Author: Anna Galvez

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Crypto News

Cryptojacking Affected More Than 1 Million Computers In China – 20 Chinese Cyber Attackers Arrested

An investigation by Chinese authorities revealed that over the course of two years, more than 1 million computers were infected with crypto mining malware, which would have resulted in illicit profits of more than $2 million for computer criminals. The operation resulted in the arrest of 20 suspects from the technology firm Dalian Shengping Network Technology and another management software distribution company accused of implementing cryptojacking.

According to police reports, hackers were able to extract 26 million units of DigiByte (DGB), Decred (DCR) and Siacoin (SC), valued at 15 million yuan (about $2.2 million).

Cryptojacking involves using the processing power of a computer for crypto mining

The scheme was discovered after the security team at Tencent Holdings Limited alerted public safety authorities about a “Trojan” crypto mining script hidden in free downloadable plug-ins. Hackers developed and embedded the malware in these add-ons which they offered through advertisements that promised user benefits, such as improved browsing speed. Infected files reached 5 million computers in China.

The software was programmed to initiate the mining script once it detected that the computer’s CPU usage was less than 50%. In this way, it ran in the background quietly. Hackers would also have developed a network of more than 100 agents to help spread malware, hidden in software for the administration of Internet cafe networks.

20 Chinese arrested for cryptojacking

Of the total of 20 people arrested in this case, 11 were released on bail, while nine others remain behind bars.

Cryptojacking has captured the interest of cybercriminals, generating a significant increase in attacks via crypto mining malware between 2016 and 2018, according to a study by the cyber security company Kaspersky Labs. This report seems to indicate a migration of hackers from ransomware attacks to hidden crypto mining.

Large companies have also been affected by cryptojacking, and, in February, cybersecurity firm RedLock reported attacks cases at electronic car company Tesla Inc, Gemalto, the world’s largest SIM card manufacturer, and international insurance company Aviva.

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Crypto News

BitGo To Add Support For 57 Ethereum ERC20 Tokens

The BitGo startup announced today, July 10th, that it would begin to support 57 Ethereum ERC20 tokens. The company seeks to increase its services among institutional investors and list more than 100 cryptos by the end of 2018. The product offered by BitGo will meet the demand for the protection of private keys that act as keys to crypto actives, according to CoinDesk.

The ERC20 token is an interface that seeks to ensure interoperability between tokens. In other words, it is a set of Ethereum (ETH) tokens that are adjusted to different parameters.

Benedict Chan, CTO of BitGo, explained that the company has realized that there is a growing need for custody solutions for alternative cryptos. Chan refers to corporations that are already in the cryptocurrencies market or those that are thinking of entering this ecosystem.

These institutions, in general, do not want to self-manage their currencies. They’re looking for someone who can handle multiple cryptocurrencies.

Benedict Chan, BitGo CTO

BitGo addresses institutional cryptocurrency investors with it new additions

BitGo will support Kin cryptocurrency, which has been developed by the Kik instant messaging application, and Civic (CVC), which runs on a blockchain identity protection venture, as well as other native tokens for decentralized exchanges. According to Isaac Eleftheriadis, BitGo’s product manager, “every token added in this first batch was explicitly requested by BitGo’s institutional customers.”

“There were cases where customers asked us to support their ERC20 token. They don’t want to do the ICO until BitGo can retain all their tokens,” Eleftheriadis added.

Companies looking for this type of service are those that invest in cryptos and need a custody platform, and one of their needs is for “hot wallets” to enable them to safely and rapidly mobilize deposits or withdrawals of cryptocurrencies.

On the other hand, some customers also need “cold wallets” with the intention of keeping the cryptos without any risk thinking more about the medium and long-term investments.

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Crypto Markets News

Bitcoin (BTC) Will Fail As A Currency, According To Leading US Economists

Three of the top U.S. economists have negatively spoken of Bitcoin (BTC) and its survival prospects during a meeting with Financial News on July 9th. Accordingly, Joseph Stiglitz, Kenneth Rogoff, and Nouriel Roubini made remarks claiming that Bitcoin (BTC) will collapse as a currency due to its lack of intrinsic value and its price volatility.

Bitcoin (BTC) is not a reliable fiat money alternative

Joseph Stiglitz also criticized the Bitcoin (BTC) traditional anonymity of transactions stating that it is contrary to the concept of a “transparent banking system.” According to him, crypto coins such as Bitcoin (BTC) provide support (unwillingly, of course) to “harmful activities” which “no government can afford.”

Kenneth Rogoff, the ex-chief economist at the International Monetary Fund (IMF) and a Harvard University professor, reaffirmed his dissenting view on Bitcoin (BTC), saying that the leading cryptocurrency in the world would be trading at just $100 in about ten years. He also mentioned government engagement in the crypto-verse, cautioning that “the people in power” will be in charge of overseeing “anonymous transactions.”

