Bitcoin Core Update FIxes Vulnerability That Reportedly Could Crash Network for $80,000

The Bitcoin Core Project has released update fixing a vulnerability that, if exploited, could have crashed the entire network for $80,000.

Bitcoin Core has released an update following the recent detection of a vulnerability in the software, according to a September 18 press release by the Bitcoin Core Project. According to the statement, Bitcoin Core 0.16.3 was released with a fix for a denial-of-service (DoS) vulnerability.

The vulnerability could reportedly cause a crash of older versions of Bitcoin Core if they attempted processing a block transaction that tries to spend the same amount twice. According to the press release, such blocks can be only created by a miner since they are invalid. In order to create such block, a miner would be required to burn a block of “at least” 12.5 Bitcoin (BTC) worth about $80,000 as of at press time.

The new update includes a feature that eliminates a potential crash by enabling the software to “quietly reject” invalid blocks created by miners.

Emin Gün Sirer, an associate professor of computer science at Cornell University, told Motherboard that the entire network could have been crashed for less money than “a lot of entities would pay for a 0-day attack on many systems.” Sirer said that there are many “motivated people” that could have taken this opportunity to bring the network down.

According to Casaba Security co-founder Jason Glassberg, the recent vulnerability found on Bitcoin Core software could “take down the network.” He explained that the network crash “does not appear” to target users’ wallets, but would rather “affect transactions in the sense that they cannot be completed,” as the expert told tech media agency ZD Net.

Cobra Bitcoin, co-owner of Bitcoin.org, said the recent issue in Bitcoin Core was a “very scary bug” that could have affected a “huge chunk of the Bitcoin network.”

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New York University Offers Major in Blockchain Technology

New York University now offers a major in blockchain and cryptocurrencies at the Stern School of Business.

New York University (NYU) has reportedly become the “first” university in the U.S. to offer students a major in blockchain technology, CBS New York reported September 18.

The program will reportedly be provided by the NYU Stern School of Business, which was also a pioneer in offering undergraduate courses in cryptocurrencies and blockchain. Professor Andrew Hinkes commented on the new program:

“We hope to establish a groundwork so that the students can understand what’s really happening under the hood, so that they can understand both the legal and the business implications, and prepare them to go out and tackle this new market.”

According to associate professor Kathleen Derose, the educational establishment is expecting large companies to partner within the training program, while “the startups in [fintech] will likely invent the new cool stuff.” Following the increasing number of students interested in the new offer, NYU reportedly doubled its course offerings this school year.

Adam White from cryptocurrency exchange Coinbase said that students “see the development, the birth of a new industry,” adding that “in many ways, we look at things like Bitcoin (BTC) and Ethereum (ETH) and blockchain as the internet 3.0.”

Last month, Coinbase released a study, showing that 42 percent of the world’s top 50 universities have at least one class on cryptocurrencies and blockchain. Of the 172 classes reviewed in the study, 15 percent were offered by economics, finance, law and business departments, while 4 percent were in social science departments. The study found that blockchain and crypto-related courses are most popular in the U.S. among other countries.

U.S. students’ interest in crypto is reflected not only in educational programs, but in investing in digital currency as well. As a study conducted by Student Loan Report in March shows, 21.2 percent of college students used loan money to fund a crypto investment, hoping that the upward price volatility in crypto would help pay their debts faster.

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R3 Partners With Dutch Tech Company to Pilot Blockchain-Based Digital IDs

R3 consortium and Dutch digital security company Gemalto have partnered to pilot a blockchain-based digital ID solution.

Blockchain consortium R3 has deployed a digital ID application developed by Dutch digital security company Gemalto on the latest version of the Corda Platform, according to an announcement published September 18.

Corda is an open-source blockchain-powered platform developed for financial establishments by R3 in collaboration with more than 200 of its partners. The platform is geared to work within finance to operate massive transactional volumes and restrict access to transaction data.

The parties expect to conduct several pilots of the application — called the Trust ID Network —  that will reportedly be launched later this year.

