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Spike in attempts to hijack computers for cryptocurrency mining:

spike in attempts to hijack computers for cryptocurrency mining:

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SINGAPORE – Digital hijackers are taking over computers to mine for cryptocurrency, with cyber-security firm Kaspersky saying that Singapore has had a spike in cryptojacking attempts in the first three months of 2020.
The Russia-based firm said it blocked more than 11,700 cryptojacking attempts on devices in Singapore between January and March this year – a more than threefold increase from the same period last year when there were about 2,900 attempts.
In a recently published report, Kaspersky said the spike is the highest percentage increase in South-east Asia.

Hijackers target Singapore because of its IT infrastructure and fast Internet speed, which offers a healthy supply of bandwidth for cyber criminals to take advantage of, said Mr Yeo Siang Tiong, general manager for South-east Asia at Kaspersky.
“Cryptojacking, or malicious mining, is the unauthorised use of someone else’s device to mine cryptocurrency.
“Cyber criminals use various means to install miner programs on other people’s computers, preferably in bulk, and take all of the profit from cryptocurrency mining without incurring any of the equipment or electricity costs,” Mr Yeo said on Wednesday (June 3).

Mining for cryptocurrency involves the use of computers to solve complex mathematical problems.
“Miner” computers and devices perform a job similar …

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Blow To Bitcoin As Coinbase Crashes In Sudden Meltdown

blow to bitcoin as coinbase crashes in sudden meltdown

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Bitcoin investors yesterday cheered the bitcoin price soaring over $10,000 per bitcoin (again)—though their celebrations were short lived.The bitcoin price, after a number of recent runs at the psychological $10,000 level, surged to highs of $10,430 on the Luxembourg-based Bitstamp exchange on Monday evening only to crash back less than 24 hours later.
However, users of major U.S. bitcoin and cryptocurrency exchange Coinbase were left on the sidelines of the virtual trading floor after the exchange crashed offline just as the bitcoin price began to climb—and not for the first time.
MORE FROM FORBESDonald Trump Is Creating Twitter And Facebook’s Worst NightmareBy Billy Bambrough

Bitcoin and cryptocurrency exchange Coinbase has developed a reputation for falling offline every … [+] time the bitcoin price makes a major move.

Coinbase

“We are currently experiencing intermittent downtime,” Coinbase told users just as the bitcoin price leaped over $10,000—reporting it was “back up and running” a little over an hour later.

The importance of Coinbase, by far the largest U.S. crypto exchange, to the bitcoin and cryptocurrency ecosystem shouldn’t be underestimated.
As well as being one of the most common ways Americans are introduced to bitcoin and crypto, Coinbase is the largest bitcoin holder among …

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Cryptocurrency Crime Losses Surge to $1.4 Billion YTD in 2020

cryptocurrency crime losses surge to $1.4 billion ytd in 2020

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Losses from cryptocurrency thefts, hacks, and frauds netted $1.4 billion in the first five months of 2020, swelled by a Chinese-based crypto Ponzi scheme called Wotoken, according to a report from blockchain forensics company CipherTrace.The figure suggests that 2020 could record the second-highest value in losses linked to cryptocurrency crimes. In 2019, crypto crimes proceeds surged to $4.52 billion, up 160 percent from 2018’s total of $1.74 billion.The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets InnovationCryptocurrency user and investor losses increased due to the abundance of cross-border transactions, which accounted for 74 percent of the bitcoins moved in exchange-to-exchange trades. Out of this figure, analysis further revealed that users of Bitcoin ATMs in the US sent 88 percent of their transacted funds to offshore, high-risk exchanges.According to CipherTrace’s report, the majority of the funds were linked to investment scams and Ponzi schemes. Although both scam categories represented a majority of the funds cryptocurrency scammers obtained, they didn’t account for the full losses. Apart from them, they also used blackmailing, fake cryptocurrency mixers, phishing, and fake token sales.Other highlights show that Finnish exchanges maintained its top ranking as the most preferred destination for criminally-sourced BTC funds. Nearly 12 percent of all dirty …

