Online Cash Bitcoin Could Challenge Governments, Banks

guest · May 22, 2018

Can Blockchain be Compliant with GDPR?
May 21, 2018
https://www.infosecurity-magazine.com/news/irms18-blockchain-compliant-gdpr/

Speaking at the IRMS Conference in Brighton, Dyann Heward-Mills, CEO, HewardMills focused on emergence of Blockchain, and the need for GDPR compliance.

“Critical is the implementation of privacy by default and design with the technology,” she said. “When presented with a technology like Blockchain, what does a DPO do? Well you conduct your data protection impact assessment over the technology.”

From a regulatory perspective, Heward-Mills acknowledged that there is no central regulation required, but is it desired? In terms of how GDPR applies to Blockchain, she asked the audience if encrypted data and metadata is still considered to be personal information?
“Where there are decentralized systems, how does the legislation actually apply? Is it still fit for purpose?”

Concluding, Heward-Mills said that there is some uncertainty on how it is evolving and how it is being regulated, but it is growing in importance and there will be more discussion on how it is applied.
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Minimalist · May 22, 2018

How Blockchain Can Help Increase The Security Of Smart Grids

Obviously, security of smart grids is critical. And, according to Benjamin Gu, founder and chairman of Daex, blockchain technology may just hold the answer to improved security standards of interconnectivity, data exchanges and permission control. Daex is a cryptocurrency clearing solution based on distributed ledger technology that serves as a bridge connecting exchanges, and a custodian of multiple assets for users.
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https://www.forbes.com/sites/andrew...can-help-increase-the-security-of-smart-grids

Minimalist · May 23, 2018

Cryptocurrencies: Potential for Terror Financing?

Synopsis
Given their transaction anonymity and user-friendliness, cryptocurrencies appeal to extremist groups as they offer a viable alternative to the mainstream financial system and fiat money which are perceived as ‘kafir’ (infidel) currencies. The threat of cyber-driven terrorist financing is expected to grow.
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https://isnblog.ethz.ch/technology/cryptocurrencies-potential-for-terror-financing

hawki · May 24, 2018

"U.S. [Dept. of Justice] Launches Criminal Probe into Bitcoin Price Manipulation

The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies, dramatically ratcheting up U.S. scrutiny of red-hot markets that critics say are rife with misconduct, according to four people familiar with the matter.

The investigation is focused on illegal practices that can influence prices -- such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling, said the people, who asked not to be identified because the review is private. Federal prosecutors are working with the Commodity Futures Trading Commission, a financial regulator that oversees derivatives tied to Bitcoin, the people said..."

https://www.bloomberg.com/news/arti...ion-is-said-to-be-focus-of-u-s-criminal-probe

ronjor · May 24, 2018

Singapore warns eight cryptocurrency exchanges not to engage in unauthorised trading

By Eileen Yu for By The Way May 24, 2018
Eight unnamed digital token exchanges have been told not to facilitate trading that involved securities or futures contracts without authorisation from the local regulator MAS, which also stopped an ICO.
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ronjor · May 24, 2018

Small Banks’ New Money Maker: Bitcoin

By Christina Rexrode May 22, 2018
Most big banks are avoiding cryptocurrencies. To a few small lenders, that means more business for them
To many banks, bitcoin and other digital currencies are a mania, or worse. But to a handful of small lenders, they are a moneymaker
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guest · May 24, 2018

Verge Cryptocurrency Network Falls Victim to Same Attack Even After Hard-Fork
May 24, 2018
https://www.bleepingcomputer.com/ne...s-victim-to-same-attack-even-after-hard-fork/

A hacker found a way around a previous patch in the Verge cryptocurrency source code and took advantage of the flaw to monopolize mining operations and create Verge coins (XVG) at a rapid pace.

The attack took place on Tuesday, May 22 [1, 2, 3], and lasted only for a few hours. During this interval, the hacker used an exploit to alter normal timestamps of mining operations and allow himself to mine XVG coins to the detriment of other users who had their legitimate mining operations delayed or wasted.
Hacker made over $1.65 million
Users who looked into the attack's aftermath believe the hacker mined over 35 million XVG coins in just a few hours for a profit of $1.65 million.
Hacker bypassed previous patches
Following the April attack, the Verge development team hard-forked the entire cryptocurrency's source code to patch the flaw exploited by the attacker and reverse his gains.
"Since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algos to fork the chain for their own use and are gaining millions," said a user on the BitcoinTalk forums, the same one who analyzed the April attack.
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ronjor · May 24, 2018

About $1.2 billion in cryptocurrency stolen since 2017: cybercrime group

Gertrude Chavez-Dreyfuss May 24, 2018
NEW YORK (Reuters) - Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group released on Thursday.
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guest · May 24, 2018

Every cryptocurrency’s nightmare scenario is happening to Bitcoin Gold
May 24, 2018
https://qz.com/1287701/bitcoin-golds-51-attack-is-every-cryptocurrencys-nightmare-scenario/

Bitcoin Gold is a fork, or spin-off, of the original cryptocurrency, bitcoin. It shares much of the same code and works in a similar way to bitcoin, with Bitcoin Gold miners contributing computational power to process new transactions. That also means it faces the same vulnerabilities as bitcoin, [...]

