Singapore Man Fined $72K for Promoting Crypto Ponzi OneCoin
2020-07-03 10:56:23

Police said the man is the first to be charged under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.

Bitcoin Flashes Same “Consolidation” Fractal That Sent Its Price to $20K
2020-07-03 10:07:58

Bitcoin price is trending inside a lengthy consolidation pattern after rallying by up to 170 percent in the second quarter. As calls for a breakdown move grow, independent market analysis firm TradingShot has released a bullish outlook for the cryptocurrency. It expects the BTC/USD exchange rate to break bullish, citing two eerily similar fractals that resulted in explosive price rallies. Bitcoin may have enough fuel left to resume its much-awaited bull run even as it […]

Swiss Bank InCore Enables Euro On-Ramp for Crypto Exchange Kraken
2020-07-03 08:00:00

The move comes at a time when traders are seeking alternative sources of capital value during an "uncertain macroeconomic climate."

Bitcoin Spots Errors in US Jobs Report Way Ahead of Wall Street
2020-07-03 07:38:12

Bitcoin closed its Thursday trading session in red even as an optimistic June employment report boosted risk-on sentiment. The cryptocurrency’s losses contrasted gains on Wall Street, showing first signs of decoupling after weeks of strong positive correlation. At the same time, the plunge showed Bitcoin second-guessing the US economy’s recovery amid rising COVID cases. Did Bitcoin spot a significant error in an otherwise positive US jobs report? Apparently, yes. The benchmark cryptocurrency plunged by a […]

Bitcoin Indicator That Predicted March’s 60% Drop Is Bearish Again
2020-07-03 03:23:00

Bitcoin is seemingly stuck in no man’s land. As this outlet has covered extensively, the cryptocurrency has been caught between a crucial support and a crucial resistance; every time BTC attempts to break past $8,500 or $10,000, it is rejected. There is a growing sentiment that down will be the direction that Bitcoin eventually breaks, though, with new analyses. There Are Multiple Similarities Between Bitcoin in March and Now According to one trader, there’s a […]

Mining Company Ebang’s Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange
2020-07-03 02:22:05

Mining Company Ebang's Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange

The bitcoin ASIC mining rig manufacturer, Ebang International Holdings, was recently listed on Nasdaq last Friday on June 26. Ebang is now the second mining rig manufacturer to have a U.S. initial public offering (IPO) by selling company shares. Since the initial sale on opening day, Ebang’s Nasdaq-listed “EBON” is down 11.5%. So far, the […]

There Are More DAI on Compound Now Than There Are DAI in the World
2020-07-03 01:57:42

The amount of DAI deposited on Compound skyrocketed by more than $140 million on Thursday – somehow exceeding the total amount of DAI in existence.

It’s “Do or Die” for Bitcoin After Being Rejected at a Crucial Technical Level
2020-07-03 01:34:00

Bitcoin’s buyers attempted to spark a rally yesterday but were stopped short when it was rejected at $9,300 The crypto has since been trading directly beneath this level, struggling to garner any further buying pressure This resistance coincides closely with a critical technical level that buyers have been struggling to surmount It does appear that the crypto could be positioned to see further downside in the days ahead if buyers fail to break this resistance […]

Demand for Bitcoin Will See a Dramatic Shift in 8 Years – Retail Addresses to Eat up Entire New Supply
2020-07-02 23:16:05

Demand for Bitcoin Will See a Dramatic Shift in 8 Years - Retail Addresses to Eat up Entire New Supply

A recent report from ZUBR Research explains that by 2028, retail demand for bitcoin will exceed the new supply. The report highlights that in eight years as Bitcoin’s supply rate decreases “retail size addresses [will] begin to eat up all the new supply alone.” Even the next halving in 2024 could see retail accounting for […]

Three Simple Reasons Why Ethereum Won’t Benefit from DeFi’s Growth
2020-07-02 22:38:00

DeFi-related tokens have been caught within an intense bull market over the past several weeks, with many posting 100%+ gains This growth has been fueled by return-hungry investors looking to take advantage of “yield farming” This trend isn’t fading as fast as some analysts expected and could continue strong in the months ahead Although built upon Ethereum, the DeFi sectors growth hasn’t boosted ETH’s price One prominent investor doesn’t believe it will ever become the […]

Market Wrap: Bitcoin Briefly Breaks Below $9K, but Markets Remain Comatose
2020-07-02 22:14:24

Bitcoin briefly broke below $9,000 on Thursday, but the markets remain quiet.

