fight Crypto Ad Ban With ICO Website Designed For Companies and Consumers

A website that tracks initial coin offerings (ICOs) says its platform can help crypto startups reach potential investors amid a recent clampdown on advertising imposed by some of the biggest players in Silicon Valley.
...
ICObazaar says the ban is impeding exciting projects at a time when the market is flourishing, with fledgling businesses losing access to one of the cheapest ways of reaching the public at large.

These “new challenges” in advertising come as investors struggle to navigate opportunities amid regulation concerns, but ICObazaar argues trackers like its own bring compelling advantages for consumers and companies alike.
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https://cointelegraph.com/news/firm...-website-designed-for-companies-and-consumers

Minimalist · Apr 9, 2018

Three More Countries Join Planned Lawsuit Against Internet Giants For Banning Crypto Ads

Cryptocurrency and Blockchain organizations in Switzerland, Kazakhstan, and Armenia have recently joined those of Russia, China, and South Korea in filing a joint lawsuit against major Internet companies for banning crypto-related advertising, local Russian news outlet RNS reported Friday, April 6.

The plans to file the joint lawsuit against tech giants Google, Twitter, and Facebook were first revealed on March 27. The organizations originally filing the complaint include the Russian Association of Cryptocurrency and Blockchain (RACIB), the Korea Venture Business Associations, and LCBT, a Chinese association of crypto investors.
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https://cointelegraph.com/news/thre...gainst-internet-giants-for-banning-crypto-ads

guest · Apr 12, 2018

$3.3 Million Stolen From Coinsecure Bitcoin Exchange, Inside Job Suspected
April 12, 2018
https://www.bleepingcomputer.com/ne...secure-bitcoin-exchange-inside-job-suspected/

The CEO of Coinsecure, an India-based cryptocurrency exchange, has accused his CSO of stealing 438 Bitcoin —around $3.3 million at today's exchange rate— from the exchange's main wallet.
Coinsecure CEO points the finger at exchange's CSO
"Our system itself has never been compromised or hacked, and the current issue points towards losses caused during an exercise to extract BTG [Bitcoin Gold] to distribute to our customers, " the Coinsecure team wrote in its statement.

"Our CSO, Dr. Amitabh Saxena, was extracting BTG and he claims that funds have been lost in the process during the extraction of the private keys," Coinsecure added.

According to the police complaint, Dr. Saxena informed Coinsecure that the funds "were stolen from [the] company's Bitcoin wallet due to some attack."

According to Indrajeet Bhuyan, an Indian security researcher, this is the first heist that occurred at an Indian Bitcoin exchange.
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Minimalist · Apr 13, 2018

When SecureRandom()... isn't: JavaScript fingered for poking cash-spilling holes in Bitcoin wallets

Concerns about a flawed crypto library that could allow Bitcoin theft have been revived following a post to a Bitcoin mailing list last week.

David Gerard, a UK-based Unix admin and blockchain technology watcher, raised concerns in a blog post on Thursday.

"The popular JavaScript SecureRandom() library … isn’t securely random," he wrote, pointing to an anonymous post to a Bitcoin mailing list a week ago that revisited the issue.
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https://www.theregister.co.uk/2018/04/12/javascript_crypto_library_fingered_for_weak_wallets/

Minimalist · Apr 14, 2018

German Stock Exchange Subsidiary To Release Crypto Trading App

Sowa Labs, a subsidiary of Germany’s second largest stock exchange Börse Stuttgart, will release a cryptocurrency trading app later this year, according to the app’s website.

The app, called Bison, will be available in September and will initially support trading of Bitcoin (BTC), Ethereum (ETC), Litecoin (LTC), and XRP. The website states that more assets will be included in the future. Bison also claims that they will charge no trading fees. The app will be available in German, and later in English.
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https://cointelegraph.com/news/german-stock-exchange-subsidiary-to-release-crypto-trading-app

Minimalist · Apr 14, 2018

One Of The Largest Crypto Farms in Russia To Be Established In The Heart Of Siberia

One of the largest cryptocurrency mining farms in Russia will be established in Krasnoyarsk Krai in Siberia, according to Daniel Zakomolkin, director general of the mining company BitBaza, news outlet TASS reported April 12.

Zakomolkin said that the region was chosen “from the perspective of energy and cost reduction”. Infrastructure investments are estimated at roughly 3 bln roubles (about $48 mln).
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https://cointelegraph.com/news/one-...sia-to-be-established-in-the-heart-of-siberia

Minimalist · Apr 15, 2018

Malta Regulator Seeks Feedback On Proposed Crypto Financial Instrument Test

The Malta Financial Services Authority (MFSA) has released a consultation paper on the possible introduction of a “Financial Instrument Test” that would legally define virtual tokens, according to an April 13 announcement on their site.