Per the announcement, Trust ID Network enables digital service providers to operate “fully verified and secured” user personal data by creating a Digital ID. Consumers can register within various banking, e-commerce and e-government services while avoiding repeated due diligence procedures in each instance.

The integration of Trust ID Network will reportedly allow users to control their data through a mobile app dubbed ID Wallet, where they can enter, certify, and share their personal information with specific service providers. Bertrand Knopf, EVP of Banking and Payment for Gemalto, explained:

“Trust ID Network solves the profound weaknesses of traditional, ‘siloed’ identity frameworks: the clumsy user experience, rising costs and difficulties in complying with stricter regulations… Financial institutions are best-placed to lead this self-sovereign identity revolution, but it will prove similarly attractive to a wide array of other service providers.”

In July, R3 released a “version” of its Corda blockchain platform aimed specifically at businesses. The new version of the platform is reportedly “optimized to meet the demands of modern day businesses,” and includes a “Blockchain Application Firewall” to enable the platform operate within corporate data centers and still communicate with Corda’s nodes.

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EU Antitrust Regulators to Rule on Microsoft Acquisition of GitHub by Mid-October

E.U. antitrust regulators will decide whether to clear Microsoft’s acquisition of hosting service GitHub by October 19.

Software giant Microsoft has requested European Union (E.U.) approval of its $7.5 billion acquisition of web-based hosting service GitHub, Reuters reported September 17. According to Reuters, Microsoft filed the request last Friday, and the decision will be made by October 19.

GitHub is an open-source coding website, a repository which hosts developers’ source code projects in a number of different programming languages and keeps track of any changes made. In 2017, the GitHub community reportedly reached 24 million developers, working with 67 million repositories.

With the acquisition, the company is looking to strengthen its cloud computing arm against American electronic commerce company Amazon. If the E.U. competition agency finds serious concerns regarding the acquisition, it can initiate a full-scale investigation.

Many users from the crypto community expressed concern that, following the acquisition, Microsoft would issue undue discretion regarding what was allowed to be posted on GitHub, with some suggesting a move to GitLab. Bitcoin core developer Wladimir Van der Laan tweeted:

In response to GitHub users apprehension that the portal would eventually favor Microsoft products, Microsoft Chief Executive Satya Nadella reportedly said that GitHub will continue to operate as an open platform that deals with all public clouds.

Last month, Microsoft’s cloud platform Azure introduced a proof-of-authority (PoA) algorithm on its Ethereum (ETH) blockchain product, which will allow a “more efficient” way of building decentralized applications (DApps) for private or consortium networks, where “all consensus participants are known and reputable.”

In May, Amazon’s cloud computing arm Amazon Web Services (AWS) partnered with ConsenSys’ blockchain startup Kaleido to bring simplified blockchain cloud platforms to its clients. Kaleido is an ETH blockchain-based business cloud that provides businesses with ready-made blockchain applications.

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Coinbase Hires Former Fannie Mae Exec as New Chief Legal Officer

Former Fannie Mae counsel Brian Brooks has joined Coinbase as its new Chief Legal Officer to lead the exchange’s legal, compliance and government affairs.

Cryptocurrency exchange Coinbase has hired on former Fannie Mae General Counsel Brian Brooks as their new Chief Legal Officer, according to an announcement published September 19. At Coinbase, Brooks will be responsible for legal, compliance, and government affairs.

Prior to Coinbase, Brooks served as Executive Vice President, General Counsel and Corporate Secretary of the U.S. Federal National Mortgage Association (FNMA), commonly known as Fannie Mae. The association purchases qualifying mortgages from lenders, which it then bundles in bonds and sells to investors. In 2017, Fannie Mae reportedly provided $570 billion in mortgage financing.

Brooks also participated in managing OneWest Bank, N.A.’s senior regulatory relationships, while acting as a senior advisor to the bank’s CEO. Before joining OneWest, Brooks held managerial positions at O’Melveny & Myers LLP and Financial Services Practice Group.

