Category Archives: Cryptocurrency
How to mine Dash: A beginner’s guide to cryptocurrency mining. – Native News Online
Details
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.
Conclusion
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
Forex vs Cryptocurrency Trading: Similarities and Differences – Analytics Insight
We will compare both Forex trading and cryptocurrency trading in the article below
Forex trading is not the same as Cryptocurrency. It is all about buying and selling currency for profit. While on the other hand, cryptocurrency is digital cash for the digital age. Its similar to regular money but its digital only. Forex trading involves the exchange of regular currency with another regular currency. For example, the exchange of Dollars and Euros is forex trading. But when it comes to actually trading both financial instruments, they are very similar.
You can take a long position in both forex trading and cryptocurrency trading if you predict the asset price will increase. You can also take a short position in both forex trading and cryptocurrency trading if you predict the asset price will decrease.
For example, the total value of the forex market is estimated to be over US$2.409 quadrillion, while the combined market cap of the crypto market was US$1.14 trillion as of May 17, 2023. However, there are also marked differences between these two asset classes, and while there may be considerable overlap, they can each help diversify your trading portfolio in 2023 and beyond.
Well compare both of these asset classes in the article below while asking how you can leverage these to your financial advantage.
Forex markets involve the buying, selling, and exchanging of international currencies, which are traded in pairs and as speculative assets.
This means that you can use one currency to hedge against another, as you look to speculate on and profit from specific price movements without assuming ownership of the underlying financial instrument.
In more general terms, youll invest in the exchange rates between different currencies and forex pairs, while potentially leveraging the markets innate volatility to secure short and medium-term profits.
Due to this volatility and the relative complexity of the forex market, its not necessarily an ideal space for beginners. After all, theres no single marketplace place or regulatory framework in which to operate, while the majority of individual currency pairs are subject to free-floating exchange rates that are subject to macroeconomic factors, geopolitical tumult, and fundamental drivers such as supply and demand.
While fiat currencies are tangible assets that theoretically have an unending supply (as they are supplied by central banks), cryptocurrencies are completely digital assets that have a finite supply.
This means that crypto tokens have no tangible value or corporeal form, and therefore cannot serve as a secure store of wealth. At the same time, the finite supply impacts directly on each token, according to factors like scarcity and a generally high level of demand.
Crypto assets are built on blockchain technology, which creates decentralized and distributed ledgers that create an immutable store of transaction data. This creates heightened transparency and minimizes the risk of market manipulation, while theres no central authority or third party to control assets or enact transaction fees.
While crypto is now in its third generation (and the latest crypto assets like Cardano are considered technological entities that directly tackle the scalability issues associated with first-generation alternatives like Bitcoin), this asset class remains gripped by even greater volatility.
This level of volatility is more pronounced than what youll encounter as a forex trader, due largely to the lack of tangible value that underpins crypto and the assets vulnerability to speculation.
As we can see, there are some similarities between these two asset classes, but in many ways, forex and cryptocurrency are opposed. But how exactly do these speculative asset classes compare in the eyes of investors? Here are some considerations to keep in mind:
In this respect, forex and crypto are largely the same, as both are home to huge markets and have an almost inordinate amount of assets that can be traded. Sure, there are slightly more crypto assets (around 20k at the time of writing), but investors are spoiled for choice regardless of which market they target.
However, it should be noted that both marketplaces are considerably narrower in practice, with the seven major currency pairs accounting for 68% of the markets total daily trading volumes. At the same time, Bitcoin accounts for approximately 70% of the entire crypto market too, creating concentrated market segments for investors to focus on.
Liquidity refers to the ease with which an asset can be bought and sold, and in this respect, forex is considerably more liquid than cryptocurrency. This is particularly true in the case of major currency pairs such as the EUR/USD, which accounts for approximately 24% of total daily forex volumes and benefits from almost constant, uninterrupted demand.
Conversely, BTC is the only crypto asset that can be broadly described as liquid, but even then, there are only a fixed number of Bitcoin tokens in circulation. Demand also fluctuates wildly in line with market sentiment, meaning that liquidity can also diminish considerably at different times (making the asset difficult to shift).
