search

Latest News

Crypto Mining Attacks Massively Jump

Since the first half of 2017, attacks on crypto-mining has jumped by almost 1000 percent, as reported by Trend Micro during the week. Trend Micros research reported that there were thousands of detections of malicious cryptocurrency mining software being utilized through out the first six months of 2018. This occurrence is only natural, as cryptos relevancy has been growing throughout the early months of the year.

 

The report indicated that researchers discovered a total of 47 new crypto mining malware families, which have brought up new groups being developed throughout the year. The attacks are focused on crypto jacking and businesses using computers of other victims in order to mine cryptocurrencies.

 

Businesses may need to pay attention to these reports, while investing into new means of crypto security. Crypto jacking can often damage hardware and networking performances, which can shorten the overall lifespan of a business’s IT network.

 

Attackers are able to properly bypass crypto-mining fundamentals to hack exchanges directly, which results in a large amount of cryptocurrencies being stolen.


Russian Agency Tracks Crypto Wallets of Suspicious Criminal Activity

A Russian government agency has gone through measures to monitor and prevent potential financial crimes which could take place in the countries trading system. Currently, they are seeking to further expand its internal systems, in order to cater for cryptocurrencies.

 

The BBC reported that the agency are beefing up its capabilities to monitor certain types of transactions which take place within a decentralised environment. Transactions made with cryptocurrencies will be able to function on a more stabilised environment, increasing its overall security overtime.

 

Rofinmonitoring will be playing a significant role when it comes to matters involving crypto transactions and various types of regulations. Rofinmonitoring has already played a part in regulating systems in the past, they have properly monitored various social media posts, countering extremist and anti-religious nature.

 

The agency is aiming to properly regulate its framework within Russia, increasing crypto trading platforms over time, which will result in a more stable oversight for the crypto trading potential. So far, almost 9000 people have had their accounts blocked in Russia, due to criminal charges that have taken place overtime. Currently, the database holds a list of 101 foreign entities and 415 foreign individuals


China Cracks Down on Illegal Coin Offerings

Slowly, China’s reasons for staying out of matters involving blockchain are becoming more prominent. We are no longer left in the dark, wondering why they have decided to stay away from this booming trend. China are merely regulating its raw functions, before properly committing to it as a whole. So far, they have committed in steps to assist government agencies when it comes to matters in cracking down on illegal coin offerings.

 

The China National Internet Finance Association are a self-regulated organisation which was founded by the people’s bank of China. They are currently operating on an online portal, which allows individuals to file complains and certain types of reports on suspicions activities. The reason why China are committing to these measures is to properly regulate crypto formats before going through new forms of development within its own economy.

 

China have pushed out a statement, warning the public of potential offerings which may not be legitimate. At the moment, they are merely cherry picking the more safer trading platforms their people can use. China have already enabled internet giants to properly cooperate with regulators to push through efforts in order to block crypto payments across an online functionality.


New Blockchain-based Data Storage Planned for 2019 Release

Crypto start up Filecoin, has planned out a release involving its new blockchain storage network. The Filecoin team have recently unveiled a road map that stretches past the remainder of 2018 and into the beginning of 2019. The project will push out various milestones, which includes certain types of demos and implementations that align with its plans in regards to the network launch.

 

Filecoin has described this process has a major involvement for the community, as they will be strongly encouraging a certain amount of participation of developer interest amongst the further innovation of Filecoin from its potential users. Newer more innovative applications will be implemented into the crypto itself, in order to reach a certain level of functionality into the coin.

 

Filecoin have already managed to save millions of dollars from investors during 2017. The initiative was already backed by a vast amount of notable offerings from crypto investors, which eventually translated into the coins integrity. The coins timeline currently isn’t consistent with its planned anticipation, some things may come sooner or later than what they have currently announced.


Bitcoin Rides the ETF

The US Securities and exchange commission are currently in the process of approving or disapproving a pair of proposed ETFs which is based on a bitcoin format. The decision is regulated to make the decision on the ProShare Bitcoin ETF, and will be allocated by Thursday August 23. This rule is proposed by a change in conjunction with the NYSE Arca, and simple cannot be delayed any further.

