Archive for the ‘cryptocurrency’ Category

Bitcoin rises above $10,000 for the first time in a year

June 22nd, 2019
Stack of bitcoins and dollar bills

Enlarge (credit: Peter KovalevTASS via Getty Images)

Bitcoin's price has soared above $10,000 for the first time since early 2018, a new milestone in the virtual currency's latest comeback.

The price has more than tripled since hitting rock-bottom last December around $3,200. That was after crashing from an all-time high around $19,500 in December 2017.

As always, it's difficult to be sure what drives changes in Bitcoin's price. But one obvious candidate is Facebook's announcement of its own cryptocurrency, called Libra, earlier this week. Libra is a potential Bitcoin competitor, but the announcement also brings added legitimacy to the overall cryptocurrency market.

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This Cryptomining Malware Launches Linux VMs On Windows and macOS

June 21st, 2019
Cybersecurity researchers from at least two firms today unveiled details of a new strain of malware that targets Windows and macOS systems with a Linux-based cryptocurrency mining malware. It may sound strange, but it's true. Dubbed "LoudMiner" and also "Bird Miner," the attack leverages command-line based virtualization software on targeted systems to silently boot an image of Tiny Core

Posted in bitcoin mining software, cryptocurrency, cryptocurrency mining malware, Linux malware, macos hacking, macOS malware, malware, virtual machine | Comments (0)

Cryptocurrency Firm Itself Hacked Its Customers to Protect Their Funds From Hackers

June 6th, 2019
Are you using Komodo's Agama Wallet to store your KMD and BTC cryptocurrencies? Were your funds also unauthorisedly transferred overnight to a new address? If yes, don't worry, it's probably safe, and if you are lucky, you will get your funds back. Here's what exactly happened… Komodo, a cryptocurrency project and developer of Agama wallet, adopted a surprisingly unique way to protect its

Posted in Agama Wallet, bitcoin, Bitcoin wallet, cryptocurrency, cryptocurrency hacking, cryptocurrency wallets, hacking news, JavaScript, Komodo cryptocurrency | Comments (0)

Cryptocurrency firms renew push to break free from SEC rules

June 1st, 2019
Stylized, composite image of bitcoins against motherboards.


Many cryptocurrency startups and investors are unhappy with the Securities and Exchange Commission’s uncertain approach to the sector, saying the agency is killing innovation and driving companies from the US. Now the Canadian social media company Kik—backed by prominent voices in the crypto world—is stepping up its effort to use the courts to force the SEC’s hand.

On Tuesday, Kik announced a crowdfunding effort to help it fight the SEC over the company’s 2017 initial coin offering, in which it sold nearly $100 million worth of a token it called kin. The company says it sold a currency that could be used across a network of apps, whether to get paid for taking surveys or to buy new stickers and themes. The SEC disagrees, arguing in a proposed action last November that kin are securities—investments subject to strict rules about how they can be sold.

Kik’s fight has drawn interest from major investors and cryptocurrency exchanges such as Circle, that are hoping for changes in how tokens are regulated. By drawing the SEC into a legal battle, Kik and its backers are hoping the courts will devise rules that would impact a wide array of crypto companies. The catch? The SEC hasn’t taken any action yet, and it’s unclear if it will.

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Posted in Biz & IT, cryptocurrency, SEC | Comments (0)

Cryptocurrency Hacks Still Growing — What Does That Mean for the Industry?

May 14th, 2019
Though once synonymous with underground networks and black hat hackers, bitcoin and other cryptocurrencies have gone mainstream over the past two years. In 2017, we saw the skyrocket of bitcoin to an all-time high of close to $20,000 followed by a significant decline the following year. But beyond the ups and downs in the market for the world's largest cryptocurrency is a much more sinister

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Bitcoin hits $8,000 five days after cracking $6,000

May 14th, 2019
Bitcoin hits $8,000 five days after cracking $6,000

Enlarge (credit: Thomas Trutschel / Getty Images News)

Last Wednesday we reported that bitcoin had risen to $6,000 for the first time this year. On Monday, just five days later, bitcoin reached a new 2019 high of $8,000. As I write this one bitcoin is worth about $7,900.