As weve already touched on, fx is a highly volatile market, and one that a particular investor shouldnt underestimate. However, major currency pairs are considerably less volatile than exotic and even minor pairings, meaning that while prices can still fluctuate considerably in relatively short periods, assets like the EUR/USD typically trade in narrow and predictable ranges.
The same cannot be said for cryptocurrency, however, with Bitcoin having experienced recurring bull runs and crashes throughout its history. Having peaked in terms of market cap and value last November, for example, it has since shed nearly 70% of its value through a turbulent 2022. Less well-known assets are similarly volatile, meaning that real-time crypto holdings can rise and fall markedly and with minimal warning.
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The Safest Way to Secure the Cryptocurrency with Samourai Wallet – Digital Journal
PRESS RELEASE
Published May 18, 2023
In today's digital age, where our personal information is constantly at risk, safeguarding our privacy has become more important than ever. With the increasing prevalence of online threats and surveillance, it is crucial to adopt effective measures to protect our sensitive data, especially when engaging in cryptocurrency transactions. One such solution that has gained significant popularity is Samourai Wallet. In this article, we will explore the features and functionalities of Samourai Wallet that can help you safeguard your privacy and secure your digital assets.
What is Samourai Wallet?
Samourai Walletis a privacy-focused Bitcoin wallet that prioritizes the security and anonymity of its users. It is designed to provide a high level of privacy without compromising on user experience. Samourai Wallet offers a range of innovative features that make it an ideal choice for individuals seeking maximum privacy and security when transacting with Bitcoin.
Importance of Privacy in the Digital Age:
In the digital age, privacy has become a precious commodity. Online surveillance, data breaches, and identity theft are constant threats that can have severe consequences. When it comes to cryptocurrency transactions, maintaining privacy is crucial to protect your financial information and assets. Samourai Wallet recognizes the significance of privacy in the digital world and provides a robust set of tools to ensure your transactions remain private and secure.
Features of Samourai Wallet:
Stealth Mode: Protecting Your PrivacySamourai Wallet offers a unique feature called Stealth Mode, which allows you to hide your wallet app from prying eyes. By activating Stealth Mode, you can make your wallet appear as a generic app on your device, ensuring that your privacy remains intact even if someone gains unauthorized access to your phone.
Transaction Privacy:
Samourai Wallet employs various techniques to enhance transaction privacy. It supports the use of Payment Codes, which allow users to create unique addresses for each transaction, making it difficult to track your payment history. Additionally, it implements BIP47, a payment code standard that enhances privacy by eliminating address reuse.
CoinJoin and Mixing Services:
To further enhance privacy, Samourai Wallet integrates CoinJoin and mixing services. CoinJoin combines multiple transactions into a single transaction, making it difficult to trace individual payments. Mixing services allow users to obfuscate the origin of their Bitcoin by mixing it with other users' funds, adding an extra layer of privacy to your transactions.
Stonewall: Advanced Transaction Privacy:
Samourai Wallet introduced Stonewall, an advanced privacy feature that obscures the true intent of a transaction. By utilizing a series of complex transactions, Stonewall confuses blockchain analysts and makes it challenging to determine the recipient or purpose of a payment, thereby safeguarding your privacy.
Remote SMS Commands:
In situations where immediate action is required, Samourai Wallet provides remote SMS commands. These commands allow you to remotely wipe the wallet, making it an effective measure to protect your funds in case your device falls into the wrong hands.
Enhancing Privacy with Tor:
Samourai Wallet also supports Tor integration, enabling you to route your transactions through the Tor network. Tor adds an additional layer of anonymity by concealing your IP address and making it difficult to trace your online activities, providing an extra level of privacy for your Bitcoin transactions.
Frequently Asked Questions (FAQs)
Can I use Samourai Wallet with other cryptocurrencies?
No, Samourai Wallet is specifically designed for Bitcoin transactions.
Is Samourai Wallet available for iOS devices?
Currently, Samourai Wallet is only available for Android devices.
Does Samourai Wallet require an internet connection?
Yes, Samourai Wallet requires an internet connection to send and receive transactions.
Can I recover my Samourai Wallet if I lose my device?
Yes, Samourai Wallet provides a recovery process using a mnemonic seed phrase, ensuring you can regain access to your wallet even if your device is lost or stolen.
Is Samourai Wallet open source?
Yes, Samourai Wallet is an open-source project, which means its code is publicly available for auditing and review by the community.
