Banking and Finance

New Research Says Crypto-Theft Now a Million Dollar Economy

New Research Says Crypto-Theft Now a Million Dollar Economy

In its new report called “Cryptocurrency Gold Rush in the Dark Web”, cybersecurity company Carbon Black said that the market for malware for stealing cryptocurrency is rapidly growing. They estimated that approximately $1.1 billion in cryptocurrency had been stolen in six months alone, and there are around 34,000 products and services available online, mostly in the dark web, for stealing cryptocurrency. The price can range from a dollar to around $250, which puts the average cost of an app at around $10. The researchers also said that cryptojackers such as GhostMiner and Loapi seem to be the malware of choice […]

Central Bank of Russia: Crypto Assets Not a Threat to Global Financial Stability

Central Bank of Russia: Crypto Assets Not a Threat to Global Financial Stability

In a report released last May 30, the Central Bank of Russia said that the global volume of crypto assets is still too low to disrupt global financial stability. The paper defined crypto assets as a financial asset based on the application of cryptography and distributed ledger technology. Such assets can only be a risk if if the market grows further, or if retail and institutional investors, banks, and other market players get involved in a larger scale. The CBR further said that the high volatility of crypto assets prevent them from being a reliable standard of value, means of […]

Mexican Banks Still Vulnerable to Cyber Attacks

Mexican Banks Still Vulnerable to Cyber Attacks

The governor of Mexico’s central bank revealed last Wednesday that while no cyberattacks against banks in the country have been identified since May 8, investigators have yet to confirm if the banks which have been attacked had already taken the necessary measures to fix their vulnerabilities. Around 300 million Mexican pesos had been stolen from the banks through fraudulent transfers. Bank of Mexico Governor Alejandro Diaz de Leon further revealed that they have identified around 800 suspicious transactions in amounts from 30,000 pesos to more than 500,000 pesos. Source: Reuters

Chinese President Praises Blockchain Technology

Chinese President Praises Blockchain Technology

In a speech last Monday, Chinese President Xi Jinping called blockchain “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications,” Beijing is still prohibiting the trading of Bitcoin domestically, as well as the sales of new digital tokens through the “initial coin offering” process. Despite this, the country is growing as a hub for blockchain development, with several startups partnering with the local Chinese governments to research or implement the technology. The technology was also mentioned twice in the Chinese State Council’s 13th five-year economic plan which […]

France, Germany Call for EU Startup Funding

France, Germany Call for EU Startup Funding

In a paper presented to European Union leaders at the Balkan summit last week, Berlin and Paris urged the European Innovation Council to fund innovative start-up projects across the bloc in order for the region to catch up with other tech superpowers. The EU heavyweights are pushing to create a network to attract and grow “ambitious” tech startups and wishes for other EU member countries to follow their national initiatives. France has already committed 1.5 billion euros ($1.75 billion) to the artificial intelligence industry to counter the brain drain caused by China and the US. The two countries are said […]

21 Fintechs Set to Bring Fresh Investments Into CEZA

21 Fintechs Set to Bring Fresh Investments Into CEZA

CEZA Administrator Raul L. Lambino revealed this week that 21 fintech firms are expected to invest around Php 2 billion in the freeport within the next two years. The Secretary said that the startups, which are mainly engaged in blockchain and cryptocurrency operations, will be committing 1 million each for infrastructure, aside from application fees, license fees, probity checks and integration fees. Lambino said that the 54,000 hectare CSEZFP is being poised to be a new Asian hub which will combine the best of nature and of cutting-edge technology for the world’s leaders in the burgeoning global currency of the […]

London Launches World’s First Cashless Busking Payment Scheme

London mayor Sadiq Khan announced this week a tap-to-donate payment system used by street performers in the city which is said to be the first of its kind in the world. The contactless payment scheme was developed in partnership with Swedish tech firm iZettle, which is now part of US payments giant PayPal. A number of full-time buskers who had participated in the two week trial said that they payment system had a significant impact on their income. Source: BBC

South Africa to Probe $80 Million Cryptocurrency Scam

South Africa to Probe $80 Million Cryptocurrency Scam

South African authorities said last Friday that it has begun an investigation into an alleged bitcoin scam that stole around 1 billion rand ($80 million) from investors who were promised huge returns. It was revealed that a company called BTC Global had promised clients earnings of around 2% per day, 14% a week, 50% percent in a month. The scammer’s website, which lists a certain Steven Twain as “primary trader”, was immediately suspended, leaving a huge number of investors without receiving any payment. The investigation comes shortly after an announcement by South Africa’s central bank which said that it was […]

Kenya Moves Against Fintech Predatory Lending

Kenya Moves Against Fintech Predatory Lending

Kenya’s director general of budget, fiscal and economic affairs at the treasury revealed last Thursday that the government is moving to regulate predatory lending brought about by the country’s boom in lending startups. A number of fintech lenders are said to be using mobile money technology to extend credit to both banked and unbanked customers. The system, which can grant Kenyans loans in a matter of minutes, often leave borrowers burdened with high interest rates. This led the finance ministry to publish a draft bill on financial regulation to ensure that digital lenders treat retail customers fairly. A final version […]

US DOJ to Probe Suspected Bitcoin Price Manipulation

US DOJ to Probe Suspected Bitcoin Price Manipulation

Last Thursday, it was reported that the US Department of Justice will be launching a criminal investigation into alleged cryptocurrency price manipulation by a number of traders. According to four Bloomberg sources, the DOJ will be looking into reports of illegal practices such as spoofing, or flooding the market with fake orders. It is said that federal prosecutors are already working with the Commodity Futures Trading Commission (CFTC), but the Justice Department and the CFTC have yet to release an official statement on the matter. Source: Reuters

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