Bithumb hack emphasizes need for Security in Crypto Industry

Korean Crypto Exchange Bithumb lost more than $30 million in the most recent crypto hack, further emphasizing the need for security in the industry. With blockchain technologies, the repercussions of a hack are much greater than in traditional technology.  Bloomberg reported that Exchanges are a juicy target for hackers, with more than a billion dollars worth of cryptocurrency being stolen.     In response to the latest hack, industry leaders highlight the importance to build confidence in the industry, follow best practice, implement a regulatory framework as well as decentralise…

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ID chain develops blockchain system for banking account onboarding operations

ID Chain: Establish an Efficient Verification Method with the Identity Authentication of Blockchain Technology.  LOS ANGELES, May 14, 2018 /PRNewswire/ As the world is concerned by the recent Facebook scandal, which hit 87 million users, people ask how safe their personal information is in the digital age.     Well, not so much.   What’s even worse is – identity fraud is on the rise.  According to statistics of Javelin Strategy & Research, a research-based advisory organization, “In 2017, there were 16.7 million victims of identity fraud, a record high that…

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Engineer steals 100 Bitcoins in China – An Inside Job

Cryptocurrency theft by hacking is becoming all too often as the value of the market and number of cryptocurrencies increase.  But, who knows whether the hacks are from the outside or from the inside? As reported by Bitcoin.com, an engineer from Beijing was arrested after allegedly discovering a failed hacking attempt to his company he took advantage of the situation and stole 100 Bitcoins.         The engineer used his login to the server and promptly transferred the Bitcoins from the company’s wallet and sent them to an…

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What is the Bitcoin of Things?

We are in a world where more and more devices are linked to the internet, this is called IoT or the Internet of Things. It is estimated that more than 50 Billion devices will be linked to the internet by 2020. The connection of these devices does not only create opportunities but is also a massive security risk.     Hacking of IoT Devices   Unfortunately, a lot of manufacturers are rushing their IoT devices to the market, ignoring the risks that hackers pose.   These threats were researched in…

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Expedia’s Orbitz hacking exposes 880,000 customer details

A subsidiary of Expedia, Orbitz, an online travel booking company, has been hacked.  The data breach incident was detected in March 2018, however, the hacking probably took place between October 2016 and December 2017.     Customer details such as name, address, date of birth, phone number, email address and gender may have been accessed by the hacker.  According to the company who worked closely with cybersecurity experts and law enforcement, social security numbers for US customers were not compromised.   All customers were advised to monitor their credit card…

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Australian government takes Cybersecurity seriously with ‘world-leading’ approach

Cybercrime is a daily event and becoming more serious thus making it vital for governements, businesses and individuals to improve their cybersecurity. The Australian Minister for Law Enforcement and Cyber Security Angus Taylor told ZDNet that Australia has the global lead and thus an opportunity to create a local industry that will thrive.     Angus Taylor said the approach to Cybersecurity must be a mix of centralised and devolved as reported by ZDNet – “I wouldn’t say it’s purely devolved, that wouldn’t work. We have a minister for cybersecurity…

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What is the Current State of Global Cybercrime?

Cybercrime is a global threat as predicted by Ginni Rometty, IBM’s chairman, president and CEO, in 2015:- “We believe that data is the phenomenon of our time. It is the world’s new natural resource. It is the new basis of competitive advantage, and it is transforming every profession and industry. If all of this is true—even inevitable—then cybercrime, by definition, is the greatest threat to every profession, every industry, every company in the world.”     These worlds are certainly ringing true and recently, RSA published the 2018 Current State…

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How to find the best Bitcoin Trading Platform or Exchange

Exchanges are often in the news, either due to listing of new crypto / ICO token; customer service issues or loss of crypto due to hacking.     There have been numerous exchange hacks in the lifetime of Bitcoin with the most famous one being Tokyo based Mt.Gox where approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen from their hot wallet.  Hot wallets are connected to the internet and as a result, vulnerable to hacking. This was an amount valued at more than $450…

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Bitcoin in freefall after Binance hack

Bitcoin prices plunged today on speculation that major crypto exchange Binance has been hacked.     The exchange has denied being attacked but several users reported that their altcoin holdings were liquidated unexpectedly and without consent. There is speculation that Binance’s trading bot was at the heart of the issue, while others believe hackers may have orchestrated an attack on the Bitcoin exchange… Binance has halted trading and withdrawals. Full Story: – HACKED     Exchange hacks have plagued Bitcoin since inception, remember the Mt. Gox hack?   This constant…

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