Fraudulent E-mails Steal Identity of WHO to Request Donations in Bitcoin

Alexander Salazar
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Fraudulent E-mails Steal Identity of WHO to Request Donations in Bitcoin

Fraudulent e-mails seek to steal bitcoins, as well as banking and identity details. Users must be alert to e-mails, websites, and applications related to the coronavirus.

Whilst people all over the world are in quarantine due to the Covid-19 coronavirus pandemic, cyber scammers do not seem to rest in their search for new victims.

According to reports, there are e-mails that request donations in Bitcoin, to supposedly fight the coronavirus on behalf of the World Health Organization (WHO). Chester Wisniewski, a computer security consultant at Sophos Lab, shared a screenshot of an e-mail with fraudulent and potentially dangerous content. This text shows that cyber scammers are taking advantage of this health crisis that has been impacting the world for a few months.

Wisniewski explains that the content of e-mail deals with a false economic fund backed by governments and specialized institutions. The fraudulent e-mail says that the objective is to raise USD 675 million to help those countries most in need to respond to the coronavirus crisis in April.

Some of the activities that they want to finance are the distribution of medical supplies to health workers, the acquisition of laboratory equipment, the dissemination of scientific and preventive information, and the development of a vaccine against the disease.

Wisniewski assured that those criminals do not only seek to steal bitcoins, but also the victims’ identity data. In that sense, he says that one of the e-mails has a link to a website with a login form requesting data to supposedly provide access to the false WHO webpage.

In the same way, he states that other e-mails include an attached document that appears to be official government information. However, it hides a virus that can infect the computer with malicious software that will seek to obtain personal, banking and password information, among other types.

The specialist recommends that users be alert to e-mails with grammatical or typing errors, and advises that they verify the integrity of the webpages and links. Besides, he encourages them to update their computers and antivirus software, and change all passwords in case they notice any danger.

The researcher also called for donations to legitimate sites, such as the COVID-19 Response Fund, even though this website does not receive donations in Bitcoin.

However, many initiatives have emerged within the cryptocurrency ecosystem to support the fight against this disease. Among them is the Folding@Home project, led by Stanford University, whose computational processing power at the service of the research to fight diseases. Therefore, cryptocurrency miners with GPU or CPU equipment can collaborate with this initiative.

Similarly, Ethereum’s crowdfunding platform Gitcoin announced that its next round of financing will include a space for projects in the health sector. The creation of this category arose, among other reasons, to promote research and combat the coronavirus since March 23rd.

In conclusion, it only remains to be alert to e-mails, webpages and fraudulent applications, such as those that have recently emerged to steal bitcoins through methods such as ransomware.

By Alexander Salazar

Bitcoin’s Price Increase of More than 12% within 24 Hours Pushes Cryptocurrency Market into the Green

Alexander Salazar
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Bitcoin’s Price Increase of More than 12% within 24 Hours Pushes Cryptocurrency Market into the Green

The price of Bitcoin is approaching its best level in recent days. Among the main altcoins, DASH is the most prominent with an increase of more than 25% in 24 hours.

After experiencing red days due to the widespread fear of the coronavirus worldwide, last March 19th, the cryptocurrency market showed positive numbers again. In recent days, the price of Bitcoin has risen by more than 12% and is approaching the USD 6,000 level again, which it had lost almost a week before.

At the time of writing this article, the value of Bitcoin in the market is above USD 5,800, according to data from CoinMarketCap. The same source indicates that the price of the cryptocurrency had not exceeded that level since last March 13th.

The rest of the market followed Bitcoin in its rise between March 18th and March 19th. Among the main altcoins, the behavior of DASH is the most prominent as it has gained more than 25% in its price and is currently above USD 59.

Other top cryptocurrencies according to their market capitalization have also increased by over 10% in the last few days. Among them are Tezos (XTZ), Cardano (ADA) and Chainlink (LINK), which have increased by more than 14%. Meanwhile, Ether (ETH) has risen by more than 11% and currently has a price of over USD 125. Currently, there are no cryptocurrencies with a market capitalization above USD 40 million in the red.

