Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Jul 18, 2020

Crypto Twitter Hack Recap: A ‘Wake Up Call’ for Centralized Platforms

The recent high-profile hack of Twitter accounts where 12 BTC was stolen is being investigated, and some exchanges may already know who did it.
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https://cointelegraph.com/news/crypto-twitter-hack-recap-a-wake-up-call-for-centralized-platforms

Minimalist · Jul 18, 2020

Twitter Wouldn’t Be Hacked If It Were Backed by Blockchain Technology

The recent Twitter hack shows us that centralized infrastructure is still vulnerable, but DIDs, SSI and blockchains can change the paradigm.
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https://cointelegraph.com/news/twitter-wouldnt-be-hacked-if-it-were-backed-by-blockchain-technology

Minimalist · Jul 18, 2020

Cloudflare Outage Shows Crypto Holders Are Not That Decentralized

Cloudflare suffered an outage on July 17, affecting much of the internet, including Bitcoin transactions.
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https://cointelegraph.com/news/cloudflare-outage-shows-crypto-holders-are-not-that-decentralized

Minimalist · Jul 18, 2020

In COVID-19’s Wake, the New Normal Creates Crypto Opportunities

In a global economic recession, individuals and institutions have been turning away from traditional assets and seeking opportunities in cryptocurrency.
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https://cointelegraph.com/news/in-covid-19s-wake-the-new-normal-creates-crypto-opportunities

Minimalist · Jul 19, 2020

Power grid security blockchain initiative secures $1M grant in US

The U.S. Department of Energy has awarded software firm InfoBeyond Technology LLC over $1 million to support its research on power grid security on the blockchain.
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https://coingeek.com/power-grid-security-blockchain-initiative-secures-1m-grant-in-us/

Minimalist · Jul 19, 2020

Big Crypto Hacks: Bad Crypto News of the Week

Check out this week’s Bad Crypto podcast.
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https://cointelegraph.com/news/big-crypto-hacks-bad-crypto-news-of-the-week

guest · Jul 20, 2020

PayPal To Partner With New York-Based Paxos For Cryptocurrency Offerings On Its Platform: Report
July 20, 2020
https://www.benzinga.com/markets/cr...or-cryptocurrency-offerings-on-its-platform-r

Paypal Holdings Inc PYPL is reportedly partnering with New York-based cryptocurrency broker Paxos to let users on its platform purchase or sell virtual assets, according to CoinDesk.
Paxos offers an API that makes it easier to sell, purchase, hold, and send cryptocurrencies, CoinDesk noted. The broker is also purportedly permitted to hold digital assets on behalf of institutional investors.

There is no clarity yet on what cryptocurrencies the payments company plans to offer on its platform. The fintech firm would be joining Square Inc. SQ 0.01% and Robinhood among the mainstream platforms to be involved with virtual assets.
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guest · Jul 22, 2020

Mastercard offers cryptocurrency firms ability to issue credit cards
July 22, 2020
https://www.itwire.com/enterprise-s...ency-firms-ability-to-issue-credit-cards.html

In a statement, the company said it was inviting cryptocurrency and cryptocurrency card partners to join its Accelerate program for emerging brands and fintechs as it would provide them access with everything needed for quick growth.

Mastercard's move comes at a time when Wirex has become the first native cryptocurrency platform to be granted a principal membership, allowing it to directly issue payment cards.

"The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today's digital economy," said Raj Dhamodharan, executive vice-president, Digital Asset and Blockchain Products and Partnerships, Mastercard.
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guest · Jul 22, 2020

Banks in US Can Now Offer Crypto Custody Services, Regulator Says
July 22, 2020
https://www.coindesk.com/banks-in-us-can-now-offer-crypto-custody-services-regulator-says

In a public letter dated July 22, Senior Deputy Comptroller and Senior Counsel Jonathan Gould wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients.

The letter, which appears to be addressed to an unidentified bank or similar entity, notes that banks “may offer more secure storage services compared to existing options,” and that both consumers and investment advisors may wish to use regulated custodians to ensure they don’t lose their private keys, and therefore, access to their funds.
It pointed to the need for digital wallets, adding that because they exist on a blockchain, there is no physical possession for cryptos.