Mike Lempres, who has previously led Coinbase’s legal function, will now lead the company’s government affairs program, such as the exchange’s participation in the recently founded Blockchain Association, in addition to managing the Coinbase political action committee (PAC).

The Washington-based Blockchain Association was formed by a group of American blockchain and crypto companies earlier this month, with Coinbase as a founding member. The association claims to be the first lobbying group representing the blockchain industry in Washington D.C.

Coinbase founded its own PAC in July 2018. In the U.S., PACs are political organizations that allow individuals with similar policy goals and ideologies to pool campaign contributions and donate them to political campaigns for or against candidates, legislation, or ballot initiatives.

This week is marked with another notable appointment at Coinbase, as former LinkedIn executive Michael Li joined the exchange as the vice-president of data. Speaking about his new position, Li outlined that data is an “essential” aspect of empowering Coinbase’s mission, as well as the “core strategy” to providing “the most trusted and easiest-to-use” crypto services.

In August, Coinbase hired former Amazon Web Services and Microsoft employee Tim Wagner as vice-president of engineering. Wagner will reportedly lead Coinbase’s engineering team, which is “central to [Coinbase’s] mission of creating an open financial system for the world.”

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 19

The crypto markets keep struggling amidst a similarly mixed outlook from the regulators – the industry still has a long way to go.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Germany’s Minister of Finance Olaf Scholz believes that cryptocurrencies are not yet ready ro replace traditional fiat money, but he is not so confident about “20 to 30 years” into the future. This is a bullish sign, which confirms that the world is gradually coming to terms with the fact that cryptocurrencies are here to stay.

Yet, China continues to “remind” investors about the risks associated with Initial Coin Offerings (ICOs) and crypto trading. A committee of lawmakers in the UK has urged the regulators to act by introducing measures for consumer protection.

In the U.S., a study by the New York Attorney General’s office has found that many cryptocurrency exchanges lack sufficient customer protections, and have “serious conflicts of interests.” The report observed that only a few crypto trading platforms have market surveillance capabilities to deter trading manipulation.

A robust system is needed to attract large players, who are accustomed to the traditional exchanges that have many protective measures built in against market manipulation and fraud. Price volatility, however, might remain for even longer time as the market matures.

Over the past several months, we have shown how the traders can keep their risks low when trading cryptocurrencies. Let’s see if we can spot any buy setups today.

BTC/USD

Bitcoin has held $6,200 for the past two days, but is struggling to move up. Both moving averages are sloping down and the RSI is also in the negative territory. This shows that the sellers are in command.

BTC/USD

A break of the $5,900–$6,075.04 support zone will complete two negative formations, a head and shoulders pattern and a descending triangle pattern. Though head and shoulders is primarily a reversal pattern, it can also work as a continuation pattern, as is the case currently.

The lower levels that can offer some support are $5,450 and $5,000. However, after a break from such a major support, a number of stops will be hit, resulting in a quick drop. Therefore, we suggest traders avoid catching the falling knife if $5,900 breaks down.

If the bulls defend the support zone and push price above the moving averages, the BTC/USD pair can rally to $6,900 and $7,400. We suggest an aggressive buy on 50 percent of the desired position size on a close (UTC time frame) above $6,600.

The remaining positions can be added after the digital currency closes above the downtrend line of the descending triangle.

ETH/USD

The trend in Ethereum is still a downward one, but we find some buying interest around the $183–$192 area. However, on the upside, the 20-day EMA is proving to be a major resistance as the bulls have failed to scale this level for the past four days.

ETH/USD

If the bulls break out of the 20-day EMA, a move to the 50-day SMA is likely, with minor resistance at the downtrend line of the descending channel. We shall turn bullish if the price sustains above the channel for three days in a row.

If the ETH/USD pair turns down from the current levels, it can slide to $192 and further to $183. The pair is at a critical level and we should get a clearer picture within the next couple of days.

XRP/USD

Ripple bounced sharply from $0.27 on September 18 and broke out of the 20-day EMA. Currently, it is facing resistance at the 50-day SMA.

