The odds are about one in four that the crypto fanatic in your office is involved in illegal activities. After conducting a study of historical Bitcoin transaction data an Australian research group concluded:
We find approximately one-quarter of Bitcoin users and one-half of Bitcoin transactions are associated with illegal activity. Around $72 billion of illegal activity per year involves Bitcoin, which is close to the scale of the US and European markets for illegal drugs. And that $72 billion? Here’s a bone for you conspiracy theory types: Business Insider reports Bitcoin has lost $72 billion in value since the beginning of 2018. Coincidence? Probably.Read more
For almost two years, hackers could have easily stolen your prized stash of bitcoins if you were keeping them in the popular software wallet Electrum, thanks to a critical security vulnerability that went unpatched until now.
The vulnerability allowed any website to steal bitcoins stored using Electrum, as long as the software was running and there was no encryption password set up, according to security researchers. The bug was initially reported by Github user “jsmad” on November 24, 2017. Electrum, however, didn’t fully patch the bug until Sunday, January 7, and only after Google security researcher alerted them to how serious the bug really was.Read more
China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market after the country outlawed initial coin offerings last week.
The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private. Authorities don’t have plans to stop over-the-counter transactions, the people said. China’s central bank said it couldn’t immediately comment. Bitcoin slumped on Friday after Caixin magazine reported China’s plans, capping the virtual currency’s biggest weekly retreat in nearly two months.Read more
Cryptocurrencies were supposed to be largely anonymous. But a software tool gives the IRS has a better chance of identifying people who hide their wealth.
You can use bitcoin. But you can’t hide from the taxman. At least, that’s the hope of the Internal Revenue Service, which has purchased specialist software to track those using bitcoin, according to a contract obtained. The document highlights how law enforcement isn’t only concerned with criminals accumulating bitcoin from selling drugs or hacking targets, but also those who use the currency to hide wealth or avoid paying taxes. The IRS has claimed that only 802 people declared bitcoin losses or profits in 2015.Read more
More and more shopping Web sites accept cryptocurrencies as a method of payment, but users should be aware that these transactions can be used to deanonymize them – even if they are using blockchain anonymity techniques such as CoinJoin.
Independent researcher Dillon Reisman and Steven Goldfeder, Harry Kalodner and Arvind Narayanan from Princeton University have demonstrated that third-party online tracking provides enough information to identify a transaction on the blockchain, link it to the user’s cookie and, ultimately, to the user’s real identity. “Based on tracking cookies, the transaction can be linked to the user’s activities across the web. And based on well-known Bitcoin address clustering techniques, it can be linked to their other Bitcoin transactions,” they noted.Read more
Imagine logging into your checking account and seeing that you now also have a second account, stocked with an equal amount of a newly created currency. It could happen this morning to many people who hold the cryptocurrency bitcoin.
Not long after 8 am EDT, a new currency called Bitcoin Cash is due to appear, split from bitcoin in a technical maneuver called a “hard fork.” It’s the project of a group that says bitcoin’s keepers are limiting its reach by resisting change. The creation of Bitcoin Cash is the most striking result yet of a 2-year-old feud over bitcoin’s future. Bitcoin is collectively valued at $47 billion but remains a niche product.Read more
Bitcoin hit an all-time high Wednesday thanks to continued adoption in China and other parts of the world where traditional currencies are tightly controlled.
The digital currency, which just turned eight years old, reached $1,140.64, which was higher than the $1,137 it hit in November of 2013. In December, bitcoin also surpassed its previous all-time high in total market capitalization, which now exceeds $16.1 billion. The latest increase was driven by capital or currency restrictions in countries ranging from China to India and Venezuela, where people purchased bitcoin to protect their savings, as well as increased adoption by investors.Read more
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. 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. Until resolved, which may take next few hours, Blockchain.info digital wallet users would not be able to access their online accounts.Read more
Now LeakedSource disclosed details from two Bitcoin data breaches that affected the bitcoin exchange BTC-E.com and the discussion forum Bitcointalk.org. The data breach notification service LeakedSource reported the data breach suffered by many IT services, including Last.fm and DropBox, both occurred in 2012.
The Bitcointalk hack is known. LeakedSource reported that user details were stolen in the incident, the leaked records include usernames, passwords, emails, birthdays, secret questions, hashed secret answers and some other internal data. Despite the LeakedSource’s notification, there is no news about incidents occurred to BTC-E customers.Read more
Slovenia-based Bitcoin exchange portal Bitstamp is warning users of a Google Chrome extension that steals their Bitcoin when making a transfer.
The extension's name is BitcoinWisdom Ads Remover and is a Chrome extension that removes ads from the BitcoinWisdom.com, a website for consulting all kinds of Bitcoin-related statistics, all presented in easy-to-understand charts. According to Bitstamp, a website that lets users exchange Bitcoin for US dollars, this extension contains malicious code that is redirecting payments to its own Bitcoin address, instead of the one intended by the user making the transaction.Read more