Banking and Finance

Denmark’s Tryg Says Cyber Crime Insurance Will Boom

Denmark’s Tryg Says Cyber Crime Insurance Will Boom

Tryg, Denmark’s largest insurance company, recently made a prediction stating that the market of cyber insurance will experience rapid growth within the next five years. Tryg is expecting around 90% of its corporate customers to purchase said insurance in just a couple of years, prompted by the recent “Wannacry” attacks that affected hundreds of thousands of computers worldwide which left businesses compromised and incapacitated. Tryg chief executive Morten Hubbe said that it is fairly evident that businesses should insure against cybercrime. However, he revealed that there is a big risk that more of their customers will get hit more than […]

Investors Lose $3 Million in Chinese Crypto-exchange Hacking

Investors Lose $3 Million in Chinese Crypto-exchange Hacking

Recent reports revealed that around the end of August, users of OKEx and OKCoin lost around 600 Bitcoin, or around $3 million at present. Director of Financial Market for both exchanges Lennix Lai denied that the loss was the result of a hacking incident, but rather a case of users being careless with their accounts. Additionally, they issued an official statement where they reminded their users to enable two-factor authentication (2FA) on their accounts. Some of the affected users reported seeing IPs from Germany logging into their accounts right before losing their funds. However, since Bitcoin trading has been banned […]

Japan FSA Officially Endorses 11 Cryptocurrency Exchanges

Japan FSA Officially Endorses 11 Cryptocurrency Exchanges

The Financial Services Agency (FSA) of Japan announced on Friday that it has recognized 11 companies as official operators of digital currency exchange. The country’s move is in contrast to its neighboring countries who have imposed strict regulations and bans on cryptocurrencies. Bitcoin has been recognized by the Japanese government as a legal form of currency last April and has mandated registration from digital currency exchanges. A set of requirements have been laid out by the FSA including customer account segregation, client identity verification, and the creation of better and stronger computer systems. To date, there are still 17 applications […]

After China Bans ICO, South Korea Follows Suit

After China Bans ICO, South Korea Follows Suit

Initial Coin Offerings (ICOs) are now banned in South Korea due to mounting concerns over digital financial scams. The Central bank of China was one of the first to ban ICOs or token sales earlier this month. This year alone, companies worldwide have been able to raise upwards $1.8B through ICOs. ICOs are not regulated unlike other financial markets, which opens it to potential fraud. Last week, an infamous gangster in Hong Kong was linked to a casino ICO amounting to $500M. In response to this development, Bitcoin’s price went down by 3 percent while Etherium is 6.5 percent lower. […]

“Improved” BankBot Trojan Strikes Play Store For the Second Time

“Improved” BankBot Trojan Strikes Play Store For the Second Time

Android banking malware BankBot was found to have struck Google’s Play Store for the second time earlier this month, potentially infecting thousands before getting removed. The trojan was discovered by ESET researchers in a game called ‘Jewels Star Classic’, which was uploaded on August 26. However, it was only identified as infected last September 4, and had already been downloaded around 5000 times.     The updated BankBot version features improved code obfuscation and is able to exploit Android’s Accessibility Service. It also uses a delay mechanism where the user is prompted to grant various permissions around 20 minutes after the […]

Showtime Websites Runs Coinhive, Mines for Monero

Showtime Websites Runs Coinhive, Mines for Monero

Two websites of cable network Showtime have been found to be running Coinhive to mine the Monero cryptocurrency using its visitor’s CPU’s. Twitter user SkensNet found out that Showtime domains “showtime.com” and “showtimeanytime.com” had been running the said Javascript library, but it couldn’t be confirmed whether the site had been hacked, or it was being done intentionally. However, tech observers suspect that it may have been done with the company’s knowledge, since the setThrottle value was set to remain dormant 97% of the time. Coinhive was also used by PirateBay in a similar manner a few weeks ago as a […]

China Introduces Blockchain Research Lab in the Wake of ICO Ban

China Introduces Blockchain Research Lab in the Wake of ICO Ban

The Ministry of Industry and Information Technology of China has introduced the Trusted Blockchain Open Lab intended to nurture advancements in the blockchain field. The initiative comes after a recent ban on fundraisings based on Initial Coin Offerings (ICOs) by the People’s Bank of China (PBoC) and announcements from the government ceasing domestic cryptocurrency trade. A research institution from inside the ministry, China Academy of Information and Communications Technology (CAICT), operates the lab. The China Economic Review cited that the CAICT is working on a platform where blockchain companies and industry experts can collaborate in exploring various ways to use […]

Hackers May Use Stolen SEC Data for Inside Trading

Hackers May Use Stolen SEC Data for Inside Trading

The government body regulating the financial sector for the United States, Securities and Exchange Commission (SEC), revealed its systems have been attacked last May. Jay Clayton, SEC Chairman, reported that hackers had breached the agency’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR), which is a database that holds past financial data, future announcements, and company filings. Clayton mentioned that the hackers took advantage of a vulnerability in a test filing component of EDGAR. This enabled the attackers to access to private filings and yet-to-be released news that may affect the market. CEO of web security company High-Tech Bridge, Ilia Kolochenko, […]

Swiss Watchdog Cracks Down on Fake Cryptocurrency

Swiss Watchdog Cracks Down on Fake Cryptocurrency

Zurich, Switzerland – Switzerland’s FINMA has recently shut down a provider of fake cryptocurrency called Quid Pro Quo Association which has been able to raise as much as $4.2 million from around a hundred investors. The financial watchdog revealed that the fake “E-coin” the group was offering were stored locally on their servers, unlike real cryptocurrencies such as Bitcoin which uses distributed networks on blockchain technology. FINMA is also investigating around a dozen more fraud cases related to virtual money, and had revealed that it is closely watching three more companies on its list. Source: Reuters

Pirate Bay Users May Have to Mine Cryptocurrency to Keep Using Site

Pirate Bay Users May Have to Mine Cryptocurrency to Keep Using Site

Reports from a few days ago revealed that popular torrent site Pirate Bay had experimented using a cryptocurrency miner on the site’s users. Some of the visitors reported seeing an uptick on their CPU usage, and it was eventually uncovered that the site was using a cryptocurrency miner from Coinhive to mine Monero, a cryptocurrency. The miner has since been taken down, and the operators of the site confirmed that they did it to see if it was a viable source of funds instead of ads. Observers have commented that while the concept of websites using visitor’s space PC power […]

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