Category Archives: Cryptocurrency
Pakistani finance minister says crypto will never be legal because of FATF – Cointelegraph
Pakistan will ban cryptocurrency services operating in the country and never legalize crypto trading, Minister of State for Finance and Revenue Aisha Ghaus Pasha said at a session of the Senate Standing Committee on Finance and Revenue on May 16, according to multiple local media reports. Other officials, including State Bank of Pakistan (SBP) Director Sohail Jawad, spoke in favor of the decision.
Pasha said banning crypto was one of the requirements set by the Financial Action Task Force (FATF), which removed Pakistan from its gray list in October. The gray list contains countries the body considers deficient in Anti-Money Laundering and Counter-Terrorist Financing measures but that are working with it to remedy their shortcomings.
The SBP and the Information and Technology Ministry were drafting the legislation for the ban, according to reports.
Related: Pakistan's president calls for more training in blockchain technology
The Pakistani Crypto Twitter community unleashed a frenzy of disapproval of the coming crypto ban. I pray that government focuses on the right area which lead to scams and the apps which traps people instead of banning crypto, Daniyal Azamwrote. People are making handsome income with crypto trading and Govt want to take this last hope from Poor People of Pakistan, Crypto Arenasaid.
FATF cannot impose sanctions on non-compliant countries, but its findings are likely to influence government and corporate policies worldwide. Pakistans economy is in deep crisis, and it is currently engaged in tense bailout negotiations with the International Monetary Fund, so a clean report from the FATF may be a political priority.
Crypto adoption in the country has been relatively high, with Pakistani citizens reportedly holding $20 billion worth of crypto in 2021. Government opposition to crypto is not new, however. The SBP has reportedly been seeking a crypto ban since at least January. Pakistan does, however, have plans to launch a central bank digital currency in 2025 and recently adopted a national blockchain Know Your Customer platform.
Magazine: Rogue states dodge economic sanctions, but is crypto in the wrong?
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Pakistani finance minister says crypto will never be legal because of FATF - Cointelegraph
Aurora man accused of $9 million cryptocurrency theft – FOX 31 Denver
AURORA, Colo. (KDVR) Was it theft or a golden opportunity?
Thats the question Arapahoe County jurors will be asked next week when it comes to deciding the fate of Mark Shin, charged with stealing nearly $9 million worth of cryptocurrency.
The 31-year Aurora man is charged with theft, cybercrime theft and money laundering for what prosecutors say he did from his home computer on Aug. 22, 2020.
According to a grand jury indictment obtained by the Problem Solvers, Shin discovered an unintended vulnerability in the Revision 9 update of the ICON Nation cryptocurrency, a rival to the better-known Bitcoin.
Instead of alerting the ICON Foundation/Nation, the indictment said Shin changed the vote/select delegate function 558 times over an eleven-hour period to mint unauthorized ICX. From his personal computer, Shin minted and stole from the ICON Nation approximately 13,924,045 unauthorized ICX, which was roughly the equivalent of approximately $8,988,406.00 U.S. dollars at the time of the attack.
I love this case. I think its fascinating, defense attorney and FOX31 legal analyst Chris Decker said.
Decker said Shin will want the jury to see what he did not as theft but as an opportunity anyone would take advantage of.
Mr. Shin utilized the code that was written by this cryptocurrency to create his own mint or mint his own currency. So he wasnt taking property of another. He was creating new currency, Decker said.
Ive only been doing this (legal work) 28 years. Ive never seen a case quite like this, said George Brauchler, FOX31 legal analyst and former 18th Judicial District attorney.
Brauchler told the Problem Solvers he doesnt think the defense of, I was just minting new currency, is going to work.
I dont think it will because he acts guilty. I mean, this guy doesnt act like what hes doing is above board. He creates a bunch of different accounts. He tries to take the cryptocurrency that he has minted and sends it around to other crypto wallets in order to try to disguise whos the owner and how much he has, he said.
Arapahoe County prosecutors allege Shin used a cryptocurrency spinning service called Tornado Cash to shift the ICON money into other crypto wallets to disguise where his funds originated.
In August, the U.S. Department of the Treasurys Office of Foreign Assets Control sanctioned virtual currency mixer Tornado Cash to stop its use by American citizens. The Treasury Department claimed Tornado Cash had been used to launder more than $7 billion worth of virtual currency since its creation in 2019.
Decker said Shins defense team will likely argue the fact that I (Shin) moved the money immediately after that is of no consequence to the fact that I minted it and I didnt steal it.
But when asked if Shin using Tornado Cash immediately after minting 14 million ICON coins might look like money laundering to a jury, Decker responded, Of course. And thats what the prosecution is going to argue, shows that he knew that what he was doing was wrong and illegal.
