Bitcoin & Cryptocurrency

UK Regulator Issues Grave Warning to ICO Investors

UK Regulator Issues Grave Warning to ICO Investors

Last Tuesday, UK market regulator Financial Conduct Authority (FCA), issued a warning against initial coin offerings, calling it a high-risk and speculative form of investment. The FCA added that only experienced investors confident in the quality of the ICO project should consider buying tokens, and even then they should go in prepared to lose their entire stake. ICOs have raised around $1.7 billion in crypto token investments in this year alone. However, regulators are wary of its potential to be used for illegal activities such as money laundering. Aside from the FCA, a number of other regulators, including ones from […]

Markets at a Standstill as Bitcoin Exchanges in China wait for Clarification

Markets at a Standstill as Bitcoin Exchanges in China wait for Clarification

Last Friday, Bitcoin’s price dropped to 6.6 % after the ICO ban report by Caixin, a financial publication in China. Market action have largely gone down, following reports of Beijing’s plans to ban domestic exchanges trading with virtual currencies. According to chief executive of cryptocurrency trading platform BitMEX Arthur Hayes, everyone is still waiting for the regulator’s official statement. The drop in bitcoin value is indicative of the community’s divisive opinion on the Caixin piece.   A separate source confirmed to online publication Reuters plans on banning the exchanges that catered to trading of virtual currencies. China’s central bank has […]

Finance Minister Says Russia Wants to Regulate Bitcoin

Finance Minister Says Russia Wants to Regulate Bitcoin

Moscow, Russia – Last Friday, Russian finance minister Anton Siluanov revealed that government wants to regulate cryptocurrency circulation involving Russian companies and citizens. He elaborated that the purchase of cryptocurrencies is similar to buying buying treasury bonds for households, which was launched by the finance ministry earlier this year. He added that the state recognizes cryptocurrency as real, and thus only wants to regulate it. However, Siluanov also warned against cryptocurrencies in a financial forum in Moscow. He said that it was risky and insecure, and investors should be aware of the risks.   Source: Reuters

China Cryptocurrency Exchange Ban Makes Bitcoin Fall

China Cryptocurrency Exchange Ban Makes Bitcoin Fall

Bitcoin tumbled last Friday in light of China’s proposed shutdown on cryptocurrency exchanges in the country. The popular cryptocurrency soared during the past few weeks, touching nearly $5000, but dropped to $4,227 before resurfacing to $4,309.80. Analysts predict that the setback may be temporary, and the plan still seems to be uncertain. Sources have said that according to three Chinese bitcoin exchanges, the government has not yet said anything to them. Greg Dwyer of BitMEX also said that there had been confusion on the matter right after the ban on ICOs. He added that there could be further downsides over […]

Cryptocurrencies Slide 20%, May Signal the Start of a Correction

Cryptocurrencies Slide 20%, May Signal the Start of a Correction

A chart from coinmarketcap.com showed that almost every cryptocurrency has gone down as much as twice in the last two days. This steep downtrend came after several months of unprecedented appreciation. The two most popular currencies: Bitcoin and Ethereum fell by 16.5% and 23.5% respectively. The market as a whole has gone down from $180 billion, to $142, which according to experts, may be the start of a correction. It is said that China’s decision to ban ICOs, as well as the possibility of a natural “cool down” period after months of overheating, are some of the major causes of […]

Initial Coin Offerings Will Be Banned in China

Initial Coin Offerings Will Be Banned in China

A committee spearheaded by the central bank of China has released a notice announcing that initial coin offerings (ICO) will be banned in the country, citing that it will cause disruption of economic and financial order. The committee raised concerns that a number of ICOs are pyramid schemes and scams. The move echoes a statement last August 1 by Singapore’s central bank, MAS.  MAS warned  that ICOs’ anonymous transactions are susceptible to financial risks like money laundering. China has already frozen ICOs while a list of exchanges will go under investigation, reports Caixin, a financial news site. Source: Tech Crunch

Thousands of Bitcoin Miners Left Unsecured on the Internet

Thousands of Bitcoin Miners Left Unsecured on the Internet

A Dutch security researcher has recently discovered around 2,893 Bitcoin miners left completely open, without passwords on their Telnet ports. Victor Gevers, who also chairs the GDI Foundation, suspect that the devices, based on their IPs, may be part of a state-sponsored effort of the Chinese government. Gevers added that was able to gather proof that other visitors tried to install malware and backdoors on these devices. Gevers tweeted about the incident last August 29 and tried to reach out to the owners of the miners, but he found out shortly after that the devices had already been secured. Source: […]

Experts Point to North Korea as Culprit Behind South Korea Bitcoin Hacking

Experts Point to North Korea as Culprit Behind South Korea Bitcoin Hacking

South Korea’s Cyber Warfare Research Center is pointing at North Korean hackers as prime suspects for the attack on at least one of their Bitcoin exchanges. Cybersecurity firm Cybereason says that the hacking might have been done in retaliation to the tightening of economic sanctions brought by North Korea’s missile tests. The company’s senior intelligence director Ross Rustici warns that financial institutions and exchanges can expect more malicious attacks to follow, most likely focusing on institutions in South Korea, Japan, and US. Regions where security is weak, such as Southeast Asia, the Baltics, and countries in Africa may also be […]

Car Sharing May Soon Use Blockchain Tech

Car Sharing May Soon Use Blockchain Tech

Detroit, Michigan – Last Wednesday, accounting firm EY announced the it will be launching a blockchain based system named Tesseract which should help revolutionize record keeping in the vehicle sharing industry. Blockchain, the technology used by cryptocurrency, can also be used to track vehicle ownership and usage, compute insurance costs and other transactions. EY’s John Simlett says that they may use blockchain to manage shared use and ownership of large fleets, which users can access using their smartphones.     Similarly, Toyota has already announced in May that they will be working with MIT, BigchainDB, Oaken Innovations, and startup Commuterz to […]

CoinMiner Malware Uses EternalBlue to Force Infected PCs to Mine Cryptocurrency

CoinMiner Malware Uses EternalBlue to Force Infected PCs to Mine Cryptocurrency

Trend Micro researchers have reported that cyber criminals are now hijacking Windows PCs with a fileless malware that forces the computer to mine cryptocurrency. The ‘CoinMiner’ malware exploits the EternalBlue flaw used by WannaCry and NotPetya. Microsoft has already released a patch for the vulnerability last March, but for computers that haven’t been updated, the malware will trigger a WMI script to download malware or mining software every three hours. Trend Micro recommends that admins SMBv1 file-sharing protocol, and use the Microsoft tool that can trace WMI activity.      Source: ZDNet