XRP/USD

If the bulls break out of the 50-day SMA, the next resistance is at $0.37390. The downtrend line is also located just above this level. If the XRP/USD pair sustains above the downtrend line, we can expect the trend to change from down to up.

If buying dries up at higher levels, the virtual currency might spend some more time inside the range of $0.27–$0.37390. Though the bounce from the lows is a positive development, we shall wait for additional evidence before suggesting any trades on it.  

BCH/USD

When the sentiment is negative, any uncertainty drives away the investors and that is what seems to be happening with Bitcoin Cash. With a looming split, the buyers are not taking any fresh positions, which has kept the cryptocurrency near its year-to-date lows.

BCH/USD

The trend is down, as both moving averages are sloping downward and the RSI is in the negative territory. A break of the September 11 low of $408.0182 will resume the downtrend and the BCH/USD pair can slump to the next support zone of $280–$300.

The bulls have to overcome the resistance from the 20-day EMA, the 50-day SMA and the downtrend line of the descending channel to signal a change in trend.

EOS/USD

EOS has been holding above $4.4930 since August 17. If this support breaks, the slide can extend to the next support at $3.7823. Therefore, traders can keep their stops on the remaining long positions at $4.4.

EOS/USD

On the upside, the bulls have been facing a stiff resistance at the 20-day EMA and $5.65. The EOS/USD pair will gain strength if it breaks out of $5.65.

Though the 50-day SMA is sloping down, the 20-day EMA is trying to flatten out. The RSI continues to be in the negative area. This shows that the virtual currency is in a range but with a negative bias.

XLM/USD

Stellar has formed a range inside a range. Since September 11, it has been trading inside the range between $0.184 and $0.21489857. If the bulls break out of this range, a rally to the top of the large range of $0.184–$0.24987525 is probable.

XLM/USD

The critical level to watch on the downside is $0.184. If the XLM/USD pair breaks and sustains below the range it will complete a descending triangle pattern, which is a negative sign.

On the other hand, if the bulls break out of the range and the downtrend line of the descending triangle, it will invalidate the bearish pattern, which is a bullish sign. We shall wait for the virtual currency to show some strength before recommending any trades on it.

LTC/USD

The bulls defended the critical support on September 18, but the pullback is facing resistance at the downtrend line and the 20-day EMA. Currently, Litecoin is consolidating in a large range of $49.466–$69.279 – a process, which began August 8.

LTC/USD

The LTC/USD pair will resume its downtrend if it sustains below $47.246. The next support on the downside is between $40 and $44.

On the upside, the virtual currency can rally to $69.279 if it breaks out of the moving averages. We might suggest a long position on a break out of the range because it will indicate a probable double bottom.

ADA/USD

Cardano broke out of the tight range of $0.060105–$0.071355 but is finding it difficult to sustain the higher levels. Currently, the price has dipped back into the range.

ADA/USD

Both moving averages are trending down and the RSI is in the negative zone. The trend remains headed downward. The ADA/USD pair will have to enter a bottoming formation before a change in trend can be confirmed.

Until then, any pullback attempts will face resistance at the moving averages. The downtrend will resume if the bears force a break down from the range.

XMR/USD

The bulls are trying to defend the support at the moving averages but are finding it difficult to break out of $120. Monero has turned volatile and trendless in the past few days, as both moving averages have flattened out and the RSI is close to the neutral territory.

XMR/USD

A symmetrical triangle is developing close to the bottom. A break of the trendline of the triangle will be a bearish development. It will increase the probability of a retest of $76.074, though the pattern targets are way lower. We suggest holding the long positions with the stops at $95.  

On the upside, the XMR/USD pair will face resistance at the downtrend line and at $122.6. It will attract buyers only after these two resistances are crossed.  

IOTA/USD

IOTA has been range bound between $0.5 and $0.6170 since September 6. The 50-day SMA and the downtrend line are also close to the upper end of the range. Hence, $0.6170 will act as a stiff resistance. The cryptocurrency will show strength if it can break out of this resistance.

IOTA/USD

The 50-day SMA is sloping down and the 20-day EMA is also starting to turn down, after trying to flatten in the past few days. This shows that the path of least resistance is to the downside.