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AI Trading Platform Tickeron Unveils Cryptocurrency Market Forecasting And Pattern Analysis – EnterpriseTalk

ai trading platform tickeron unveils cryptocurrency market forecasting and pattern analysis – enterprisetalk

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Tickeron, an artificial and human intelligence platform delivering unparalleled trading insights and analysis, introduces its Intraday Pattern Feed for cryptocurrency trading. Paired with Tickeron’s Trend Prediction Engine, the Intraday Pattern Feed uses artificial intelligence to scan hundreds of cryptocurrencies in search of patterns which indicate buy or sell signals.
Tickeron’s technology has an established track record in the cryptocurrency market, which includes accurately predicting the 2018 Bitcoin crash within two percent of the actual decline. Three weeks in advance of the crash, Tickeron projected with 88.78 percent confidence that Bitcoin, which had been trading at over $11,000, would experience a 40.53 percent decline to prices below $6,000. The actual crash was remarkably close to their target, with prices at $6,914 resulting in a 39 percent decline. In this instance, the artificial intelligence was able to predict the crash by accurately identifying a “Broadening Bottom Pattern” that signaled the substantial drop in price that took place. All of Tickeron’s Bitcoin predictions, past and present, are available here.
The same valuable technology is making cryptocurrency trading analysis much more accessible to investors. Once the user selects patterns and choses their minimum confidence level, the work is done for them. Tickeron’s artificial intelligence then predicts breakout …

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My Answer to J.K. Rowling on What Cryptocurrency Is

my answer to j.k. rowling on what cryptocurrency is

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To paraphrase a famous financial services commercial from the 1970s and 1980s, when J.K. Rowling asks, people answer. When the famed author of the Harry Potter series of books requested an explanation of bitcoin on Twitter in May, hundreds of people raced to reply. Among the repliers was Elon Musk, who took time off time off from preparing for the launch of the rocket of his company SpaceX to make the first private manned launch into space. (The SpaceX rocket successfully launched on May 30.)

Rowling’s query began when she injected herself into a Twitter conversation between Leigh Cuen, a journalist for the cryptocurrency news site Coin Desk, and technology lawyer Marvin Ammori. Rowling tweeted to Cuen and Ammori, “I don’t understand bitcoin. Please explain it to me.”As of this writing, Rowling’s query had 3,700 retweets and 9,900 likes. And, as reported by crypto news site Bitcoin.com, “Comments immediately flooded the Twitter thread after Rowling tweeted as crypto enthusiasts seized this unique opportunity to explain bitcoin and cryptocurrency to the famous author and her 14.6 million followers.” The responses were very creative—from custom-made videos to Harry Potter analogies.

But Rowling didn’t seem to find any of …

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Intelligence firm starting to see coronavirus-related cryptocurrency fraud

intelligence firm starting to see coronavirus-related cryptocurrency fraud

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Crypto intelligence company CipherTrace, which started tracking cryptocurrency crime a few years ago, said it has started to see coronavirus-related frauds that require some form of digital currency payment. Losses from cryptocurrency thefts, hacks, and frauds soared to nearly $1.4 billion from the beginning of the year until the end of May, a report from CipherTrace showed. The proportion traced to coronavirus fraud involving cryptocurrencies for the first five months of the year was minimal, CipherTrace said, but it did not give a specific figure. Story continues below advertisement This year’s crypto crime is on track to be the second largest on record after last year’s $4.5 billion in losses. “Consumers, investors, and users continue to adopt cryptocurrency at a massive rate and it is by far the fastest-growing payment system on the planet,” Dave Jevans, CipherTrace chief executive officer, told Reuters. “At one trillion dollars in annual payments, cryptocurrency payments have grown from zero to 7 per cent in 10 years, making this volume of funds attractive to bad actors,” he added. Coronavirus-inspired fraud generally took place by luring victims off legitimate platforms into chat rooms where payment in bitcoin can be requested, CipherTrace said in the report. COVID-19 fraud has …

