BetByBitcoin – Best Bitcoin Casino & Betting Game Review Site Mon, 25 Mar 2019 12:24:21 +0000 en-US hourly 1 110991239 Duke University to Get a Blockchain Incubation Lab through a Partnership with Citizen Reserve Mon, 25 Mar 2019 12:24:12 +0000

As blockchain takes over brick and mortar systems already running in the world, it also leads to universities starting educative programs and incubation labs. In the spirit of equipping the next generation of blockchain developers, University of Duke has gone into a partnership with Citizen Reserve. Through the partnership, a blockchain incubation lab will be set up at the former’s premises together with an educative program.

Through the above, students over at Duke University will be equipped with not only tools but also the professionals to help guide them through their professional careers as developers. Students will explore opportunities in the blockchain sector by working on real blockchain projects. The incubation lab will also be used to hold events focusing on the blockchain industry.

“As a former Duke MBA student, it’s a pleasure I’m among the team spearheading the program over at Duke.” Yonathan Lapchik, chief innovation officer at Citizens Reserve. “With many industries exploring the technology behind blockchain to leverage its power in different sectors, it’s essential that educational institutions equip students with the knowledge, connections and skills to harness the power behind blockchain.”

On the other hand, the institution already has roots in the blockchain sector after the formation of a Duke blockchain Lab whose aim is to connect students to the professional space in the blockchain sector. The latter establishment was pioneered by finance professor Campbell Harvey from Duke University’s Fuqua School of Business. Students lead the lab. Apart from being a professor at Duke, Harvey will also assume the roles of an advisor at the incubation lab. While expressing his views about the incubation lab, Harvey said;-

“It’s essential for the academic institutions to join hands with reputable firms and professionals in the blockchain sector. As for Duke University, we are looking forward to working with Citizens Reserve. Besides that, we have a proactive relationship with our various partners, and we are excited to give our students an opportunity to explore opportunities in the blockchain sector.”

Apart from spearheading the formation of the student’s blockchain lab, Harvey is also behind the creation of Innovation and Cryptoventures course. The latter was launched in 2014. Apart from just providing a conducive environment for students, the lab also comes with equipment such as mining rigs. Such tools go a long way in helping students do practicals while learning.

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China Still Coming Down Hard on Crypto Coins Sun, 24 Mar 2019 13:43:59 +0000

Well, China’s love-hate relationship with cryptocurrency and blockchain seems to be choosing a side. Speaking at East Tech West in November last year, Edith Yeung, head of 500 Startups’ China unit, described how the China is investing in blockchain technology, but not endorsing in cryptocurrencies. She made it quite clear that though China wants to be a front-runner in blockchain tech, the country wants nothing to do with cryptocurrencies.

In August last year, authorities in China sent warnings to the public about the risks involved from illegal fundraising activities hiding behind cryptocurrencies and Beijing even banned promotional crypto events, including domestic Bitcoin-Yuan trading. About a month later, the Chinese authorities stepped up their pressure on domestic crypto activity. All this is of course as a result the increased level of regulatory scrutiny.

The Battle Continues

Today, China’s clamp down on crypto coins continues. Yesterday, 21st March 2019, the Beijing Internet Finance Industry Association (BJIFIA) released a warning against investing in all crypto funding activities, including Initial Coin Offerings (ICOs), Security Tokens (STOs) and Stable Coins. According to BJIFIA, crypto startups camouflage behind terms such as ‘’financial innovation’’ so as to lure in financial investors.

According to the warning;

“Recently, there have been organizations using the concept of “financial innovation” to raise funds illegally. They hold online and offline events to promote projects related with ICO, IEO, STO, Stablecoin. Such activities have nothing to do with blockchain technology, but only disturbing the normal financial order.”

The release strictly reminds ‘’all relevant financial institutions and individuals in Beijing that all financial business and activities need to be included in the scope of national supervision. Take “STO” as an example, STO, Security Token Offering, which is a solicited illegal financial activity. Groups involved in such activities will be severely punished by eviction, closure of the website platform and mobile APP, and revocation of business licenses.’’

