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China Bans Fundraising Through Initial Coin Offering (ICO)

China Bans Fundraising Through Initial Coin Offering (ICO)

September 04, 2017Swati Khandelwal
China's central bank today announced an immediate ban on all ICO—Initial Coin Offering—fundraising, to prevent fraud and illegal fundraising. ICO is the hottest new thing in the blockchain world, which is an alternative to crowdfunding that lets a firm raise funding from multiple sources. The People's Bank of China (PBoC), the country's central bank and financial regulator, has issued an official notice on Monday, forbidding "all types of currency issuance financing activities" that have "seriously disrupted the economic and financial order." This PBoC's bold move has been backed by many other Chinese government administrators and regulators including the China Securities Regulatory Commission, China Insurance Regulatory Commission and the Ministry of Industry and Commerce, and China Banking Regulatory Commission. This move marks the end of an era of ICO fundraising in China. The regulator claims that ICOs are being misused for "
Largest Cryptocurrency Exchange Hacked! Over $1 Million Worth Bitcoin and Ether Stolen

Largest Cryptocurrency Exchange Hacked! Over $1 Million Worth Bitcoin and Ether Stolen

July 05, 2017Swati Khandelwal
One of the world's largest Bitcoin and Ether cryptocurrencies exchanges Bithumb has recently been hacked, resulting in loss of more than $1 Million in cryptocurrencies after a number of its user accounts compromised. Bithumb is South Korea's largest cryptocurrency exchange with 20% of global ether trades, and roughly 10% of the global bitcoin trade is exchanged for South Korea's currency, the Won. Bithumb is currently the fourth largest Bitcoin exchange and the biggest Ethereum exchange in the world. Last week, a cyber attack on the cryptocurrency exchange giant resulted in a number of user accounts being compromised, and billions of South Korean Won were stolen from customers accounts. Around 10 Million Won worth of bitcoins were allegedly stolen from a single victim's account, according to the Kyunghyang Shinmun, a major local newspaper. A survey of users who lost cryptocurrencies in the cyber attack reveals " it is estimated that hundreds of mill
A Typo in Zerocoin's Source Code helped Hackers Steal ZCoins worth $585,000

A Typo in Zerocoin's Source Code helped Hackers Steal ZCoins worth $585,000

February 18, 2017Mohit Kumar
Are you a programmer? If yes, then you would know the actual pain of... "forgetting a semicolon," the hide and seek champion since 1958. Typos annoy everyone. Remember how a hacker's typo stopped the biggest bank heist in the history, saved $1 billion of Bangladesh bank from getting stolen. But this time a typo in the Zerocoin source code costs the company more than $585,000 in losses. Zerocoin cryptocurrency protocol is designed to add true cryptographic anonymity to Zcoin transactions that take full advantage of "Zero-Knowledge proofs" to ensure the complete financial privacy of users. Zcoin announced Friday that " a typographical error on a single additional character " in the Zerocoin source code helped an attacker to steal 370,000 Zerocoin, which is over $585,000 at today's price. "We estimate the attacker has created about 370,000 Zcoins which has been almost completely sold except for about 20,000+ Zcoin and absorbed on
BHIM App — How to Send & Receive Money with UPI

BHIM App — How to Send & Receive Money with UPI

January 03, 2017Mohit Kumar
After the lack of supply of cash in India following its Prime Minister step to remove high-denomination banknotes from circulation in November 2016, the country is moving a step closer towards becoming a cashless economy with the launch of Unified Payment Interface ( UPI ). Unified Payment Interface ( UPI ) allows all bank account holders to pay money from their smartphones, both online and offline, without the need to enter credit card details, IFSC code, or net banking userID/passwords. All the users need to do is create a Virtual Payment Address (VPA) of their choice, which will act as their financial address, and link it to their bank account. Now in an effort to boost the adoption of Unified Payments Interface (UPI) as a tool for digital transactions, Indian Government has recently launched a new app called, the Bharat Interface for Money ( BHIM ) app . This new digital payments app, which is believed to be a game-changer for cashless payments in India, is currently av
BlockChain.info Domain Hijacked; Site Goes Down; 8 Million Bitcoin Wallets Inaccessible