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Cryptocurrency Firms Now Recognized as Money Service Businesses in Canada

cryptocurrency firms now recognized as money service businesses in canada

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Cryptocurrency exchanges and payment processors are now legally recognized as Money Service Businesses (MSB) within Canada.June 1 saw the enactment of amendments to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act that were passed in June 2019 to address holes in the then-existing framework.Candian crypto firms must now report all transactions exceeding 10,000 Canadian dollars ($7,403), and register and comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).Recognition brings reliefOn May 29, the CEO of Canadian crypto asset exchange BullBitcoin, Francis Pouliot, tweeted:“Today is my last day as an unregulated dealer in virtual currency. As of June 1, 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada.”Pouliot had spent over half a decade fighting for legitimate recognition for Canada’s crypto sector, having joined the Bitcoin Foundation Canada as its director of public affairs in 2014. “I’ve been closely involved with the process, starting in 2014, collaborating particularly with the Ministry of Finance and FINTRAC. Our stance never changed: Bitcoin is money, it should be regulated like other money, no more no less,” he added.Pouliot notes that the new regulations will predominantly affect cash-based businesses such as Bitcoin ATM operators, adding …

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Cryptocurrency This Week: Indian Crypto Exchanges Witness Surge In New Users, Bitcoin Sees $1000 Spike & More

cryptocurrency this week: indian crypto exchanges witness surge in new users, bitcoin sees $1000 spike & more

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According to cryptocurrency research platform Coinpaprika and global crypto exchange OKEx, India is poised to gain considerable global market share of crypto transactions this year.The report published last week showcased that the trading volume of Indian crypto exchange platforms, CoinDCX and WazirX, witnessed an increase in the trading volume since the ease of cryptocurrency trade policy in the country. As per Similarweb, the website traffic of major crypto exchanges from India has increased during 2020 Q1. Furthermore, the report revealed that OKEx’s visits from India saw the highest increase, reaching 545.56%. It claimed that newly registered users from India rose by 4100% during the same period. The global crypto exchange platform is now eyeing India and has plans to launch P2P trading platform in the country soon, which will allow Indian users to buy Bitcoins, Etherium and other digital currencies with INR via multiple payment channels. Previously, another global crypto exchange platform Kraken had also announced that it will be expanding to the Indian market this year. With this, the crypto market in India is expected to get fierce in the coming months.However, the crypto market still faces challenges in terms of lack of clear regulatory policies, including tax …

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2 Swiss Banks Launch Cryptocurrency Trading and Custody After Gaining Regulatory Approval | Bitcoin News

2 swiss banks launch cryptocurrency trading and custody after gaining regulatory approval | bitcoin news

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Switzerland’s financial regulator, FINMA, has approved two Zurich-based banks to offer a range of cryptocurrency services, including trading and custody. Maerki Baumann Bank subsequently announced the launch of its trading platform for major cryptocurrencies while Incore Bank is offering a range of crypto services.Maerki Baumann Launches Cryptocurrency Trading Desk and Custody ServiceThe Swiss Financial Market Supervisory Authority (FINMA) recently approved two banks — Maerki Baumann and Incore Bank — to offer a number of cryptocurrency services, the two financial institutions independently announced Friday.Maerki Baumann, a Zurich-based private bank with a dedicated crypto desk, stated Friday that it has obtained a license from FINMA “to offer the trading and custody of cryptocurrencies as well as other digital assets (tokens).” With this new license, the bank will offer its clients the trading and custody of cryptocurrencies starting this month. Noting that its trading platform will also support ERC20 tokens, the bank explained:Maerki Baumann will initially offer trading in the principal cryptocurrencies, namely bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and ripple (XRP). Zurich-based private bank Maerki Baumann has been opening business accounts for crypto companies since April 2019 and is now expanding its crypto services to include trading and …

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