Bitcoin & Cryptocurrency

Security Flaw in Ledger Hardware Wallet Identified

Security Flaw in Ledger Hardware Wallet Identified

Ledger, a cryptocurrency wallet manufacturer, recently published a report in which it warned its customers of a security flaw which affects all of its devices. The company tweeted last Saturday that all hardware wallets were found to be susceptible to man-in-the-middle attacks in which an attacker can redirect the funds to his address if a user generates a bitcoin wallet address using a computer affected by malware. Ledger advised customers to use an undocumented feature in their hardware wallets where they can confirm if the address is correct by clicking on the monitor button at the bottom left of the […]

Japanese Teen Arrested for Wallet Password-Stealing Malware

Japanese Teen Arrested for Wallet Password-Stealing Malware

A 17-year old boy was recently arrested by the Japanese police for being suspected as the author of a malware that steals the private keys of cryptocurrency wallets. The teen reportedly embedded the malware in the market data viewer app that he created. One of the places the app was distributed was on the Monacoin forum, which is regarded as “the first Japanese cryptocurrency”. A user said that around 170 Monacoins worth roughly around $500 was stolen from his wallet after he downloaded and installed the app. When questioned by the police, the teen simply said in his defense that […]

Bitcoin Falls as Experts Warn Impending Bubble Burst

Bitcoin Falls as Experts Warn Impending Bubble Burst

Bitcoin took a sharp fall this week down to $8000 as mounting concerns began to chip away at investor confidence in the future of the industry. Bitcoin’s value was almost halved from a record high of $19,511 last December 18, right after the launch of regulated futures in the US. The largest cryptocurrency continued its tumble, with experts blaming events such as global regulatory threats, million dollar cyber heists, price manipulation fears, and the recent banning of cryptocurrency ads on Facebook. A research analyst from Forextime Ltd. suggested that Bitcoin may be in trouble and that the price action indicate […]

Samsung Forays into Cryptocurrency Chips Manufacturing

Samsung Forays into Cryptocurrency Chips Manufacturing

Korean chip giant Samsung recently announced that it will be manufacturing equipment specifically optimized for mining cryptocurrencies. The hardware manufacturer which surpassed Intel to become the biggest chip maker in the world, was rumored to be focusing on ASIC (application-specific integrated circuit) chips which are said to provide better performance at a lower energy consumption than GPU cards. Observers have noted that Samsung’s move into the cryptocurrency space may indicate that Bitcoin and the cryptocurrency market may not be in a bubble as critics have suggested. Source: BBC

Facebook to Ban All Cryptocurrency Ads

Facebook to Ban All Cryptocurrency Ads

Facebook’s Rob Leathern recently announced in a blogpost that the company will be rolling out a new policy which will ban the advertising of ICOs, cryptocurrencies, and binary options. Facebook says that the change, which is seen as a broad brush approach by some in the cryptocurrency sphere, is only intended to protect users from bad actors and scams often associated with the unregulated nature of such financial products and services.   Facebook adds that they are working to improve detection of deceptive and misleading ad practices, and will be enforcing the policy across other platforms including Audience Network and […]

Hacked Japanese Crypto Exchange Misinformed Customers About Security System

Hacked Japanese Crypto Exchange Misinformed Customers About Security System

Head of the Japan Cryptocurrency Business Association Taizen Okuyama recently revealed in an industry event that Coincheck had misinformed its customers about its security system before getting hacked. The Japanese cryptocurrency exchange suffered one of the world’s biggest cyber thefts earlier this month after losing around $530 million in NEM. Okuyama further said that the government would have immediately intervened had the same problems occurred in securities or currency margin trading. Prompted by the Coincheck hack, Japanese authorities announced last Monday that they will be investigating all exchanges in the country for vulnerabilities in their security system. Source: Reuters

SEC Issues C&D Against 4 ICOs

SEC Issues C&D Against 4 ICOs

It was recently revealed that the Philippines Securities and Exchange Commission had filed a cease-and-desist order against four companies running an Initial Coin Offering scheme. The companies –  Black Cell Technology Inc., Black Sands Capital Inc., Black Cell Technology Limited and Krops, all list Filipino businessman Joseph Calata as founder or CEO. Even though ICO’s are not yet regulated within the country, the SEC’s Enforcement and Investor Protection Department (EIPD) said that the companies were selling or offering securities to the Philippine public without a license from the Commission. The SEC says that Calata may be able to continue the […]

Japan’s Financial Watchdog Comes Down on Coincheck

Japan’s Financial Watchdog Comes Down on Coincheck

Japan’s Financial Services Agency is now breathing down on Coincheck after $530 million in NEM had been stolen from the cryptocurrency exchange. Last Monday, the FSA said that it had ordered the Tokyo-based exchange to improve its security and services. Coincheck said that it will be using its internal funds to return around 90% of the stolen amount, and while the NEM Foundation said that it can trace where the stolen NEM went, there’s no way they can independently return the funds to its owners.     Japan imposed a registration requirement for cryptocurrency exchanges as early as April 2017, and […]

Class Action Suit Filed Against Bitconnect

Class Action Suit Filed Against Bitconnect

Last Thursday, a class action lawsuit was filed against cryptocurrency lending and exchange company Bitconnect by six investors who claimed to have incurred more than $770,000 in losses due to the companies questionable activities and closure. The company was known to have a reputation in the cryptocurrency community as a ponzi scheme which promised 1% return per day and 40% every month to investors who lent them money. Bitconnect has been accused of twelve counts of criminal and civil violations including fraud, offering unregistered securities, rescission of contract with the plaintiffs, deceptive and unfair trade practices among others. Source: CCN

International Regulators to Discuss Bitcoin Risk at G20

International Regulators to Discuss Bitcoin Risk at G20

It was reported from the World Economic Forum in Davos last Friday that international regulators will be discussing the risks posed by Bitcoin at the next G20 summit this coming March. Benoit Coeure, European Central Bank director said that the international community is expected to focus on issues regarding cryptocurrencies at the G20 2018 in Buenos Aires, and may be prepared to answer questions on the matter after the discussion. Source: Reuters