Conclusion:
Protecting your privacy in the digital age is of utmost importance, especially when it comes to cryptocurrency transactions. Samourai Wallet offers a comprehensive set of privacy features and tools that can help you safeguard your personal information and secure your digital assets. With innovative functionalities such as Stealth Mode, CoinJoin, Stonewall, and Tor integration, Samourai Wallet empowers users to take control of their privacy while transacting with Bitcoin. By utilizing Samourai Wallet, you can enjoy peace of mind and confidently engage in secure and private cryptocurrency transactions.
Media ContactCompany Name: Samourai WalletContact Person: Jason BriggsEmail: Send EmailPhone: 205-498-5962Country: United StatesWebsite: https://samouraiwallet.io
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The Safest Way to Secure the Cryptocurrency with Samourai Wallet - Digital Journal
Cryptocurrency Cosmos Hub Down More Than 3% Within 24 hours – Benzinga
Cosmos Hub's ATOM/USD price has decreased 3.62% over the past 24 hours to $10.53, continuing its downward trend over the past week of -0.0%, moving from $10.71 to its current price.
The chart below compares the price movement and volatility for Cosmos Hub over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 49.0% over the past week while the circulating supply of the coin has risen 0.4%. This brings the circulating supply to 292.59 million. According to our data, the current market cap ranking for ATOM is #23 at $3.08 billion.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Cryptocurrency Cosmos Hub Down More Than 3% Within 24 hours - Benzinga
PPP lawmakers visit Wemade for investigation into cryptocurrency … – Yonhap News Agency
SEOUL, May 19 (Yonhap) -- Lawmakers from the ruling People Power Party (PPP) visited the office of Wemade, the issuer of Wemix cryptocurrency, Friday as part of an investigation into suspicions surrounding now-independent lawmaker Kim Nam-kuk's dubious cryptocurrency trading.
A special investigation team from the PPP, including Reps. Kim Sung-won, Yun Chang-hyun, Park Hyeung-soo and Choi Hyung-du, as well as a group of outside experts, met with Wemade Co.'s CEO Chang Hyun-guk at the company's headquarters for clues into suspicions surrounding Kim's coin trading.
"The Democratic Party (DP) seems to have shut their ears to the public's pent-up frustration and calls for truth. We will embrace their desires and make every effort to uncover the truth," said Kim at a press conference in front of the company headquarters in Pangyo, south of Seoul.
Wemade Co. created the P2E, or play-to-earn, coin Wemix.
Kim, a first-term lawmaker, has come under fire following revelations that he owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US$4.5 million) at the time, a significant amount inconsistent with his frugal image. Wemix was delisted in November 2022.
Rep. Kim Sung-won (C) of the ruling PPP speaks before reporters in front of Wemade Co.'s headquarters in Pangyo, south of Seoul, as part of the party's own investigation into suspicious cryptocurrency trading of former Democratic Party lawmaker Kim Nam-kuk on May 19, 2023. (Pool photo) (Yonhap)
The visit came amid suspicions that Wemade may have lobbied Kim by providing Wemix coins for free in exchange for Kim's legislative support for the P2E industry.
But Chang rejected the suspicions, saying the company never gave free Wemix coins to Kim via Airdrop or through a private sale, saying it would be nearly "impossible" to deposit the 800,000 Wemix coins owned by Kim through such methods.
Kim departed from the main opposition Democratic Party (DP) earlier this week as suspicions grew about the source of his massive crypto holdings and whether the lawmaker had insider information.
The DP had referred Kim to the parliamentary ethics committee over his dubious cryptocurrency dealings.
Rep. Kim Nam-kuk, a former member of the main opposition Democratic Party, checks his smartphone during a parliamentary inspection in Daejeon, 139 kilometers south of Seoul, on May 14, 2023. (Yonhap)
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Cryptocurrency roundup for May 19: USBTC and Major Companies Sign Deal to Boost Bitcoin Mining and more – Moneycontrol
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
USBTC Signs Multi-Year Hosting Deals for Bitcoin Mining Expansion
United States Bitcoin Corp (USBTC) has inked extensive multi-year contracts to accommodate 150,000 bitcoin mining rigs, among notable companies such as Marathon Digital Holdings (MARA).