Nouriel Roubini, also known as “Dr. Doom” for his supposed “prophecy” of the 2008 financial crisis, claimed that Bitcoin (BTC) has none of the features of fiat money. Roubini also complained about BTC price volatility, scornfully stating that Bitcoin “is not even accepted at BTC conferences, and how can something that falls 20% one day and then rises 20% the next day be a stable store of value?”

Central banks and governments are not threatened by Bitcoin (BTC)

Some worldwide governments have, in fact, given clear declarations that crypto is a non-threatening phenomenon to traditional finance. Also, the same concept is accepted by central banks around the world.

The Bank of Korea (BOK) also argued that crypto assets do not present risks to the domestic financial market because of their not very large volumes in comparison to other stock market’s assets, for example. Another example comes from the Netherlands where the government stated that cryptos pose only a low risk to the country’s financial stability.

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Crypto News

Bancor Crypto Trading Platform Recovers After A Recent “Security Breach”

The decentralized Bancor crypto trading platform, which faced a “security breach” on July 9th, has informed Cointelegraph that it hopes to be back online in 24 hours.

Bancor shut down trading on Monday due to an inquiry into a “security breach” that involved over $12 million. The platform acknowledged the breach on its Twitter account, claiming that “no user wallets were compromised.” The cyber attackers traded the tokens via the Changelly exchange service. Sources acquainted with the matter have told Cointelegraph that the stolen tokens included the original Bancor BNT token, an estimated 25,000 Ethereum (ETH) ($12.2 million) and 300,000 Pundi X (NPXS) ($1,200).

Even though an official announcement on the breach will be issued after the inquiry ends, Bancor’s head of communications, Nate Hindman, told Cointelegraph that the crypto trading platform would be back online in 24 hours. As Hindman says, Bancor is working with multiple players in the crypto-verse to build the appropriate instruments and technologies to aid the cryptocurrency companies to collaborate more efficiently when cyber attacks and thefts occur.

Nate Hindman from Bancor crypto trading platform thinks centralized crypto platforms have their place in this industry

“These mechanisms include a real-time blacklist that tracks the addresses of criminals and stolen assets, as well as an emergency fund that compensates projects when theft occurs. There is much more to do here, and we look forward to working with our colleagues across the industry to make everyone stronger and smarter as we move forward together,” stated Nate Hindman.

Also, Hindman likened the crypto trading platform’s security to a game of cat and mouse and admitted that thieves are getting more advanced and refined following the uptrend of the crypto-verse regarding technologies.

“We stand firm in our efforts to create better tools to prevent thieves from committing crimes and using stolen funds, and better processes to analyze situations and inform users and relevant parties when they occur,” Nate Hindman added.

On the other hand, Nate Hindman adopted a stance in opposition to Vitalik Buterin who said that he hopes centralized crypto platforms to “burn in Hell.” According to Bancor crypto trading platform’s chief of communications, Hindman, there is a place for both centralized and decentralized systems in the cryptocurrencies market.

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Crypto News

Binance Cryptocurrency Trading Platform To Donate $1 Million For The Flood Victims In Japan

Changpeng Zhao, CEO of the Binance cryptocurrency trading platform, announced a couple of days ago that the platform he leads would donate $1 million to help flood victims in western Japan.

Binance cryptocurrency trading platform to donate $1 million to help flood victims in western Japan

CZ, as Zhao is known on social networks, made this initiative public through his Twitter profile, where he also clarified that the amount of the donation would be given to the equivalent exchange rate that is most convenient for those affected, be it bitcoin (BTC), Binance Coin (BNB) or in the Japanese fiat currency, the Yen.

In the tweet, CZ took the opportunity to call on the other cryptocurrency exchange platforms to join the initiative and “help our friends in need.”

Shortly after Zhao’s announcement, Binance posted on its website and social networks ways to join them for this charitable cause, which may be anonymous or disclosed, according to donor preference. Donations can be made in Ethereum (ETH) or any ERC20 token.

However, the public’s receptivity to this initiative has been excellent, both on social networks and in the fundraising itself. According to EtherScan.io, an Ethereum (ETH) block explorer, the donation account has so far received 47 transactions, totaling more than 197 ETH, about $100,000.

Binance raised to the occasion to help those people in need

Japan has been severely affected by the extreme rains that have been falling since last Thursday, July 5th. According to news portals, the total number of fatalities and missing persons so far is between 70 and 90 people. In the meantime, rainfall in western Japan region is expected to continue as a result of the monsoon season.

The cryptocurrency trading platform behind this project dedicated to helping the victims of the floods, Binance, is one of the exchanges of cryptos with the highest volume of transactions in the cryptocurrencies ecosystem.

Therefore, it is common to see it among the first places when studying the movements in the market of cryptos such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and so on.

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