A break of the $0.5 support can sink the IOTA/USD pair to $0.45 and further to $0.4. Traders can keep the SL of $0.46 on the long positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Japanese Cryptocurrency Exchange Hacked, $59 Million in Losses Reported

Japanese cryptocurrency exchange Zaif has discovered that a security breach on September 14 led to the loss of $59 million worth of cryptocurrency.

Hackers have reportedly stolen $59 million worth of cryptocurrencies from Japanese cryptocurrency exchange Zaif, Cointelegraph Japan reports September 19.

According to a local report, as a result of a security breach on September 14, hackers managed to steal 4.5 billion yen from users hot wallets, as well as 2.2 billion yen from the assets of the company, with total losses amounting to 6.7 billion yen or around $59.7 million.

Tech Bureau Inc, which operated Zaif, stated in press release that the exchange detected a server error on September 17, after which Zaif suspended deposits and withdrawals. On September 18, the exchange realized that the error was a hack, and reported the incident to the Japanese financial regulator, the Financial Services Agency (FSA). Hackers stole 5,966 bitcoins (BTC) in addition to some Bitcoin Cash (BCH) and MonaCoin (MONA).

According to Tech Bureau Inc, the firm Fisco Digital Asset Group will help Zaif cover lost customer assets by providing 5 billion yen ($44.5 million). Tech Bureau made an agreement with Fisco to dismiss more than half of its directors and corporate auditors in addition to Fisco becoming a majority shareholder in the company.

Zaif exchange is the 101st largest cryptocurrency exchange in terms of trade volume, according to CoinMarketCap.

Earlier this year, Zaif admitted to a “system glitch” that allowed users to temporarily acquire trillions of dollars worth of Bitcoin (BTC) for free in February. 16 customers were accidentally able to “trade” yen for cryptocurrency at a rate of 0 yen per coin.

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Copyright on Blockchain, Explained

Copyright rules have always struggled to follow up with technology – and blockchain is creating new challenges, as well as solving some.

Are there any exceptions to copyright rules?

This varies from country to country.

For example, in the UK, the principle of “fair dealing” means small excerpts of a copyrighted work can be used for the purposes of studying, news reporting and teaching. The European Copyright Directive goes further, as it enables you to satirize copyrighted works and use brief clips of TV shows or songs for parodies.

Meanwhile, halfway across the world in New Zealand, there is no exemption for comedy and satire – something which has frustrated comedians and content creators.

MyCryptons, a blockchain-based platform where users can buy and sell digital collectibles, is one site which benefits from the common exemption of parody and satire when it comes to copyright. It offers collectibles based on public figures – including politicians, talk show hosts and musicians – along with a distinctive illustration, sometimes with exaggerated features for comic effect.

 

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

 

What’s the deal with my social media posts? Are they copyrighted?

Again, the waters are murky here – even the World Intellectual Property Organization (WIPO) is vague on some of the details.

When it comes to tweets, WIPO says that, in actuality, some of them may be too short to qualify for the copyright protection usually enjoyed by authors. Why, you may ask? Because their short length means that they are “unlikely to reach the level of creativity required.” Of course, comedians creating witty one liners may beg to differ here – especially when so many of them have their content ripped off by other accounts, which pass off the content as their own without a credit. That said, there can be exceptions. A WIPO article back from 2009 cites experts as saying that a collection of tweets may be eligible to be copyrighted, which is pretty pertinent in light of longer character allowances and the popularity of threads, where posts are joined together.

You may think that you would be the exclusive holder of copyright to the content you post on other social media platforms, but WIPO says that it’s always worth reading the small print. In the past, if you uploaded photos to Facebook or videos to YouTube, they reserved the right to use the content you post. That said, on the bright side, both platforms offer mechanisms where posts that rip off your content can be taken down.