The Financial Instrument Test, first proposed in a Nov. 30 paper on Initial Coin Offerings (ICO), virtual currencies, and related service providers, would determine whether a Distributed Ledger Technology (DLT) asset falls under EU and traditional financial regulations or Malta’s proposed Virtual Financial Assets Act (VFAA).
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https://cointelegraph.com/news/malt...-on-proposed-crypto-financial-instrument-test

Minimalist · Apr 15, 2018

Lithuanian Central Bank Initiates Dialogue On Crypto Between Banks, Regulators, Traders

The Bank of Lithuania has reportedly begun looking into cryptocurrencies, initiating a dialogue between commercial banks, government regulators, and crypto traders, local news outlet The Baltic Times reports today, April 15.

The central bank had invited representatives from the Financial Ministry, the Financial Crime Investigation Service (FNTT), the banking sector, and the Initial Coin Offering (ICO) sector to a recent crypto roundtable, according to Jekaterina Govina, the fintech strategy coordinator at the Bank of Lithuania.
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https://cointelegraph.com/news/lith...ue-on-crypto-between-banks-regulators-traders

Minimalist · Apr 15, 2018

The Crypto Conundrum – Regulatory Pressures for Cryptocurrencies

Over the last six weeks, we have taken a look many of the different aspects of cryptocurrencies or “crypto-assets” as some are calling them. We’ve looked at the underlying technology, the concept of cashless economies, cryptocurrencies as cash, the risks in trading cryptocurrencies and some of the investment considerations of cryptos. In this final piece in the series, we’ll be looking at the regulatory landscape surrounding cryptocurrencies and the different approaches taken by governments and the financial regulators of the world, but first a relevant question.
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https://wccftech.com/the-crypto-conundrum-regulatory-pressures-for-cryptocurrencies/

Minimalist · Apr 15, 2018

Russia: Crypto Bill Review Regulates Crypto-Fiat Transactions Over $9.6K, Report Says

The Russian government has reportedly prepared a review of the draft bill “On Digital Financial Assets,” detailing that the exchange of cryptocurrency for fiat for more than 600,000 rubles (about $9,600) or its foreign equivalent is subject to mandatory currency exchange regulation, according to local crypto news outlet Forklog Friday, April 13.

This review has not yet been presented to the State Duma, according to Anatoly Aksakov, the head of the financial market committee. Forklog notes that transactions of more than 600,000 rubles are already tracked by Russian banks for prevention of money laundering and terrorism financing.
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https://cointelegraph.com/news/russ...crypto-fiat-transactions-over-96k-report-says

guest · Apr 15, 2018

Old JavaScript Crypto Flaw Puts Bitcoin Funds at Risk
April 15, 2018
https://www.bleepingcomputer.com/ne...cript-crypto-flaw-puts-bitcoin-funds-at-risk/

Security researchers are warning that old Bitcoin addresses generated in the browser or through JavaScript-based wallet apps might be affected by a cryptographic flaw that allows attackers to brute-force private keys, take control of users' wallets, and steal funds.

The vulnerability resides in the use of the JavaScript SecureRandom() function for generating a random Bitcoin address and its adjacent private key (equivalent of a password).
SecureRandom() isn’t really random
The problem is that this function doesn't actually generate true random data, as an anonymous user recently pointed out on the Linux Foundation mailing list, along with David Gerard, a UK-based Unix system administrator.
The conclusion is that all Bitcoin addresses generated using the SecureRandom() function are vulnerable to brute-force attacks that may guess the account's private key.
Users advised to move funds to new addresses [...]
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Minimalist · Apr 16, 2018

$1.6 billion bitcoin exchange Coinbase continues its acquisition spree, snapping up another small crypto company

Coinbase's acquisition spree continues.

The $1.6 billion cryptocurrency exchange announced Monday that it has acquired Earn.com, a crypto company founded by Balaji Srinivasan, a former general partner at Andreessen Horowitz. Srinivasan is joining Coinbase as its first chief technology officer, a blog post by the company said.