> These agreements reflect the evident recovery of the mining sector, which is striving to bounce back after a challenging 2022.
> The crypto slump last year led to a host of significant miners filing for bankruptcy, Compute North included, which originally managed the three USBTC locations.
> The trio of bitcoin mining facilities is strategically located in Kearny, Nebraska, and both Granbury and Upton County in Texas.
> The stakes in two of these sites - one each in Nebraska and Texas - previously held by Compute North, were bought by energy investment firm Generate Capital. Details here.
Lagrange Labs Raises $4M for Zero-Knowledge Blockchain Interoperability
Lagrange Labs, a zero-knowledge startup, has announced a pre-seed funding round of $4 million to boost its proprietary zero-knowledge proof system.
> The round, led by 1kx, included Maven11, Lattice Fund, CMT Digital, and Daedalus Angels, among others.
> The firm aims to solve the long-standing issue of blockchain interoperability, permitting developers to build decentralized applications (dApps) that can access multiple blockchains at once.
> "Modern DeFi applications require more sophisticated relationships between data on different blockchains, and were excited to see how our technology can unlock new multi-chain DeFi primitives," said Ismael Hishon-Rezaizadeh, Founder and CEO of Lagrange Labs.
> Zero-knowledge-proof technology is gaining traction as a viable solution to scalability issues in the Ethereum ecosystem. Continue here.
Binance Australia Halts Key Services Amid Regulatory Scrutiny: An In-depth Analysis
Binance Australia has announced a halt to certain Australian dollar deposit services due to an external payment provider's decision.
> It also alerted customers to expect a disruption in bank transfer withdrawals, though the extent of the impact is yet to be determined.
> In a statement on social media on Thursday, Binance Australia informed its users that it would no longer be supporting PayID deposits.
> The company stated, "We are working tirelessly to secure an alternative provider to continue offering AUD deposits and withdrawals to our users.
> The suspension of these services comes just a month after the Australian Securities and Investments Commission withdrew Binances license for its derivatives operations in the country. Details here.
Pakistan's Unyielding Stance on Cryptocurrency Amid Rising Popularity
Pakistan's official approach towards cryptocurrencies is becoming increasingly strict, despite the continued enthusiasm from its citizens who seek a hedge against the depreciating national currency amid the country's volatile political climate.
> During a meeting with the Senate Standing Committee on Finance, Aisha Ghaus Pasha, Pakistan's Minister of State for Finance and Revenue, reinforced the government's position against the digital currency phenomenon.
> As reported by local media, Pasha was quoted stating categorically that cryptocurrencies will "never be legalized in Pakistan".
> According to Pasha, the stringent stance is driven by stipulations imposed by the Financial Action Task Force (FATF), an international finance watchdog.
> By refraining from legalizing cryptocurrencies, Pakistan aims to avoid the FATF's infamous "Grey List". Continue here.
Coinbase One Expands to Europe: A New Era in Zero-Fee Crypto Trading
Coinbase, a prominent cryptocurrency exchange, has decided to broaden the reach of its subscription-based product, Coinbase One, to encompass the United Kingdom, Germany, and Ireland.
> The product, priced at a monthly fee of $29.99, offers its subscribers the benefit of trading with no fees, elevated staking rewards, access to crypto data services, and 24/7 customer support.
> The decision to extend the products availability stems from the exchange's strategy to secure a steady stream of income in contrast to the inconsistent revenue associated with unpredictable cryptocurrency markets.
> Remarkably, Coinbases subscription and services revenue saw an impressive increase, doubling to $362 million in the first quarter of 2023 compared to the same timeframe in the previous year. More here.
Visa Explores Ethereum's Potential: An Experiment in Fee-less Payments
Visa, the multinational payments titan, is further exploring Ethereum blockchain technology, executing smart contracts designed for feeless payments on Goerli, Ethereum's test network.
> The company is utilizing a feature known as account abstraction, which enhances the functionality of user accounts and enables wallets to independently carry out intricate tasks and manage transaction fees for other accounts.
The company unveiled two separate "Paymaster" smart contracts, providing a comprehensive account of their experiments in a report.
> The main goal of these contracts is to streamline user engagement with the Ethereum network, eradicating the necessity for users to possess ether (ETH), Ethereum's native cryptocurrency, for covering transaction or gas fees or enabling users to pay using any token of their choice. More here.