The dynamics of copyright on social media are ever changing. Recently, the EU voted in favour of two controversial provisions set out in a new copyright directive. Article 11 means tech giants such as Facebook and Google, as well as aggregator sites, would need to pay news outlets whenever they link to their stories or share excerpts of their articles. Meanwhile, Article 13 would mean video-sharing sites need to obtain licenses to show music videos, in the hope this would improve remuneration for artists.

Could industry bodies also get involved?

Major players in music, photography and literature are also starting to devise their own solutions with the hope of becoming market leaders.

Among them is Kodak, which has licensed its brand to Wenn Digital, the developer of a blockchain-based image rights platform.

KODAKOne hopes to speed up payments for those who want to purchase professional images – and help photographers detect infringements quickly and recover the fees they are owed. Its web crawler technology scours millions of websites to detect how pictures are being used, and provides “simplified legal proceedings” to ensure copyright owners get the compensation and recognition they deserve.

Blockchain is also addressing fragmentation in the way copyright across the music industry is recorded. As reported by Cointelegraph, information relating to compositions and songs is scattered across 5,000 databases. Dozens of companies – including major streaming services and record labels – have signed up to be part of a blockchain-based, universal rights registry called the Open Music Initiative, which no one controls but everyone contributes to. Following a significant upheaval in the way the music industry works – with streaming threatening sales and live shows becoming ever more crucial – the scheme hopes to bring about “sustainable business models for artists, entrepreneurs and music businesses alike.”

How could copyright be officially applied within blockchain?

Well, we may see governments around the world adopt this technology for themselves.

Tonya M. Evans, a US-based lawyer who specializes in intellectual property, recently wrote about how some administrations are “quietly exploring how to implement blockchain technology for their copyright registration systems.” Indeed, she cited an article from Iran’s Financial Tribune which reported on Tehran’s plans to move its infrastructure to blockchain. It has forged a deal to build a new system with a specialist company, and hopes the procedure will be “fast and user-friendly.”

What are the laws outside of blockchain?

It varies from country to country – but generally, copyright protection is granted automatically.

In the UK, for example, this means that any artworks, illustrations or pictures you take are protected by copyright instantly – without cost. It prohibits others from copying them, distributing copies of them or putting it on the internet, but the law doesn’t currently mention the ramifications when it comes to blockchain.

There are also treaties governing copyright which have an international reach. The Berne Convention, created back in 1866, has been adopted by dozens of countries around the world. It means a copyrighted photo in Afghanistan can enjoy the same protections in Australia. Three basic principles govern the convention – including the notion that works protected in one member state must be given identical protections by all others.

Can someone post one of my photos or illustrations on blockchain without permission?

Not right now… but this could change in the future.

The reason why it isn’t possible at the moment is merely technical. Scaling problems (something we’ve reported extensively on at Cointelegraph) mean there’s a limit to the amount of data that can be processed in a single block. As a result, blockchain isn’t incredibly compatible with images in its current form.

However, if and when these problems are resolved, it could become a reality. And although there are several blockchain platforms out there which aim to provide an immutable record of who owns an image, and where it has been used, there’s nothing stopping someone from claiming they own the rights to one of your artistic masterpieces – or a selfie you took on holiday.

This could pave the way for someone to make a pretty penny off your hard work, especially if a platform’s verification process is wanting. It can be difficult to prove ownership of an image, and if you disagree with the way it has been recorded in a blockchain, there might be no one there who you can raise a dispute with. Taking a legal route to claim you hold the rights to an image on blockchain may also be near impossible – especially considering the courts are almost always behind the curve when it comes to technology.

 
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Europol: Bitcoin Remains Cybercriminals’ First Choice, But Privacy-Focused Alts Will Rise

A new cybercrime report from Europol predicts cybercriminals will increasingly turn to anonymity-focused altcoins such as Zcash (ZEC) and Monero (XMR).

Europol’s new cybercrime report has found that Bitcoin (BTC) remains the most popular form of crypto for illicit uses, but predicts a rise in the popularity of anonymity-focused altcoins such as Zcash (ZEC) and Monero (XMR). The report, the fifth edition of Europol’s Internet Organised Crime Threat Assessment (IOCTA) to date, was published yesterday, September 18.