BlockChain.info Domain Hijacked; Site Goes Down; 8 Million Bitcoin Wallets Inaccessible

October 12, 2016Wang Wei
UPDATE: The site is back and working. Blockchain team released a statement via Twitter, which has been added at the end of this article. If you are fascinated with the idea of digital currency, then you might have heard about BlockChain.Info. It’s Down! Yes, Blockchain.info, the world's most popular Bitcoin wallet and Block Explorer service, has been down from last few hours, and it's believed that a possible cyber attack has disrupted the site. The site is down at the time of writing, and the web server reports a bad gateway error, with a message on the website that reads: "Looks like our site is down. We're working on it and should be back up soon." With more than 8 million Digital Wallet customers, BlockChain is users' favorite destination to see recent transactions, stats on mined blocks and bitcoin economy charts. A few hours ago, BlockChain team tweeted about the sudden breakdown of the site, saying: "We're researching a DNS
Unknown Bidder Buys 2,700 Bitcoins (worth $1.6 million) at US Government Auction

Unknown Bidder Buys 2,700 Bitcoins (worth $1.6 million) at US Government Auction

August 23, 2016Swati Khandelwal
A winning anonymous bidder bought 2,700 Bitcoins ( worth roughly $1.6 Million ) in an auction held by the United States Marshals Service ( USMS ) on Monday. The US government announced at the beginning of this month its plans to auction 2,719 Bitcoins that were seized during several criminal, civil and administrative cases like Silk Road. The US Marshals confirmed to CoinDesk that four bids were received in the auction that took place between 13:00 and 19:00 UTC on August 22. The majority of the Bitcoins in the auction were stemmed from investigations of the Silk Road online black marketplace. Included 2,719 Bitcoins in the auction were: Around 1,300 Bitcoins seized from a civil case related to Matthew Gillum, a Silk Road drug dealer, who was sentenced to nine years in prison in 2015. Only 2.8 Bitcoins directly came from Silk Road founder Ross Ulbricht , who was found guilty of operating Silk Road for illegal goods and handed two life sentences . Some 65 Bitcoins came
DDoSCoin — New Crypto-Currency Pays Users for Participating in DDoS Attacks

DDoSCoin — New Crypto-Currency Pays Users for Participating in DDoS Attacks

August 14, 2016Swati Khandelwal
It’s 2016, and now, you can earn some dollars by contributing into well-organized DDoS attack scheme. Do you know while mining Bitcoins you are actually contributing a significant computational power to keep the Bitcoin network running? In Bitcoins, the miners actually build and maintain massive public ledger containing a record of every Bitcoin transaction in history. When one user tries to send Bitcoins to another user, the miners validate the transfer by checking the ledger to make sure the sender is not transferring money he/she does not have, adding the transaction to the ledger and then finally sealing it behind layers and layers of computational work to protect that ledger from getting compromised or hacked. So for this, miners are rewarded with Bitcoins. So, basically, you are contributing the massive amount of computing power that keeps the Bitcoin transactions running and makes you earn some cryptocurrency in return as an incentive. However, Bitcoin has long be
Bitcoin Price Drops 20% After $72 Million in Bitcoin Stolen from Bitfinex Exchange

Bitcoin Price Drops 20% After $72 Million in Bitcoin Stolen from Bitfinex Exchange

August 03, 2016Mohit Kumar
Yet another blow to Bitcoin: One of the world's most popular exchanges of the cryptocurrency has suffered a major hack, leading to a loss of around $72 Million worth of Bitcoins. Hong Kong-based Bitcoin exchange ' Bitfinex ' has posted a note on their website announcing the shutdown of its operation after discovering a security breach that allowed an attacker to steal some user funds. While the company did not mention a total amount lost in the breach, one of their employees — Bitfinex community director Zane Tackett — confirmed on Reddit that the total amount stolen was 119,756 bitcoins — worth up to $72 Million in cash. The cause of the security breach and the hacker behind the incident is still unclear, but the attackers appear to have mysteriously bypassed Bitfinex’s mandated limits on withdrawals. "The theft is being reported to — and we are co-operating with — law enforcement," Bitfinex statement reads. "We will look at various options to
Corrupt Federal Agent charged in Silk Road theft accused of stealing another $700,000