No matter what the jury decides about Shins guilt or innocence, both Decker and Brauchler suspect the case could have ramifications outside the courtroom with many in the greater public still unsure about the safety of using cryptocurrency.
I think that this particular act undermines a general concern that people dont quite understand how these programs work. They dont quite understand how and under what circumstances people can mint new cryptocurrency, Decker said.
Brauchler added, It (cryptocurrency) makes me hanky. Now, listen, Im 110 years old, but the idea of having all the money that I have, caught up in something I cant truly define, that fluctuates based on things I cant truly control and then this comes along. I kind of like the smell of money.
The criminal trial against Shin begins Tuesday, May 23, and is expected to reach the jury on Friday, May 26. If convicted, he could face eight to 24 years each on the two felony theft counts and four to 12 years for the felony count of money laundering.
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Aurora man accused of $9 million cryptocurrency theft - FOX 31 Denver
Seattle startup’s ex-CFO accused of diverting $35 million, losing it in crypto crash – ABC News
A federal indictment accuses the former chief financial officer of a Seattle startup of taking $35 million of his employers money without permission and losing it by investing in cryptocurrency before the crypto market crashed last year
GENE JOHNSON Associated Press
May 17, 2023, 8:35 PM ET
2 min read
SEATTLE -- The former chief financial officer of a Seattle-based startup took $35 million of his employer's money without permission and lost it by investing in cryptocurrency before the crypto market crashed last year, according to a federal indictment returned by a grand jury Wednesday.
Nevin Shetty, 39, was hired in March 2021 as CFO of a company called fabric, which makes software platforms for retail commerce.
About a year later, after the company informed him it was letting him go over job performance concerns, he secretly took the money and transferred it to HighTower Treasury, a crypto platform he controlled as a side business, the indictment said.
His idea was to pay the company 6% interest while retaining profits above that, but soon the $35 million investment was practically worthless, the U.S. Attorney's Office in Seattle said in a news release.
The indictment in U.S. District Court charged Shetty with four counts of wire fraud. He is scheduled to be arraigned May 25.
Shetty's attorney, Cooper Offenbecher, said in an emailed statement that he and his client had been in regular contact with prosecutors and disagreed with the decision to bring an indictment.
As the CFO of his former employer, tasked with making investment decisions for its benefit, Mr. Shetty was personally devastated by these losses, which occurred as a result of a catastrophic crash in the cryptocurrency market in May 2022, Offenbecher wrote. "We look forward to responding to these allegations in Court.
Prosecutors, however, said that as the company raised hundreds of millions of dollars in startup funding, it adopted a conservative approach to managing that money a policy that Shetty had helped draft.
According to the Seattle tech news website GeekWire, fabric had raised more than $293 million by February 2022 and was valued at $1.5 billion.
In an emailed statement, the company said it had been cooperating with law enforcement and appreciated the work of the FBI and federal prosecutors.
"While the amount taken is substantial, fabric remains very well-funded with years of runway, the statement said.
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Seattle startup's ex-CFO accused of diverting $35 million, losing it in crypto crash - ABC News
Explainer: What is cryptocurrency mining and how does it hurt the … – Eco-Business
What is cryptocurrency mining?
Cryptocurrency mining is the competitive process that verifies and adds new transactions to the blockchain, which is a digital transaction record.
As cryptocurrency is a decentralised network that lacks any central governing authority, cryptocurrencyuses the proof-of-workmethod to verify the accuracy of new transactions.
Proof-of-work is a form of cryptographic proof in which one party proves to a verifier that a certain amount of a specific computational effort has been expended.
The miner whocompletes the highest volume of transactionsis rewarded with some amount of currency and/or transaction fees.
If a miner is able to successfully add a block to the blockchain, they will receive 6.25 bitcoins as a reward. Although the reward amount is cut in half roughly every four years, or every 210,000 blocks, cryptocurrency mining still yields fairly lucrative rewards.
The two most popular cryptocurrencies in circulation today are Bitcoin and Ethereum.
As of March, Bitcoin traded at around US$24,300, making 6.25 bitcoins worth a staggering US$152,000.
The proof-of-work concept in cryptomining incentivisesminers to ramp up their operations as quickly as possible, often irrespective of the energy source, so as to outdo their competitors.
As more bitcoin miners join the mining network, the difficulty of the computational problem increases, and the amount of electricity needed to win the race increases exponentially too.
Bitcoin, the worlds most widely-traded cryptocurrency, consumes101 terawatt-hours of electricity annually, comparable to the power consumption of Kazahstan with a population size of 19 million.