Bitcoin Decouples from Traditional Markets

Until now, the behavior of Bitcoin and other cryptocurrencies has been coupling to that of traditional markets. The drop in indices such as the Dow Jones or the S&P500 had found support from the main cryptocurrency.

However, the rise in their prices on March 19th seems to distance cryptocurrencies from events in other markets. Analyst Willy Woo, recognized for developing metrics on Bitcoin activity, considers that it is necessary to have a confirmation of the separation between Bitcoin and other markets.

Through his Twitter account, Woo highlighted the importance of that confirmation to see Bitcoin taking its path in the market. In this respect, he shared some charts showing the behaviors of Bitcoin and gold in the last few days, which would be suggesting that separation.

This occurred just two days after the correlation of Bitcoin with the S&P500 reached a record high. According to data from Coin Metrics, last March 17th, the Pearson correlation index between the two markets reached a cap of 0.59. According to records of the firm, on March 18th, that index fell slightly to 0.58. Up to that point, it remains above the previous high, which was 0.52.

On March 18th, Bitcoin had already begun to exhibit signs that were different from those of other markets. On that day, Bitcoin held above USD 5,000 with a drop slightly higher than 1%, whilst the S&P500 fell as low as 8%. Similarly, the Dow Jones lost the USD 20,000 mark and the oil markets suffered a further collapse.

By Alexander Salazar

Gas Distributor in Argentina Receives Authorization to Test the Use of Blockchain Platform

Alexander Salazar
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Gas Distributor in Argentina Receives Authorization to Test the Use of Blockchain Platform

The project could use Smart Contracts to improve the certification of domestic gas contracts in an Argentine province.

The gas company Gasnor received authorization from Argentine regulatory entities to initiate pilot tests of a blockchain-based solution. The project could use Smart Contracts to improve the certification of domestic gas contracts in a province with more than 2 million inhabitants.

Grupo Sabara software develops the blockchain platform and IOV Labs was in charge of the design. According to company employees, the platform was officially launched after the approval of the regulatory body, Energas, last March 18th.

Until now, there is information that the platform intends to make the certification process for domestic gas faster. A network called Gasnet will execute this RSK Smart Contract Network version, which will accelerate the certifications that have a chronic delay. In this way, this tool will greatly improve the administrative work of the company.

Pedro Perrota, Co-founder of Grupo Sabara, explained that citizens currently need many documents to contract a domestic gas service, so this tool could facilitate that process.

“When you want to certify a new gas connection for a house or a company, nowadays you have to send many documents. All these things in Argentina take a lot of time to process”, he explained.

According to the executive, it can take more than 3 months to collect all the documentation, permits, and even agreements between the company and installation technicians.

One solution for this problem is the use of Gasnet since through this network it would be possible to share specific information about recruitment transactions among all the partners in a consortium. This would lead to both Energas and Gasnor have access to the same information on each contract made on the platform, avoiding delays in sending documents and accumulating contracts and permits.

Perrota adds that this service would make faster some of the work for gas company employees and improve service for customers. The official comments that consumers would have access to the gas service more quickly and without expending so much time to certify all the paperwork.

On the other hand, Diego Gutiérrez, who is CEO of IOV Labs, said that they are “basically using the blockchain platform to certify the different available steps”.

Gutiérrez also assured that each employee involved in the certification process will have a password that will give them access to the network, which will be shared among them.

Although this project represents a breakthrough, company spokespersons say this will not be the only thing they could do with a shared transaction network. Gasnet can also work for all types of operations related to domestic gas, from improving distribution to validating the identity of workers.

Another important aspect of the network is to be able to have an unchangeable record of consumers. Therefore, the consumer who has a debt will not be able to avoid paying it, even if he has changed his address outside the city.

In this aspect, Perrota and Gutiérrez agree that the use of this network was also designed to avoid these types of actions. The executives concluded highlighting that other gas companies can join the initiative shortly to benefit more users.

By María Rodríguez

South Korea Approved Financing of 3.2 Million Dollars for Blockchain ​​Companies

Maria Rodríguez
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South Korea Approved Financing of 3.2 Million Dollars for Blockchain ​​Companies

The main objective is to support the validation of blockchain technology in 2020.

