Multiple North Korean Cryptocurrency Hacks Under UN Investigation

The United Nations has launched an investigation into North Korean cyber-attacks which targeted exchanges in the neighboring South. India has also been a victim in the digital crime spree which targeted 17 countries in total.

Cryptocurrency Exchanges Targeted

The UN has ramped up its investigation of North Korean cyber-attacks following the release of a report detailing efforts to accumulate wealth for weapons programs. According to the SCMP there have been at least 35 incursions in 17 countries.

A high level North Korean military intelligence agency called the Reconnaissance General Bureau is believed to be behind the attacks. The preliminary report stated that over $2 billion has been amassed from a hacking spree which targeted financial institutions and cryptocurrency exchanges, predominantly in South Korea.

Ten of the 35 attacks were on South Korean targets with India suffering three while Bangladesh and Chile had two apiece. It added that 13 countries suffered one attack: Costa Rica, Gambia, Guatemala, Kuwait, Liberia, Malaysia, Malta, Nigeria, Poland, Slovenia, South Africa, Tunisia and Vietnam.

The methods of attack included channels through interbank transfer protocol, SWIFT, where hackers exploited bank employee computers and infrastructure which was accessed to send fraudulent messages and destroy evidence. The investigation also revealed the theft of cryptocurrency

“through attacks on both exchanges and users and mining of cryptocurrency as a of funds for a professional branch of the military”

The panel stated that one of South Korea’s largest cryptocurrency exchanges, Bithumb, was targeted on multiple occasions. It added that the first two attacks were in February 2017 and July 2017, with each resulted in losses of approximately $7 million. A June 2018 attack led to a $31 million loss and one in March this year resulted in a $20 million loss.

A number of cryptocurrency exchanges in the region have been attacked this year including Binance, Tokyo based BitPoint, and Singapore based Bitrue. However, the investigation did not directly tie these hacks with the Pyongyang regime.

CryptoJacking: A Weapon Of Choice

The investigation also revealed that cryptojacking was used on several occasions to mine cryptocurrencies on the sly. This method involves the use of malware to hijack unsuspecting computers and harness their processing power in to mine Monero. XMR is usually the hacker’s coin of choice due to its extensive privacy and anonymity layers.

It added that one report analyzed a piece of malware designed to mine Monero and send the digital loot to servers located at Kim Il-sung University in Pyongyang. In August last year it was reported that the Lazarus group, which has close ties to the North, had resurfaced with new malware targeting Apple Mac operating systems others.

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The Multiple North Korean Cryptocurrency Hacks Under UN Investigation appeared first on NewsBTC.


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Multiple North Korean Cryptocurrency Hacks Under UN Investigation

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Multiple Metrics Make the Bullish Case for Bitcoin – Cointelegraph

Multiple Make the Bullish Case for Bitcoin  CointelegraphBitcoin’ steadily climbed from $9100 to $10900 over the past week. Is a move to $12000 and higher back in the cards?
Source: worldnewsoffice
Multiple Metrics Make the Bullish Case for Bitcoin – Cointelegraph

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Multiple Metrics Make the Bullish Case for Bitcoin

Bitcoin (BTC) remains bullish and a multitude of metrics support this claim. 

Is this a trend reversal? 

Over the past week investors’ short-term sentiments about Bitcoin’s prospects appear to have improved. While last week’s market update the case for why top investors and are overwhelmingly bullish on Bitcoin’s predicted -term price action, the fall from $13,800 to $9,100 did shake retail investors confidence for the short term. 

Prior resistance levels that were obliterated throughout Bitcoin’s ascension from $4,000 to $13,800 proved to be weak support and many investors expected Bitcoin to drop to $8,500–$7,500 before reversing course. 

Picture 1

Investors will have noticed that Bitcoin formed a double bottom around $9,100 and some believe that the expectation that Bitcoin will drop to $7,500–$8,500 will be a non-event as larger hands will front run a trend reversal from $9,000. 

Since July 28, Bitcoin pulled off a low-volume upside move and the 19.6% gain brings the digital asset to $10,800. $10,800 is a significant price point as it aligns with the 38.3% Fibonacci retracement level and is a few hundred dollars away from the $11,200 resistance. 

Even more important from a psychological and technical point of view, a sustained move above the $11,200 resistance places Bitcion back into the rising wedge formation that carried Bitcoin from $4,000 to its 2019 all-time high. 

