Have you considered what the future of cryptocurrency looks like? Loss of crypto coins through hacks, fake trading and volatility destroy trust in cryptocurrency, but those aren't its only problems. . The promise of a cheap, anonymous, distributed, fiat cryptocurrency that is detached from any country’s sovereignty is a pipe dream. It will never happen. My opinion hasn’t changed since bitcoin first hit the market in 2009. People will play with it, some businesses will accept it, fortunes will be made and lost, but it isn’t a threat to any nation’s fiat currency on that level. People lack trust in even the most established cryptocurrencies. Here’s why. The link for this article located at CSO Online is no longer available. . Cryptocurrency faces critical challenges that threaten its future. Hacks and market instability raise trust issues, impacting investor confidence and acceptance. Cryptocurrency Future, Trust Issues, Digital Currency Risks. . LinuxSecurity.com Team
Have you heard that Japanese cryptocurrency exchange Bitpoint has been hacked, resulting in the loss of $32 million worth of various digital currencies? The majority of funds lost (approximately $23 million) belonged to customers, while the rest were owned by the exchange. . Bitpoint has ceased operations and says the funds were stolen from a hot wallet that contained five cryptocurrencies including Bitcoin, Ripple, and Bitcoin Cash. As of yet, the company says it is not aware of any funds taken from cold wallets. The link for this article located at The Next Web is no longer available. . CryptoTrade suffered a breach, losing assets from an online wallet, discontinuing services after a theft that caused a $25 million shortfall.. cryptocurrency loss, Bitpoint hack, digital currency security. . LinuxSecurity.com Team
Bitcoin and other "crypto-currencies" have been touted by their followers as the money of the future. However, the last 12 months have shown the pluses and minuses of the technology.. Crypto-currency is an attempt to replace money transactions with a digital medium of exchange using peer-to-peer networking. The first one, and still the most successful, was Bitcoin, which was created in 2009 by the mysterious developer "Satoshi Nakamoto." The link for this article located at Tech Radar is no longer available. . Cryptocurrencies have reshaped financial transactions by enabling decentralized peer-to-peer exchanges, enhancing efficiency, reducing fees, and fostering financial inclusion.. Bitcoin, Blockchain Technology, Digital Currencies, Financial Innovation. . LinuxSecurity.com Team
Cybercriminals have infected the computers of digital currency holders, using a virus known as "Pony" to make off with account credentials, bitcoins and other digital currencies in one of the largest attacks on the technology, security services firm Trustwave said. . The attack was carried out using the "Pony" botnet, a group of infected computers that take orders from a central command-and-control server to steal private data. A small group of cybercriminals were likely behind the attack, Trustwave said. The link for this article located at Network World is no longer available. . The attack was carried out using the 'Pony' botnet, a group of infected computers that take orders f. cybercriminals, infected, computers, digital, currency, holders, using, virus, known, 'pony. . LinuxSecurity.com Team
The indicted founder of digital currency Liberty Reserve says the U.S. government began targeting him only after he refused to turn over the source code for his proprietary system to the FBI.. Arthur Budovsky, who is fighting extradition to the U.S. from Spain, told a Madrid court that the FBI approached him in 2011 to obtain the source code for what he says was the purpose of undermining the service. The link for this article located at Wired is no longer available. . Arthur Budovsky recounts his decision to withhold his software's source code, which subsequently triggered legal disputes with the federal authorities.. Arthur Budovsky, Liberty Reserve, extradition issues. . LinuxSecurity.com Team
US federal prosecutors have unsealed the indictment of seven men who were allegedly involved in the Costa-Rica-based digital currency and exchange service, Liberty Reserve. Authorities in the US had already seized the service's domain, effectively shutting down its web site. late last week. The site's founder Arthur Budovsky Belanchuk, a former US citizen who now holds Costa Rican nationality, was arrested in Spain on Friday. The indictmentPDF charges the defendants with money laundering and conspiracy to operate an unlicensed money transmitting business and orders them to surrender all property in connection with the Liberty Reserve operation, including more than $6 billion the site is believed to have laundered since 2006. Millions of dollars of these proceeds have allegedly been deposited in bank accounts around the globe, including in Costa Rica, China, Russia and Morocco. The investigation involved officials from 17 countries. The link for this article located at H Security is no longer available. . late last week. The site's founder Arthur Budovsky Belanchuk, a former US citizen who now holds Cost. federal, prosecutors, unsealed, indictment, seven, allegedly, involved. . Alex
A Bitcoin transaction services company says that hackers broke into one of its brokerage accounts last week, nabbing more than $12,000 worth of the digital currency. . That attack knocked Bitinstant offline over the weekend. The company says that while it lost Bitcoins, no customers were affected by the hack. The link for this article located at Wired is no longer available. . A cryptocurrency exchange experienced a security incident, resulting in the loss of $15,000 in Ethereum from one individual wallet.. Bitcoin Heist, Digital Currency Theft, Cybersecurity Risk. . LinuxSecurity.com Team
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