WannaCry On the Move? Bitcoin Crime Evolves in a Multi-Blockchain World

WannaCry On the Move? Bitcoin Crime Evolves in a Multi-Blockchain World

admin Monero, Ransomware, WannaCry 0 Comments

First, there was the theft – then the coins stood still. For the past 10 weeks, three bitcoin address containing more than $140,000-worth of the cryptocurrency has been given more scrutiny than possibly any others on the blockchain. Now held by the hacker or hackers behind the WannaCry ransomware attack, the funds were sent by victims from more than 150 countries in an attempt to unlock their computers from the malicious encryption software. But last week, something stirred – and increments of $20,000-worth of bitcoin began moving into seven new addresses. Slowly, the three addresses that had held the attention of the world began to empty. The question was, where were the coins headed? That the subject would gain such attention perhaps isn’t surprising. At the time of the incident in May, WannaCry attracted global headlines, and bitcoin got a share of the blame. As bitcoin’s value grew over the course of the year, and as it attracted a new class of investors, the incident emerged as a black mark – the latest reminder of how the technology can be used to nefarious ends. “There’s an implication that [blockchains] are well-suited for criminal activity,” said Andrew Poelstra, a mathematician at Blockstream. “Because blockchains make it cheaper to …

Insufficient Understanding of Cryptocurrencies Results in Their Volatility

Insufficient Understanding of Crypto Currencies Results in Their Volatility

admin Bitcoin Price Index, Cryptocurrencies, Cryptocurrency, In the News, Investments, Investors, Technology, The Future Of Money 0 Comments

Bitcoin made the news in May when it passed the all-time high of $2,700 per unit, before swallowing a sharp correction and losing almost 30 percent of its value in 48 hours. Along the way, many other cryptocurrencies such as Ethereum, Litecoin, Dash, Ripple and Monero have followed Bitcoin in its correction. This scenario naturally leads us to think about the last quarter of 2013, when Bitcoin price jumped from $130 to over $1100. After this boom, we didn’t see a sharp correction, but a long and steady decline to the unit price of $200, followed by a long and steady increase period. Will the same steady decline happen in 2017? The main difference between 2013 and 2017 is that the ecosystem of Blockchain and cryptocurrencies is widely more developed. We went from theories and white papers to proof-of-concept, real world applications and significant investments. Nonetheless, little are those who truly understand the underlying technology powering this ecosystem. An insufficient understanding of the market Investors have been pouring capital into the market, betting that consumer demand will propel future growth. Cryptocurrencies are therefore subject to significant speculation backed by very little analysis, which makes this asset class particularly volatile. David Z. Morris, a contributor …

The FBI Wants Zero Privacy Security, Bitcoin Community Should Protect its Freedoms

admin Bitcoin, Bitcoin News, Bitcoin Politics, Bitcoin Tools, Silk Road, The Deep Web & Dark Net 0 Comments

For security agencies like the FBI there is no difference between Bitcoin and Monero regarding their use in the crypto market or the dark web, says Bitcoin Core Developer and Advisor to Coinkite, Peter Todd, to CoinTelegraph. All they want is “zero security systems with zero privacy.” Todd explains: “I will even word that a little differently: these people will only be happy when we have zero privacy security. Good security should give you good privacy – they’re not separate concepts.” European Drug Report 2016 on Bitcoin and Tor Todd’s view comes in the wake of a report by the European Monitoring Centre for Drugs and Drug Addiction saying that the anonymous use of Bitcoin and other cryptocurrencies allows for the purchasing of illegal items such as drugs or weapons. However, the payment may be traced and lead to criminal charges. Thus, a range of strategies are used to hide users’ identities and conceal the physical locations of servers. The report states: “These include anonymisation services such as Tor (The Onion Router) which hide a computer’s IP address when accessing the site; decentralised and relatively untraceable cryptocurrencies, such as Bitcoin and Litecoin, for making payments; and encrypted communication between market …