Tag: Bitcoin (BTC)

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The Professional Golfers’ Association of America Is The Latest Victim Of A Bitcoin (BTC) Ransomware Attack

On the eve of the start of the 100th-anniversary championship, the Professional Golfers Association of America (PGA) became the latest new victim of hackers, whose methodology is to seize sensitive information and ask for ransom in return. In this practice, it is widespread for cybercriminals to demand payments in Bitcoin (BTC) or other cryptocurrencies, in what is called a ransomware attack.

According to the specialized media, Golf Week, the attack was perpetrated on Wednesday, August 8th, when employees were unable to access the server. Instead, they received a message announcing the encryption of all files and threatening to make them unrecoverable from any attempt at decryption.

The attackers made it clear from the beginning that their target was Bitcoin (BTC) extortion

However, although the ransomware message includes the address of a Bitcoin (BTC) wallet, the hackers did not specify the amount of Bitcoin they wanted to get for unlocking the PGA servers.

However, according to an anonymous source, the Professional Golfers Association of America, the PGA, will not pay ransom for the archives, and that they took steps to ensure that the development of the anniversary championship won’t be impaired.

At the time of writing, no information has been released on the recovery of PGA servers or payment of the Bitcoin (BTC) ransom, the start of the PGA Championship 2018 tournament took place as usual.

Ransomware attacks involving cryptocurrency decline in popularity, while cryptojacking takes the lead

According to several studies carried out by various computer security companies worldwide, ransomware attacks involving cryptocurrency are declining in popularity, as the cybercriminals have gradually migrated to a more effective and lucrative business model, such as the use of hidden crypto mining malware. This method is known as cryptojacking and uses the computational power of victims’ devices to mine cryptocurrencies for the hackers.

A report released by Kaspersky Labs about a month ago confirmed the increase in cryptojacking attacks. Cybercriminals are developing increasingly sophisticated forms of crypto mining malware programs, using techniques such as file-free contamination or placing malware directly on routers.

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Crypto News

Lightning Network Reaches Over 3,000 Nodes And Approaches 100 Bitocin (BTC) In Capacity

After expanding its capacity by 85% in July, Lightning Network (LN) on the Bitcoin (BTC) mainnet exceeded 3,000 nodes and got closer to 100 BTC in capacity in the first week of August. The data gathered by the monitoring resources site 1ml.com determined that the LN reached a total funds accommodation of 97 BTC or about $630,000.

Lightning Network experienced rapid growth in July

Initially deployed at the beginning of 2018, the Lightning Network experienced a high-paced growth in Q2 2018. In May, the network’s capacity was somewhere below 18 BTC and had explosive growth in July.

Even though the LN continued to expand rapidly, the relatively new technology keeps rising concerns and critics from a part of the Bitcoin (BTC) community and some crypto enthusiasts, mostly regarding the alleged centralization of the Lightning Network.

In reply to these accusations, the network’s developer, known as StopAndDecrypt, explained how the visual maps only give the illusion of the decentralization.

“The fact of the matter is, this network graph actually does a really terrible job of presenting the Lightning Network to you. It’s pretty and fun to play with, but it does everyone involved an analytic injustice,” the developer asserted in a blog post.

Lightning Network gains support despite its current issues

Also, many crypto fans and blockchain technology enthusiasts complain about the fact that Lightning Network might not have the expected ability to operate Bitcoin (BTC) transactions.

As pointed out in an older article on the Bitcoinist, the developers of the Lightning Network primarily focused on the stability of the network and not on the sums conducted on it, for the moment, so any transaction over approximately three cents is not guaranteed to be successfully carried on.

Despite its current flaws, Lightning Network on the Bitcoin (BTC) mainnet keeps raising the interest of investors, crypto community, and developers. Many came into support, with Charlie Lee, the Litecoin (LTC) founder, leading the pack, who stated that Lightning network would eventually be the “ultimate decentralized exchange.”

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JPMorgan CEO Jamie Dimon Calls Bitcoin (BTC) A “Scam”

JPMorgan CEO Jamie Dimon returned to his most critical comments about Bitcoin (BTC), calling the leading cryptocurrency in the market a “scam” and saying he had no “interest” in it, as Bloomberg reported yesterday, August 5th. Dimon was speaking at the Aspen Institute’s 25th Annual Summer Celebration Gala on Saturday, including cryptocurrencies as part of his general remarks on the US economic outlook.

His words were soon repeated in the mainstream press and online by prominent economic sources, notably Nouriel Roubini, who has also become known this year for his critical stance on Bitcoin (BTC).

According to Bloomberg, Dimon also “suggested that governments may move to shut down the crypto coins, due to the inability to control them.”

The story of the JPMorgan CEO with cryptocurrencies has been a checkered one

Having caused a stir in September 2017 when he initially called Bitcoin (BTC) a “fraud,” Jamie Dimon seemed to change his tact from then on, and then said he “regretted” the choice of his words.

“I wouldn’t put this in the category of important things in the world. But I’m not going to talk about Bitcoin (BTC) anymore,” he told reporters in October 2017.

