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You probably heard about the recent hack of Twitter accounts that took place on July 15, 2020. The hackers took over several prominent Twitter accounts, which resulted in a scam that netted over $118,000 in bitcoin for the hackers. One of the most startling things about the cyberattack was that it was led by a…

Security researchers Intezer and IBM X-Force have identified a new ransomware that is seriously vicious. It’s PureLocker—named because it is programmed in PureBasic language, which is apparently unusual.

The scary thing about this ransomware being written in PureBasic programming language is that it can target different platforms and is transferable between different operating systems, including…

The U.S. government continues to be wary of cryptocurrency, and presently, no cryptocurrency exchange is protected by the FDIC. When you put your money in a FDIC-insured bank, if the bank becomes insolvent customers will not lose their deposits, usually up to a maximum of $250,000 per depositor per insured bank. But if you deposit…

New malicious malware dubbed “Gustuff” targets big banks, fintech companies and cryptocurrency apps, according to the security firm Group IB.

According to Group IB, which discovered Gustuff on hacker forums, the new malware is affecting Android devices and is “a mobile Android Trojan, which includes potential targets of customers in leading international banks, users of…

United American Corp., operating as UnitedCorp, filed a lawsuit in the United States District Court for the Southern District of Florida last Thursday alleging that several prominent figures in the Bitcoin cryptocurrency market essentially “hijack[ed] the Bitcoin Cash network” causing widespread harm to U.S. Bitcoin holders. In the twenty-seven page, and one hundred and twenty-two paragraph complaint, UnitedCorp takes aim at bitcoin miner Bitmain Inc. and its owner Jihan Wu, well-known bitcoin investor Roger Ver and his company Bitcoin.com, and the Kraken Bitcoin Exchange, among others, claiming that they attempted to “centraliz[e] what is intended to be a decentralized transactional system enabling the corruption of the democratic and neutral principles of the Bitcoin Cash network.” 
Continue Reading Bitcoin Firm Alleges Manipulation of the Bitcoin Cash Network that is Alleged to Have Resulted in a $4 Billion Industry Meltdown

As part of its Virtual Markets Integrity Initiative, on September 18, 2018,  the New York Attorney General’s Office issued a report reviewing the platforms of various cryptocurrency exchanges. The initiative arose from the recognition that online virtual currency exchanges perform functions markedly similar to traditional stock exchanges and broker-dealers, but are generally not registered under state or federal securities or commodities laws and often have not implemented standards designed to protect investors.
Continue Reading New York AG Warns Investors of Risks of Trading on Cryptocurrency Exchanges

In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of Innovation. Mulvaney said the new division, to be run by Paul Watkins under the umbrella of the CFPB, is designed to foster…

Add Connecticut, Ohio and Vermont to the list of states passing legislation focused on the potential disruptive impact of blockchain – the technology underlying cryptocurrencies such as Bitcoin. As federal regulators continue to monitor and offer guidance in the cryptocurrency space, with particular focus on Initial Coin Offerings (ICOs), state legislatures around the country are…

A new report issued by Positive Technologies finds that cyber incidents have increased 32 percent from the first quarter of 2017 to the first quarter of 2018. It also notes that the theft of account credentials is on the rise.

Alarmingly, the report states that the greatest increase in cyber-attacks was the use of…

It used to be anecdotal that hackers can change the integrity of data in a bank account or steal your money if they get into the electronic system. I have heard many credible accounts of intrusions into systems where the intruders are able to change the integrity of the data—that means that if the balance…