Fri, Jun 19, 2020 11:00 AM by Sumit Bera

CoinJoy Crypto News: Alistair Milne’s hacking experiment

CoinJoy weekly digest June 19
What important crypto events happened last week?

📌 The U.S. Locale Court excused the allure of the previous CEO of the Bitcoin trade Mt. Gox Mark Karpelès. He mentioned the evacuation of the misrepresentation claims made by the final offended party. Locale Judge Gary S. Feinerman ruled for Gregory Green, the initiator of the legal claim against Karpelès. The offended party demands that the top of the site didn't give a fitting degree of security for client reserves, blaming him for carelessness and extortion.

📌 BitMEX exchange operator HDR Global Trading and OKCoin have granted $150,000 to Bitcoin Core developer Amiti Uttarvar who specializes in Bitcoin P2P level issues, being the author of a proposal to reduce the frequency of wallet attempts to relay transactions.

📌 The well-known Bitcoin investor Alistair Milne lost 1 BTC during a hacker attack, which he himself initiated. The purpose of the experiment was to find out how much data about the wallet would be enough to hack it. Milne created a separate Bitcoin address, transferred 1 BTC to it, and started laying out prompts to unravel a seed phrase of 12 words. When only 4 words remained, the hacker intervened and managed to brute force the remaining words in 44 hours.

📌 The creator of the Telegram messenger Pavel Durov warned of fraudulent schemes carried out allegedly on his behalf on Facebook and Instagram and noticed that such ads were approved by moderators of the platforms. Durov called on Facebook to organize the moderation of advertisements, and also expressed the hope that the company will compensate for the damage caused to users by the actions of moderators.

📌 Leading party functionaries in China have proposed a plan to create the central bank digital currency (CBDC) based on the currencies of China, Korea, Japan, and Hong Kong. A payment network with a regional CBDC could be part of the free trade agreement that Japan, Korea, and China are preparing to sign. The initiative will also allow China to expand its use of the renminbi internationally.

📌 Co-founder of the Centra Tech cryptocurrency project Robert Farkas pleaded guilty to organizing a $ 25 million fraudulent scheme. In 2018, Farkas, along with Sohrab Sharma and Raymond Trapani, was accused of cheating investors. The US Securities and Exchange Commission insisted that they provided knowingly false information about the partnership with Visa and Mastercard. Centra executives also assured investors that they are licensed to process money transfers in 38 states.

📌 As a result of the last recalculation of the complexity of Bitcoin mining, the indicator grew by 14.95% to 15.78 trillion hashes (T), approaching the pre-halving level.

📌 The non-custodial cryptocurrency P2P marketplace LocalCryptos opened up the possibility for users to buy and sell Litecoin (LTC) in addition to Bitcoin (BTC) and Ethereum (ETH). Previously, the platform was called LocalEthereum and supported the trading of the second largest cryptocurrency by capitalization. Along with a statement on adding support for other crypto assets, the marketplace rebranded. The first cryptocurrency added was Bitcoin.

📌 The cryptocurrency information portal account is blocked on YouTube. At the time of the ban, 40 thousand people were subscribed to the channel. By assumption, the blockage may be due to their political activity. founder Roger Ver called YouTube a tool for social media manipulation and censorship.

📌 Protocol Podcast host Eric Savix has lost all of Bitcoin's savings. On June 10, Savix downloaded the fake Google Chrome cryptocurrency extension Keep Key. He was not embarrassed by the requirement of the program to enter a seed phrase from the wallet. Thus, the hackers transferred all 12 BTC available to Savix (about $120 thousand at the time of the theft) to their account. The concerned community managed to collect a sixth of the stolen during the day.

📌 According to an official WhatsApp blog press release, users with Mastercard or Visa debit/credit cards of certain Brazilian banks now have an opportunity to send messages attaching their assets. The amount of payments is limited to twenty per day, however, the transaction size limit is not specified. 

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