Producing that energy emits some56 megatons of carbon dioxide into the atmosphere each year. This is comparable to the emissions of Peru, making crypto a significant air polluter.
Using the social cost of carbon, a common metric to gauge the financialdamage caused by the greenhouse gas, the researchers who looked at the number of bitcoins mined daily between 2016 and 2021, calculated the climate cost of Bitcoin.
On average, they found that for each dollar in bitcoin valuecreated, the process resulted in 35 cents in global climate damage or 35 per cent of its market value. In contrast, the climate damage caused bybeef accounts for 33 per cent of its market value, while damages from gasoline produced from crude oil were 41 per cent.
On the other hand, the cryptocurrency ethereumimplemented amajor network upgradein 2022 that completely changes how the blockchain verifies transactions, mints new coins and secures its network. Called proof-of-stake, this system has reduced ethereums energy consumption by more than 99per cent.
A proof-of-stake network like Ethereum secures itself via staked cryptocurrency. Instead of expending computing energy to solve a puzzle, the nodes validating new transactions stake their own value as collateral. These nodes then run efficiently and honestly to avoid losing that collateral.
Deng Xin, associate professor ofbanking andfinance at Singapores Nanyang Technological University, said that in response to growing environmental concerns, the blockchain community has been actively integrating ecological considerations and embracing more sustainable consensus mechanisms such as Ethereum.
Cryptocurrency mining alsoproduces electronic waste.As the equipment used for cryptomining is highly specialised, the hardware becomes obsolete within just a year and a halfbeforeit becomes e-waste, saysAlex de Vries, a digital currencies researcher at the Vrije Universiteit Amsterdam in the Netherlands.
A single Bitcoin transaction creates about 275 grams of e-waste, which equates to 1.68 iPhone 12 devices, according to Digiconomist, a site that examines the unintended consequences of digital trends.
What are countries in Asia doing to mitigate cryptocurrencys climate impact?
Deng said that the introduction of the DAME tax in the US is likely to prompt the departure of Bitcoin miners, driving them to seek more favourable jurisdictions given their sensitivity to cost.
A likely destination for Americas Bitcoin minerscould be Asia, which is leading the way in cryptocurrency regulations.
Attitudes towards the regulation of cryptocurrency vary greatly across Asia. In the most extreme of cases, developing Asian countries such as China and Bangladesh have banned cryptocurrency altogether.
Some countries, such asKazakhstan, have adopted punitive measures similar to those implemented by the US.To discourage energy overconsumption, the central government implemented a 1 tenge(0.002 US cents) electricity rate surcharge, about a 4per cent increase in total energy costs, on registered crypto miners last month. To further regulate the demand for power, state-owned Kazakhstan Electricity Grid Operating Company routinely restricts energy supply to cryptomining companies.
Ben Charoenwong, assistant professor in finance at the National University of Singapore Business School, says thatcountries in Asia which are mostly emergingeconomies may have a harder time adopting such punitive measures because of enforcement issues.
I have heard plenty of anecdotesof miners simply tapping into electricpoles, effectively stealing the electricity. These miners, unlike those in America, will notworry about energy prices. Likewise, going after them fortaxes would also be difficult, he said.
As such, other countries like Uzbekistan have adopted a carrot-and-stick approach.
The Central Asian country haslegalised crypto-mining powered by solar energy, and has implemented a new federal income tax exemption that will benefit miners who install solar panels.
At the same time, the government in Uzebekistan has also levied steeper electricity rates on miners who choose not to make the switch to renewable energy, while imposing surcharges during the busiest hours of the day. Miners using non-rewewable energy are also required to foot double theelectricity tariff ofthose using solar energy.
Meanwhile, countries with a surplus of renewable energy such as Japan, have said that they will divert excess renewable energy across the grid to distributed data centresthat power cryptocurrency mining operations, curtailing energy wastage.
Encouraging miners participation in carbon offsetting programs could also provide another avenue for mitigating their environmental effects, saidDeng.
Countries can also allow cryptocurrency miners to issue green bonds to help miners transition from using energy from unsustainable sources to more sustainable sources, said Charoenwong.
On the other end of the spectrum, cryptocurrency mining is currently not being regulated in land-scarce Asian countries like Singapore. This is because the local conditions are not favourable for cryptocurrency mining.
[Singapores] relatively high land, labour and electricity costs, coupled with our hot tropical climate, make it expensive to operate cryptocurrency mining, saidenvironment ministerGrace Fuinparliamentin 2021.
What does the future hold for crypto-mining?
Charoenwongconcluded that all proof-of-work cryptocurrencies such as Bitcoin are at risk of future developments, such as technological transitions arising from pressures exerted by environmental groups and support from the open-source communities behind these decentralised cryptocurrencies to make the switch.