The majority of -media analysts have focused on the 21-EMA a good indicator for gauging the strength of bullish and bearish momentum. Keeping this in mind, it’s worth noting that the most recent surge brought Bitcoin above this point. 

One should also note that the majority of this week’s action occurred on low volume and more intuitive traders like Alessio Rastani advised caution as Bitcoin could ascend to $11,200–$11,500, quickly retract, and prove to be a bear trap. 

Picture 2

Currently, Bitcoin is tightening as the weekly chart shows the digital asset setting higher lows. A more convincing move would be the achievement of a weekly close at or above $11,150. A sharp increase in bull volume would also provide some confirmation of a trend change. 

Multiple indicators show Bitcoin is well-situated for additional gains

As Bitcoin reversed from the $9,100 double bottom, the daily RSI also leapt out of the descending wedge and back above 50 which has served as a reliable oversold bounce point since the rally from $4,000 began.

Picture 3

The daily MACD also crossed over the signal line and the histogram is positive again, which is a bullish signal.

Picture 4

Over the past few weeks traders have also pointed to the astonishing number of USDT minted since June and the lagging impact of this on Bitcoin’s price action. 

Picture 5

Tether printed more than $750 million USDT since June and careful observation of the following chart shows that Bitcoin’s market cap tends to follow Tether’s. One can see that Bitcoin’s market cap has yet to catch up with Tether’s increases. 

Regulatory rumors empower Bitcoin 

Over the past few months Bitcoin’s dominance rate has also been on a steady rise. Facebook’s Libra reveal quickly drew the ire of United States lawmakers and U.S. Treasury Secretary Steven Mnuchin went out of way to say that strong regulations will be placed on Bitcoin. 

These statements may have impacted investor confidence, but events impacting altcoins have helped Bitcoin maintain a dominance rate above 66, which above Bitcoin’s November 2017 dominance rate. Travis Kling of Ikigai Asset Management attributes the rise in Bitcon dominance to: 

“BTC is separating itself from the rest of the crypto asset landscape in terms of institutional investability.”

A recent report from Coin Metrics also pointed out the absolute culling that altcoins have taken and the analytics firm concluded that a continued onslaught of regulatory, macro-economic and geopolitical pressures are negatively impacting altcoins.

Picture 6Coin Metrics cites recent actions from Binance, Poloniex and Bittrex. Each exchange implemented new policies restricting U.S.-based traders from derivative instruments and a range of digital assets. The Commodities Futures Trading Commission also has opened an inquiry of BitMex over allegations that the exchange permitted U.S. residents to trade on the platform. 

As crypto analyst Alex Kruger points out, altcoin to BTC pairings and altcoin to U.S. dollar pairings tend to perform poorly when FUD is in full effect. It’s clear that investors jump into Bitcoin and the top stablecoins during these times, hence Bitcoins growing dominance rate.

Picture 7

Taking a look at the monthly chart, regardless of whether one factors in the blow-off tops or ignores them, 2019’s all-time high is not too far away from Bitcoin’s 2017 high. 

Picture 8

While not discussed as much by those obsessed with price action, Bitcoin’s hash rate continued to explode to new highs month after month. This is significant as it shows the growing strength of the Bitcoin network. A higher hash increases network security and increases the difficulty of launching a 51% attack. 

Picture 9

Bitcoin transactions are also on the rise and in May the transaction count surpassed 450,000 per day. During 2017’s mega rally transactions reached 490,000. 

Earlier this week Adamant Capital founding partner Tuur Demeester retweeted a post from Nic Carter pointing out that Bitcoin is closing in fast on its billionith dollar charged in transaction fees. 

Picture 10

Demeester added that increasing transactions are a “measure of success as a settlement layer.”

Exciting times await investors

As one can see, an assortment of metrics and technical analysis tools make a strong bullish case for Bitcoin. Unexpected sharp 20% to 40% corrections will continue to happen, and they will be scary. 

There are other metrics to consider, like, increasing monthly trade volume across exchanges, growth in unique Bitcoin addresses and increases in Bitcoin’s

Swing traders are going to swing and day traders will continue to pour over the 1, 3 and 5 minute charts. 

As a note of encouragement for those of us who are wage slaves until the next moon event, dollar cost averaging into Bitcoin is a tried a true method to take advantage of Bitcoin’s volatility without having to monitor charts all day.

It was not too long ago that Fundstrat Head of Research Tom Lee tweeted that Bitcoin historically generates the bulk of its annual gains in 10 days. 