BJIFIA warned against the following major risks;

  1. All relevant institutions be inspected and residents in Beijing to abide by the laws, resist and prevent the use of virtual currency, ICOs, STOs, Stable Coins and other related activities. –illegal fundraising activities are also restricted.
  2. Residents to be cautious of fraudsters who issue tokens in the name of Initial Exchange Offerings (IEOs) or Income For Operations (IFOs), or use banners such as “shared economy”, “pass-through economy”, “crowd funding”, “consensus economy” to conduct virtual currency in IMO mode as camouflage.
  3. That the public should treat blockchain rationally and carefully watch out for risks before investing in the technology.

These warnings begun way back, in 2017 when the People’s Bank of China together with seven other joint ministries issued an announcement on ‘’Preventing the Risk of Subsidy Issuance Financing”. This basically referred to the illegal sale and circulation of the financing entity through crypto currencies.

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Motion Approved By Swiss Legislatures to Regulate Crypto Sector Fri, 22 Mar 2019 10:42:40 +0000

Although Johann Schneider-Ammann Swiss Economics Minister was quoted a while back during the crypto finance conference saying Switzerland is doing its best to become the crypto nation, the recent developments are contradicting his statement. Legislatures have just approved a motion to place the crypto sector under regulations. Besides Ammann, the legislature’s actions also put aside comments from the Jörg Gasser Swiss Finance Minister.

Per the ruling, Giovanni Merlini Liberal Assemblyman has been tasked with the responsibility of instructing the Federal Council on how they will go about in drafting laws to place digital assets and risks associated with making investments in crypto under regulations.

Reasons behind the Regulations

While citing major challenges that affect the local fiat currency, the legislature based their decision on fraud-related issues, extortion, and money laundering. Digital coins are new and have taken the banking industry like a storm, and while fiat currency has strict regulations in place that help prosecute those who break the law, there is none in the crypto space. Moreover, the fact that it has been proven that recent price surges have been caused by whales manipulating the price of crypto, its high time regulations are put in place to clamp down on the illegal price manipulation activities taking place.

Scammers Can Easily Hide Behind Crypto

While whales take advantages of their financial capability and place a massive sell or buy order to manipulate prices, scammers, on the other hand, have it easy. Through taking advantage of crypto anonymity features, scammers can easily make transactions through placing an order via an OTC trading platform to buy crypto or through an ATM with the aim of laundering the money. To further hide their activities, the criminals will convert their coins into privacy coins available on the market. Similarly, on the other hand, unregulated ICOs can also be used as money laundering schemes, however, since plans are in motion to regulate the sector, the above scenarios will be a thing of the past. Apart from all the above the proposals will also seal the gaps used to extort crypto enthusiast and also help cushion them from risks associated with making investments in digital assets. Alongside implementing all the above, the entity responsible will also look at ways in which players in the crypto sector can be placed in the same bracket as financial intermediaries leading to them having to comply with laws in that sector.

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Malware Discovered In 2017 Bounces Back and Attacks Firms in Israel Thu, 21 Mar 2019 12:00:05 +0000

According to research firm Unit 42 which is under the Palo Alto networks a malware detected two years ago in 2017 and had gone silent has sprouted up and launched attacked to firms. The malware in question Cardinal RAT malware is also known as Remote Access Trojan has come back to life and attacked several firms one a cryptocurrency trading software company and the other two Fintech Israel based firms.

According to Unit 42 report, it was easy for them to discover the malware since they were keeping tabs on the malware. Furthermore, according to their research, they also noted the malware received some updates which enable it to hide for this long and also avoid security expert’s analysis. Moreover, according to Unit 42, the updated version of Malware Cardinal RAT resembles the mechanism used to create another malware EVILNUM.

How Malware gets Into the Victim’s Machine

Cardinal RAT uses a novel technique to launch its attack to infect its target computer through macros a Microsoft Excel feature and Carp a downloader. After launching its initial attack, Cardinal RAT gets to work and compiles its source code into an executable form and deploys the malware. Apart from the above, Cardinal RAT also uses several other techniques to achieve its goal such as steganography. The latter is where it leverages data embedded in Bitmap (BMP) image. The latter is an image with a logo which is harmless to the victim’s eyes. However, upon opening the image, the code embedded in it executes an installation command which installs the malware.