Hence, the energy discussion may become moot one day, just like how it was wiped out with Ethereums migration from proof-of-work to proof-of-stake.
So in some sense, the issue of mining may solve itself just from the incentive of actors in the own economies to develop new solutions even without much government intervention, he said.
A caveat, however, is that this transition is likely to take time given that the majority of Bitcoin miners,who collectively mine 900 new bitcoins per day (worth over US$20 million),still prefer the existing proof-of-work concept. As such, to the extent that the cryptocurrency activity generates a negative externality to the public, we should consider taxes or other schemes to correct the externality, he said.
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Explainer: What is cryptocurrency mining and how does it hurt the ... - Eco-Business
Exploring the top Bitcoin-friendly countries for cryptocurrency … – Missoulian
Cryptocurrencies, particularly Bitcoin, have gained significant traction in recent years as a decentralized form of digital currency that offers potential for financial freedom and innovation. With growing mainstream acceptance, it becomes crucial for cryptocurrency enthusiasts to explore the top Bitcoin-friendly countries where the legal status of Bitcoin is favorable and opportunities abound. This article will delve into the legal landscape tobuy Bitcoin with a debit cardin five countries that have emerged as havens for cryptocurrency enthusiasts: The United States, Japan, Switzerland, Malta and Singapore.
Country 1: United States
As the world's largest economy and a global financial hub, the United States has played a significant role in the adoption of Bitcoin. In the U.S., the legal status of Bitcoin is determined at the federal level, and it is recognized as property by the Internal Revenue Service (IRS). This means that Bitcoin transactions are subject to capital gains tax, and businesses that accept Bitcoin as payment are required to report it as income.
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However, despite the regulatory framework, the U.S. has witnessed a growing adoption of Bitcoin by businesses and consumers. Many major companies accept Bitcoin as a form of payment. Moreover, several states, such as Wyoming and New York, have enacted favorable regulations to attract Bitcoin-related businesses, making them popular destinations for cryptocurrency enthusiasts.
Country 2: Japan
Japan has a unique history with Bitcoin, having experienced a major cryptocurrency exchange hack in 2014 that led to regulatory reforms. Since then, Japan has become one of the most Bitcoin-friendly countries in the world. In April 2017, Japan recognized Bitcoin as a legal payment method, providing a regulatory framework for cryptocurrency exchanges to operate.
Japan's Financial Services Agency (FSA) has established a licensing system for cryptocurrency exchanges, ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. This has helped create a robust and regulated cryptocurrency ecosystem in Japan, with several major exchanges operating in the country. Additionally, Japan has witnessed the growing acceptance of Bitcoin among consumers, with many retailers and businesses accepting Bitcoin as payment.
Country 3: Switzerland
Switzerland has gained a reputation as a global hub for blockchain and cryptocurrency businesses thanks to its progressive approach to regulation. The Swiss Financial Market Supervisory Authority (FINMA) classifies cryptocurrencies as assets, and their regulation focuses on anti-money laundering (AML) and securities laws.
Switzerland has also implemented a favorable tax treatment for cryptocurrencies, making it attractive for Bitcoin investors. Bitcoin transactions in Switzerland are exempt from value-added tax (VAT), and capital gains tax is only applicable if Bitcoin is held as a business asset. This has encouraged the growth of a vibrant ecosystem of Bitcoin and blockchain companies in Switzerland, with the city of Zug, also known as "Crypto Valley," becoming a hub for blockchain innovation.
Country 4: Malta
Malta has emerged as a pro-cryptocurrency destination, aiming to become a global hub for blockchain and cryptocurrency businesses. Malta has enacted a comprehensive regulatory framework known as the Virtual Financial Assets (VFA) Act, which provides a regulatory framework for cryptocurrency exchanges, wallet providers and initial coin offerings (ICOs).
The VFA Act establishes a clear legal framework for cryptocurrencies, promoting transparency, investor protection and business innovation. Malta's favorable regulatory environment, along with its efforts to attract cryptocurrency businesses through tax incentives and grants, has led to the establishment of a vibrant cryptocurrency ecosystem in the country. Many major cryptocurrency exchanges have set up operations in Malta.
Country 5: Singapore
Singapore has emerged as a leading financial and technological hub in Asia, and it has also embraced Bitcoin and cryptocurrencies. In Singapore, the regulatory approach towards cryptocurrencies is pro-business and innovation friendly. The Monetary Authority of Singapore (MAS) has implemented a robust licensing regime for cryptocurrency exchanges and wallet providers, known as the Payment Services Act (PSA).
