Online Cash Bitcoin Could Challenge Governments, Banks

guest · Jul 25, 2018

John McAfee will pay you $100K if you get into his ‘unhackable’ crypto-wallet
July 25, 2018
https://thenextweb.com/hardfork/2018/07/25/john-mcafee-hack-bounty-bitfi/

He says that he’ll give $100,000 to anyone who can break into the ‘Bitfi’ wallet, the supposedly ‘unhackable’ cryptocurrency storage device he has been parroting about on social media of late.

The wallet also apparently doubles as the world’s first unhackable device – so this is definitely bigly if true. Bitfi or McAfee don’t really have much to offer in terms of evidence right now, so what better way to get it than a completely out-of-the-blue $100k cash prize?

The Bitfi marketing team has been quick enough to whip up some official rules for the bounty.

Here’s the kicker: you need to buy a Bitfi wallet to participate and pay an additional $50 to have some cryptocurrencies loaded onto the device for you to try and steal. This is just to, uh, make sure that you are really serious about hacking it.
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guest · Jul 27, 2018

SafeWallet aims to make cryptocurrency transactions easier and more secure
July 27, 2018
https://betanews.com/2018/07/27/safewallet-cryptocurrency-transactions/

Wallet users are often forced to use long private keys and mnemonic phrases to back up their crypto-assets, with most wallet apps asking users to print their private keys and mnemonic phrases onto a piece of paper, something which can easily be lost or stolen.

That's set to change with the latest version of SafeWallet which lets users recover their crypto-asset wallets using a simple two-layer security system consisting of a QR code-based user ID and a series of security questions.

"There is no longer any need to memorize or transcribe long mnemonic phrases or private keys," says Kaiser Zhang, product head at SafeWallet. "This complicated backup process has been one of the primary barriers for users of cryptocurrency wallets, and especially for those who are new to the industry. With this latest update, we are proud to say that we have finally solved this usability issue without sacrificing any of the security capabilities that SafeWallet is known for."

SafeWallet also protects against malicious software, which can steal assets through operating system loopholes or when they are being transmitted through unsecure channels such as instant messaging and email.
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Minimalist · Jul 29, 2018

Japan Self-Regulatory Crypto Exchange Association Considers Trading Cap for Some Clients

The self-regulatory body has reportedly established a policy of to require its member crypto exchanges to place maximum limits on the volumes traded by the exchanges’ customers.

The move reportedly aims to prevent investors with “small assets” from suffering heavy losses and facing problems with basic daily expenses. The report does not specifically define “small assets,” nor does it specify the exact limits to be placed.
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https://cointelegraph.com/news/japa...iation-considers-trading-cap-for-some-clients

Minimalist · Jul 29, 2018

Six Tools Used by Hackers to Steal Cryptocurrency: How to Protect Wallets

In the early July, it was reported that Bleeping Computer detected suspicious activity targeted at defrauding 2.3 million Bitcoin wallets, which they found to be under threat of being hacked. The attackers used malware — known as “clipboard hijackers” — which operates in the clipboard and can potentially replace the copied wallet address with one of the attackers.

The threat of hacking attacks of this type has been predicted by Kaspersky Lab as early as November of last year, and they did not take long to become reality. For the time being, this is one of the most widespread types of attacks that is aimed at stealing users’ information or money, with the overall estimated share of attacks to individual accounts and wallets being about 20 percent of the total number of malware attacks. And there’s more. On July 12, Cointelegraph published Kaspersky Lab’s report, which stated that criminals were able to steal more than $9 million in Ethereum (ETH) through social engineering schemes over the past year.
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https://cointelegraph.com/news/six-...o-steal-cryptocurrency-how-to-protect-wallets

guest · Jul 30, 2018

KickICO experiences a hack and loses $7.7 Million
July 29, 2018
https://coinfrenzy.io/kickico-experiences-a-hack-and-loses-7-7-million/

KICKICO, an initial coin offering (ICO) project launched on top of the Ethereum blockchain protocol, was hacked on July 27 and lost more than 70 million KICK worth $7.7 million.

The security breach of KICKICO was unique and dissimilar to most cryptocurrency, blockchain network, and token hacking attempts. In case of KICKICO hack, the hackers were able to gain direct access to the smart contract of the KICKICO blockchain network. They did this by obtaining the private key of the KickCoin smart contract.

In order to protect the network and remaining user funds, the KICKICO team was able to regain access to its smart contract and replaced the compromised private key with the private key in its cold wallet after a few hrs of the incident.

