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Showing posts with label Crypto Currency. Show all posts

The issue and circulation of cryptocurrencies will be banned in Russia


On March 16, a Representative of the Bank of Russia, Alexey Guznov, announced a possible ban on the issue and organization of cryptocurrency circulation in the territory of the Russian Federation. As noted in the bill on digital financial assets, the issue and circulation of cryptocurrencies in Russia carry an unjustified risk. The bill prohibits the issue and circulation of cryptocurrency in Russia and introduces responsibility for violating the ban.

Mister Guznov noted: "The position of the Bank of Russia remains unchanged. We believe that there are great risks when legalizing the circulation of cryptocurrencies." Risks arise for financial stability and the anti-money laundering system, and consumer protection will also suffer.
The Central Bank objected to legalizing cryptocurrency as a "tool" and an object of circulation, said mister Guznov.

Some experts suggested that cryptocurrency should be treated as a foreign currency and its issuance and circulation should be regulated in the same way.

The authorities replied that they did not intend to ban the ownership of the digital currency. The bill only prohibits the issuance and circulation of cryptocurrencies and introduces liability for violation of this ban.

It is absolutely impossible to ban cryptocurrencies and mining, said Yuri Brisov, a member of the Commission for the Legal Support of the Digital Economy. He is sure that such measures will become an obstacle to the development of the blockchain industry in the Russian Federation.

"The ban on mining and cryptocurrencies will lead to the complete decline of the blockchain industry. For this reason, all developed countries, although they understand the risks associated with money laundering, tax evasion, do not ban cryptocurrencies and mining; to ban today means to limit the potential for economic growth and technological development of their country," said Brisov.

It is important that legal regulation in Russia does not hinder the development of new technologies.
Earlier EhackingNews reported that Russian law enforcement agencies, together with the Ministry of Internal Affairs, to prepare proposals for the arrest of cryptocurrencies by 2021.

Recall that in 2018, President Vladimir Putin said that Russia should "carefully and cautiously" monitor the sphere of cryptocurrencies. At the same time, the position of the Central Bank of Russia was that electronic money can not be a means of payment.

Kaspersky Lab reports North Korean Hacker group Lazarus stealing cryptocurrencies using the Telegram messenger


A group of hackers calling themselves Lazarus modified their previous scheme to steal cryptocurrency which was used in 2018. Hackers use more effective tactics and act more carefully. According to Kaspersky Lab, now, not only users of the macOS operating system are at risk but also users of Windows.

Presumably, Lazarus hackers use malware that runs in memory and not on hard drives allowing it to remain undetected. The researchers believe that the group uses Telegram to spread the virus.

The new Lazarus attack was named Operation APpleJeus Sequel, which follows APpleJeus attack conducted in 2018. Principle of cryptocurrency theft remains the same as before: fake cryptocurrency companies are used to attract investors. The websites of these companies contain links to fraudulent

Telegram trading groups, through which malware that infects Windows computers is distributed.
Once the system is infected, attackers can gain remote access to it and steal the cryptocurrencies stored on the device. So far, researchers have been able to identify many victims of the new fraud across Europe and in China. A representative of Kaspersky Lab reports that it is known about the victims from Russia, China, Poland and the UK. At the same time, they include both individual traders and companies whose activities are related to cryptocurrency.

Kaspersky noted that currently, hackers from Lazarus have suspended their campaign using the messenger, but researchers suggested that in the future, attackers will use even more advanced methods.

Earlier, a closed UN report reported that North Korea finances the development of weapons through digital and Fiat currencies stolen from banks and cryptocurrency exchanges. Last fall, Group-IB said that a North Korean group of hackers stole $571 million in cryptocurrencies.

Upbit suffers $52M loss in a Cryptocurrency Heist


One of the globe's largest cryptocurrency transactions is being forced to cease account debits and credits when it was hit by a huge online theft worth $52M. UpBit, a South Korean cryptocurrency market, announced the provisional stay declaration on Wednesday accompanied by a letter from CEO Lee Seok-woo, Dunamu. "The heist took place on Wednesday in the afternoon. Around $50 million in Ethereum currency were sent from an UpBit account via an anonymous beneficiary," says Lee Seok-woo.


The victims of the robbery will have their damages satisfied by the firm, which has sent additional crypto-currencies into the firm's cool account for advanced safety. “It is expected that our company will take around 2 weeks more until the transaction gets active again. As soon as it is done, we'll inform the public,” stated Lee. UpBit’s toils are the newest in a lengthy series of victorious cyberattacks attacking cryptocurrencies markets in recent times. Other victims involve United States company Coinbase, which faced charges whopping $1million, Bitpoint, of Japan, that suffered $32million, Singapore firm Bitrue, that was stripped of $4.5million and Binance, whose headquarters are in Malta.

"The newest heist is a serious lesson to account holders concerning the value of working only on safe and secure exchanging forums," argues Peter Wood, CEO CoinBurp, a cryptocurrency exchange. He further continues, "it is especially critical in the case of cryptocurrency because it can't be traced virtually and, no regulatory authority is present to look over this problem." “But, possible account holders are ensured that they shouldn't be concerned as attacks like these have happened before. However, the individuals must examine the safety contracts and measures carefully while working on any cryptocurrency exchanging program,” says Lee Seok-woo.

At the beginning of this year, the United Nations accused North Korea of utilizing its increasing hacking abilities to attack crypto markets in an attempt to fulfill the country's treasures. North Korea is accused of storing $2 Billion from the cryptocurrency hacks. Upbit was originally started as a business among Bittrex and Dunamu, a South Korean app maker, that supports messenger colossal Kakao. Other cryptocurrency exchanges have warned their users about the heist.