Corrupt Federal Agent charged in Silk Road theft accused of stealing another $700,000

July 04, 2016Swati Khandelwal
A former United States undercover agent who stole hundreds of thousands of dollars worth of Bitcoins during an investigation into the underground drug marketplace Silk Road is now suspected of stealing even more of the cryptocurrency from two other cases. Shaun Bridges is one of two former US agents who pleaded guilty last year and was sentenced in December to almost six years in prison for stealing over $800,000 in Bitcoin while investigating the Darknet marketplace. Bridges and his partner stole money from Silk Road accounts and framed someone else for it, which lead the Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving life in prison sentence . Ulbricht was convicted in February 2015 of running the underground black market . According to court filings unsealed on Thursday, Bridges is believed to have stolen additional funds from a Secret Service account on two different occasions months after he was initially charged. Bridges and 46-year-old fo
Bitcoin Creator Has Finally Unmasked Himself. Maybe, Real?

Bitcoin Creator Has Finally Unmasked Himself. Maybe, Real?

May 02, 2016Mohit Kumar
The mysterious creator of the BITCOIN digital cryptocurrency seems to have been identified as an Australian entrepreneur, and his name is: Craig Steven Wright. Five months after Wright, an Australian computer scientist and businessman was outed as Satoshi Nakamoto , revealed himself as the original inventor of Bitcoin digital currency. Wright has published a blog post offering Cryptographic Key as proof of his work, backed up by other technical information and the prominent Bitcoin community members have also corroborated his claim. However, Satoshi Nakamoto has always shown the desire to remain anonymous, while Wright has not. " I am not seeking publicity, but want to set the record straight, " he explains. Wright has provided some technical proofs to BBC , The Economist, and GQ media outlets that link him to the identity of Nakamoto. Craig Wright Claims He is Satoshi Nakamoto At the meeting with the BBC and Economist, he digitally signed messages using th
Microsoft Quietly Stops Accepting Bitcoin in Windows Store

Microsoft Quietly Stops Accepting Bitcoin in Windows Store

March 14, 2016Wang Wei
Microsoft reckoned Bitcoin was the future of payment system and added it as a payment option for Windows store at the end of 2014, but the company has silently pulled support for Bitcoin in the Windows 10 Store. In November 2014, Microsoft struck a deal with third-party bitcoin payment processor ' Bitpay ' that allowed people to use Bitcoin to purchase Microsoft’s products and services from Windows Stores. However, Microsoft quietly updated the Windows Store FAQ that popped up " Microsoft Store doesn't accept Bitcoin. " The end of support for Bitcoin payments only applies to Windows 10 and Windows 10 Mobile stores.  "Microsoft Store doesn't accept Bitcoin. You can no longer redeem Bitcoin into your Microsoft account," the update reads. "Existing balances in your account will still be available for purchases from Microsoft Store, but can't be refunded." In short, you can make use of an existing balance in your accou
Bitcoin Core Developers Quit Bitcoin Project to Launch a New Digital Currency

Bitcoin Core Developers Quit Bitcoin Project to Launch a New Digital Currency

December 28, 2015Swati Khandelwal
Some of Bitcoin’s Core developers have left the Bitcoin project and started building their separate cryptocurrency called DECRED . Decred aims to prevent the issues Bitcoin is currently facing regarding project governance and development funding. CEO of ' Company 0 ', Mr. Jacob Yocom-Piatt , who has funded Bitcoin development since early 2013, said the actual development of the Bitcoin cryptocurrency is funded by external entities that forms a conflict of interests between the groups and the project's core developers. According to Bitcoin's developers, these group puts limitations on input in Bitcoin's governance, selecting options that are favorable to their own interests only, and generally ignoring the developers' and project's best interests. "The Bitcoin software is controlled by a small group of people who decide exclusively what can and cannot be changed," Jacob says in a press release . "This is in part due to a la
Police Raid alleged Bitcoin Creator Craig Wright's Home in Sydney