As per the official announcement of the KICKICO team, the company will fully reimburse every user and owners of the 40 accounts with KickCoin, recreating 40 wallets that were compromised.
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hawki · Jul 30, 2018

"The Race to Be the Cryptocurrency Destination Is On

Have a Cryptocurrency Company? Bermuda, Malta or Gibraltar Wants You

Hedge funds go to the Cayman Islands to incorporate. Big companies are generally domiciled in Delaware. And online poker companies often set up their bases in Gibraltar and Malta.

Now the race is on to become the go-to destination for cryptocurrency companies that are looking for shelter from regulatory uncertainty in the United States and Asia..."

https://www.nytimes.com/2018/07/29/...column-region&region=top-news&WT.nav=top-news

ronjor · Jul 30, 2018

IBM, Barclays and Citi Team Up to Launch Blockchain App Store for Banks

By: Ian Allison Jul. 30, 2018
Even private and permissioned blockchains need to build ecosystems and achieve network effects, just like their permissionless, public counterparts. At least, that’s the thinking behind LedgerConnect, a financial blockchain “app store” that aims to make it easier for banks to access distributed ledger technology (DLT) solutions from fintech and software providers, and for those vendors in turn to reach bank customers
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Minimalist · Jul 30, 2018

Blockchain voting: Can it help secure our elections?

Online voting -- as an alternative to paper ballots or electronic voting machines -- has been suggested as a way to not only boost the number of active voters, but possibly even address election security and integrity issues. Might blockchain, a technology that continues to draw attention from technology and business leaders alike, hold the key to making internet voting widespread around the world?
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https://www.zdnet.com/article/is-blockchain-voting-on-the-way/

guest · Jul 31, 2018

Vietnamese Crypto Sky Mining CEO Disappears With $35 Million
July 31, 2018
https://latesthackingnews.com/2018/...to-sky-mining-ceo-disappears-with-35-million/

While the hackers are already preying on various crypto exchanges to steal money, a crypto mining firms CEO also seems to have been inspired by this idea. Allegedly, the CEO of a Vietnamese crypto company Sky Mining disappeared last week after declaring losses. He also took with him $35 million worth of funds from the investors.
Crypto Exchange Sky Mining CEO Disappeared
Allegedly, the Vietnamese crypto exchange Sky Mining is all set to cause a blow to the investors after reports of its CEO’s abscondment surfaced online.
Sky Mining Fears Bankruptcy
Two days after the disappearance, Tam put up a Facebook post on his profile in which he apologized to the investors for ‘everything’. He justified his disappearance by calling it a ‘last resort’ to save himself after the massive losses the company suffered due to a drastic drop in the mining rig value.
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guest · Jul 31, 2018

mood said: ↑

John McAfee will pay you $100K if you get into his ‘unhackable’ crypto-wallet
July 25, 2018
https://thenextweb.com/hardfork/2018/07/25/john-mcafee-hack-bounty-bitfi/
Click to expand...

Researchers find tons of red flags in Bitfi’s ‘unhackable’ cryptocurrency wallet
Spyware, malware and cryptocurrencies do not mix well
July 31, 2018
https://thenextweb.com/hardfork/2018/07/31/bitfi-wallet-spyware-malware/

Bitfi even asked that all attempts be made public. An ad-hoc collective of hackers and security researchers is doing just that, already finding a bunch of kinks that throw the device’s security into question.

The researchers uploaded an exhaustive list of directories that are loaded into its onboard memory (ROM) when the device is switched on. Made publicly available through Pastebin, they give a complete overview of everything pre-installed on the Bitfi device.

Most troubling is the alleged inclusion of a well-known malware suite called Adups FOTA, a spyware platform that allows for the transmitting text, call, location, and app data to a server in China every 72 hours.

There’s also no internal cold storage, all funds are seemingly kept in what known as a hot wallet.
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Minimalist · Aug 1, 2018

Korean Authorities Investigate Alleged Crypto Scam That Promised Investors Shipwreck Gold

South Korean authorities are investigating a possible crypto investment scam involving the Seoul-based Shinil Group as the key figure, Korea JoongAng Daily reported July 31. Shinil Group (Shinil) allegedly promised to pay investors in gold from a sunken Russian shipwreck.
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https://cointelegraph.com/news/sout...-fraud-that-promised-investors-shipwreck-gold