The Aim of the Malware

After successfully being installed, Cardinal RAT aim is to steal its victim’s sensitive data inclusive of usernames, passwords and sends the data back to the attacker. Through that, the attacker has the upper hand and can steal your digital assets. In addition to stealing personal data, Cardinal RAT also takes a screenshot of its victim’s computer. Furthermore, the malware also updates settings, acts as a reverse proxy, can execute commands, keylogging, download and execute new files command. In a bid to keep its actions undetected Cardinal RAT now cleans the cookies from a browser and uninstall itself. The latter ensures the malware leaves no traces of its attack.

Though Unit 42 didn’t disclose additional information concerning the firms attacked, their report shows the malware’s target was tech firms in Israel responsible for making software for crypto and forex trading.

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QuadrigaCX Lost Funds Leads to Authorities Proposing a Ban on Margin Trading and Short Selling Wed, 20 Mar 2019 09:21:20 +0000

As QuadrigaCX remaining authorities are busy in court, the death of their CEO has now led to Canadian authorities proposing a ban. The two firms at the center of the ban proposal, are Investment Industry Regulatory Organization and the Canadian Securities Administration.

The latter two have released a joint report in which they are proposing placing a ban on Margin trading and Short Selling citing risks involved as the primary concern behind their ban suggestion. While the report is up for debate and comments from the public if it’s approved, crypto enthusiasts will only be left with one choice to go long and maximize their earning when the price goes up. The report starts by acknowledging that DLT is beneficial to the participants; however, the heightened risks evident in several incidences across the globe depict the theft and losses crypto users are exposed to.  In a bid to reduce the risks, the two entities propose placing a ban on short selling activities also known as dark trading and margin trading.

Traders on the Losing End

If the proposal gets approved, the crypto community in Canada will be up in arms having been left with only one option when it comes to trading. Margin trading involves getting funds from a broker to make investments in digital assets. On the other hand, dark trading is capitalizing on the bearish trends to generate revenue when the prices are on a downward trajectory.

Alongside the above reason for the ban, the entities also made their decision basing on the QuadrigaCX situation where according to them the lack of protection on custody of the assets led to the loss of digital assets worth $250 million. According to the report;-

“Due to the platforms having control over their investor’s assets in this case being the only holder of the private keys, this exposes the investors to unseen risks. The funds lack protection and accounting is also insufficient, and since all funds are bundled together, the losses are significant in case of theft.”

From their explanation, it seems the two entities are setting plans in motion to get the exchanges placed under further oversight. According to the report, the crypto exchanges seeking to register their firms as investment dealers will be required to use a third-party platform for custody of their digital assets. Moreover, they will be needed to fulfill custody requirements in place together with complying with future regulations.

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Hackers Turn to Cloud-Based Infrastructure to Mine Crypto Mon, 18 Mar 2019 09:29:44 +0000

With the advance in technology, many businesses and organizations are turning to Cloud-Based Infrastructure to run and maintain their systems. However, while the latter are advancing how they do business, hackers have also found a new avenue to generate income from unsuspecting victims, and in this case, they are firms and organizations using cloud-computing. To kick off their attacks, the hackers use several ways to inject malware into the cloud computing infrastructure in place then generate income without your knowledge. Some of the loopholes they use are listed below.

Docker Containers

Docker containers across the globe are used by several users to save some time while downloading images through using Docker containers and are prebuilt. However, it presents hackers with an avenue to mine crypto. Reports show they were used when mining Monero on Docker containers but were also used in Luoxk.

Use of API Keys

API keys are easily accessible online through the use of various tools and scanning software such as GitHub which enable the users to get their hands on the API keys. Through the latter, the cloud computing systems are compromised leading to hackers mining crypto. A case in example is of January 2018 where AWS keys were stolen leading to criminals mining Monero.

Container Management Platforms

Another avenue that can be used to mine crypto without the user knowledge is by compromising container management platform by using unauthenticated management interfaces and APIs. A case in examples is when xaxaxa[.]eu which was compromised in February 2018. Per a report from RedLock Kubernetes infrastructure, the platform behind electric car company was compromised and malicious scripts injected. For Kubernetes its Amazon Web Services were comprised leading to the culprit mining Monero. Through compromising the container management platform, the cybercriminals can do more damage since they have access to customer’s data.