Police Raid alleged Bitcoin Creator Craig Wright's Home in Sydney

December 09, 2015Mohit Kumar
Just hours after the Australian man ' Craig Steven Wright ' outed as the possible real identity of Satoshi Nakamoto , the anonymous creator of Bitcoin, Australian Police raided his home in Sydney. Over 10 police officers raided Wright's home in the Sydney suburbs on Wednesday afternoon. They forcefully opened the door, and 'started searching the cupboards and surfaces of the garage.' However, the Sydney police raid at Wright's home is not associated with the claims of his being involved in creating Bitcoins, rather related to the Australian Taxation Office investigation, the Guardian reported . Wright was recently identified as the mysterious creator of Bitcoin, based on leaked transcripts of legal interviews and a number of emails and blog posts. However, neither Dr. Wright nor anyone else has publicly confirmed the real identity of the founder of Bitcoin Satoshi Nakamoto. In a statement, the Australian Federal Police (AFP) officers said the raids weren
Bitcoin Creator 'Satoshi Nakamoto' Unmasked! An Australian Man 'Craig Wright' identified...

Bitcoin Creator 'Satoshi Nakamoto' Unmasked! An Australian Man 'Craig Wright' identified...

December 09, 2015Swati Khandelwal
Breaking Update:   Police Raid alleged Bitcoin Creator Craig Wright's Home in Sydney . Yes, Satoshi Nakamoto , the mysterious creator of the Bitcoin digital cryptocurrency has possibly been identified as an Australian entrepreneur, according to investigations independently done by Wired and Gizmodo . His name is Craig Steven Wright … ...at least based on some convincing evidence shown by both the publications. Bitcoin is a revolutionary virtual currency developed around Blockchain , a complicated cryptographic protocol and a global computers network that oversees and verifies which Bitcoins have been spent by whom. The identity of the ones spending Bitcoins are extremely difficult to trace because of its anonymous nature, therefore, are very popular among criminals. Also Read:   Meet The World's First Person Who Hacked His Body to Implant a Bitcoin Payment CHIP Satoshi Nakamoto is not only the father of an entire economy worth Billions of dollars,
Pony Botnet steals $220,000 from multiple Digital Wallets

Pony Botnet steals $220,000 from multiple Digital Wallets

February 25, 2014Swati Khandelwal
Are you the one of the Digital Currency Holder? PONY is after You.  A Group of cyber criminals has used hundreds of thousands of infected computers of the digital currency holders to filch approximately $220,000 worth of Bitcoins and other virtual currencies. The researchers at the security firm, Trustwave have uncovered the Bitcoin Heist that was accomplished by the computers infected with a new class of malware that has been dubbed as ‘ Pony ’, a very powerful type of Spying Keylogger Malware with very dangerous features that was last time found two months ago. Pony, for those who have not yet heard about it, is a bot controller much like any other, with the capability to capture all kinds of confidential information and access passwords. It contains a control panel, user management, logging features, a database to manage all the data and, of course, the statistics. It can see the passwords and login credentials of infected users when they access applications and
Danish Bitcoin exchange BIPS hacked and 1,295 Bitcoins worth $1 Million Stolen

Danish Bitcoin exchange BIPS hacked and 1,295 Bitcoins worth $1 Million Stolen

November 25, 2013Swati Khandelwal
The breaking news is that, another Bitcoin exchange  company gets hacked i.e. BIPS ( bips.me ), one of the largest European Danish Bitcoin payment processors. On Friday evening, a bunch of cyber criminals just broke into BIPs - Bitcoin payment processor servers and wiped out around 1,295 Bitcoin from people’s wallets, currently worth $1 Million. More than 22,000 consumer wallets have been compromised and BIPS will be contacting the affected users. Initially on 15th November, Hackers launched Distributed Denial of Service (DDoS) attack on BIPS, originate from Russia and neighboring countries and then hackers attacked again on 17th November. This time somehow they got access to several online Bitcoin wallets, which allowed them to steal the 1,295 BTC. " As a consequence Bips will temporarily close down the wallet initiative to focus on real-time merchant processing business which does not include storing of Bitcoins. " company says. " All existing users will be aske
The Silk Road Founder financially linked to Bitcoin Creator Satoshi Nakamoto