Minimalist · Aug 1, 2018

Binance crypto exchange buys Trusted Wallet

The world's largest crypto exchange based on volume, Binance, has bought the wallet company Trust Wallet in its first acquisition. The company confirmed to TechCrunch the purchase was based on a mixture of Binance stock and a portion of its BNB token.
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http://www.digitaljournal.com/tech-...o-exchange-buys-trusted-wallet/article/528411

ronjor · Aug 2, 2018

Basically, no one is using bitcoin to buy things

By Cale Guthrie Weissman
If you’re one of the many people who have bought bitcoin, it’s quite unlikely that you’ve actually used it to buy things. The digital currency, which many evangelists hoped would become a transnational replacement for fiat currency, is being used less and less often to buy and sell things, according to Bloomberg.
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guest · Aug 2, 2018

Telegram Passport is already drawing fire for not being secure enough
Its password encryption could be cracked for just $5
August 02, 2018
https://thenextweb.com/hardfork/2018/08/02/telegram-passport-passwords-crack/

The first piece of blockchain tech from Telegram was shown off last week, but experts are claiming that its just waiting to be hacked.

Telegram Passport is meant to be a secure way of managing identity documents. It pegs itself as being able to provide a “unified authorization method” that makes supplying services (like ICOs and exchanges) with real world IDs more straightforward.

Software security firm Virgil Security have released analysis, spotted by CoinDesk, that claims certain design choices could compromise users’ passwords.

It’s 2018 and one top-level GPU can brute-force check about 1.5 billion SHA-512 hashes per second. [...] That’s $135/password in the worst-case scenario, [...]
In practice though, this number can go down to $5/password or even less, given people’s choices of password complexity.
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guest · Aug 3, 2018

Starbucks drops major hint at plans to accept Bitcoin
August 03, 2018
https://techcrunch.com/2018/08/03/starbucks-drops-major-hint-at-plans-to-accept-bitcoin/

Back in May, reports surfaced that New York Stock Exchange owner Intercontinental Exchange (ICE) was developing a Bitcoin trading platform. This morning, it officially announced the creation of Bakkt, a new company that will help trade and convert the best known cryptocurrency to fiat money — government-backed legal tender.

In a statement, Starbucks referred to itself as “the flagship retailer” involved in the project, hinting at the very real potential that the company is setting itself up to accept Bitcoin converted through the Bakkt system.
“As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”

Bakkt’s implications go well beyond mobile payments, of course. As Fortune notes, the system could help attract investors who have been put off by Bitcoin’s extremely volatile nature.
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guest · Aug 4, 2018

Millions of webstores can now accept cryptocurrency through Coinbase
No extra costs - except for blockchain fees
August 03, 2018
https://thenextweb.com/hardfork/2018/08/03/coinbase-webstores-plugin/

It’s just released a brand-new plugin that makes accepting cryptocurrency way easier for millions of websites.

The new plugin, spotted by DailyHodl, enables WooCommerce webstores to accept major cryptocurrencies directly into a user-controlled Coinbase wallet. WooCommerce webstores are powered by WordPress, who claim that 28 percent of the internet’s online stores are using it for their businesses – but it’s likely to be closer to 40 percent.

The plugin is a part of what Coinbase is calling an “open financial system” – a peer-to-peer payment network for cryptocurrencies.
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ronjor · Aug 4, 2018

Samsung says smartphones have the best security for cryptocurrency, security experts disagree

Story by Matthew Beedham
Smartphones are alright, but you can find safer ways to store your coins
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guest · Aug 5, 2018

Monero Wallet Vulnerability – Loss Of $1.8 Million to Livecoin Crypto Exchange
August 05, 2018
https://latesthackingnews.com/2018/...s-of-1-8-million-to-livecoin-crypto-exchange/

Livecoin Crypto Exchange Suffered Loss Of XMR
According to a recent report, Livecoin crypto exchange suffered a significant loss. The exchange claimed it lost 15108 XMR worth $1.8 million. The exchange noted some inappropriate transactions on July 20, 2018, after which they confirmed the loss.

Livecoin expresses its dismay that Monero developers did not inform them about the risks or the need to limit Monero transactions. Now, they have halted XMR transactions for an indefinite time, probably until further negotiations between the exchange and Monero developers.
Monero Wallet Vulnerability (Now Fixed) Allowed Hackers To Steal XMR
The researcher reported the vulnerability to Monero after which they fixed the bug. However, Livecoin’s loss of XMR highlights that some hackers might have already discovered the bug and exploited it. We shall wait and see.
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Minimalist · Aug 5, 2018

The era of security tokens has begun

The excitement that initial coin offerings (ICOs) have created in the past few years has been marred by an onslaught of scams, hacks, and critical mistakes committed by careless investors. As it turns out, one of crypto’s biggest appeals — limited oversight and regulation — has proven to be its greatest vulnerability.

