Bitcoin & Cryptocurrency

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

Brisbane Airport First in the World to Accept Cryptocurrency Payments

Brisbane Airport First in the World to Accept Cryptocurrency Payments

Brisbane Airport was reported to have made an unprecedented move when it announced that it will soon be accepting cryptocurrencies such as Bitcoin and Ethereum as payments. BNE, Australia’s third-busiest airport, partnered with Queensland-based cryptocurrency startup TravelbyBit to implement point-of-sale payment systems across retail stores at two of the airport’s terminals. Roel Hellemons, Brisbane Airport Corporation (BAC) general manager of strategic planning and development, said that it made sense to accept cryptocurrencies as payments since a lot of travelers who use the airport make money off trading such currencies. Source: CCN

Cryptocurrency Exchanges Legalized in South Korea, Anonymity Still Banned

Cryptocurrency Exchanges Legalized in South Korea, Anonymity Still Banned

South Korea’s Financial Services Commission (FSC) recently declared cryptocurrency exchanges as legal starting January 30. However, laws governing anonymity in trading are still being enacted, and both native and non-native foreign citizens are prohibited from trading. Six Korean banks, namely the Shinhan Bank, Nonghyup Bank, Industrial Bank, Kookmin Bank, Hana Bank and Gwangju Bank, have already committed to implement the changes.   Major exchanges have already set a variety of requirements for their users in preparation for the new rules. Korbit, along with Bithumb, had already instructed customers to open a Shinhan bank account to be able to continue trading. […]

Evrial Trojan Steals Bitcoin Using Windows Clipboard

Evrial Trojan Steals Bitcoin Using Windows Clipboard

According to security researchers MalwareHunterTeam and Guido Not CISSP, a new trojan which uses Windows Clipboard to steal sensitive information is being actively sold in underground Russian hacking forums for a mere $27. The Evrial trojan is able to monitor Windows clipboard for certain strings, which makes it ideal for intercepting Bitcoin and other wallet addresses. The researchers revealed that attackers often use Evrial to monitor when a user copies his wallet address, which the attacker replaces with his. Since wallet addresses are composed of a long string of numbers, users would very rarely notice that the copied address had […]

Cyber Criminals Steal Around $400 Million from ICOs

Cyber Criminals Steal Around $400 Million from ICOs

According to a recent report by Ernst & Young, hackers have been able to steal around $400 million from initial coin offerings (ICO), which is around 10% of the total funds that have been changed hands during these fund raising events. A number of blockchain projects have been able to successfully raise funds using ICOs, even overtaking venture capital investments in popularity. However, it is also becoming a huge bullseye for scammers and cyber criminals looking to cash in, and it is said that these threat actors are able to steal an average of $1.5 million monthly. The report also […]

IOTA coin cryptocurrency. Vector sign icon. Internet money

Hackers Steal $4 Million in IOTA Funds

Last Monday, it was reported that around $4 million in IOTA was stolen from various wallets which have been compromised by the use of online seed generators. A seed is a 81-character long string which is used to secure IOTA wallets. A lot of users have preferred to use online seed generator websites as it is a more user-friendly option, instead of the workaround detailed at the HelloIOTA website. The top result for IOTA online seed generation has already taken down its website with a message saying “Taken down. Apologies”. Ralf Rottman, a member of the IOTA Evangelist Network, revealed […]

SEC Blocks Wall Street Plans for Bitcoin ETFs and Mutual Funds

SEC Blocks Wall Street Plans for Bitcoin ETFs and Mutual Funds

In a staff letter released last January 18, the US Securities and Exchange Commission (SEC) told Wall Street trade groups that cryptocurrency-based investment products are not yet compliant with SEC regulations. SEC Director of Investment Management Dalia Blass said that the agency recognizes the potential benefits of cryptocurrencies. However, there are still outstanding questions on how these digital currencies and related products would satisfy the requirements of the Investment Company Act of 1940. The SEC also expressed their concern with regards to the liquidity and volatility of cryptocurrency, the nature of blockchain technology and forks, as well as the risk […]

South Korean Officials Caught Using Crypto Regulation Knowledge for Insider Trading

South Korean Officials Caught Using Crypto Regulation Knowledge for Insider Trading

Last Thursday, South Korea’s Financial Supervisory Service revealed that some employees had been trading cryptocurrencies and sold their holdings before the government’s announcement of the new regulatory rules. Both FSS Governor Choi Heung-sik and Chief of the Office of the Prime Minister, Hong Nam-ki confirmed the information and called for a thorough investigation into the matter. The Korean Public Service Ethics Act strictly prohibits public officials from stock trading to prevent misuse of internal information that they possess. However, cryptocurrency is currently not covered by the act as it is not defined as a financial asset or currency. Source: Bitcoin […]

Switzerland Sets Up Blockchain Oversight Working Group

Switzerland Sets Up Blockchain Oversight Working Group

A working group tasked to look into oversight of blockchain technology and initial coin offerings has been recently been established by Switzerland’s State Secretariat for International Financial Matters. The task force is expected to submit its findings and recommendations to the government at the end of the year. Last Thursday, the Finance Ministry said that by forming the group, they are only seeking to increase legal certainty, ensure technology-neutral regulation, and maintain the integrity of the financial center. The group will also include the Federal Office of Justice, as well as financial watchdog FINMA who will also look into crowdfunding […]