A court ruling in Russia recently determined that a church must pay higher electricity fees, due to the fact that they are running cryptocurrency mining hardware on the property. Although this is an isolated court ruling, it certainly has implications for private citizens, who are mining in their own homes. Church Investigated “Grace”, the evangelical … Continued
Cryptocurrency exchanges in some of Africa’s biggest bitcoin markets have been forced to rethink their security to thwart persistent attacks from hackers, a trend that has troubled trading platforms all around the world.
The Worst Yet to Come for African Exchanges
Exchanges in the African continent have been relatively unscathed, suffering scant losses amidst the $ 930 million that’s been stolen from global exchanges so far this year, according to data by U.S. cyber security firm Ciphertrace.
In easily one of the biggest stories of the past week, cryptocurrency exchange giant OKEx was forced to perform a $ 9 million clawback to cover substantial losses from a $ 416 million Bitcoin trade gone wrong.
$ 416 Million Losing Bet
On July 31, 2018 (Tuesday), a Bitcoin trader, “ID 2051247,” opened an enormous BTC futures bet of more than 4 million contracts. With each contract having a notional value of $ 100, the trader’s bet stood at over $ 400 million. The trader offered both cash and leverage, betting that the price of BTC would increase.
The significance of Bitcoin as a borderless and neutral money is becoming increasingly apparent as the U.S. is attempting to block Iran from accessing its bank account.
The Money in Your Bank Account is Not Yours
On Tuesday, U.S. ambassador Richard Grenell revealed that the U.S. government is extremely concerned about Iran’s plans to withdraw 300 million euros in cash held in German banks, Reuters reported. “We encourage the highest levels of the German government to intervene and stop the plan,” said Grenell.
Parity, the wallet and blockchain provider, is shutting down its PICOPS platform effective May 24, 2018, due to complications stemming from the new EU GDPR guidelines. The company announced the decision in a blog post on its website on May 18.
PICOPS: The Latest Casualty of the New EU GDPR
The General Data Protection Law (GDPR) of the EU is causing problems for blockchain and cryptocurrency. Part of the fundamental principle of the blockchain is the immutability of the data stored in it. Right to deletion of data privilege certainly throws the proverbial spanner in the works. Already, LocalBitcoins has disabled multiple accounts due to complications from the GDPR.
The Leominster Public Schools District has become the latest victim of a Bitcoin ransomware cyberattack. The school district was forced to pay $ 10,000 in Bitcoin to unlock their system.
Details of the Cyberattack
On April 14th, suspected hackers took over the computer system of the Leominster Public Schools District in Massachusetts, shutting it down. According to Paula Deacon, the superintendent of the school district, a lock was placed on the computer system and a ransom was demanded. Meanwhile, the cyber hijackers stipulated that the ransom should be paid in Bitcoin, the popular cryptocurrency.
Verge, a ”privacy coin” famed for the zealotry of its community, has fallen prey to a 51% attack. A malevolent miner gained majority control of the network hashrate, a feat that makes it possible for the controlling entity to modify transactions, calling the integrity of the entire blockchain into question. Around 250,000 verge were stolen by the attacker, forcing the project team to prepare a hard fork.