But cryptoassets are already coming of age. With the arrival of the security token offering (STO), the crypto space is beginning to reach an uncharted level of legitimacy in the financial community. We are about to witness perhaps even more disruption in markets and society than we’ve been promised.
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https://venturebeat.com/2018/08/04/the-era-of-security-tokens-has-begun/

guest · Aug 6, 2018

mood said: ↑

Starbucks drops major hint at plans to accept Bitcoin
August 03, 2018
https://techcrunch.com/2018/08/03/starbucks-drops-major-hint-at-plans-to-accept-bitcoin/
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Starbucks: Sorry, Your Bitcoin Is Still No Good Here
August 05, 2018
https://gizmodo.com/starbucks-sorry-your-bitcoin-is-still-no-good-here-1828119428

Starbucks wants to be crystal clear: Despite recent stories about their involvement in some sort of blockchain project, they are not going to be accepting bitcoin as a form of payment for coffee.

According to Motherboard, a Starbucks spokesperson clarified that Starbucks does not want bitcoins but is merely developing applications for a system that makes it easier to convert cryptocurrencies to cash [...]
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Minimalist · Aug 6, 2018

Researchers Reveal Network of 15K Crypto-Related Scam Bots on Twitter

New research published today, Aug. 6, has shed light on the infamous phenomenon of cryptocurrency-related Twitter accounts advertising fake “giveaways,” revealing a network of at least 15,000 scam bots.

The analysis of Twitter bots, which continue to aggravate and even fool unsuspecting users, came from cybersecurity company Duo Security.
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https://cointelegraph.com/news/researchers-reveal-network-of-15k-crypto-related-scam-bots-on-twitter

ronjor · Aug 7, 2018

Coinbase now lets you buy and sell cryptocurrency using British Pounds

Matthew Beedham
Coinbase is making it easier for Brits to buy and sell cryptocurrency. The exchange desk announced it now supports Pound Sterling deposits and withdrawals natively on its platform.
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guest · Aug 9, 2018

Augur Cryptocurrency Bug Made The App Vulnerable To Fake Data
August 09, 2018
https://latesthackingnews.com/2018/...ncy-bug-made-the-app-vulnerable-to-fake-data/

The crypto world is providing us with various innovative apps and platforms, leveraging the increasing attention this industry is gaining.
Recently, a researcher has discovered a vulnerability that exposed Augur users to fake data. Fortunately, Augur has patched the flaw whilst rewarding the researcher with a bounty.

According to his findings, the bug could let any bad actor put up fake data to the users. This includes everything from feeding false data to fake transactions and wallet addresses.
Augur Rewarded The Researcher With $5000 Bounty
Viacheslav Sniezhkov allegedly found this bug while participating in Augur’s bug bounty program. Initially, the bug received a ‘low severity’ label, after which, he expressed his concerns about what could have happened if a bad actor found the bug earlier.
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guest · Aug 10, 2018

ronjor said: ↑

Bitconnect, which has been accused of running a Ponzi scheme, shuts down
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BitConnect is getting delisted from the last cryptocurrency exchange that still trades it
It was once worth $2.8B
August 10, 2018
https://thenextweb.com/hardfork/2018/08/10/bitconnect-final-delisting-exchange/

The final nail in BitConnect’s coffin will come September 10, when the last exchange to offer trading pairs in the controversial cryptocurrency will delist its worthless token, BCC.

It’s crazy to think there’s even still a market for it – the BCC token has been absolutely useless since January. In the immediate aftermath of it being shutdown, BitConnect was served with a class action lawsuit from six investors whose losses totalled $770,000. A US court later froze all of its assets.

Anyway, if you still have some BCC, for whatever reason, you have until September 10 to get rid of it. If you want. Or keep it, I don’t care.
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guest · Aug 10, 2018

Bitcoin developer finds bug in competing coin, does the right thing
August 10, 2018
https://mashable.com/2018/08/10/bitcoin-cash-bug-found-bitcoin-dev/?europe=true&utm_cid=hp-r-1

In April, Cory Fields discovered what he describes as a "critical vulnerability" in Bitcoin Cash, and alerted Bitcoin Cash developers which implemented a fix before a malicious actor could exploit it.

After Fields had noticed a suspicious change in Bitcoin Cash's code, it took him "less than 10 minutes" to find the bug, which was serious enough to cause a chain split, which (if unintentional) can cause huge damage to a cryptocurrency.

And while there's still a lot of friction between fans of Bitcoin and Bitcoin Cash, Fields' example shows that it's still possible to help each other out to the ultimate benefit of all.
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