The decision will determine how Bitcoin will ultimately be allocated into the SEZ and other trading platforms which are presented. Most bitcoin ETF proposals have all been rejected, and were even denied last month when it was rejected by Gemini founders, so far this has been its greatest progress.


Bitcoin Grants Federal Court Bail

Just when we’re all sitting around wondering how bitcoin will further enable itself across multiple paying methods, it goes ahead and grants the bail of 25-year-old Martin Marsich. Yes, you read that right, people can now use bitcoin to pay for their bail.  Martin was charged with hacking a video game company in San Francisco, he was then bought into court for a number of hearings. If proven guilty, he would face a total of five years in prison and a fine of $250,000.

The judge then ordered Marsich to pay a total of $750,000 in BTC in order to be released to a halfway house at the time. With the judge being very flexible on methods of payments, something like this occurring was not out of the ordinary. The judge is simply allowed to order many types of bail.

Simmons, (the judge) believes he was the very first one to enable cryptocurrency to be used as a form of bail, he thinks the legal system enables a diverse set of payment options in the form of bail.

Simmons stated: “The idea is to get him to court, not necessarily to maintain the value of any particular asset, I would imagine that either side would alert the court of an extreme change in the value of the asset, but it doesn’t mean that the court would care one way or the other.”

 

Cited references: Ambcryptocom. (2018). AMBCrypto. Retrieved 21 August, 2018, from https://ambcrypto.com/bitcoin-btc-now-accepted-for-bail-at-federal-court/


Zcash Gears up For New Software Release

Zcash, a privacy cryptocoin will soon be releasing a major upgrade upon its first release of software, which is compatible with its Sapling folk. Zcash's most recent update was released last Thursday, the company behind the crypto have been actively encouraging miners and users to upgrade to its new version as soon as they can. The versions new software upgrade will include a vast amount of support functions which will utilise various user support methods implemented into the system itself.

The main aspect to Zcashes software update is its enhanced potential to efficiently mine crypto blocks at a much higher rate. The update will also fix bugs, which caused its nodes to slowly sync with each other when in the process of banning peers. The functions purpose was to properly allocate a class of attacks to counter bugs in an efficient manner, without affecting the systems usability.

Another key feature in this upgrade is the reduced storage requirements when it comes to matters in private transactions, while enabling the update of the blockchains cryptography. This version almost completely changes Zcashes usability, it properly establishes its place in the crypto format. Its main testing stage and initiations are done and dusted, now the crypto can actively take place in a proper trading format.


BitConnect Promotor, Arrested Over Illegal Distribution

Some of you may have heard of the controversial cryptocurrency platform known as BitConnect, which has harboured a negative reputation as of late. The Indian express reported that recently, one of its promoters, Divyesh Darji was arrested at Indira Gandhi Airport in New Delhi on Sunday. He was charged on multiple offences, one of them being the sale of unregistered security tokens.

Divyesh was basically promoting tokens which were provided by BitConnect, which was shut down back in January. The shutdown was the result of the token crashing. The main reason for its decline was the tokens poor trading price, as well as being accused of conducting a Ponzi scheme, which came after figures in the crypto community criticised against its functionality. The founder of Ethereum himself, Vitalik Buterin even spoke against BitConnect.

Soon after the shutdown, the FBI began investigating key fundaments to the project itself. BitConnect investor, Trevon James discussed matter involving the investigation on his YouTube channel.  Divyesh continued to hold seminar events in India and various other counties, often trying to pass interest for the coin. Before his arrest, Divyesh was en route to Dubai, most likely attempting to hold another event.


EQI Initiates Next Steps to Establishing a Special Economic Zone in Anguilla

EQI have recently allocated a group of its professionals to invest in the creation of a compliance digital currency Bank for the Special Economic Zone in Anguilla . This will in turn establish the worlds first block chain free trade zone, which will take place in Anguilla .