Bitcoin Miners Saw 23% Revenue Drop in June
2020-07-02 21:46:14

Bitcoin mining revenue dropped 23% in June to approximately $380 million.

DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom
2020-07-02 21:39:36

Nexus Mutual is seeing a surge in demand. "Our product has honestly seen massive interest since yield farming kicked off," said founder Hugh Karp.

“BigSpender” Exploit in Some Bitcoin Wallets Allows Attackers to Fake Transactions
2020-07-02 21:39:15

“BigSpender” Exploit in Some Bitcoin Wallets Allows Attackers to Fake TransactionsThe team behind the ZenGo crypto-currency wallet found a design flaw in several competing Bitcoin wallets allowing attackers to trick the software by sending and undoing transactions via the Replace-By-Fee feature. The vulnerability named “BigSpender” has been discovered about three months ago as part of ZenGo’s security research. The team notified the affected providers and waited for 90 days before disclosing the information publicly on June 1st. Ledger Live, BRD, and Edge were among the affected wallets. BigSpender flaw allows an attacker to send a Bitcoin transaction with a minimal fee and then, before this transaction is confirmed, replace it with another higher-fee transaction sending the same coins to a different address. The problem is that some wallets would immediately assume that the transaction is good and add its sum to the user’s apparent balance, while in reality, the funds went elsewhere. As a result, an attacker can trick somebody like an online vendor into sending them some goods without actually paying. Another harmful outcome of such an attack is that the resulting fake balance confuses the wallet software, potentially preventing users from transferring some or all of their real assets.
“The core issue at the heart of the BigSpender vulnerability is that vulnerable wallets are not prepared for the option that a transaction might be canceled and implicitly assume it will get confirmed eventually,” ZenGo’s post reads.
BigSpender attacks exploit a standard Bitcoin feature called Replace-By-Fee (RBF). Roughly speaking, this feature is meant to allow users to add fees to a transaction, so it is more interesting to miners and thus gets processed sooner. Without RBF, a transaction offering too small of a fee may remain unconfirmed. Normally, an initial low-fee transaction would be discarded and new higher-fee transaction spending the same funds would take its place. Since the initial transaction isn’t confirmed, the second transaction is perfectly valid and no double-spending takes place. Thanks to the BigSpender flaw, a wallet accounts for this first unconfirmed transaction and doesn’t roll back when this transaction is “undone” via RBF. According to ZenGo, Ledger Live and BRD wallets have fixed the problem in versions 2.7.0 and 4.3 respectively, as well as awarded ZenGo investigators with a bug bounty. Edge wallet reportedly hasn’t had a patch yet but plans to get it fixed further on.
“[Y]our crypto, recovery phrase, private keys, PIN code, etc. are not at risk. No one can access your crypto without your consent. This method purely relies on trying to trick you, much like traditional crypto scams do. Another good news is that we never had reports of anyone being tricked by this method,” Ledger stated in a blog post regarding the BigSpender issue.
In conversation with Decrypt, Ledger’s chief technology officer Charles Guillemet noted that the company’s hardware wallets weren’t affected by the flaw. Importantly, BigSpender is not an actual vulnerability of Bitcoin, but rather a quirk of the way certain applications interpret and present information to users. Although it doesn’t let bad actors steal users’ coins or access information, the flaw would be instrumental in scamming users or harassing certain wallets by repeatedly sending fake transactions. As pointed out in ZenGo’s report, all three of the affected wallets mentioned can be reset so they show true balance and operate normally. Ledger users can fix things by clearing the cache, Edge users can do it by pressing the “Resync” in wallet options. For BRD users, recovery is complicated and would require the user to take the wallet seed to some other application that supports BRD’s non-standard derivation path of key pairs from a seed. As a general guideline, users are advised to always check incoming transactions by means other than their wallet’s history alone. To help fellow wallet developers tweak their products, ZenGo shared their research tool made specifically for BigSpender. Follow us on Twitter and Facebook and join our Telegram channel to know what’s up with crypto and why it’s important.

Why the Robinhood Revolution Is the Future of Finance, Feat. Jill Carlson
2020-07-02 21:00:00

Far from a fly-by-night, uneducated mania, the new day trader class represents a much more significant force for how public markets are changing.