The Silk Road Founder financially linked to Bitcoin Creator Satoshi Nakamoto

November 25, 2013Mohit Kumar
Two most important moments in the history of Bitcoin are : Its creation by Satoshi Nakamoto , and the burst of The Silk Road's Founder  Ross William Ulbricht . The silk Road’s black market was a Bitcoin economy. According to a report published by two Israeli computer scientists,  Ross William Ulbricht , aka Dread Pirate Roberts , may be financially linked to Satoshi Nakamoto. Even if the Bitcoin buyers and sellers remained anonymous, but the transactions themselves are public, So the scientists were able to trace the interactions. The Scientists, Ron and Shamir were exploring the connection between the operator of Silk Road who was recently arrested by the FBI for running the Internet blackmarket Silk Road and the entity that invented the bitcoin. The bitcoin network was established in 2008 and it has been popularly believed that the first accounts in the early days of the bitcoin were of Satoshi Nakamoto , accumulated some 77,600 BTC as a result of 'mining' Bitcoins
FBI Seized 144,000 Bitcoins worth $28.5 Million From Silk Road Bust

FBI Seized 144,000 Bitcoins worth $28.5 Million From Silk Road Bust

October 27, 2013Wang Wei
The world’s favorite crypto-currency has made rounds in the headlines this week. The FBI had managed to seize 144,000 Bitcoins  worth some $28.5 million at current exchange rates from Silk Road's founder, that's the largest ever seizure of the cryptocurrency . Bitcoin is an open-source, decentralised, digital currency, whose production is designed to simulate the mining of a commodity, like gold. These Bitcoins belonged to Ross Ulbricht , the 29-year-old who allegedly created and managed the Silk Road , the popular anonymous drug-selling site. In March, 7000 of 10,000 items on Silk Road were drugs. Earlier this month Ulbricht was arrested and the website was taken offline by the Department of Justice and charged with engaging in a drug trafficking and money laundering conspiracy as well as computer hacking and attempted murder-for-hire. The Bitcoin address now known as DPR Seized Coins finished receiving the mass of cryptocurrency and Authorities are also
Seized $3.5 Million worth Bitcoins from Silk Road will be deposited in the U.S. Treasury

Seized $3.5 Million worth Bitcoins from Silk Road will be deposited in the U.S. Treasury

October 05, 2013Mohit Kumar
Ross Ulbricht , the recently arrested mastermind behind Silk Road , appeared in court yesterday where his lawyer begged for more time before the detention hearing. As the Protective Order states, The United States is further authorized to seize any and all Bitcoins contained in wallet files residing on silk road servers and can transfer the full account balance in each silk road wallet to a public Bitcoin address controlled by the United States. Right now the FBI must be feeling pretty good too, because a federally controlled Bitcoin account , renamed as " Silkroad Seized Coins " now contains over $3.5 million worth of the digital currency , seized from Silk Road over 26,000 Bitcoins. As of this writing, the FBI ’s Bitcoin address has received 122 transactions, nearly 30 of which apparently come from pranksters and now the account holds 27,365.89919925 BTC. Forbes, Kashmir Hill asked FBI spokesperson that what the plan is for those seized Bitcoins. “ W
Bitcoins - Secured by NSA designed Encryption or Backdoored ?

Bitcoins - Secured by NSA designed Encryption or Backdoored ?

September 13, 2013Mohit Kumar
It’s been nearly three months since Edward Snowden started telling the world about the National Security Agency’s mass surveillance of global communications. After the last week report that the National Security Agency has leveraged its cooperative relationships with specific industry partners to insert vulnerabilities into Internet security products. Bitcoin , a virtual currency, a peer-to-peer electronic cash system, which is generated on a logarithmic scale by dedicated miners who run software that generate the complex hash codes which make up a Bitcoin.  The integrity of Bitcoin depends on a hash function called SHA-256 , which was designed by the NSA and published by the National Institute for Standards and Technology (NIST). Is it hard to believe that could the intelligence community have a secret exploit for Bitcoin? While there is no evidence yet to support the speculation. “ If you assume that the NSA did something to SHA-256, which no outside resea
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