Assuming Control of Web Services by Taking over the Control Panel

Similar to the above, cybercriminals can also take over control of the control panel which grants them ultimate control over all web services. For instance, in Kubernetes case, the cybercriminals manipulated loopholes in VestaCP. Through manipulating VestaCP, the cybercriminals were able to inject sysroot followed by installing XMRig which was used to mine Monero.

While all the above attacks led to the mining of crypto, administrators can use various tools such as USM Anywhere to sniff out the mining activities and put a stop to them.

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IBM Blockchain Platform to Be Used for Corporate Registry by French Court Clerks Mon, 18 Mar 2019 09:17:16 +0000

According to the official announcement made yesterday by the National Council of Clerks (NCC), French commercial court clerks will use a blockchain based platform to record changes in the company’s legal status within France. The blockchain aims to provide a solution to France’s registry. Apparently, the country does not have a central corporate registrar; therefore all changes to commercial and corporate records have to be submitted via the local commercial courts.

Sophie Jonval, President of the National Clerks Council said that;

“This project, which is the result of an autonomous initiative between clerks of commercial courts and IBM, is the continuation of our efforts to be pioneers in the adoption of innovative technologies, to strengthen the quality of the public service provided by the commercial justice system, dedicated to the expectations and requirements of today’s multi-polar and interconnected economic world,”

As per the announcement, the blockchain network;

  • Will bring added transparency and efficiency through improved management of legal transactions linked to the lifecycle of companies in the registry.
  • Record and share data related to the exchanges of regulatory information related to companies’ difficulties.
  • Record and share data linked to the changes of status of the company registered on the French territory.

These data include things such as the change of corporate names, the establishment of branch offices, business dissolution and the registration office. Developed by both IBM and NCC, the blockchain platform is built on the Hyperledger Fabric framework which will help speed up the process of the company formation and also provide a safe and secure blockchain network for its users.

About IBM

International Business Machines Corporation, abbreviated as IBM, is a New York-based multinational information technology platform. The platform is quite established and is famously known as the leading enterprise blockchain provider.

 The platform has collaborated with a lot of companies in various sectors, including healthcare and supply chain to help implement the blockchain technology. Just recently IBM partnered with CUSO CULedger, a credit union service organisation, to develop blockchain solutions for global credit unions. These blockchain solutions aim to develop landing and payment services, digital identity authentication and the Know Your Customer (KYC) compliance services. 

The Senior Manager Blockchain at IBM France Vincent Fournier believes that;

“Blockchain’s qualities are ideal for this use, improving the Clerks’ business processes and adapting to the ever-changing nature of their missions.”

The first tests for this initiative were carried out, and a confirmed roadmap was developed. The blockchain network is set to launch by mid this year,

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Cyber Criminals in Sweden Take To Instagram to Scam Crypto Enthusiasts Wed, 13 Mar 2019 15:34:35 +0000

The thought of wearing clothes or possess products from reputable luxury firms like Gucci, Louis Vuitton, and Apples is something every young person aged below 25 would love to have. However, for cybercriminals, they are always looking for avenues to disappear with people’s money, and social media has presented them with an opportunity to steal from young Swedish Instagram users aged below 25.

To pull it off the cybercriminals took to Instagram created new accounts having a few followers and went ahead to post merchandised products from the above brands with slashed prices which attracted many of the Swedish youths who love finer products from the likes of Louis Vuitton and Gucci. After being contacted the scammers convince their victims to act faster since the slash in prices might attract many interested buyers. With the trap laid, the buyers turn to make payment arrangements. Since the scammers want payment in crypto, they request their victims to proceed to exchange their local currency into virtual currency to finalize the deal and get their products. After confirmation the scammer disappears leaving their victims waiting for goods only to discover later on they were fleeced.

Authorities Try to Shed Light on the Scamming Scheme

Although Swedish authorities have tried their best to prevent the above case, the Instagram accounts are still being created leading to more people being lured into buying the products. Apart from that, a report from a local Swedish crypto brokerage firm shows there are too many cases being reported leading to authorities having a hard time handling the cases. Besides that, the reports also indicate the response from Instagram is wanting since there is no customer support system in place to handle these cases.

While the Instagram case in Sweden isn’t the first one the cryptocurrency industry has been mannered with such schemes from left right and center. Apart from the above example, other cases show the use of bots which act as individuals or social media influencers and lure users into sending crypto to be among the participants in a contest. Some of the bots have been so common leading to one catching the eye of one Elon Musk. From the looks of things, cybercriminals have slowed down on hacking crypto exchanges and stealing from them. Some have turned to use social media platforms to steal from coin holders.