Blockchains are designed to be decentralized but when an individual or group acting in concert controls the majority of a blockchain’s processing power, they can tamper with transactions and pave the way for fraud. This is known as a 51% attack.

Bitcoin Gold has been experiencing double-spending attacks for at least a week, according to forum posts by Bitcoin Gold director of communications Edward Iskra. Someone has taken control of more than half of Bitcoin Gold’s hash rate and is double-spending coins.

A 51% attack isn’t likely to hit bitcoin any time soon. Bitcoin Gold has a lot less hash rate securing it than bitcoin.
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Minimalist · May 25, 2018

How Blockchain Will Make Electronic Voting More Secure

The blockchain bears all kinds of potential for improving human systems. Most often we hear of that potential in reference to financial services and banking systems. But the human arena that could perhaps be most improved by the blockchain is voting.
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https://hackernoon.com/how-blockchain-will-make-electronic-voting-more-secure-fba15d752bee

Minimalist · May 26, 2018

Czech Energy Company to Crowdfund Projects, Sell Gas With Crypto

A Czech gas and energy company Pražská plynárenská is planning to crowdfund energy projects in and around Prague with cryptocurrency, local news outlet Hospodářské noviny reported May 25.

The gas company is looking to establish a new investment platform in the field of green and gas projects in the country, allowing interested parties to contribute both in Czech koruna and digital currency. In addition to making crowdfunding in crypto available, the company will also accept digital currencies as a form of payment for their services.
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https://cointelegraph.com/news/czech-energy-company-to-crowdfund-projects-sell-gas-with-crypto

Minimalist · May 27, 2018

Decentralized crypto exchanges take aim at institutional markets

Despite blockchain’s decentralized architecture, centralized exchange (CEX) models dominate the cryptocurrency exchange world. With institutions wary of CEXs’ risks, however, attention is returning to decentralized exchange (DEX) models. But pure DEXs have inherent issues, such as transaction latency and lack of privacy. As a result, hybrid DEX entrants are introducing innovative twists, combining central and decentralized components to offer ‘best of both worlds’ solutions to attract institutional investors.
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https://bravenewcoin.com/news/decentralized-crypto-exchanges-take-aim-at-institutional-markets/

Minimalist · May 28, 2018

Scottish 'Crypto Clinic' Treats Bitcoin Trading Addicts

A Scottish hospital is treating people who are addicted to trading cryptocurrencies in the UK’s first ever ‘crypto clinic,’ the Evening Standard reported today, May 28.

Castle Craig Hospital in Peeblesshire, the Scottish Borders, has created a course of residential treatment for those it deems to be crypto addicts.
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https://cointelegraph.com/news/scottish-crypto-clinic-treats-bitcoin-trading-addicts

Minimalist · May 28, 2018

Bithumb Crypto Exchange Bans Accounts From 11 Countries

Bithumb cryptocurrency exchange will ban users from eleven countries starting May 28 as part of new anti money laundering (AML) practices, according to an official announcement.

In a press release issued May 27, Bithumb confirmed that citizens of states comprising the Non-Cooperative Countries and Territories (NCCT) initiative will no longer be able to use its services. The exchange is currently the fifth largest in the world by trade volume, according to Coinmarketcap data.

New account applications will be refused from Monday, while any extant accounts will disappear by June 21.
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https://cointelegraph.com/news/bithumb-crypto-exchange-bans-accounts-from-11-countries

hawki · May 28, 2018

"Bitcoin and cryptocurrency addicts are offered treatment in UK for first time

A hospital in Scotland is treating people who are addicted to trading cryptocurrencies such as Bitcoin.

Castle Craig Hospital in Peeblesshire, the Scottish Borders, has created a course of residential treatment for "crypto addicts" to deal with the underlying issues and learn to live without it..."

https://www.standard.co.uk/news/hea...-treatment-in-uk-for-first-time-a3849456.html

guest · May 28, 2018

Hacker Steals $1.35 Million From Cryptocurrency Trading App Taylor
May 28, 2018
https://www.bleepingcomputer.com/ne...llion-from-cryptocurrency-trading-app-taylor/

The creators of the Taylor cryptocurrency trading app claim that an unidentified hacker has stolen around $1.35 million worth of Ether from the company's wallets.

The hack allegedly took place on Tuesday, last week, on May 22. The Taylor team says the hacker somehow "got access to one of our devices and took control of one of our 1Password files."
TAY tokens also taken in the hack
The funds stolen from the Taylor team come from the company's recently completed initial coin offering (ICO) round.
Soon after discovering the hack, the Taylor team says it also noticed an attempt to dump some of the stolen TAY tokens and exchange them for other cryptocurrencies.

As with any major ICO hack, rumors quickly appeared claiming the hack is just another exit scam. The Taylor team was supposed to launch the Taylor mobile app into beta stage this month. Instead, following the hack, the Taylor team announced on Saturday, May 26, plans to stop working full-time on the app.
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Minimalist · May 29, 2018

German Prosecutors Sell Seized Crypto for Millions of Euro

Prosecutors in the German federal state of Bavaria have sold seized cryptocurrency worth €12 mln ($13.9 mln), the highest such sale in German legal history, local news Der Tagesspiegel reported May 28.