“The OCC recognizes that, as the financial markets become increasingly technological, there will likely be increasing need for banks and other service providers to leverage new technology and innovative ways to provide traditional services on behalf of customers,” the letter said.
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Palancar · Jul 24, 2020

mood said: ↑

Banks in US Can Now Offer Crypto Custody Services, Regulator Says
July 22, 2020
https://www.coindesk.com/banks-in-us-can-now-offer-crypto-custody-services-regulator-says
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I vote Hell No on giving someone else my private keys, not ever! Of course you have rampant stupidity with newbies just learning, but the really big losses happen when large "professional" exchanges get hit, and they get hit hard. Too much opportunity for an "inside job". I know many love the thought of this new service. It means they won't have to learn how to effectively independently function in the Crypto world.

guest · Jul 28, 2020

Bitcoin bulls are running, as prices spike above $11K
July 28, 2020
https://techcrunch.com/2020/07/27/bitcoin-bulls-are-running-as-prices-spike-above-11k/

The bitcoin bulls are back in town.

The price of bitcoin surged today by $1,268.19, reaching a six-month high of $11,203.90, or a one-day gain of 12.73%. It’s another indication of the resurgence of both investor interest in the technology and renewed confidence in its long-term prospects after a rough year of regulatory scrutiny and declining value in the major cryptocurrencies.

“Bitcoin has much more intrinsic value today than it did a year ago just from an infrastructure perspective,” Killeen wrote in a direct message. “[The] Lightning network is working, sidechains are working. And so you can do more with bitcoin today than you could last year.”
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Moreover, financial institutions are now holding cryptocurrencies — giving investors more confidence in the security and fungibility of the assets, Killeen wrote.
“What’s happening now is that larger institutions are offering purchase facilitation and custody (e.g. Fidelity),” Killeen wrote.
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guest · Jul 29, 2020

Data Breach at Crypto Wallet Firm Ledger Exposes User's Personal Info
Hardware wallet provider Ledger said its marketing database was breached between June and July
July 29, 2020
https://cointelegraph.com/news/data-breach-at-crypto-wallet-firm-ledger-exposes-users-personal-info

Major cryptocurrency hardware wallet provider Ledger has alerted customers to a data breach it faced in June and July.

In an email on July 29, the company said it was made aware of the breach on July 14 when a researcher participating in its bounty program reached out with details of a potential vulnerability on their website.
While they were able to fix the breach immediately, a further investigation by the team found that an authorized third party carried out a similar action on June 25.
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After investigating the matter in tandem with third parties and confirming the breach, Ledger said it notified the French Data Protection Authority, CNIL. Reassuring their users of their funds’ security, Ledger wrote in a blog post:

“Your payment information and crypto funds are safe […] Regarding your e-commerce data, no payment information, no credentials (passwords), were concerned by this data breach. It solely affected our customers’ contact details.”
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guest · Aug 3, 2020

2gether hacked: €1.2m in cryptocurrency stolen, native tokens offered in exchange
August 3, 2020
https://www.zdnet.com/article/2geth...form-hacked-eur1-3m-in-cryptocurrency-stolen/

2gether has revealed a cyberattack in which roughly €1.2 million in cryptocurrency has been stolen from cryptocurrency investment accounts.

Founded in 2017, 2gether offers a cryptocurrency trading platform within the Eurozone for buying and selling without additional fees.
The unknown threat actors reportedly behind the attack made off with €1.183 million in cryptocurrency in investment accounts, which equates to 26.79% of overall funds.
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In a stream of Twitter updates posted by 2together CEO Ramón Ferraz Estrada, the executive was keen to emphasize that general wallets and Euro accounts were not impacted, nor were the financial details of payment cards used to deposit funds.
2together has not revealed how the security incident took place. An investigation is underway to find out how the cyberattackers managed to obtain access to the company's servers, as well as the full extent of the damage caused.
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guest · Aug 4, 2020

Bitfinex offers $400M reward for return of $1.3B in stolen Bitcoin
August 4, 2020
https://thenextweb.com/hardfork/202...ard-400-million-cryptocurrency-exchange-hack/

Cryptocurrency exchange Bitfinex is offering $400 million for the return of $1.33 billion worth of Bitcoin $BTC▲4.15% stolen by hackers in 2016.

“Bitfinex is offering a reward to any persons that connect us with hackers responsible for the unauthorized transfer of almost 120,000 bitcoins from the exchange in August 2016,” said the company in a statement.
“We will reward anyone with information that can put us in direct contact with those responsible for the 2016 security breach at Bitfinex,” said Bitfinex CTO Paolo Ardoino. “The hackers will receive a share of the returned property.”
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hawki · Aug 13, 2020

"US DOJ -- Largest Ever Seizure of Terrorist Organizations' Cryptocurrency Accounts

WASHINGTON - The Justice Department today announced the dismantling of three terrorist financing cyber-enabled campaigns...These actions represent the government’s largest-ever seizure of cryptocurrency in the terrorism context...

