Blockchain 

Blockchain Must Solve These 3 Issues to Avoid Quantum Threat: Expert

Blockchain community should immediately begin working on three issues to prevent being overtaken by quantum computers, a cryptography expert says. Xinxin Fan, head of cryptography at privacy-IoT blockchain platform IoTeX, published an article in The International Business Times on Nov. 7, calling the blockchain community to be constantly updated about the progress made on quantum computers. While reiterating that short-term developments in quantum computing are “modest,” Fan urged that blockchains will have to keep pace to avoid being overtaken by quantum computers as they grow and improve. As such, Fan…

Read More
Cryptocurrency 

Libra Labeled a ‘Monetary Threat’ By Senior US Bank Executives

Libra, the underfire planned cryptocurrency from Facebook (NASDAQ:FB), has been described as a monetary threat by senior US bank executives in a meeting with the Federal Reserve.  Senior Bank Execs Opposed to Libra Libra has been heavily scrutinized by regulatory bodies and financial institutions across the globe since it was first announced back in June and has been dealt a further blow following a meeting of the Federal Advisory Council this month. Members of the council include M&T Bank CEO Rene Jones, KeyCorp’s Beth Mooney, and Brian Moynihan, CEO of Bank…

Read More
Blockchain 

Chainalysis Rolls Out Real-Time Threat Detector for 15 Major Cryptos

Blockchain analytics firm Chainalysis has launched transaction alerts for suspicious exchanges of a range of cryptocurrencies. In a post published on the firm’s blog on Aug. 22, Chainalysis announced the launch of alerts for suspicious cryptocurrency transactions in Chainalysis Know Your Transaction (KYT), the company’s real-time anti-money laundering compliance solution. The company also claims that this is the first compliance alerts solution available for 15 crypto assets. Compliance risk mitigation The tool is meant to help cryptocurrency exchanges and other financial institutions mitigate their regulatory and reputational risks. Michael Breu,…

Read More
Bitcoin 

$1.2M Earned Through Bitcoin ‘Sextortion,’ Bomb Threat Scams

Cybercriminals earned $1.2 million in Bitcoin (BTC) through “sextortion” and bomb threat scams in the last 12 months, cybersecurity company Symantec reports on July 30. In sextortion scams, the scammers send victims emails that include an old password in the subject line, claiming the device is compromised. The message further states that the scammer is in possession of a photo or video of the victim looking at pornography websites, ostensibly obtained through a hacked webcam. In other cases, the author of the email claims to be a member of law…

Read More
Bitcoin 

Jamie Dimon Says Libra Does Not Pose a Threat in Short Term

Jamie Dimon, CEO of global financial services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra does not pose a threat in the foreseeable future. As reported by CNBC, Dimon delivered his comments during a conference call with analysts on Tuesday, July 16. Dimon said that he would not spend too much time on Libra, specifying that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.” Dimon continued…

Read More
Ethereum 

Cryptos Are Not a Threat to Financial Stability

Central Bank of Germany representative Burkhard Balz said that cryptocurrencies do not pose a threat to financial stability during a talk at the European Parliament reported a post published on the institution’s website on July 9. Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank, stated that “crypto-tokens currently do not pose a risk to monetary or financial stability.” Furthermore, he also noted that “gaps may occur where they fall outside the scope of regulators’ authority or where there is an absence of international standards.” This idea is…

Read More
Blockchain 

Crypto Projects Pose No Threat to Banking System

JPMorgan Chase CEO Jamie Dimon said that he does not think that cryptocurrency projects pose an existential threat to JPMorgan’s core business.  During an interview with Yahoo Finance on June 27, Dimon discussed crypto’s potential impact on the existing banking system: “We move $6 trillion a day around the world. It is very cheap, very secure, it works. And the banking system has already built Zelle, real time p2p, and TCH, the clearancing house, with the banking system built real time payments. We already have all that.” Dimon further stressed…

Read More
Blockchain 

Researchers Uncover Threat of ‘Unusual’ Virtual Machine Crypto Mining

Cybersecurity firm ESET has detected what it describes as an unusual and persistent cryocurrency miner distributed for macOS and Windows since August 2018. The news was revealed in a report from ESET Research published on June 20. According to ESET, the new malware, dubbed “LoudMiner,” uses virtualization software — VirtualBox on Windows and QEMU on macOS — to mine crypto on a Tiny Core Linux virtual machine, thus having the potential to infect computers across multiple operating systems. The miner itself reportedly uses XMRig — an open-source software used for…

Read More
Bitcoin 

Is Bitcoin’s Increasing Anonymity a Threat to Privacy Coins?

It’s no secret that Bitcoin isn’t actually anonymous, despite what various outside observers of crypto might claim. It is, in fact, pseudonymous, as its transactions are vulnerable to being traced to specific individuals by governments and intelligence agencies with enough determination and knowhow. However, in recent months, the privacy it offers users has been steadily increasing, given that a number of coin-mixing services and add-ons are successfully providing more and more users with the anonymity that Bitcoin itself doesn’t quite furnish on its own. But with Bitcoin’s improving privacy, the…

Read More
Bitcoin 

Country Faces Growing Threat From Stealth Crypto Mining Attacks

Microsoft Korea has claimed the country is facing an increase in cryptojacking incidents, according to a report from local English-language daily The Korea Times, published on April 22. The findings were announced by Microsoft security program manager Kim Gwi-ryun during a press conference in Seoul today, which accompanied the release of the annual Microsoft Security Intelligence Report. As previously reported, cryptojacking is the practice of using a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge. According to The Korea Times, South Korea’s cryptocurrency mining incident…

Read More