In January, Dimon kept his promise and reported for the Cointelegraph crypto news portal that he “cannot respond” when asked how he felt about moving markets his previous comments triggered. However, he added that he is not “skeptical” about cryptos.

JPMorgan has mixed sentiments regarding Bitcoin (BTC) and cryptocurrencies

In his recent interview published in the July-August issue of the Harvard Business Review, Jamie Dimon again refused to comment directly on crypto. “I probably shouldn’t say more about cryptocurrencies,” he said.

In the same interview, Dimon also commented calling blockchain technology “real,” while implying that crypto is not, saying that JPMorgan is “testing blockchain technology and will use it for a lot of things.”

Since then, mixed signals have emerged from other JPMorgan sources, including company’s Daniel Pinto who told CNBC in May that cryptocurrency “is real but not in its current form.”

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Crypto News

Starbucks Makes It Clear That They Won’t Accept Bitcoin (BTC) Payments

Contrary to what is reported by many crypto news portals, Starbucks will not accept payments in Bitcoin (BTC) or other cryptocurrencies.

Last week, the Intercontinental Exchange (ICE) unveiled its intention to create a new “global platform for digital assets” in collaboration with some prestigious companies, including Starbucks. Following the announcement, several information portals such as Bloomberg and CNBC published articles stating that Starbucks would soon allow the purchase of digital assets products.

However, in an interview published on Motherboard, a representative of the company stated that “customers will not be able to buy their milkshakes with Bitcoin (BTC).” However, the company has joined the ICE project to “convert digital assets such as Bitcoin (BTC) into US Dollars, which are instead accepted by Starbucks.”

At the moment, we are only announcing the launch of a system for trading and converting Bitcoin (BTC). However, we will continue to discuss with customers and regulators and will keep an eye on the evolution of the sector.

Starbucks’ representative

Starbucks won’t accept Bitcoin (BTC) payments, but Bitcoin (BTC) futures are just around the corner

In the official press release, published last Friday, is also explained that the project will also allow getting Bitcoin (BTC) futures in physical form:

Bakkt, the US-based platform for the futures exchange built by the Intercontinental Exchange, plans as an initial component of its offer the launch of Bitcoin futures contracts delivered physically and a physical deposit service by November 2018. This initiative will be subject to review and approval by the CFTC.

Already in May of this year, sources revealed to the New York Times that ICE intended to launch a service for the physical delivery of Bitcoin (BTC) futures contracts. These were, therefore, confirmed last week.

In July, Mike Novogratz, a former Wall Street executive, predicted that the mass adoption of cryptocurrency would take “another five or six years” to take place.

Think about how institutional investors operate. It’s hard to say to your boss, ‘I have money in places you’ve never heard of.’ You need a well-known custodian bank, such as a Japanese bank, HSBC, ICE or Goldman Sachs, to make institutional investors feel comfortable [with Bitcoin (BTC)].

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Crypto News

NYSE Trader Said “Bitcoin (BTC) Is Very Iffy” After The Launch Of The Bakkt Bitcoin Exchange

A New York Stock Exchange (NYSE) dealer commented to Yahoo Finance in an August 3rd interview that Bitcoin (BTC) is “very iffy” at this moment, following the introduction of the new regulated Bakkt Bitcoin (BTC) exchange, ruled by Intercontinental Exchange (ICE), the holding entity of the NYSE.

Alan Valdes, Managing Director of international consultancy Silverbear Capital and NYSE trader, voiced his worry over BTC when questioned if the inception of Bakkt might be a signal that Wall Street is taking cryptocurrencies seriously.

How do you protect your Bitcoin (BTC)? These wallets seem doubtful at best. Anybody gets into her, it’s like losing cash, you’re out. So, I think Bitcoin [has] come a long way to involve an average person. Perhaps in some emerging markets, it will keep up that this cryptocurrency could be a little stronger, it could work. But I think here for the trade, I mean, we had $20,000. Are we gonna get back there? Everything is possible. But I’m not sure.

Alan Valdes

Bakkt Bitcoin (BTC) exchange platform is a new regulated crypto trading operator under the Intercontinental Exchange (ICE), the parent of NYSE

The Bakkt Bitcoin (BTC) exchange will reportedly cover federally regulated markets and storage in parallel to “commercial and consumer applications.”

“ICE says it plans to support Bakkt’s transaction flows into the $270 billion digital asset marketplace and make them secure and efficient,” added Valdes.

The sentiment of Wall Street investors about digital assets has improved, lately, as Goldman Sachs CEO Lloyd Blankfein, who repeatedly declared that Bitcoin (BTC) “is not for him,” commented in May that a highly dedicated team of researchers had studied how Goldman Sachs can provide a variety of cryptocurrency-based solutions in response to clients’ requests.

In July, on the other hand, BlackRock, the largest exchange-traded fund (ETF) platform in the world, unveiled the establishment of a workgroup to evaluate the potential investment in Bitcoin (BTC).

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