Jayden Wei, CEO of Collinstar Capital, recently visited Anguilla in order to properly set up the signing process. Jayden will meet the regulators in Dominica and Anguilla in the near future alongside the former CEO of the Bank of New York.

EQI's main objective is to attract the right people to get involved in a step by step process, so they may properly establish a means to a block chain free trade zone in Anguilla. This is a huge step for SEZ's around the world, this first milestone may potentially establish the overall relevancy of block chain technology across other zones.

The individuals involved have taken the proper steps to ensure the establishment of a new nation. Collinstar and various other groups have allocated their talent and resources into operating the proper laws and functions that need to take place, investments and the proper concession will be essential in order to see through the final stages of this groundbreaking process.


China Harnesses Blockchain to Fight Corruption

China are no strangers to adopting various forms of blockchain technology. The Asian super power have managed to integrate this technological asset into more than a few means. And now they’re taking it a step further, by going through new advancements that will address old forms of corruption that still plagues the countries integrity. State funds and fake invoices are just some factors which will be properly addressed in the near future. But how exactly will China follow through with this?

The whole idea will be centred around a concept known as ‘fapiaos.’ Which acts as a legal receipt that stands as a proof of purchase for goods and services on a grounded level. The Chinese government will be able use these invoices in order to track certain types of tax payments, while being able to forestall potential tax evasion. Individuals who wish to reclaim business expenses will need fapiaos in order to make the proper arrangements. The system itself was established in the 1980’s, however, thanks to the benefits of blockchain technology. They are able to properly transmute it into a much better platform, so they may utilise its functionality in a more stabilised fashion.


Bitcoins Market Value Dips, Even After Last Weeks Slight Gain

Last week, just about every other cryptocurrency suffered a significant drop in value. While Bitcoin managed to stay afloat at the time, the crypto could not avoid its inevitable down fall that would take place in the wake of this week.  Bitcoin could not gain proper momentum to avoid its drop, ever since the month of August, they have suffered significant drops in its overall value. Bitcoin most likely won’t be seeing a positive change anytime soon, or a large one at least, over the past day its trading value just hasn’t met the proper standard in order to turnover its prior gain.

Bitcoin have struggled to properly recover, and place itself within its desired range. Being up by half a percent on the week will not see them through this unfortunate occurrence, however, they still have a significant lead on its crypto rivals, it will take far more than just a slight drop for the other cryptos to pose a threat. In fact, their situation is no better than bitcoins. Ethereum have gone through a $300 loss of support, they will struggle to properly acquire a stable boost in order to maintain its goal of overtaking bitcoins relevance. With Ethereum are trading under its desired rate, they will need to go through certain types of means in order to ascend back to where they initially desire.


North Korean Crypto Hackers Strikes Again

A South Korean cryptocurrency exchange have been the victims of attacks from a group of North Korean crypto hackers. Fortunately, the attacks ceased for a short amount of time, but recently they have resurfaced. A group of malware analysts have claimed the cryptocurrency exchange in South Korea managed to stand its ground after being attacked on numerous occasions.

The hackers have been marked as organising a number of ‘sophisticated’ attacks, as they made attempts to scam exchange employees by posing as legitimate representatives of the South Korean financial regulation.

North Korean hacking attempts are not to be taken lightly, last year they managed to force another South Korean cryptocurrency exchange out of business, as they attacked during the early hours of the morning. Their attacks forced the company into bankruptcy, draining the their wallets and financial state overtime.

Koreas internet security were unable to put a proper stop to North Korean cybercriminals, raiding cryptocurrency agencies. They had managed to compromise thousands of user accounts, resulting in raiding in an abundant state. Part of the reason why this all came to be was due to Korea’s internet security not being sufficient enough.

Ever since they drove other agencies out of business, other cryptocurrency exchanges have been tightening its security on a consistent basis.