Under the PSA, cryptocurrency exchanges and wallet providers are required to obtain a license to operate in Singapore, ensuring compliance with AML and KYC regulations. Singapore has also implemented a Goods and Services Tax (GST) exemption for cryptocurrencies, making it more attractive for businesses and consumers to use Bitcoin for transactions.
Singapore has witnessed growing adoption of Bitcoin and other cryptocurrencies, with many businesses accepting Bitcoin as payment. The country has also seen the emergence of blockchain and cryptocurrency start-ups, supported by government initiatives to promote innovation in the fintech sector.
As the popularity and acceptance of Bitcoin continue to grow, it becomes crucial for cryptocurrency enthusiasts to be aware of the legal landscape in different countries. Whether it's the business-friendly environment of the U.S., the progressive regulations of Japan, the blockchain innovation in Switzerland, the comprehensive framework in Malta or the fintech hub of Singapore, these countries provide attractive options for cryptocurrency enthusiasts to explore and thrive in the world of Bitcoin.
If you're a cryptocurrency enthusiast looking for Bitcoin-friendly countries to explore, these five countries should be on your radar. From regulatory frameworks to tax treatment to business opportunities, these countries offer favorable environments for Bitcoin adoption and innovation.
Lee Enterprises newsroom and editorial were not involved in the creation of this content.
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Exploring the top Bitcoin-friendly countries for cryptocurrency ... - Missoulian
Top 15 Things To Consider Before Choosing The Right … – Blockchain Magazine
May 17, 2023 by Diana Ambolis
In the rapidly evolving world of cryptocurrencies, choosing the right cryptocurrency exchange is crucial for investors and traders. With numerous exchanges available, each offering different features, security measures, and trading options, it can be overwhelming to navigate this landscape. In this comprehensive guide, we will explore the key factors to consider when selecting a cryptocurrency
In the rapidly evolving world of cryptocurrencies, choosing the right cryptocurrency exchange is crucial for investors and traders. With numerous exchanges available, each offering different features, security measures, and trading options, it can be overwhelming to navigate this landscape. In this comprehensive guide, we will explore the key factors to consider when selecting a cryptocurrency exchange. From security and fees to supported cryptocurrencies and user experience, this guide aims to provide you with the knowledge needed to make an informed decision.
Also, read Top 3 Cryptocurrency Exchanges In USA Based On UI
Choosing the right cryptocurrency exchange requires a thorough evaluation of various factors, including security measures, supported cryptocurrencies, trading fees, user experience, liquidity, customer support, regulatory compliance, ease of account setup, fiat currency support, and advanced trading features. By considering these aspects and conducting proper research, you can find an exchange that aligns with your trading goals and provides a reliable and secure environment for your cryptocurrency transactions.
Remember, selecting a reputable and trustworthy exchange is crucial to protect your investments and ensure a positive trading experience. Regularly review the performance of your chosen exchange and adapt as necessary to optimize your trading activities in the dynamic and evolving crypto market.
Top 15 Things To Consider Before Choosing The Right ... - Blockchain Magazine
North Korean hackers stole $721 million in cryptocurrency from … – Reuters
TOKYO, May 15 (Reuters) - Hacker groups affiliated with North Korea have stolen $721 million worth of cryptocurrency assets from Japan since 2017, the Nikkei business daily reported on Monday, citing a study by U.K. blockchain analysis provider Elliptic.
The amount is equal to 30% of the total of such losses globally, the Nikkei reported.
The report comes after Group of Seven finance ministers and central bank governors said in a statement on Saturday that they support measures to counter growing threats from illicit activities by state actors, such as the theft of crypto-assets.
According to Elliptic, which conducted the analysis on behalf of the Japanese newspaper, North Korea has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.
Reporting by Satoshi Sugiyama, editing by Ed Osmond
Our Standards: The Thomson Reuters Trust Principles.
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North Korean hackers stole $721 million in cryptocurrency from ... - Reuters
Hill & Johnson Lead Effort to Create Regulatory Framework for … – The Ripon Society
WASHINGTON, DC With cash falling by the wayside and electronic transactions increasingly becoming the norm, The Ripon Society held a breakfast discussion yesterday with two Members of Congress who are working to put in place a regulatory framework to govern cryptocurrency and other digital assets. The two Members were U.S. Reps. French Hill (AR-2) and Dusty Johnson (SD-AL).
Hill serves as Chairman of the Financial Services Subcommittee on Digital Assets, while Johnson serves as Chairman of the Agriculture Subcommittee on Commodity Markets and Digital Assets. Together, they are leading an effort to establish a framework that governs digital transactions in a way that encourages competition without stifling the innovation that has fueled the growth of the internet and American economy over the past 25 years.