These three terror finance campaigns all relied on sophisticated cyber-tools, including the solicitation of cryptocurrency donations from around the world. The action demonstrates how different terrorist groups have similarly adapted their terror finance activities to the cyber age. Each group used cryptocurrency and social media to garner attention and raise funds for their terror campaigns. Pursuant to judicially-authorized warrants, U.S. authorities seized millions of dollars, over 300 cryptocurrency accounts, four websites, and four Facebook pages all related to the criminal enterprise..."

https://www.justice.gov/usao-dc/pr/global-disruption-three-terror-finance-cyber-enabled-campaigns

ronjor · Sep 24, 2020

EU unveils proposed curbs on cryptocurrencies

September 24, 2020
The European Commission on Thursday unveiled plans to regulate cryptocurrencies, proposing rules that could limit the development of Facebook-backed Libra and similar projects.
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guest · Sep 29, 2020

Investor losses legal battle against Bithumb for 2017 data breach incident
The user claimed to have lost a massive amount of money due to Bithumb’s negligence
September 28, 2020
https://cointelegraph.com/news/inve...against-bithumb-for-2017-data-breach-incident

According to news agency Yonhap, Bithumb will not have to repay a crypto investor who allegedly lost $401,000 as a result of a 2017 data breach suffered by the firm.

A High Court judge determined that the man (identified as “Mr. A” for privacy purposes) had failed to successfully prove that his data was compromised during the incident. As a result, the exchange will not be held liable for Mr. A’s lost funds.
The hackers allegedly used his KRW funds to purchase Ethereum (ETH) before later converting them into fiat over four separate transactions.
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guest · Oct 1, 2020

Judge Rules Kik's Token Sale Violated US Securities Law
September 30, 2020
https://www.coindesk.com/kik-sec-ruling

A U.S. judge ruled Wednesday that Kik violated securities law when it raised $100 million via a token sale in 2017.

The Securities and Exchange Commission (SEC), which filed the suit against Kik last year, had maintained the messaging platform’s Kin token sale was an unregistered securities offering, while Kik claimed it was not.

“Kik concedes that its issuance of Kin through the TDE involved an investment of money by which participants purchased or acquired Ether and exchanged Ether for Kin. Thus, the parties agree that the first element of the Howey test is satisfied,” he said in the 19-page ruling. “The parties dispute whether the second and third elements are satisfied. I hold that that they are.”
The parties have until Oct. 20 to file either a joint proposal for providing relief to Kik’s investors, or a document explaining their positions on how to proceed.
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guest · Oct 1, 2020

BitMEX Founders Charged With Failing to Prevent Laundering
October 1, 2020
https://www.bloomberg.com/news/arti...nders-and-executives-are-indicted-in-new-york

Founders of the pioneering crypto-derivatives exchange BitMEX were charged with skirting U.S. laws preventing money laundering and hit with civil sanctions as well, abruptly sending the price of Bitcoin down.

Arthur Hayes, Benjamin Delo and Samuel Reed were indicted in New York, where federal prosecutors claim the digital-asset exchange served American customers while flouting U.S. banking laws. Hayes said the exchange was incorporated in the Seychelles because they could bribe authorities there for the cost of “just a coconut,” according to the indictment, unsealed Thursday.

“They will soon learn the price of their alleged crimes will not be paid with tropical fruit, but rather could result in fines, restitution, and federal prison time,” FBI Assistant Director William F. Sweeney Jr. said in a statement.
The Commodity Futures Trading Commission brought a parallel civil action.
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hawki · Oct 5, 2020

hawki said: ↑

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

https://www.marketwatch.com/story/j...5000-per-tweet-to-promote-your-ico-2018-04-03
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"John McAfee sued by SEC for ICO promotions, arrested on U.S. tax evasion charges...

The U.S. Securities and Exchange Commission filed suit against crypto investor and promoter John McAfee for his past promotion of initial coin offerings (ICOs) on social media...

McAfee was accused of not disclosing 'that he was being paid to promote the ICOs by the issuers,' that he 'falsely claimed to be an investor and/or a technical advisor when he recommended several ICOs,' that he 'encouraged investors to purchase the securities sold in certain of the ICOs without disclosing that he was simultaneously trying to sell his own holdings and had paid another third-party promoter to tout the securities' and that he 'engaged in a practice known as “scalping” as to at least one digital asset security, by accumulating large amounts of the digital asset security and touting it on Twitter without disclosing his intent to sell it..."

https://finance.yahoo.com/news/john-mcafee-sued-sec-past-203641077.html

guest · Oct 13, 2020

Bitcoin wallet update trick has netted criminals more than $22 million
October 12, 2020
https://www.zdnet.com/article/bitcoin-wallet-trick-has-netted-criminals-more-than-22-million/

A simple technique has helped cybercrime gangs steal more than $22 million in user funds from users of the Electrum wallet app; a ZDNet investigation has discovered.