Picture 11

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Multiple Metrics Make the Bullish Case for Bitcoin

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Multiple Metrics Make the Bullish Case for Bitcoin

Multiple Metrics Make the Bullish Case for Bitcoin

This article originally posted on Cointelegraph – an independent publication covering cryptocurrency, the blockchain, decentralized applications, the of finance and the next gen […]
Source: cryptonewsmonitor
Multiple Metrics Make the Bullish Case for Bitcoin

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Multiple Metrics Make the Bullish Case for Bitcoin

Multiple metrics suggest is back on the path to a new all- high


: cointelegraph
Multiple Metrics Make the Bullish Case for Bitcoin

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Tether Migrates to Multiple Blockchains to Obfuscate Its Transactions: Bloomberg

Is Tether slowly abandoning the Blockchain to cover tracks?
Source: cryptocomes
Tether Migrates to Multiple Blockchains to Obfuscate Its Transactions: Bloomberg

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Multiple Complaints Filed On Unlicensed BTC-e By US Prosecutors For Conspiracy, Money Laundering

As per an all-new court document available by the Northern District of California, US prosecutors have filed a formal complaint against -e — a exchange that is now defunct — as well as its alleged owner Alexander Vinnik. Additionally, a closer look at the filing shows us that the FinCEN (Financial Crimes Enforcement […]
Source: bitcoinexchangeguide
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Bitcoin Rally Crushes Alt Season Hopes, Small Cap Coins Down 54% – Bitcoinist

Bitcoin Rally Crushes Alt Season , Small Cap Down 54%  BitcoinistBitcoin to profit than ever into 2020, to the launch of institutional investment products.
Source: worldnewsoffice
Bitcoin Rally Crushes Alt Season Hopes, Small Cap Coins Down 54% – Bitcoinist

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Bitcoin Rally Crushes Alt Season Hopes, Small Cap Coins Down 54%

Bitcoin

New data is laying bare the extent of altcoin losses in 2019 as Bitcoin 00 steals lion’s share of the cryptocurrency market. 


Top 70 ‘Alts’ Down 19 Percent Against BTC

Published by digital asset firm Bletchley, a variety of indices put some altcoin losses at over half since April this year. The trend has intact in recent weeks, despite volatility in the Bitcoin price. 

At press , it was smaller-cap tokens which showed the worst performance, trading 54 percent down in the past three months. 

That number improves slightly among other indices tracking with larger market caps, such as the top ten.

Overall, Bletchley notes, the top 70 altcoins – selected according to meeting various criteria – has gone from 0.048 BTC to 0.039 BTC since April 1, a shift of 18.75 percent.

“There are plenty of who still think ‘alt season’ is just around the corner, but all eyes are on Bitcoin right now,” crypto journalist and commentator Kyle Torpey wrote in comments on the figures. 

Altcoins’ Dot Com Boom

As Bitcoinist reported, that idea that the ongoing Bitcoin price rally will ultimately spark a knock-on effect for altcoins is being increasingly called into question. 

Unlike in 2017, analysts worry that this time around, Bitcoin is definitively differentiating itself from the rest of the crypto sphere. 

According to veteran trading guru Peter last week, for instance, every token from Ethereum downwards is on the losing end, and only a few will survive the rout. 

Brandt likened the current climate to the Dot Com Boom of the early 2000s, noting how a return to form from the initial crash failed to materialize for all but a handful of companies such as Amazon. 

Traders should be focused on Bitcoin only at this point, he had said, eyeing a potential trajectory to $100,000.

“No other market in my 45 years of trading has gone on a log chart in this manner. Bitcoin is a market like no other,” he summarized on social media. 

Indeed, in terms of attention, Bitcoin will continue to profit than ever into 2020, thanks to the launch of multiple institutional investor products. 

Three of these will be physically-delivered Bitcoin futures, where investors take delivery of Bitcoins, not cash. Bakkt, first of the thre will begin a trial later this month. 

Crypto exchange Binance and trading platform ErisX will also follow suit, the latter having received US regulatory permission last week.

What do you think is the for altcoin markets? Let us know in the comments below!


Images courtesy of Shutterstock, Longhash.com

The post Bitcoin Rally Crushes Alt Season Hopes, Small Cap Coins Down 54% appeared first on Bitcoinist.com.