According to Europol, even as Bitcoin’s market share dropped as low as “35 percent in early 2017,” it remained the most “commonly encountered” crypto in cybercrime investigations across the European Union.

Europol anticipates that while Bitcoin for now dominates the landscape, anonymity-focused altcoins that offer the protection of “stealth addresses” are likely to gain traction and potentially make “current [crypto] mixing services and tumblers obsolete.”

For example, among jihadist networks, Europol found that mass donations in the form of Zcash were popular among those who donated to campaigns in Islamic State (IS)-affiliated websites, although it noted that the use of crypto by terrorist groups has so far been limited to “low-level transactions,” and does not account for a significant share of their funding stream:

“Despite the clear potential, none of the attacks carried out on European soil appear to have been funded via cryptocurrencies.”

IOCTA outlines a range of crypto-related phenomena on the cybercrime landscape, including cryptojacking, crypto-targeted phishing, and an increasing number of attacks on crypto exchanges or other crypto depositories, which Europol argues are viewed by criminals as a “soft target” in comparison with corporate banks or other traditional institutions.

Europol notes that not only exchanges, but “mining services and other wallet holders are facing hacking attempts as well as extortion of personal data and theft.”

The report notes that crypto has for several years offered the advantages of a decentralized infrastructure and pseudonymous transactions for laundering criminal proceedings, but suggests that as the large crypto industry players fall under the purview of regulators, decentralized exchanges may soon become a more advantageous channel for launderers.

Just today, Cointelegraph reported that a leaked code targeting Microsoft Systems — which hackers allegedly stole from the U.S. National Security Agency (NSA) — has sparked a fivefold increase in cryptojacking infections.

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Huobi Joins Russian Financial Services Platform to Share Notes on Crypto Regulation

Crypto exchange Huobi will help a Russian development bank with crypto-related regulation and creating a legal basis for digital assets.

Cryptocurrency exchange Huobi has joined Russia’s VEB Innovation Fund to share notes on crypto regulation, according to a fund’s press release published Wednesday, September 19.

According to Crunchbase, the VEB Innovation Fund was created in 2011 to invest in Russian high-tech startups and to promote local innovations in the global market. The Center of Digital Transformation, where Huobi is now a resident, was created by VEB to promote blockchain and other crypto-related technologies, as its website states.

One of the main goals of the partnership with world’s fourth largest crypto exchange, as reported in the statement, is to draw on the crypto regulation experience gained by Huobi and to apply it in Russia, especially for adjusting the legal framework on digital assets.

VEB Innovations CEO Vladimir Demin explains that Huobi expertise will help create “a legal basis that could compete with current promising jurisdictions.”

Andrey Grachev, a Huobi spokesperson in Russia, further explained that Huobi has intended to enter the Russian market since April:

“We’re glad it has finally happened. Russian investors had no communication with global trading platforms so far, and Huobi is the first to open its unit in Russia”.

As cited by VEB Innovations, Senior Director of Huobi Global Edward Chen said the crypto exchange would provide Huobi Cloud services in Russia and would also allow Russian investors to use Huobi OTC.

Huobi is not the first crypto-related company to interact with the VEB-affiliated organization. According to its website, VEB has already partnered with Ethereum and Russian blockchain platform Waves.

As Cointelegraph reported earlier in May, the State Duma — a lower house of Russian Parliament — has already accepted a bill on crypto regulation in the first of three readings. In its first edition, the“On Digital Financial Assets” bill defined cryptocurrencies, as well as blockchain-related technologies such as smart contracts, mining, and Initial Coin Offerings (ICOs).

However, according to an article published by Russian newspaper “Izvestia” Wednesday, September 19, shortly before the second reading the definition of “cryptocurrencies” completely disappeared from the document, as the bill now focuses on tokens and investments.

In September, Cointelegraph wrote that a Russian lobby group of high-ranked managers, including two of of the top ten Russian billionaires according to Forbes, started to prepare an alternative bill on crypto regulation, as one of the group’s experts called the initial bill “unfinished and fragmented.”

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