‘Running Drivenet:’ Bitcoin Proponent Discusses the Benefits of Drivechain Versus Lightning Network
2020-07-02 20:44:05

'Running Drivenet:' Bitcoin Proponent Discusses the Benefits of Drivechain Versus Lightning Network

During the last few days, a number of cryptocurrency supporters have been discussing Paul Sztorc’s Drivechain project, also referred to as “Drivenet.” The Drivechain project has been a work in progress for years now, and just recently Sztorc published a new version of the Drivenet software. On June 29, the Bitcoin proponent John Light tweeted […]

Here’s Why Bitcoin’s Next Big Move May Occur in the Next 2 Days
2020-07-02 20:19:00

Bitcoin and the aggregated crypto market have once again extended their multi-week bout of sideways trading The benchmark digital asset has continued trading sideways in the lower-$9,000 region, with most altcoin’s closely tracking its price action This may not last for too much longer, however, as one trend seems to indicate that BTC is gearing up to make a large movement in the coming one or two days As for whether this movement will favor […]

Blockchain Bites: BlockFi’s Revenue, DEX Volume and a Wallet Bug
2020-07-02 19:59:16

A federal appeals court effectively said blockchain data is not protected under the Fourth Amendment while decentralized exchange volume explodes.

The IRS Wants to Know More About Privacy-Enhancing Crypto Coins, Tools
2020-07-02 19:55:06

America's tax collector is laying the groundwork for a possible assault on privacy-enhancing cryptocurrency technologies.

‘TikTok Spies On You and Transfers Data to Chinese Authorities.’ But Is It All That Bad?
2020-07-02 19:32:02

‘TikTok Spies On You and Transfers Data to Chinese Authorities.’ But Is It All That Bad?Recently, the news broke that TikTok, a popular Chinese online platform and mobile app for sharing short-form mobile videos, collects user personal data in an amount unusual for a social media app. The issue was raised by redditor bangorlol who claimed to have reverse-engineered the TikTok app and analyzed how it operates. According to bangorlol’s findings, TikTok is essentially a data collection service masqueraded as a social network. “If there is an API [Application Programming Interface] to get information on you, your contacts, or your device... well, they're using it,” they said.

“TikTok Is a Mass Surveillance App”

Among the data harvested by TikTok, there is information about a user’s phone hardware, including its central processing unit type, screen dimensions, memory usage, disk space, other applications installed, everything related to the network such as IP, router MAC, Wi-Fi access point name, among other things. TikTok allegedly also collects information about whether a user’s device was rooted or jailbroken. Bangorlol claimed that some variants of TikTok had GPS pinging enabled at the time—roughly once every 30 seconds—which is enabled by default if a user ever location-tag a post IIRC. Moreover, the app allegedly sets up a local proxy server on a user’s device for "transcoding media," which, according to bangorlol, can be easily abused as it has zero authentication. The redditor continued saying that the most concerning issue about TikTok is that the commands for collecting data can be configured remotely:
“The scariest part of all of this is that much of the logging they're doing is remotely configurable and unless you reverse every single one of their native libraries and manually inspect every single obfuscated function. They have several different protections in place to prevent you from reversing or debugging the app as well. App behavior changes slightly if they know you're trying to figure out what they're doing.”
For a long period of time, TikTok also did not use the secure HTTPS protocol, so user data—such as their email address and secondary email addresses used for password resets, real names, and birth dates—could be leaked and viewed by third parties.

Is It All That Bad?

To compare the volume of collected user data, bangorlol also reverse-engineered social media platforms such as Instagram, Facebook, Reddit, and Twitter. They eventually concluded that those apps do not harvest anywhere near the same amount of information that TikTok does. “It's like comparing a cup of water to the ocean—they just don't compare,” Bangorlol stated. To further elaborate on the matter, forklog. media contacted a security researcher working for one of the world’s leading cybersecurity companies, who wanted to remain anonymous. Here what they said:
“Code obfuscation is quite common for popular apps, and the reason is usually not hiding malicious functionality but preventing competitors from code theft. There is no evidence that TikTok violates its privacy policy or abuses given permissions for malicious purposes. According to its privacy policy and required permissions (which are quite typical for audio-video social network apps), TikTok doesn't collect data that can be called sensitive (which includes SMS, call logs, passwords, bank account data, etc.). There are no reasons to call it malicious and remove it from markets.”
They continued noting that big data is quite valuable nowadays. “App developers and advertising agencies want to know the age, gender, geolocation, OS version, phone model of the users. Usually, this data is collected for statistics only and helps to create the portrait of the user so that ads will be more targeted,” the researcher added. Responding to the question of whether TikTok continues to collect data from a user’s device even if the user deleted the app, the researcher assured that if the app is removed from the phone, the data is not collected anymore. Also, opening TikTok links in a browser is ostensibly safe. “Just check that it's the official TikTok website, and not phishing—a standard check when opening any links in a browser,” the researcher said.