Bitcoin Tumbles Below $27K: Impact of Debt Ceiling Talks & Regulatory Moves
A significant drop in Bitcoin's value under the $27,000 benchmark has been observed as the crypto market reacts to ongoing debt ceiling negotiations in the U.S. capital and the latest updates in cryptocurrency regulations.
> As per the latest data from CoinDesk, Bitcoin, the leading cryptocurrency in terms of market value, has witnessed a decrease of 2.1% over the last 24 hours and is currently valued at approximately $26,700.
> Bitcoin showed signs of recovery earlier in the day when it almost reached $27,500. However, a sudden downturn in the afternoon dragged its value down to almost $26,400.
> Ethereum, the runner-up in the crypto market in terms of market cap, mirrored this trend. The value of Ether depreciated by 1.6% and was trading around $1,795 as of Thursday afternoon.
> Reflecting these changes, the CoinDesk Market Index (CMI), which provides a measure of the general performance of the cryptocurrency market, recorded a 2.2% decrease on Thursday.
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.
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Cryptocurrency roundup for May 19: USBTC and Major Companies Sign Deal to Boost Bitcoin Mining and more - Moneycontrol
Why Most Cryptocurrency Fraud Cases Take Place in China and the … – Investing.com
Crypto crime has become a major concern to regulatory authorities. There have been sharp increases in crypto crime, especially hacks related to fraud, in recent years as Web3 becomes an integral part of daily life. But the spread is not even and there are many emerging trends and patterns to crypto crime, which can be best understood through deep blockchain analytics.
Hacks on Ethereum (or dApps built on Ethereum) are rampant because of its smart contract capabilities and wide-scale dApp usage. Last year, the Ethereum-based Ronin network was hacked for $625 million.
Ethereum currently has ten times more transaction volume than the second blockchain (Tron), with nearly 70% of the market. DeFi fraudsters often target cross-chain bridges when tokens are being transferred from one chain to another, and these bridges are typically built on the Ethereum network. Binance and Ethereum have the most unique active wallet (UAW) addresses, as gauged from January 2022 to January 2023.
A crypto-crime report from Crystal Blockchain outlined some of the statistics regarding the theft of digital tokens, highlighting that China and the USA are the worst hit by fraud and hacks. The US takes the top spot for the total number of incidents against entities, with 14 major attacks since 2011.
However, China is the worst affected in terms of overall value. This is due to two prominent hacks, PlusToken in 2019 ($2.25 Billion) and WoToken in 2020 ($1 Billion). The UK, South Korea, and Japan are also heavily affected by crypto scams. Since 2011, there have been 461 high-profile incidents across 45 countries, for a total of $16.7 billion in stolen crypto, mainly ERC-20 tokens.
The top five areas for security breaches related to crypto are the USA, China, Japan, South Korea, and the UK.
There were many exchanges in China in the early days of cryptocurrency before the government cracked down on it. Binance, one of the worlds largest exchanges, moved from China following the government ban on trading in 2017. Huboi, another Chinese exchange, moved its headquarters to South Korea.
The USA has also experienced high levels of crypto fraud. A lot of token offerings launched in the USA were later revealed to be in violation of the Securities and Exchange Commission (SEC) rules for selling securities. While some had good intentions and simply fell foul of unclear regulations, many were outright Ponzi schemes.
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Mainly, cybercriminals will follow the money, and exploit any opportunities. It makes sense then, that regions where there are more centralized exchanges will be targeted more frequently. Where there are strict rules about the movement of money, more people will turn to crypto, which could potentially result in more incidents of fraud.
There are many ways that cybercriminals can conduct a fraud operation. One of the most common is the rug pull. This is where a team of fraudsters entices investors into a specific project and runs off with the funds. They are basically scam projects.
There are also various subcategories of rug pulls. For instance, a pump-and-dump scheme is where investors are encouraged to invest in a specific token, and then the fraudsters sell it all, reducing the price to nothing. This can be enormously profitable if the fraudsters also put options on the token or use different mechanisms to leverage the price decrease.
Developers can also defraud investors by coding tokens so they can only be sold by them. Rug pulls are not always illegal in the sense that initial investors have a right to sell at any time. But if claims are made to investors that turn out to be completely false, then legal authorities could easily launch an investigation.