The sale reportedly involved 1312 Bitcoins (BTC), in addition to significant amounts of other digital currencies, including 1399 Bitcoin Cash, 1312 Bitcoin Gold, and 220 Ethereum. Cryptocurrencies which were seized during criminal proceedings were sold over the course of two months in 1,600 individual transactions.
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https://cointelegraph.com/news/german-prosecutors-sell-seized-crypto-for-millions-of-euro

guest · May 29, 2018

Chinese Report: ‘Epic’ Vulnerabilities Discovered in EOS Blockchain, Patched Same Day
May 29, 2018
https://cointelegraph.com/news/chin...discovered-in-eos-blockchain-patched-same-day

China’s largest Internet security company, Qihoo 360, has found several high-risk security vulnerabilities in EOS’s blockchain platform. These vulnerabilities would enable remote attacks on all EOS nodes, Qihoo 360 claimed on Weibo Tuesday, May 29.

Qihoo 360 writes that they reported the vulnerability to the EOS team and that the EOS mainnet will not launch until the security problems are resolved. Local news outlet Jinse, which noted that EOS asked 360 not to report the vulnerability, claimed that the vulnerabilities have been fixed on the same day, by around 2:00 pm China Standard Time.

[...] the attacker could then control the digital currency on the EOS network, obtain user’s private keys and data, launch a cyber attack, or begin mining for other cryptocurrencies.

360 describes these vulnerabilities as a new “series of unprecedented security risks” that could affect other blockchain platforms besides EOS
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Minimalist · May 29, 2018

Bank of England officials make "material step forward" in debate around central bank cryptocurrencies

Bank of England officials today said they had made a “material step forward” which could potentially address one of the major risks of central banks issuing their own digital currencies.
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http://www.cityam.com/286576/bank-england-officials-make-material-step-forward-debate

Minimalist · May 29, 2018

Destroyed Keys Cost WIRED $100,000 in Bitcoin

Back in 2013, WIRED began mining for Bitcoin using a mining device sent to it by the now-defunct Butterfly Labs. It successfully mined 13 Bitcoins reportedly worth around $100,000 and apparently threw away the keys in its quest to remain ethical in its reporting on cryptocurrency. Years later, Louise Matsakis, staff writer at WIRED, said the magazine could have locked the coins down to be used at a future date.
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https://www.infosecurity-magazine.com/news/lost-keys-cost-wired-100000-in/

ronjor · May 29, 2018

SEC Obtains Emergency Order Halting Fraudulent Coin Offering Scheme

Washington D.C., May 29, 2018 —
The Securities and Exchange Commission today announced it has obtained a court order halting an ongoing fraud involving an initial coin offering (ICO) that raised as much as $21 million from investors in and outside the U.S. The court also approved an emergency asset freeze and the appointment of a receiver for Titanium Blockchain Infrastructure Services Inc., the firm behind the alleged scheme.
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guest · May 30, 2018

President of China endorses blockchain technology
As per Jinping, blockchain is among the technologies that have brought economic reforms in the country
May 30, 2018
https://thenextweb.com/hardfork/2018/05/30/president-of-china-endorses-blockchain-technology/

Xi Jinping was speaking at the annual conference of Chinese Academy of Sciences on Monday when he mentioned blockchain among the latest technologies that are making economic breakthroughs.

While blockchain finds only one mention in a larger speech, it further solidifies Chinese government’s approach of ‘blockchain, not bitcoin‘.
China has taken a stringent approach towards regulating cryptocurrencies.

China’s decision of throttling cryptocurrency businesses is particularly interesting given that it saw both the highest amount of cryptocurrency mining and trading in the world before the sanctions.

Earlier this month, China’s state council, central administrative branch of the government, ordered the provincial and municipal governments in the country to accelerate implementation of blockchain technology across several sectors.
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Minimalist · Jun 1, 2018

IMF Official Calls for Regulation, Tech Adoption By Banks to Fight ‘Crypto Competition’

An official from the International Monetary Fund (IMF) suggested that central banks need to make fiat currencies “more attractive for the digital age” in an article published May 31. Deputy Director of the Monetary and Capital Markets Department Dong He suggested three responses to combat potential competition to central banks from cryptocurrencies.
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https://cointelegraph.com/news/imf-...adoption-by-banks-to-fight-crypto-competition

Minimalist · Jun 2, 2018

Looking to the future of crypto in the land of the rising coin

In order to see where global macro trends such as demographics, deflation and speculation are going, economists often point to Japan as a case study of how things can go wrong. Now crypto-forecasters are looking to Japan as an exponent of both the good and bad trends in the industry.
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https://bravenewcoin.com/news/looking-to-the-future-of-crypto-in-the-land-of-the-rising-coin/

ronjor · Jun 4, 2018

Cryptocurrency: A Gold Mine for Open-Source Intelligence

Jeremy Kirk (jeremy_kirk) June 4, 2018
Expert Says Virtual Currency Systems Leak Useful Data to Track Criminals
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