Response From the Public

The idea that TikTok is actually malware developed by Chinese authorities for mass surveillance was subsequently supported by the famous hacker group Anonymous, which urged users to immediately remove the application from their devices. Anonymous pointed out that transferring user data to Chinese authorities could have potential consequences for everyone, including for those who are not afraid of surveillance by China.   Anonymous referred to bangorlol’s analysis, which makes it unclear whether the hacker group had carried out their own investigation into the TikTok app before making its statements. Interestingly, the Indian government banned a slew of Chinese applications, including TikTok claiming that “they are engaged in activities which is prejudicial to sovereignty and integrity of lndia, defence of India, security of state and public order.” In an official press release from the country's Ministry of Information Technology, it is said that the 59 apps in question have raised serious concerns regarding data security and safeguarding the privacy of Indians. The release read:
“The Ministry of Information Technology has received many complaints from various sources including several reports about misuse of some mobile apps available on Android and IoS platforms for stealing and surreptitiously transmitting users' data in an unauthorized manner to servers which have locations outside India.”
In the meantime, TikTok continues to enjoy great popularity, with 800 million monthly active users out of 3.81 billion social media users globally, who represent 49% of the world’s total population. Follow us on Twitter and Facebook and join our Telegram channel to know what’s up with crypto and why it’s important.

Bitcoin News Roundup for July 2, 2020
2020-07-02 19:11:45

With traditional markets moving up and BTC sticking to its recent tight trading range, Markets Daily is back with another bitcoin news roundup.

China Police Said to Detain Crypto OTC Traders Amid Money Laundering Crackdown
2020-07-02 18:09:01

Chinese police are stepping up efforts in cracking down on illegal economic activities, which now leads to crypto over-the-counter (OTC) traders being detained to assist investigations.

Bitcoin Startup Zap Is Working With Visa
2020-07-02 18:07:00

Lightning Network startup Zap, Inc. is partnering with Visa to offer the most user-friendly bitcoin services since Cash App.

Localbitcoins 2019 Revenue Rises 10% to $29.6 Million Amid Increased Paxful Competition
2020-07-02 18:04:05

Localbitcoins 2019 Revenue Rises 10% to $29.6 Million Amid Increased Paxful Competition

Peer-to-peer (P2P) crypto exchange Localbitcoins has reported that 2019 revenue rose 10% to $29.6 million from $27 million a year ago. For the year, operating income fell 6% to $19.9 million from $21.2 million the year before. Localbitcoins did not provide detail about net profit. The Finnish marketplace said about $2.8 billion in volume was […]

Altcoins Set To Shine After Brutal Bitcoin Dominance Rejection
2020-07-02 17:35:00

Altcoins still have tons of catching up to do against their big brother Bitcoin. The cryptocurrency currently enjoys an over 65% market share dominance over the rest of the space. However, that number is set to fall hard, after a strong rejection on BTC.D charts has potentially confirmed a bear flag pattern. The target of the pattern would take the metric down to 59%, just a tick above where alt season lies. Bitcoin’s First Mover […]

Bug in Moscow’s Blockchain Polling System Can Reveal How Users Voted: Report
2020-07-02 16:41:56

The vulnerability allowed users votes in the recent constitutional poll to be decrypted, Russian journalists found.

How Bitcoin Is Like Ham Radio
2020-07-02 15:42:13

Bitcoin is decentralized, good in an emergency, supported by passionate fans and not likely ever to see mainstream adoption, says our columnist.

Investment Firm Arcane Crypto Plans Nasdaq Nordic Listing Through $32M Reverse Takeover
2020-07-02 15:23:14

A successful reverse takeover of Vertical Ventures would allow the crypto investment firm to appeal to a broader investor base, the firm said.

Investment Fund Arcane Crypto Plans Nasdaq Nordic Listing Through $32M Reverse Takeover
2020-07-02 15:23:14

A successful reverse takeover of Vertical Ventures would allow the crypto investment firm to appeal to a broader investor base, the firm said.

$11 Trillion Offshore Assets Uncovered After 100 Countries Share Information on 84 Million Bank Accounts
2020-07-02 15:02:45

$11 Trillion Offshore Assets Uncovered After 100 Countries Share Information on 84 Million Bank Accounts

Governments in nearly 100 countries have been sharing offshore bank account information in an effort to crack down on tax evasion. Their “Automatic exchange of information” has led to uncovering 10 trillion euros ($11 trillion) in offshore assets in 84 million bank accounts. The Organisation for Economic Co-operation and Development (OECD) said on Tuesday that […]

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