According to the same Crystal Blockchain report, most crime occurs through decentralized protocols involving smart contracts. In 2022, over USD $2.6 billion was lost through 132 DeFi attacks. $277 million was lost due to security breaches in 13 instances, while $1.3 billion was lost in fraud schemes. The report also noted that rug pulls were the most popular fraud mechanism in 2022 and that Ethereum is the most popular chain for rug pulls, followed by BNB.
The prevention of crypto fraud is an ongoing issue that will require cooperation between regulatory authorities and Web3 developers, and exchanges. Investors continue to get duped by simple methods and are not conducting due diligence to investigate projects, typically being too easily misled in the hope of enormous profits. With AI and other technologies, fraud will get even more sophisticated as time goes by.
Exchanges and Web3 providers will also need to have an in-house compliance team alongside risk mitigation procedures to ensure customers funds are safe, secure, and insured. Blockchain analytics can go a long way to understanding the path through which stolen crypto travels and how to prevent a breach from occurring in the first place.
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Environmental Evolutions: Environmental Sustainability of … – Baker Botts
On this episode, Megan is joined by PartnerAllison Watkins Mallickand Cryptocurrency Mining and Staking Sustainability Association PresidentCameron Rafatito discuss the future of sustainable digital currencies. Covering everything from energy sources, grid stability, and permitting this episode dives into the regulations, impacts and innovations of cryptocurrency in today's world.
For more information, reach out to Allison or visitbakerbotts.com.
Environmental Evolutions explores emerging areas and recent developments in environmental law and policy.Click here to listen to prior episodes.
ABOUT BAKER BOTTS L.L.P.Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.
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Research from College of Business explores impact of celebrity … – Nevada Today
New research from the University of Nevada, Reno College of Business and Vanderbilt University explores how celebrity endorsement affects an initial coin offerings (ICO) success. Similar to initial public offerings (IPO) in stock, ICOs raise funds to develop things like a platform or business by issuing a new cryptocurrency before it is traded on an exchange.
Dr. Sean Wilkoff, assistant professor of finance at the University of Nevada, Reno, and Dr. Joshua T. White, assistant professor of finance at Vanderbilt University, previously researched the role of media coverage in the non-fungible tokens (NFTs) market and decided to explore the role of celebrity endorsements in the ICO market. The researchers wanted to find if endorsement works as a substitute for other demand-driving events for cryptocurrencies, such as a presale, if celebrity endorsement increases the overall amount of funds raised and if ICOs with celebrity endorsements had a higher likelihood of being scams.
The media is seen as reputable, and our research found that media reporting on NFTs educated investors about the NFT market, Wilkoff said. With celebrity endorsement, its a different story because celebrities are not defined solely by their ability to provide reputable financial advice.
The research examined 21 celebrities with an online following of 1 million or more people on at least one platform who endorsed an ICO between 2016 and 2018. Celebrities looked at were actors, athletes, a businessman, reality television stars, and a member of royalty.
Research findings indicated that celebrity endorsements can serve as an effective substitute for other demand-driving events, like a pre-sale, but that without a pre-sale, investors lose information such as price signals about the viability of the token, its platform and management team. Celebrity endorsements raise more money at the ICO and have a higher likelihood of being added to an exchange, likely due to the additional capital raised. However, these effects do not translate into long-term success. Researchers also found that celebrity endorsements are more likely to be a scam, especially when the celebritys expertise (e.g., a boxer) does not match that of the platform being built (e.g., a streaming video service). These findings are not generalizable to all investments, just ICOs.
An endorsement is not always a signal of quality, and there is a link between celebrity endorsement and the investment being a scam, Wilkoff said. However, it is important to remember that not all endorsed ICOs are scams and not all scams are celebrity-endorsed.
Recently, many celebrities such as Shaquille O'Neal were implicated in the lawsuit against Futures Exchange (FTX), for endorsing the cryptocurrency exchange, which collapsed as allegations of illegal activity were made public.
Taylor Swift was offered a deal to endorse FTX but declined after doing her research on it, Wilkoff said. Celebrities should conduct due diligence and research any cryptocurrency-related digital asset or exchange before endorsing it and investors should not just blindly trust a celebrity endorsement.
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Research from College of Business explores impact of celebrity ... - Nevada Today