The news comes just a few days after Coinbase announced it acquired Cipher Browser, a cryptocurrency wallet company that lets users store ethereum-based tokens.
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http://uk.businessinsider.com/16-bi...apping-up-another-small-crypto-company-2018-4

Minimalist · Apr 16, 2018

Hanoi’s Dpt. Of Industry And Trade Bans Crypto Use In E-Commerce

The Hanoi Department of Industry and Trade has banned organizations and individuals involved in e-commerce businesses in the city from using Bitcoin and other cryptocurrencies to settle transactions online, in a document issued to relevant parties on April 13.
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https://cointelegraph.com/news/hanois-dpt-of-industry-and-trade-bans-crypto-use-in-e-commerce

hawki · Apr 17, 2018

NY AG Launches Probe Of 13 Major Crypto Exchanges (Incl. Coinbase, Gemini)

https://ag.ny.gov/press-release/ag-schneiderman-launches-inquiry-cryptocurrency-exchanges

ronjor · Apr 18, 2018

Kraken CEO: Crypto Exchange Won't Answer New York AG's Inquiry

David Floyd Apr 18, 2018
Kraken was one of 13 exchanges that received a letter from New York Attorney General Eric Schneiderman on Tuesday as part of his new inquiry into cryptocurrency exchanges, as previously reported. While most exchanges generally welcomed the inquiry and said they would fill out the attached questionnaire, Kraken took a different tack when reached for comment.
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Palancar · Apr 19, 2018

ronjor said: ↑

Kraken CEO: Crypto Exchange Won't Answer New York AG's Inquiry
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In order to be fully insulated Kraken would have to go "offshore". Any company operating within the USA can be compelled to comply on legal matters. I realize this is a survey/questionnaire but next time it could be something more serious. This is one of the reasons why many US citizens establish offshore trusts/LLCs.

hawki · Apr 19, 2018

ronjor said: ↑

Kraken CEO: Crypto Exchange Won't Answer New York AG's Inquiry
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"Crypto exchange Kraken may have to comply with New York AG push for transparency

We have enforcement jurisdiction, says Eric Schneiderman’s office...

The AG’s office said in an email to MarketWatch that they have 'enforcement jurisdiction over foreign businesses [meaning those based outside of New York] operating in New York.'

This capacity appears to come through the Martin Act of 1921, which gives state AGs power to bring financial cases against individuals and companies outside the state of New York on behalf of its residents engaging with those companies..."

https://www.marketwatch.com/story/c...-new-york-ag-push-for-transparency-2018-04-19

guest · Apr 19, 2018

Denial-of-Spending and Inflation Bugs Found in Several Cryptocurrencies
April 19, 2018
https://www.bleepingcomputer.com/ne...ation-bugs-found-in-several-cryptocurrencies/

A team of academics has identified an issue with the Zerocoin protocol, along with two security flaws in libzerocoin, the software library used for building actual cryptocurrencies around protocol.
Researchers said they found these three issues to affect at least five cryptocurrencies based on Zerocoin, each in varying degrees. The five are SmartCash, Zoin, Zcoin, Hexxcoin, and PIVX.
The denial-of-spending issue
According to researchers, the Zerocoin protocol is affected by a denial-of-spending issue that allows attackers to halt a victim's legitimate transaction, and issue a "spend" operation before the legitimate request. This results in the approval of the attacker's "spend" and the rejection of the legitimate transaction —which is marked as a "double spend" operation/bug/attack.
The two libzerocoin issues
Besides issues in the protocol itself, academics also found two issues affecting libzerocoin, a proof-of-concept C++ library for implementing the Zerocoin protocol.
Zerocoin is an old protocol to begin with
All of the three issues are not surprising, as the Zerocoin protocol and libzerocoin library have been left for dead for years.
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ronjor · Apr 20, 2018

N.Y. AG's scrutiny of cryptocurrencies unlikely to stymie a thriving industry

By Lucas Mearian Senior Reporter, Computerworld April 20, 2018
The New York Attorney General's office is looking into the practices and policies of cryptocurrency exchanges; experts say any ensuing regulation will likely protect investors while allowing the marketplace to continue growing.
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Minimalist · Apr 21, 2018

Crypto Payment Start-Up Set To Offer ‘Lightning Fast’ Transactions

Korona argues that current Blockchain payment systems are geared towards investors – and the likes of Bitcoin and Ethereum are not technologically suited to keeping up with the daily demands of consumers and businesses.

The company says “Lightning Network technology” will bring the processing times of crypto transactions in line with fiat payments while keeping costs down. Meanwhile, a “bias-free, decentralized marketplace” is set to benefit merchants and their customers – fueled by a token which has been dubbed “Hungary’s national cryptocurrency.”

According to Korona, its ecosystem heralds the start of “Crypto Economy 2.0,” ending a current impasse where the public and the business community are uninformed about Blockchain’s advantages.
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https://cointelegraph.com/news/crypto-payment-start-up-set-to-offer-lightning-fast-transactions

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