Hackers Launch Widespread Botnet Attack on Crypto Wallets Using Cheap Russian Malware

With millions of dollars of cryptocurrency stolen from crypto wallets every year, security researchers were surprised to find one active botnet being run for about $160. The bargain Trojan malware is called MasterMana Botnet, which uses mass mailing to send phishing emails with attachments containing malicious code to crypto investors. Once someone clicks on the email, the code will create backdoors on their computer to empty their wallets, according to a recent research conducted by Prevailion. “Based on what we’ve observed, the MasterMana Botnet had a global impact on organizations across…

PayPal Might Withdraw From Libra Association: Report

One of the founding Libra Association members may be on the verge of pulling out. The Financial Times reported Thursday that payments firm PayPal is considering leaving the Facebook-initiated crypto project due in part to the regulatory backlash Libra has received in recent months. According to the Financial Times, PayPal representatives did not attend a Libra Association meeting on Thursday, in what may be a sign of the broader turmoil. Facebook first revealed Libra in June, unveiling a grand ambition of providing financial services to more than a billion unbanked…

Libra Labeled a ‘Monetary Threat’ By Senior US Bank Executives

Libra, the underfire planned cryptocurrency from Facebook (NASDAQ:FB), has been described as a monetary threat by senior US bank executives in a meeting with the Federal Reserve.  Senior Bank Execs Opposed to Libra Libra has been heavily scrutinized by regulatory bodies and financial institutions across the globe since it was first announced back in June and has been dealt a further blow following a meeting of the Federal Advisory Council this month. Members of the council include M&T Bank CEO Rene Jones, KeyCorp’s Beth Mooney, and Brian Moynihan, CEO of Bank…

Ohio Treasurer Suspends Predecessor’s Bitcoin Tax Payment Service

A website launched last year by the U.S. state of Ohio allowing businesses to pay a range of taxes with bitcoin has been taken offline. Ohio Treasurer Robert Sprague announced the decision to immediately suspend OhioCrypto.com on Wednesday at a meeting of the State Board of Deposit, according to an official announcement. The reason for pulling the service – perhaps temporarily – comes down to how Ohio’s third party crypto payments provider, BitPay, is defined under state law, Sprague said. Sprague took on the mantle of state treasurer in January, since then…

Fed Official Says Digital Central Bank Currency Is ‘Inevitable’

Philadelphia Federal Reserve bank president Patrick Harker said it is “inevitable” for the central banks, including the U.S. Federal Reserve, to start issuing digital currency. Speaking at a community banking conference in St. Louis, Harker argued that the U.S. should not be the first big country to issue a national coin, because technology is still maturing and the U.S. dollar remains the world’s reserve currency, according to a Reuters report. “It is inevitable … I think it is better for us to start getting our hands around it,” the Federal…

Bug Bounties in Crypto — the Best Way to Ensure Platform Safety?

Crypto companies often find out the hard way that hackers know their security systems better than they do. As hacks in the crypto world can and often do result in hundreds of millions of dollars worth of tokens being stolen, the fate of a company’s future can often ride on its security measures. In an effort to batten down the hatches, companies offer bug bounties.  These bounties are essentially competitions in which hackers are encouraged to try to compromise software. The hackers then submit a vulnerability report to the respective…

Binance Integrates Coinfirm’s AML Platform to Comply With FATF Rules

Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering (AML) compliance. New platform for FATF compliance The integration of Coinfirm’s blockchain-agnostic AML Platform will purportedly streamline Binance’s compliance with the AML rules issued by the Financial Action Task Force (FATF), according to a press release published on Oct. 3. The new measures set up by the FATF require that cryptocurrency operators establish the identity behind crypto funds senders and recipients, conduct proper due diligence to ensure they are not engaging in illicit activity,…

Telegram to Launch Its Telegram Open Network (TON) in October

Telegram has indicated that the Telegram Open Network (TON) could launch at the end of this month. On Wednesday, in an email to TON investors, the firm indicated that the launch is on track as planned earlier. TON Could Be Ready by October 16 The CTO of TON Labs, Mitja Goroshevsky, confirmed the information indicating that TON Labs will be responsible for running and managing the validation pool. TON Labs is a startup tasked with the responsibility of creating tools for TON developers. Investors will receive the TON key generation…

Coinbase-Led Crypto Ratings Council Draws Skepticism From Legal Experts

An initiative led by crypto exchanges to categorize digital assets has drawn mixed reactions from leading legal experts and industry players. Coinbase, Kraken, Bittrex and a number of other exchanges announced Monday that they were forming the Crypto Rating Council (CRC) to clarify whether cryptocurrencies are securities. The CRC uses a 1-5 rating scale, with 1 being a clear non-security (bitcoin, litecoin, dai), and 5 being clear securities (none of which were disclosed publicly) – at least in the eyes of the consortium. A number of assets fell somewhere between…

HitBTC Claims Startup Faked Balances As It Denies Freezing $20M Worth of Crypto

Cryptocurrency exchange HitBTC has denied allegations that it froze Brazillian investment startup Atlas Quantum’s funds, claiming the evidence is forged. Atlas Quantum claims HitBTC froze $20.7 million In a Twitter argument which began on Oct. 2, the exchange said it had no record of blocking the accounts of Atlas Quantum.  The startup had alleged in a video on Sept. 18 that HitBTC froze 1,862 BTC ($15.3 million) and over $5.4 million in stablecoin Tether (USDT) in its account. HitBTC then responded to the tweet continuing the complaint this week, which…