Facebook recently announced the launch of its cryptocurrency platform, Libra, which will operate using a distributed ledger rather than the current wired-based model. While Facebook has invested significantly into the security measures featured on its platform, experts of this industry note that as a brand new cryptocurrency outlet Libra will naturally appeal...
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Category: Cryptocurrency
Cryptocurrency Attacks Linked to North Korea in Response to Sanctions According to The FBI
According to the FBI, financial tension caused by United States sanctions sparked an influx of cybercrime in North Korea. Deputy assistant director of the cyber division at the FBI, Tonya Ugoretz, spoke at an event held at The Aspen Institute regarding the issue.
Many of the cyber attacks involving...
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Wirex and Elliptic Begin Joint Venture to Put An End to Cryptocurrency Fraud
Following 2019 Q1 reports that cryptocurrency fraud amounted to well over $1 billion, two companies have joined forces with the goal to put an end to this growing problem. Wirex offers cryptocurrency services through its banking platform, while Elliptic serves as an anti-fraud and security company. Together the companies are developing “solutions...
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New report by cryptocurrency analysts reveals major spike of criminal activity in cryptocurrency including $357 million in cryptocurrency theft
A report compiled by the leading cryptocurrency intelligence firm, CipherTrace, gives details about the current state of major crypto-based criminal activity. Main highlights of this report include the increase in cross-border crypto payments, Iran’s growing interest in cryptocurrency as a means to sidestep sanctions, and the $356 million in cryptocurrency thefts in...
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Blockchain Technology Can Now Be Used to Protect The Healthcare Industry from Counterfeit Pharmaceuticals
Despite its cons, cryptocurrency has introduced powerful technologies to the market, including blockchain protocols which essentially act as an advanced ledger for cryptocurrency exchanges. However, this technology is now being utilized for the protection of numerous industries, including the healthcare industry by preventing counterfeit pharmaceuticals from entering the market.
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SEC Publishes a Guide Stating Regulations on Crypto Tokens That Will Set a Precedent for Future Classifications and Exchanges
In hopes of helping society grow and to allow everyone gain more insight into exactly how crypto tokens will be viewed in the eyes of the law, the U.S. Securities and Exchange Commission (SEC) has released a regulatory guidance document that outlines how and when cryptocurrency should be used and what certain...
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Blockchain Hacking Found to Be Responsible for Billions of Dollars in Stolen Funds
In January of 2019, it was discovered that an online attacker had hacked Coinbase and processed over $1.1 million in what the cryptocurrency industry refers to as "double spends". However, this is not the only incidence of blockchains being hacked since its increasing popularity on the market. In fact, since 2017 it is estimated...
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Bermuda is the new global headquarters for cryptocurrency after launch of cryptocurrency bank
The Government of Bermuda plans to launch a cryptocurrency focused bank and further international support for cryptocurrency and blockchain technology. The news was announced by Bermuda Premier David Burt during a conversation with the BBC journalist Priya Patel at the World Economic Forum in Davos, Switzerland.
“I’m proud to say that...
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Cryptocurrency Bitcoin company owner faces up to 20 years in prison for fraud
Jon E. Montroll from Saginaw, Texas is facing up to 20 years in prison for stealing thousands of Bitcoins from customer funds, running an unregistered securities exchange, and lying to US security regulators after his cryptocurrency exchange, BitFunder, was hacked, says Bloomberg news. Montroll pleaded guilty to securities fraud and obstruction of justice before...
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Fearing it might be saddled with borrow losses, Wells Fargo halts purchase of cryptocurrency using its credit cards
Wells Fargo is prohibiting its customers from using its issued credit cards to buy cryptocurrency. Wells Fargo joins Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which stopped cryptocurrency purchases on their credit cards in February, citing market volatility and credit risks. Lenders have said they’re worried they’d be...
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