This particular technique was first seen in December 2018. Since then, the attack pattern has been reused in multiple campaigns over the past two years.
ZDNet has tracked down multiple Bitcoin accounts where criminals have gathered stolen funds from attacks they carried out over the course of 2019 and 2020, with some attacks taking place as recently as last month, in September 2020.

Users of the Electrum Bitcoin wallet app received an unexpected update request via a popup message, they updated their wallet, and funds were immediately stolen and sent to an attacker's Bitcoin account.
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guest · Oct 19, 2020

US Treasury hits bitcoin mixer with $60 million penalty
October 19, 2020
https://www.bleepingcomputer.com/news/security/us-treasury-hits-bitcoin-mixer-with-60-million-penalty/

The US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) today announced the first-ever penalty against a Helix and Coin Ninja cryptocurrency mixing services.

FinCEN assessed a $60 million civil money penalty against Larry Dean Harmon, the founder and operator of the Helix and Coin Ninja cryptocurrency tumblers, for violating the Bank Secrecy Act (BSA) and its regulations while operating the two services as unregistered money services businesses (MSB).
Harmon was the operator of the Helix bitcoin tumbler between 2014 and 2017, and the operator and Chief Executive Officer (CEO) of Coin Ninja from 2017 to 2020.
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356,000 bitcoin transactions within three years

"FinCEN’s investigation revealed that Mr. Harmon willfully violated the BSA’s registration, program, and reporting requirements by failing to register as a MSB, failing to implement and maintain an effective anti-money laundering program, and failing to report suspicious activities," FinCEN said today.
"FinCEN has identified at least 356,000 bitcoin transactions through Helix between June 2014 and December 2017."
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hawki · Oct 21, 2020

"You Can Now Buy, Sell, Hold, and Use Cryptocurrencies on PayPal Starting in 2021

PayPal has confirmed that you will now be able to buy, hold, sell, and use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021.
In a statement, the company said that U.S. account holders will be the first to have access to cryptocurrencies in the coming weeks...."

https://bitcoinke.io/2020/10/paypal-cryptocurrency/

hawki · Oct 21, 2020

hawki said: ↑

"You Can Now Buy, Sell, Hold, and Use Cryptocurrencies on PayPal Starting in 2021

https://bitcoinke.io/2020/10/paypal-cryptocurrency/
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"PayPal has been granted a first of its kind conditional Bitlicense by the New York State Department of Financial Services and will begin enabling its 346 million users to to buy, hold and sell cryptocurrency directly from their PayPal account from early next year.

PayPal customers will be able to use bitcoin, ethereum, bitcoin cash and litecoin to shop at the firm's 26 million merchants worldwide, starting in early 2021. Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees. There will be no additional costs imposed on merchants either, as all transactions will be settled with fiat currency at their current PayPal rates.

The company plans to expand the features to Venmo and select international markets in the first half of 2021..."

https://www.finextra.com/newsarticl...rency-across-it-consumer-and-merchant-network

guest · Oct 21, 2020

Lightning Network discloses "concerning" crypto vulnerabilities
October 21, 2020
https://www.bleepingcomputer.com/ne...-discloses-concerning-crypto-vulnerabilities/

The team behind Lightning Network has released extensive details on the vulnerabilities that were discovered in the cryptocurrency protocol and its software implementations.

Attackers could have exploited these vulnerabilities to cause DoS and to disrupt crypto transactions by intercepting "smart contracts" made between two parties.
October's "partial" disclosure
Earlier this month, Conner Fromknecht, Head of Cryptographic Engineering at Lightning Labs had published a partial disclosure related to the vulnerabilities on Linux Foundation's mailing list.

"We are writing to let the Lightning community know about the existence of vulnerabilities that affect lnd versions 0.10.x and below," said Fromknecht.
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Lightning Network vulnerabilities fully disclosed this week
This week both vulnerabilities impacting the Lightning Network cryptocurrency protocol and its software implementations have been disclosed in full detail.
The vulnerabilities were spotted as early as April 3rd, 2020 by Antoine Riard, a Bitcoin Core and Rust-Lightning contributor at Chaincode Labs.

Both vulnerabilities were patched in versions 0.11.0 and above of lnd, the open-source implementation of Lightning Network.
"While we have no reason to believe these vulnerabilities have been exploited in the wild, we strongly urge the community to upgrade to lnd 0.11.0 or above ASAP," the October 9th advisory had stated.
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