Source: bitcoinist
Bitcoin Rally Crushes Alt Season Hopes, Small Cap Coins Down 54%

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At Bitcoin 2019, Scientists Cited in White Paper Weigh In on the Future

While crypto fanatics have been buzzing with news about bitcoin price surges and Facebook’s introduction of its digital currency libra, the Bitcoin 2019 conference brought together some of the most significant people in the BTC community for a two-day event to discuss the current and future state of Bitcoin. 

Among the conference speakers were Scott Stornetta, chief scientist at Yugen Partners, and Blockstream CEO Adam Back, the of Hashcash.

These two crypto scientists are particularly notable because they were directly cited by Satoshi Nakamoto in the Bitcoin white paper. At Bitcoin 2019, they came together for a with Bitcoin YouTuber Naomi Brockwell about their contributions to the creation of Bitcoin and where they foresee the original cryptocurrency going in the years to come.

Naomi Brockwell, Scott Stornetta and Adam Back at Bitcoin 2019

Stornetta’s Contributions to the Development of Blockchain

Stornetta co-authored three papers cited in Bitcoin’s white paper and was one of the first people working on creating a that did not require people to trust a central authority. In the early days of Bitcoin, Stornetta realized was a problem with recording transactions, so he suggested the creation of immutable records in order to track all bitcoin transactions.

“We’re going to not be able to the difference between an old bit and a new bit, and all of the world’s records are going to be in bits, and that’s going to create a crisis of credibility,” as Stornetta described the problem during his conference panel. 

According to Stornetta, he and Stuart Haber, who is also credited with the creation of blockchain , were struggling to solve the problem, so they decided to create a publication that prove it is impossible to build an immutable record without a central authority. In writing it, Stornetta said they were able to figure out how they could build an immutable record with the use of a blockchain. 

Back’s “Proof-of-Work” Concept

In 1997, Adam Back introduced Hashcash, a “proof-of-work” system that would help users of the internet detect and avoid spam email. Hashcash worked to ensure users were only accepting emails from others who provided proof that an effort was made to send the email.

The “proof-of-work” concept was carried over into the world of Bitcoin to enable competitive mining of blocks. By using a trial-and-error method to mine bitcoin, miners that are able to verify proof of their work and successfully mine a block are rewarded with bitcoin as payment. 

“Satoshi made use of the hashcash idea to create the mining,” Stornetta said. “It’s easy to in hindsight huge incentives were needed to kickstart (bitcoin).” 

The Future of Bitcoin

For Stornetta, the future of Bitcoin is broad and diverse. Stornetta told the audience at the conference that he is a “fundamental believer” in crypto technologies and their ability to level the playing field. 

“I am not a crypto anarchist, but I certainly am a crypto libertarian, and I think we are going to get the world that we want and that we deserve, we just need to find a path that leads from A to B,” Stornetta said. 

Stornetta said he believes distributed ledger technologies will continue to advance and diversify in the future, and that he sees a potential for other currencies besides bitcoin to flourish. 

“It doesn’t all just have to be about money, of course,” Stornetta said to the crowd. “I’m a big fan of the distributed ledger and how that can create quantization and tokenization of assets … I just think we’re gonna see such a broadening and diversification of this.” 

“A New Paradigm”

Back also touched on the quick development of cryptocurrency technologies and the challenges of keeping up with the pace of new ideas and implementations of them, even for technical people. Back discussed how there are still areas of innovation that have yet to be realized. He further noted that blockchain and bearer electronic cash are new building blocks that have implications with smart contracts. 

“Basically, it’s like picking up a new programming language with a new paradigm, and it takes a lot of people to natively understand it and reach the conclusion of what kind of conclusions you can build with it,” Back said.

Back mentioned the development of the Lightning Network and state chains to further his about how advancements within crypto technology are being made at a rapid . He also discussed his reasoning for why multiple cryptocurrencies may not be a necessity in the long run. 

“In terms of coins, I tend to view it as sort of like TCP/IP — that there’s one interoperable standard,” Back said. “Any kind of innovation can be adopted in layers or, ultimately, people can import Bitcoin’s UTXO set to another data structure if a new data structure is found.”

Bitcoin 2019: Fireside Chat with Adam Stornetta and Adam Back

Disclaimer: Bitcoin 2019 was produced by BTC Inc, the parent company of Bitcoin Magazine.

The post At Bitcoin 2019, Scientists Cited in White Paper Weigh In on the Future appeared first on Bitcoin Magazine.


Source: bitcoinmagazine
At Bitcoin 2019, Scientists Cited in White Paper Weigh In on the Future

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