Ethereum are Unable to Stabilise From its Most Recent Crash

Recently, Ethereum failed to maintain their stance in the market as they dropped below $300. After going through a small recovery, they followed through with a plummet which resulted in a 9.55% drop in value.

Currently, Ethereum is trading at $288 which is a significant drop from its prior trading price. These losses are the most severe out of all of the trading cryptos. Bitcoin managed to display some resilience, as they were able to maintain their composure, while only displaying minor losses.

Ethereum’s prices are on a 9-month low, which is hundreds below its last low point, during November last year. However, they managed to bounce back after crypto trading took off during December 2017. Its unknown if history will repeat itself in the coming months. Bitcoin have managed to come out the other end due to its overall value. The other cryptos have struggled to remain at a stable value, they are unable to as they lack the same luxurious as bitcoin.

Ethereum not displaying a sense of resilience may cause a small amount of worry for bitcoin holders. Ethereum may not be on the same level as bitcoin, but they are one of the most dominant cryptos. Their devalue shows us that bitcoin may not be safe for long, as its recent drop is a sign of things to come, and a lead up to bitcoins drop.


Suspect Arrested Over $24 Million Bitcoin Scam

A 27-year-old thai actor, Jiratpisit “Boom” Jaravikit, was arrested over a $24 million cryptocurrency scam. Jiratpisit wasn’t the only suspect with an alleged crime. Seven others were also arrested on the alleged crime, including his older brother and sister, as the court awarded a warrant for their arrest. The crime originated from a Finnish man who complained that he had been lured into fraud from the foreigners, which included million worth of baht, which scales to almost $24 million. These scams mainly came in the form of cryptocurrencies, however, Juratpisit have denied any accusations made against him.

The so called cybercrookes, had promised their clients to purchase shares worth in companies through a cryptocurrency known as Dragon Coin. Investors did not receive any dividends from their investment or any invitation to shareholder meetings. The criminals instead withdrew the BTC from their e-wallets to then covert the cryptocurrency into baht.

It is unknown how legit Dragon Coin really is, this display really show cases how unreliable various forms of cryptocurrency can be. It shows us, that crypto trading is still in its earliest forms.


Facebook to Embrace Blockchain

Vice president of Facebook, David Marcus has begun working on a new assignment which specialises in blockchain technology. The assignment will mainly be in focus to Facebooks current blockchain strategy. Marcus, who stepped down from the board of directors at Coinbase, was named Facebooks new blockchain research lead, and has since released very few details in regards to the project itself. Marcus is applying his expertise in blockchain and factors in relation to mobile aspects to help steer Facebooks strategy in the right direction.

The team currently has very few members working on the project, as they are focused on gaining more insight from other crypto projects on how to further enhance its technology. Facebook have seeked out Steller, who are developers of the XLM cryptocurrency.

Matters involving Facebooks blockchain embrace have been discussed by Marcus in the past, the idea of sending various forms of cryptocurrency payments through Facebooks messenger app was planned prior to planning this specific project. Facebook will utilise a decentralised platform in order to establish an efficient and convenient way for Facebooks users to trade forms of cryptocurrency with their friends.

The idea may sound decent on paper, however, actually executing the idea will take a vast amount of work and research in order to properly secure a functional platform to implement this feature across Facebooks messenger app.

Facebook are only giving out small details of information, this shows us that they are still only in their foundation stage of what they have planned.

Coinbase stated that Marcus, had been a wonderful addition to its board while remaining to be a close friend of the company. They’re grateful for having him on-board their team.

Written by Nathan Frangoulis


JOIN OUR MAILING LIST



By Signing up you accept our privacy policy and conditions of use

Fintech Review

Fintech Review is a magazine focusing on the intersection of finance and technology in the modern age. We provide you with details and reviews of the latests fintech news, while analysing market trends and ventures so you don't have to. You will also find interviews wit hkey industry leaders and opinion pieces from those experienced in the game.

Copyright 2018 - Fintech Review - All Rights Reserved. | Website by RW Marketing
twitterfacebookinstagrammenu