MIT Crypto Group Researcher Says PoW Attacks Not Always Obvious

Speaking on a Unitize digital conference panel about proof-of-work, or PoW, attacks, James Lovejoy of MIT’s Digital Currency Initiative, or DCI, said 51% attacks might not be evident, despite blockchain’s public nature.  Blockchains do not always show 51% attacks at first glance, Lovejoy explained on the July 9 panel. “You need an active observer to be monitoring the network to check whether or not an attack occurs,” he said.  Lovejoy has a blockchain reorganization tracker For his DCI master’s thesis, Lovejoy spun up a blockchain reorganization tracker, or reorg tracker, that…

South Korean National Assembly to Discuss Crypto Transaction Transparency

The South Korean National Assembly will host a talk titled “How to boost transparency in cryptocurrency transactions” on July 10. This news comes amid a recent child porn scandal that involved crypto transactions. According to the Kukto Ilbo, the seminar will discuss topics related to money-laundering prevention and the creation of a system that oversees crypto transactions. Preventing money laundering through dark web crypto transactions The initiative is led by Democratic Party Congressman, Lee Soo-jin. The Blockchain Law Association and blockchain media representatives from South Korea will also join the…

BitFlyer Partners With Brave to Develop New Crypto Wallet

BitFlyer, the biggest crypto exchange in Japan in terms of trading volume, has announced a partnership with Brave, the privacy-protecting browser.  According to the announcement, BitFlyer and Brave will develop “a crypto asset wallet for Brave browser users”.  No further details about the new crypto wallet have been made available. Japanese users of Brave browser are rewarded with Basic Attention Token Points (BAP), due to regulations that prevent them from earning the cryptocurrency BAT, or trading their points for money on exchanges. The announcement is likely to fuel speculation that…

Prosecutors Expect Guilty Plea From Alleged $7m Crypto Fraudster

Jon Barry Thompson, the accused operator of a fraudulent crypto escrow service that defrauded $7 million from two customers, is expected to enter a guilty plea — with prosecutors aiming to finalize proceedings in September. “The parties expect to reach a disposition of this matter and respectfully request that the court set a control date in September 2020 for the entry of that disposition,” the prosecution wrote in a letter submitted to the court. In April, Thompson’s counsel, Peggy Cross-Goldenberg, indicated that both sides had made “substantial progress” towards disposition.…

Bitso Hits 1M Users as Crypto Adoption Spikes in Latin America

Bitso, one of the biggest cryptocurrency exchanges in Latin America, has hit 1 million users prior to its upcoming launch in Brazil. Santiago Alvarado, director of cross-border payments at Bitso, discussed the latest developments in leveraging crypto for cross-border payments in Latin America during a Unitize panel on July 8. The discussion was joined by Ripple’s director of product Craig DeWitt and Prysm Group’s Reed Cataldo. Bitso tops Argentinian market after launching in February During the panel, Alvarado revealed that Bitso reached a major milestone by hitting a one million…

If Crypto Traders Abandoned Litecoin Why Are Investors Hoarding LTC?

Price wise, Litecoin (LTC) has had a pretty rough year and currently the altcoin is down 51% over the past twelve months. The lack of GitHub activity and planned protocol upgrades have Litecoin co-founder Charlie Lee to admit 2019 saw a historic low in the number of developers working on Litecoin Core, the software behind network nodes. The beginning of 2020 was no different and Charlie Lee asked for voluntary LTC miner donations to help boost development funding. Uncertainties regarding Litecoin’s future have caused investors to lose interest in the…

Anonymous Crypto Hacker’s Identity Revealed by US Authorities

The U.S. Department of Justice, or DoJ, indicted Andrey Turchin, known under the pseudonym “fxmsp,” with various federal crimes. Turchin allegedly founded a cybercrime group that targeted the computer networks of several companies. After stealing each company’s data, Turchin’s group allegedly sold the data on the dark web. Turchin, a 37 year old Kazakhstan national, is affectionately known on the dark web as “the invisible god of networks.” He allegedly sold access to thousands of networks breached with his malware attacks, amassing a million dollar crypto fortune over the course…

How Two Venture Funds Secured 170% Gains From Just One Crypto Bet

An early investment into Numeraire (NMR) crypto returned 170 percent gains to two venture funds. Crypto-focused investment firms Placeholder and Paradigm led an $11 million round in the Numerai blockchain’s native asset on March 21, 2019, when it was trading at around $5. The per token rate of NMR has since surged by 177 percent. A well-time market call has led two crypto-focused venture funds to earn a whopping 170 percent return in just 15 months. Placeholder and Paradigm on March 21, 2019, invested $11 million in Numerai, a blockchain-based…

89% Worry What Happens to Their Crypto After They Die

Most younger crypto holders don’t have any kind of plan to pass down their digital assets when they die. According to a survey conducted among 1,150 participants between October 2019 and June  2020 by the Cremation Institute, the majority of crypto holders are concerned about passing on their assets after they die, but a large proportion fail to use wills, trusts, or proper instructions for beneficiaries. This lack of preparation, according to the institute, is due to a lack of estate services focusing on crypto assets and a lack of…

Former Official Says China Needs to Reform Crypto Laws

Xiao Gang, former chair of the China Securities Regulatory Commission, said the country is facing a digital economy transformation and needs to embrace the right regulations for the fast growing crypto market.  Xiao was speaking at the 19th Pushan Lectures of China Finance 40 Forum, or CF40, which was held online on July 7. The event saw a number of officials discussing the lessons learned from the 30-year development of China’s capital market.  According to local news reports, Xiao said there was an urgent need to embrace digital reform: “The…