Weve lost the forest for some individual trees in this digital asset debate, Hill said in remarks to kick off the discussion. Web 3.0, distributed ledgers, blockchain this is the future of what we think of as Web 1.0. If wed had this conversation in the 90s that were having now, I dont know what our GDP would be. Because in 1996, the Congress did two very important things. They passed the Telecommunications Act, which gave you your cellular and digital and texting services competitively that you have today, combined with essentially the breakup of AT&T. And they gave you a little-known resolution that Dusty is working on revising, which was former member and former chairman of the SEC Chris Coxs resolution about the internet.
What Congressman Cox was saying [with his resolution] is, Were going to do no harm here. Were not going to step in and meddle with the internet. Were not going to tax the internet. Were not going to regulate the internet. Were going to tax and regulate the activities that people do in the private sector using the internet. And we dont want to screw this up. We dont even know what itll do. And it says that in the resolution.
According to Hill, a similar spirit is guiding the effort that he and Johnson are leading today.
We want to make sure that we effectively do no harm, he stated, that we craft a regulatory framework that facilitates American innovation, American entrepreneurs, American academics, American consumers, American investors, all to participate in the future of this thing called Web 3.0 and the use of distributed ledgers. Thats all were talking about. And were going to do it in a way where consumers are protected, investors are clear on what theyre investing in, and that bad actors dont get the run of the country.
Johnson concurred, and opened his remarks by touching not only on the cross-jurisdictional nature of the effort he and Hill are heading up in Congress, but two of the federal agencies the Commodities Futures Trading Corporation and the Securities and Exchange Commission that have jurisdiction over the issue, as well.
People are often surprised that agriculture has as large a role in this as we do, the South Dakota lawmaker stated. The CFTC is the cop on the beat for the American futures market derivatives. And the CFTC is jurisdictional to ag. And when we look at cryptocurrency, somewhere between 70% and 80% of the digital tokens that are already out there by market cap are viewed by most everybody as commodities, meaning that they are jurisdictional to the CFTC and not to the SEC. That being said, I think we need that SEC cop on the beat.
Maybe the big boys like Bitcoin and almost certainly Ether function as commodities today. But in an innovative space where you have people trying to build something special, that does feel a lot more like buying stock in a company than it does buying an ounce of gold. And one of the major challenges that we will have as we put the finishing touches on the legislation were doing together is trying to figure out when does something graduate to big boy status. In the early innovative days, that feels like we need SEC protections, as it is just a commodity. When is the CFTC the more appropriate regulator? I think were getting really close. Decentralization seems like the right trigger, and were putting some meat on the bones about what constitutes sufficient decentralization.
Johnson noted that he and Hill also hope to fill an important regulatory gap that currently exists in the spot market.
In most commodities, he observed, you dont need a spot market regulator. If you want to go down to a retail store and buy an ounce of gold, the CFTC doesnt regulate that. If you want to buy grain person to person, the CFTC doesnt regulate that. Now, they do have some enforcement ability over fraud and abuse and some of the market-distorting activities. But theres not regulatory authority. They dont set the rules of the road. Almost everybody that we have had testify in front of either of our committees understands that kind of Laissez-faire approach probably doesnt work for the digital asset space You cant really afford to just let the State Attorney General or the county attorney do that work.
So I think we will have the CFTC be the cop on the beat for that spot market business. And by the way, industry understands that what French and I have been talking about will make it more likely that they can invest here, make it more likely that they can innovate here, and make it more likely that America will regain its position as the primary home to great blockchain technology development.
Following their remarks, Hill and Johnson were asked a number of questions, including one about the President and the approach his Administration is taking to creating a regulatory framework for digital assets.
I think President Biden recognizes the importance of the digital assets arena and the lack of a framework, Hill said. They put together a presidential working group on digital assets. I dont agree with everything that was written in their presidential working group reports or the executive order. But the point is that they did demonstrate that theyre interested in this arena. And we found that to be true last summer when Maxine Waters and Patrick McHenry began working on the first of several pieces of legislation here, which is a stablecoins bill to actually put stable in stablecoin. The Treasury and the Federal Reserve were very cooperative there in providing technical assistance, along with other bank regulators.
We only have one regulator thats sort of out of step in this process right now, and thats the SEC. Gary Gensler prided himself during his confirmation hearings that he taught a blockchain course at MIT. And then he impressed on all of us as he was sworn into office that he is the cop on the beat and that nothing happens without his careful touch in oversight. Well, a trillion dollars in losses later and a bunch of lawsuits later, we dont have a lot of leadership out of the SEC. We need that in order to ultimately be successful here. And we hope the Administration can bring Chairman Gensler into the fold on the need for a regulatory framework.