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VALR Gets $1.5 Million Worth of Funds with Bittrex among the Major Investors Mon, 04 Mar 2019 10:21:28 +0000

In a country where buying large amounts of crypto from offshore markets is prohibited, VALR South African based crypto exchange is one lucky firm after getting $1.5 million in seed money to facilitate its development. With VALR having funds in order, the next step is to provide crypto services to the millions of crypto enthusiasts in Africa looking for a reliable and dependable platform to trade.

With the platform already gone live on March 1st, traders can now enjoy making transactions in over 50 digital coins made available through Bittrex coming in as a major investor in VALR. Furthermore, apart from just providing finances, Bittrex will be actively involved in VALR operations. Bittrex will come in handy at providing VALR with access to the global liquidity pie and enabling it to offer competitive prices to trades. While VALR is pushing its platform to its target audience Bittrex, on the other hand, is making plans to enable the platform to launch fiat trading features come summer this year.

Platform Launch was Received Well by South Africans

Even before VALR had launched its services to the public on the 1st of March, the platform already had 1,500 traders eagerly waiting for its launch. The latter traders had already registered their accounts successful during beta testing with most of them being residents in South African. With the platform already onboarding users in South Africa, soon it will be the leading exchange in South Africa alongside other exchanges like Luno. Besides that, according to Farzam Ehsani, several African countries peg their local fiat currency to Rand, this gives VALR an opportunity to hack the crypto market in South Africa and further extend to neighboring countries with ease. Farzam Ehsani is the CEO and co-founder of VALR.

While players present in the crypto sector in South Africa are looking to expand their services, the government, on the other hand, is working to amend laws in place or draft new regulations for the sector. South Africa doesn’t have a clear legal framework in place for the crypto sector. However, lawmakers have committed themselves to start working on the said rules starting in January 2019. With local crypto exchange the likes VALR getting funds for developing their platforms will be a wakeup call to the government.

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Saudi Arabia ATMs get an uplift from ShoCard and Alhamrani Universal Partnership Sat, 02 Mar 2019 09:14:16 +0000

In the next few months, Saudi will be accessing their cash over an ATM through an app which will be based on blockchain technology. The latter will be made possible since Alhamrani Universal (AU) the largest operator of ATMs has just signed a deal to work with ShoCard to develop a biometric ATM using blockchain technology. Through the use of blockchain, AU will be getting rid of fraud issues that have mannered its business operations in Saudi Arabia as an ATM provider.

Furthermore, blockchain technology will be making the process more secure since ShoCard blockchain systems will employ a five-factor authentication algorithm. ATMs in place use personal identification numbers to enable the cardholder to withdraw cash. However, instead of getting rid of the systems already in place, ShoCard blockchain solution will be adding facial recognition to facilitate withdrawal of money from ATMs. ATMs already have cameras installed ShoCard blockchain solutions fits perfectly. When it comes to identification process ShoCard blockchain solution will turn to data captured through initiating its five-factor authentication process. The blockchain solution will scheme through customer’s data obtained in different ways such as selfies, check sessions IDs, timestamps, QR Codes or analyze ShoCard ID. Through its five-point authentications process, ShoCard blockchain solution will proceed to confirm the customer’s identify by checking its database without having to interact with the bank’s database. Through its authentication process, issues of fraud will be a thing of the past.

Alhamarani Universal is the Perfect Client for this Solution

For a provider who enjoys operating 50% of ATMs across Saudia Arabia, ShoCard solution is the perfect partner for blockchain solution. Its extensive network will provide for an easy way to check out the blockchain solution and inspect any faults that may arise. With a porotype already in place, the new biometric solution project is a go and Saudis should be ready to explore the advantages that come with using an app to access their funds right at an ATM.

Apart from ShoCard working on developing a blockchain solution, Microsoft and Oracle are also exploring the opportunities available on blockchain. For the latter, they just expanded on their blockchain platform to include additional features. On the other hand, the former launched its development kit Azure which is powered by blockchain. Apart from working with AU ShoCard is also working with other international financial institutions.

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