Archive for the ‘cryptocurrency’ Category

Binance KYC Data Leak — Crypto Exchange Sets $290,000 Bounty On Blackmailer

August 7th, 2019
Malta-based cryptocurrency exchange Binance has become a victim of a ransom demand from a scammer who claimed to have hacked the KYC (Know Your Customer) data of thousands of its customers. The unknown attacker threatened the world's largest cryptocurrency exchange by volume to release KYC information of 10,000 users if the company did not pay 300 Bitcoins—that's equivalent to almost $3.5

Posted in Binance, cryptocurrency, cryptocurrency exchange, data breach, data leaked, hacking news, Privacy | Comments (0)

Donald Trump blasts Facebook’s Libra, demands strict regulation

July 12th, 2019
Donald Trump speaks at the White House on July 11, 2019.

Enlarge / Donald Trump speaks at the White House on July 11, 2019. (credit: Alex Wong/Getty Images)

Donald Trump is not a fan of Libra, Facebook's proposed cryptocurrency, the president made clear in a series of tweets on Thursday evening.

"Facebook Libra’s 'virtual currency' will have little standing or dependability.," Trump tweeted. "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks."

Trump is the latest—and most high-profile—public official to raise doubts Facebook's cryptocurrency plans. On Wednesday, Federal Reserve chairman Jerome Powell warned that "Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability."

Read 4 remaining paragraphs | Comments

Posted in cryptocurrency, Donald Trump, Facebook, Libra, Policy | Comments (0)

There’s a big problem with Facebook’s Libra cryptocurrency

July 11th, 2019
There’s a big problem with Facebook’s Libra cryptocurrency

Enlarge (credit: Getty / Aurich Lawson)

Mark Zuckerberg is known for his boundless ambition. He's had a longstanding fascination with Caesar Augustus, the Roman emperor who (in Zuckerberg's words) "established 200 years of world peace." So having conquered social networking, Zuckerberg has his eyes on something bigger: reshaping the global financial system.

Payment services from rivals like Apple and Google essentially offer an improved user interface for conventional credit card networks. Facebook, in contrast, is aiming to use blockchain-like technology to build a new payment network from scratch, complete with its own currency.

Facebook has assembled an impressive roster of launch partners for its Libra project. Visa, Mastercard, and PayPal are backing the effort. So are Uber and Lyft, as well as several venture capital firms and non-profit organizations.

Read 51 remaining paragraphs | Comments

Posted in bitcoin, Blockchain, cryptocurrency, Facebook, Features, Libra, Policy | Comments (0)

Computer from NASA’s Apollo program reprogrammed to mine bitcoin

July 9th, 2019
DSKY unit of the Apollo Guidance Computer in the National Air and Space Museum. Shirriff used a different unit that belongs to a private collector.

Enlarge / DSKY unit of the Apollo Guidance Computer in the National Air and Space Museum. Shirriff used a different unit that belongs to a private collector. (credit: Tamorlan)

Among the many technological breakthroughs of NASA's Apollo project to land a man on the Moon was the Apollo Guidance Computer that flew onboard Apollo spacecraft. In an era when most computers were refrigerator-sized—if not room-sized—the AGC weighed only about 70 pounds. It was one of the first computers to use integrated circuits.

A team of computer historians got its hands on one of the original AGCs and got it working. A member of the team, Ken Shirriff, then decided to see if the computer could be used for bitcoin mining.

Mining is a key part of the process for maintaining bitcoin's shared transaction ledger, or blockchain. To win the right to add a block to the blockchain, you have to solve a difficult problem: finding a block whose SHA-256 hash starts with a minimum number of zeros. The only known way to accomplish this is by brute force: miners create a block with a random nonce and compute its hash value. If the hash value doesn't have enough leading zeros, the miner changes the nonce and tries again.

Read 8 remaining paragraphs | Comments

Posted in Apollo program, bitcoin, cryptocurrency, Policy, science, space | Comments (0)

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.

Read 2 remaining paragraphs | Comments

Posted in bitcoin, cryptocurrency, ethereum, Policy | 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.

Enlarge

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.

Read 10 remaining paragraphs | Comments

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

Posted in bitcoin, bitcoin hacking, cryptocurrency, cryptocurrency exchange, ethereum, hacking news | Comments (0)

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.

Read 6 remaining paragraphs | Comments

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)