Of course, bitcoin reached much higher levels in late 2017 and early 2018. Bitcoin's current price just under $8,000 is less than half the all-time high of $19,500 set in December 2017. Bitcoin was last worth at least $8,000 in July 2018.

As often happens, bitcoin's rise is part of a broader cryptocurrency boom. On Saturday, the price of ether—the currency of the Ethereum network—rose above $200 for the first time in 2019. Other cryptocurrencies, including Litecoin, Bitcoin Cash, Monero, and Dash are at or near 2019 highs.

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Posted in bitcoin, bubble, cryptocurrency, ethereum, Policy, speculation | Comments (0)

U.S. Charges 9 ‘SIM Swapping’ Attackers For Stealing $2.5 Million

May 10th, 2019
The U.S. Department of Justice today announced charges against nine individuals, 6 of which are members of a hacking group called "The Community" and other 3 are former employees of mobile phone providers who allegedly helped them steal roughly $2.5 million worth of the cryptocurrency using a method known as "SIM Swapping." According to the 15-count indictment unsealed today, five Americans

Posted in cryptocurrency, Cyber Criminal, cyber security, hacking news, Sim Card Cloning, Sim hacking, sim swap, SIM Swapping, SIM Swapping Attacker, SIM Swapping Hacker, two-factor authentication | Comments (0)

Binance Hacked — Hackers Stole Over $40 Million Worth Of Bitcoin

May 8th, 2019
Binance, one of the largest cryptocurrency exchanges in the world, confirmed today that the company lost nearly $41 million in Bitcoin in what appears to be its largest hack to date. In a statement, Binance's CEO Changpeng Zhao said the company discovered a "large scale security breach" earlier on May 7, as a result of which hackers were able to steal roughly 7000 bitcoins, which worth 40.6

Posted in Binance, bitcoin, Bitcoin exchange, cryptocurrency, cryptocurrency exchange, cryptocurrency hacking, cyber security, data breach, hacking news, security breach | Comments (0)

Facebook’s cryptocurrency might work like loyalty points

May 5th, 2019
Facebook CEO Mark Zuckerberg checks his phone during the annual Allen & Company Sun Valley Conference, July 13, 2018 in Sun Valley, Idaho.

Enlarge / Facebook CEO Mark Zuckerberg checks his phone during the annual Allen & Company Sun Valley Conference, July 13, 2018 in Sun Valley, Idaho. (credit: Drew Angerer/Getty Images)

If Facebook's pivot from town square to private living room wasn’t laden with enough irony, here’s a new twist: Big business, it appears, has been invited to join us by the fireplace.

On Thursday, The Wall Street Journal reported new potential details about Facebook’s long-awaited cryptocurrency plans. The company is reportedly seeking dozens of business partners, including online merchants and financial firms, in an effort to extend the reach of its blockchain-based marketplace. Facebook’s would-be partners are being asked to pitch into an investment fund, valued at $1 billion or more, that would serve as backing for Facebook’s coin and mitigate the wild speculative swings that make cryptocurrencies like bitcoin hard to spend. The pitch, according to the Journal, involves offering merchants lower fees than credit cards.

Some were quick to note that this would reduce Facebook’s ability to make money from payments in the short term. But that may not matter much—if, in the end, Facebook’s crypto effort is really all about getting you to spend more time glued to Facebook.

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Report: Facebook looking to disrupt credit cards with cryptocurrency

May 3rd, 2019
Mark Zuckerberg in 2016.

Enlarge / Mark Zuckerberg in 2016. (credit: LLUIS GENE/AFP/Getty Images)

Facebook is looking to raise as much as a billion dollars for a new cryptocurrency-based payment network that could compete directly with conventional credit cards, the Wall Street Journal reports. We've previously covered reports that Facebook-owned Whatsapp was developing a cryptocurrency product, but the company is also reportedly creating a cryptocurrency for Facebook itself.

It's not clear exactly how the product would work. The Journal reports that Facebook is trying to raise around a billion dollars from conventional financial institutions to "underpin the value of the coin to protect it from the wild price swings seen in bitcoin."

That suggests it could be a "stablecoin" whose value is pegged to the dollar or other conventional currencies. The cryptocurrency that Whatsapp is working on would reportedly be pegged to a basket of currencies.

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Posted in cryptocurrency, Facebook, Facebucks, Payments, Policy | Comments (0)