As part of a development plan, two South Korean ministries approved the granting of USD 3.2 million to boost blockchain technology in different projects. The financing will allow local blockchain technology companies to continue with the development of technological tools and the growth of the industry in the country.

The ministries in charge of the project were the Ministries of Science and Information and Communication Technologies (ICT), and the Ministry of Promotion of the Information and Communication Industry. The project aims to “Support the validation of blockchain technology in 2020”, and they hope to launch several pilot tests of blockchain technology tools, according to a report published on March 16th.

Both ministries are based on the allocation of resources. These two public bodies are known to implement a plan to award 450 million Won (approximately USD 360,000) to a total of nine projects that the team will select after a free submission of bids. This will encourage participation in the development of innovative projects in the Asian country.

The winning projects must have certain criteria to be selected. These characteristics include the feasibility of conducting the tool, the current performance, the objectives and knowledge of the company, the results they can achieve, and the jobs they can generate when embarking on the project. These criteria would ensure the profitability of financing and the near future of the industry and technology.

Main Objectives of Financing

The announcement highlighted that one of the main objectives of the project is not only to promote the development of blockchain technology but also to promote the use of this technology in the country. Furthermore, the selected projects must provide a strong social and economic value that would be maintained in the future.

This project is also part of the initiative to promote technology companies in South Korea, according to the Minister of Information and Communication Technologies, Park Yoon-Kyu. “We plan to support national specialty companies to grow rapidly and activate the ecosystem in the early phase of the blockchain market”, he said.

The project not only seeks to promote the development of blockchain technology but also to create a business model that adapts to the use of these technologies. They also add the use of other technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI).

At the end of the announcement, details of the financing conducted by the project last year were revealed. The data highlights the registration of more than nine copyrights, as well as the application to get five patents and two additional rounds of investment.

Financing results to be an important piece for the development of blockchain technology in the country. This is because, according to some local media reports, the country faces a deep crisis due to the growing outbreaks of covid-19.

On March 5th, the national Parliament approved a new law that would allow a permit system to be created for national exchange companies. This is another step that would support the adoption of blockchain technology in the region to work for more technological benefits for the community.

By María Rodríguez

Justin Sun to Be Excluded from Steem Community’s New Path

Alexander Salazar
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Justin Sun to Be Excluded from Steem Community’s New Path

Thanks to the support of more than 36 developers, the community will give birth to a new network called Hive. A user compared the plan to a shipwreck in which most are saved while the captain sinks.

The community around Steem has learned some lessons from the controversy with the TRON Foundation in early March of this year. One of these teachings is related to the problems that may arise in systems based on Delegated Proofs of Stake (DPoS).

The other learning has to do with the fact that the true value of a cryptocurrency is its community. Following that principle, a group within the Steem community developed a new blockchain, called Hive, and decided to conduct the hard fork last March 20th.

In this way, the proposal that a Steemit user, who identified himself as “Blocktrades”, published last March 15th gained strength. It should be mentioned that he is also the representative of a company that has the same name.

Blocktrades’ proposal, now available on the blogging site Steemit, received comments from another user who identified himself as kerrislravenhill. He summarized the plan humorously, comparing it to a shipwreck in which the Steem community would board the lifeboats, and leave the captain to sink with the ship. This is a clear reference to how they would get away from TRON CEO Justin Sun and his idea of ​​centralization.

The Stem community approved Blocktrades’ proposal and announced last March 18th the hard fork. The group states that the best path to take is the launch of a new blockchain.

In this way, the community will use the updated Steem code to give birth to the blockchain Hive, along with a completely new token. Under this scheme, they will completely detach themselves from Justin Sun and move forward, preserving their decentralization. At the time of the fork, all STEEM owners, except Justin Sun, will receive the new token via airdrops.

In his proposal, Blocktrades describes the situation of Steemit Inc. when Sun acquired it. He states that it had intellectual property and experienced developers, as well as brand strengths. However, he explains Sun’s actions put all of this at risk, which the cryptocurrency ecosystem community heavily criticized.