Gensler is the biggest problem, he stated bluntly. Commissioner Peirce is very reasonable. Shes got more of a libertarian bent. I think she understands that we do want to create some space for innovation that a Gary Gensler regulatory regime would not. French is right the CFTC, theyre really squared away regulators. They really understand the concepts. They really understand their principles-based regime that they operate under and how that could well serve crypto. And they are, I think, quite effective when they come to the Hill and talk.
In addition to being asked about their work to create a regulatory framework for digital assets, the two lawmakers were also asked about another top priority facing Congress this month raising the debt limit and getting spending under control.
Yesterday was a very good day, Johnson said, referring to the meeting that was held Tuesday at the White House between the President and Congressional leaders. There werent any breakthroughs other than structure. I think having Shalanda [Young] and [Steve] Riccetti be Bidens people is exceptionally good news. I think having Garrett Graves and Brittan [Specht] be McCarthys people is exceptionally good news. And then, frankly, more important than all of that is kicking Schumer out of the room. It was really important for the President to do that.
Schumer has been nothing more than an intransigent blocker of progress. He really thinks he can jam us. It shows how little Chuck Schumer understands the Republican House. Weve been remarkably united. Listen, there are some more colorful elements of the Conference that simply will not in any way ever be pushed around by this White House. Frankly, I would put myself among their number in this regard. Inaction is not a strategy for dealing with a $32 trillion debt. And I think Chuck Schumer is beginning to understand the resilience and the resoluteness of the House Republicans. More importantly, the President does. Kicking Schumer out of the room was a big deal.
Hill echoed Johnsons remarks.
I think Joe Biden has taken his lead from Chuck Schumer, he said, and the Majority Leader in the Senate is wrong in this case. Hes fighting yesterdays war. And hes got the Democratic President, and hes got a split Senate with no votes, and hes got no 60 votes. So hes way overplayed his hand. I think he convinced the Biden Administration early on that McCarthy couldnt get it done. And McCarthy has a very time-tested strategy. Kevin McCarthy is a much better, much more effective, and will be a much more successful speaker because he went those 15 rounds the first week of January. That process seared a bonding nature inside our Conference like Ive never seen.
To view the remarks of Hill and Johnson at yesterdays breakfast discussion, please click the link below:
The Ripon Society is a public policy organization that was founded in 1962 and takes its name from the town where the Republican Party was born in 1854 Ripon, Wisconsin. One of the main goals of The Ripon Society is to promote the ideas and principles that have made America great and contributed to the GOPs success. These ideas include keeping our nation secure, keeping taxes low and having a federal government that is smaller, smarter and more accountable to the people.
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Hill & Johnson Lead Effort to Create Regulatory Framework for ... - The Ripon Society
How to mine Dash: A beginner’s guide to cryptocurrency mining. – Native News Online
One such cryptocurrency that can be mined is Dash, a fast and secure digital currency that boasts low fees and near-instant transactions. However, for beginners, the process of mining Dash can seem intimidating and overwhelming. In this beginner's guide, we'll break down everything you need to know about getting started, optimizing your setup and dash mining in practice. If you are interested in crypto investment, it is also important to know about Synthetic Assets.
Getting Started with Dash Mining
To start mining Dash, you'll need to set up a Dash wallet and mining software. There are several wallets available for Dash, but some popular options include the official Dash Core Wallet and Exodus. Once you've set up your wallet, you'll need to choose a mining pool to join. Mining solo can be challenging and may not be profitable for beginners, so joining a mining pool can help increase your chances of earning a steady income. Some popular Dash mining pools include F2Pool, Poolin, and Antpool.
Once you've chosen your mining pool, you'll need to configure your miner. This will depend on the hardware you're using and the mining software you've chosen. Some popular mining software options for Dash include CGMiner, EasyMiner, and MultiMiner. These software programs allow you to control and monitor your mining hardware, adjust settings like fan speed and temperature, and view important statistics like hash rate and mining profitability.
Optimizing Your Mining Setup
To maximize your chances of success and profitability in Dash mining, it's important to optimize your mining setup. This includes choosing the right mining hardware and software, as well as balancing energy costs and mining efficiency.
One important factor to consider when optimizing your mining setup is your hash rate, which is the speed at which your mining hardware can solve mathematical algorithms and earn cryptocurrency rewards. To maximize your hash rate, you'll want to choose mining hardware that's specifically designed for Dash mining and that has a high hash rate per watt. Some popular Dash mining hardware options include the Bitmain Antminer D3, the Innosilicon A5 DashMaster, and the Baikal Giant B.
Another important factor to consider is your energy costs. Mining cryptocurrency can be energy-intensive, and electricity costs can eat into your profits. To balance energy costs and mining efficiency, you'll want to choose a mining pool that has low fees and that's located in a region with low electricity costs. You can also adjust your mining settings to reduce energy consumption, such as lowering fan speed or reducing overclocking.