From Blocktrades’ point of view, the birth of the new blockchain Hive will result in the further weakening of Steemit Inc. Above all, everyone who has abandoned Sun is now on the side of the community, a team of 36 experienced developers is currently supporting Hive. Of course, among them are the founders who participated in the initial development and maintenance of Steem.

According to some comments that users have left regarding the proposal, it is possible to see that the Steem community is aware that the path will not be easy through the fork route and that they will undergo difficulties. However, most of them seem to agree that they will make a profit and capitalize on the efforts that they have made to the date, so they are determined to face whatever lies ahead.

By Alexander Salazar

Russia Could Issue a New Law to Prohibit the Use and Trade of Cryptocurrencies

Maria Rodríguez
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Russia Could Issue a New Law to Prohibit the Use and Trade of Cryptocurrencies

According to the head of the Russian Legal Office, the issuance and trading of cryptocurrencies would be illegal in that region.

Recently, the Central Bank of the Russian Federation issued a statement indicating the advancement of the new law for digital assets. According to the bill, trading and issuing cryptocurrencies will be illegal in every way in that country. This new version of the project could soon advance among the country’s lawmakers.

In an interview with local media, the Head of the Russian Legal Office, Alexey Guznov, mentioned that his department does not believe in these digital assets. He said that the use of cryptocurrencies should be considered an illegal activity. He considers that the country should create rules and regulations that prohibit cryptocurrency trading, as well as the issuance and holding of these digital assets, and other things related to it.

Despite this negative stance against cryptocurrencies, the Central Bank of Russia (BoR) maintains a more acceptable stance with the use of tokens, which would facilitate some financial activities. This financial institution considers tokens as “financial assets”. Following this aspect, the authorities tested a tokenization pilot project at the end of 2019 within a set of rules (sandbox) that would regulate them.

However, officials like Guznov hold the theory that cryptocurrencies can destabilize the entire economy of the country. The official explained in the interview that one of the greatest risks is the use of these assets in illegal activities; thus, so the legalization of these currencies would represent a great risk for Russia.

As for the law, the Bank of Russia was actively involved in many discussions related to cryptocurrencies. This happened especially in the middle of last year. Now, the current activity of the bank seeks to continue the development of the law that supports only the issuance of tokens called “financial assets”.

Cryptocurrencies are not mentioned in any way, nor considered as assets. The project only indicates the rules and conditions for security tokens that could be issued by the Bank of Russia or by those who request a license.

The bill so far details the requirements necessary for the issuance of tokens allowed by the authorities. Guznov explains that for an issuer to be licensed, he must have a required capital of about 5 million Russian rubles (approximately USD 660,000).

Additionally, the issuer must have a system that allows accounting books to be shared with law enforcement and regulatory authorities. According to an official, if the person does not meet these requirements, this could ensure that the assets are used for money laundering or other illegal acts.

Despite the Bank of Russia is working on the bill for these security tokens, the financial institution does not support the issuance of digital currencies such as Bitcoin (BTC).

Guznov commented it is possible to reach a consensus. It would not matter if someone has cryptocurrencies, but it would be prohibited to use them for operations in the local market, as well as the bank would prohibit the issuance of these digital currencies in Russia.

“We are now approaching consensus with other government agencies and market members participating in the debate. That consensus could be that no one is going to ban the possession of cryptocurrencies. Cryptocurrencies, in the end, are not drugs or weapons. But the legalization of the issue and, more importantly, the circulation of cryptocurrencies is planning an unwarranted risk. This is why the law would prohibit the issuance and organization of the cryptocurrency market, and also introduce the punishment for those who violate this prohibition”, Guznov explained.

Guznov’s statements highlight that the law allows people to have cryptocurrencies, as long as the person has made a contract with any server or if the person uses the cryptocurrencies outside the territory. However, the authorities would prohibit all cryptocurrency markets, as well as the issuance of these assets.

This law could enter into force at the end of the first semester of the year; hence, its discussion could be close to the Russian legislature.

By María Rodríguez

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