Finally, you'll want to stay up-to-date with the latest mining software and algorithms. New developments in mining technology can affect your mining profitability, so it's important to stay informed and adjust your mining setup accordingly. You can also join online mining communities and forums to stay up-to-date with the latest trends and to connect with other Dash miners.
Dash Mining in Practice
Once you have your mining setup optimized, it's time to put your Dash mining skills into practice. This section will cover some examples of successful Dash mining operations, real-world challenges you may encounter, and tips for staying up-to-date with the latest mining developments.
One successful Dash mining operation is the Dash Masternode system, which allows users to earn additional rewards by hosting a masternode and supporting the Dash network. Masternodes require a significant investment, but can offer high rewards for those who are willing to make the commitment. Another successful Dash mining operation is the use of ASIC mining rigs, which can offer high hash rates and low electricity costs.
However, there are also challenges and risks associated with Dash mining. One common challenge is the rising difficulty level of mining, which can make it more challenging to earn rewards and stay profitable. Another challenge is the volatility of cryptocurrency prices, which can make it difficult to predict earnings and plan for the future.
To mitigate these risks and challenges, it's important to stay up-to-date with the latest mining developments and trends. This includes staying informed about the latest mining hardware and software, as well as monitoring cryptocurrency prices and market conditions. It's also important to have a long-term perspective on mining, and to not rely solely on mining as a source of income.
In conclusion, Dash mining can be a lucrative and rewarding way to earn cryptocurrency. By understanding the basics of mining algorithms and hardware, optimizing your setup for efficiency and profitability, and staying informed about the latest mining developments and trends, you can maximize your chances of success in Dash mining. Whether you're a beginner or an experienced miner, mining Dash offers a valuable opportunity to contribute to the cryptocurrency ecosystem and earn passive income.
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How to mine Dash: A beginner's guide to cryptocurrency mining. - Native News Online
8220 Gang Exploiting Oracle WebLogic Flaw to Hijack Servers and Mine Cryptocurrency – The Hacker News
The notorious cryptojacking group tracked as 8220 Gang has been spotted weaponizing a six-year-old security flaw in Oracle WebLogic servers to ensnare vulnerable instances into a botnet and distribute cryptocurrency mining malware.
The flaw in question is CVE-2017-3506 (CVSS score: 7.4), which, when successfully exploited, could allow an unauthenticated attacker to execute arbitrary commands remotely.
"This allows attackers to gain unauthorized access to sensitive data or compromise the entire system," Trend Micro researcher Sunil Bharti said in a report published this week.
8220 Gang, first documented by Cisco Talos in late 2018, is so named for its original use of port 8220 for command-and-control (C2) network communications.
"8220 Gang identifies targets via scanning for misconfigured or vulnerable hosts on the public internet," SentinelOne noted last year. "8220 Gang is known to make use of SSH brute force attacks post-infection for the purposes of lateral movement inside a compromised network."
Earlier this year, Sydig detailed attacks mounted by the "low-skill" crimeware group between November 2022 and January 2023 that aim to breach vulnerable Oracle WebLogic and Apache web servers and deploy a cryptocurrency miner.
It has also been observed making use of an off-the-shelf malware downloader known as PureCrypter as well as a crypter codenamed ScrubCrypt to conceal the miner payload and evade detection by security software.
In the latest attack chain documented by Trend Micro, the Oracle WebLogic Server vulnerability is leveraged to deliver a PowerShell payload, which is then used to create another obfuscated PowerShell script in memory.
This newly created PowerShell script disables Windows Antimalware Scan Interface (AMSI) detection and launches a Windows binary that subsequently reaches out to a remote server to retrieve a "meticulously obfuscated" payload.
The intermediate DLL file, for its part, is configured to download a cryptocurrency miner from one of the three C2 servers 179.43.155[.]202, work.letmaker[.]top, and su-94.letmaker[.]top using TCP ports 9090, 9091, or 9092.
Trend Micro said recent attacks have also entailed the misuse of a legitimate Linux tool called lwp-download to save arbitrary files on the compromised host.
"lwp-download is a Linux utility present in a number of platforms by default, and 8220 Gang making this a part of any malware routine can affect a number of services even if it were reused more than once," Bharti said.
"Considering the threat actor's tendency to reuse tools for different campaigns and abuse legitimate tools as part of the arsenal, organizations' security teams might be challenged to find other detection and blocking solutions to fend off attacks that abuse this utility."
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8220 Gang Exploiting Oracle WebLogic Flaw to Hijack Servers and Mine Cryptocurrency - The Hacker News