Ten Percent of MoneyGram’s Cross-Border Payments between the US and Mexico Channeled by Ripple

The CEO of MoneyGram said that 4 new brokers will be opened for Ripple’s ODL payments. Brad Garlinghouse, CEO of Ripple, reported that the project already exceeds 300 customers.

Alex Holmes, the CEO of MoneyGram, said on November 8th, that 10% of its cross-border payments between the United States and Mexico are made through Ripple’s ODL (On Demand Liquidity) tool.

Holmes said that, as part of a strategy to quickly exploit the potential of transactions through Ripple’s ODL, MoneyGram will open more cross-border payment brokers this year. In this sense, he announced that at least four new brokers are to be established before the end of 2019.

The CEO of MoneyGram spoke with Brad Garlinghouse, CEO of Ripple, while both were attending an event held in Singapore on November 7th and 8th. Holmes noted that ODL, formerly known as xRapid, has allowed MoneyGram to be at the forefront of crypto asset technology based on blockchains. The executive said that they were able to settle billions of US dollars in a matter of seconds.

Garlinghouse posted on his Twitter account that the speed of MoneyGram’s cross-border payments through Ripple’s ODL demonstrated the benefits of XRP, the native token of RippleNet. He explained that MoneyGram was performing real-time settlements (~ 60 seconds) in US dollars and Mexican pesos. He held that that pre-funded accounts would be something of the past.

The partnership between MoneyGram and Ripple was announced in mid-June of this year. Ripple Labs committed an investment of USD 50 million in MoneyGram shares. It also reported that the payment company, which is among the largest in the world, would start using XRP in its daily operations.

The alliance produced a 155% increase in the MoneyGram stock market value and an increase reaching USD 16.6 million in remittances between the United States and Mexico in September.

Later, in October, it was known that Ripple Labs led the financing round of the Mexican cryptocurrency exchange Bitso for its expansion into Argentina and Brazil. The CEO of Ripple reported that ODL, initially launched with brokers for Mexico and the Philippines, will also be enabled for Australia and then Brazil.

Garlinghouse stated that RippleNet, which is defined as a global blockchain-based network of banks and financial institutions, already has more than 300 customers. He also said that over 20 companies use XRP for cross-border payments, which indicates that the year 2019 has been the strongest for Ripple until now.

In this regard, the executive said that there has been much skepticism about how XRP can be used for settlement. Then he explained that as the industry continues to find use cases around blockchain, they have more than 20 customers using XRP for cross-border settlement, from which they are benefiting.

However, it should be noted that the valuation of XRP in the market in recent months has shown no signs of growth. According to data from CoinMarketCap, the Ripple token reached this year’s all-time high this year of USD 0.48 in the month of June, about 10 days after its partnership with MoneyGram. Since then its price has fallen 43.75% to its current level of USD 0.27.

By Willmen Blanco

Progressive Growth in the Number of Bitcoin Millionaires

The number of Bitcoin millionaires has expanded since the cryptocurrency was first launched. At the same rate, the influence of cryptocurrencies, in general, has increased worldwide.

A characteristic observed in all industrial revolutions is that those who have first adopted the technologies that these times of change bring with them have become rich. When new technologies prove to be useful for society, they always generate huge profits. Of course, blockchain technology and cryptocurrencies do not escape this trend, especially when dealing with Bitcoin.

Eleven Years with Bitcoin

It has now been eleven years since Satoshi Nakamoto, the legendary creator of Bitcoin, launched the cryptocurrency’s white paper to the public. Until the present, many changes have occurred in both society and the crypto world.

Nobody would have imagined ten years ago that one day Bitcoin would be worth more than USD 10,000. Besides, it has managed to become the financial asset with the best performance of the decade. This situation has driven a revolution leading to the creation of dozens of other cryptocurrencies, each with a different function and a promising future ahead.

It should be noted that only some brave but visionary users could see the value behind the creation of Nakamoto. These investors acquired huge amounts of Bitcoin at a time when its price was rather ridiculous, thus becoming millionaire (and sometimes billionaire) almost overnight.

These are the so-called “crypto millionaires,” that is, those men and women who saw the opportunity and seized it. Since then, they have remained linked to the crypto world in one way or another. Actually, there is still a lot of potential to generate profits within the cryptocurrency market.

Number of Crypto Millionaires Increases

A proof of this potential is seen in the fact that the number of millionaires linked to Bitcoin has grown by 30% only during the last year. Only in one of the cryptocurrencies of the ecosystem, there has been an increase of one third in the number of millionaires in a year.

Users wanting to enter this list must have at least 1,000 BTC in their cryptocurrency wallets. Currently, there are 2,148 addresses in the Bitcoin Blockchain that meet this feature, and do not belong to any exchange.

Financial analyst Willy Woo believes that this increase in the number of Bitcoin millionaires is due to the entry of rich investors into the market. He says that those who are aware of the opportunities offered by the cryptocurrency want to acquire it at a time when they consider that the price is low.

There are also those who question this vision, since an increase in the number of wallets with more than 1,000 BTC does not necessarily mean an increase in BTC millionaires. It has been seen that a person with 10,000 Bitcoins can divide them into 10 different wallets.

Even considering this possibility, it is unthinkable to attribute the entire increase to this growth phenomenon. It is undeniable that there has been an increase in the number of Bitcoin millionaires, who would be taking advantage of the opportunities offered by this cryptocurrency.

By Willmen Blanco

Spanish Radio Networks and Consulting Companies under Ransomware Attack

Radio Networks have restricted the use of computer equipment to prevent further spread.  Experts believe that it may be a new massive attack of the ransomware Ryuk.

On Monday, November 4th, there was a massive ransomware attack in Spain, which affected radio networks and consulting companies. After hackers blocked access to computer systems and kidnapped files, they requested a ransom in Bitcoin for access to such information.

Prisa Radio executives confirmed in the morning that their systems were infected, stating that the network was severely and widely affected by the ransomware. The attack affected SER and Dial, two of the most popular radio stations in Spain, which have an audience of more than four million listeners.

SER executives notified that they have disconnected their computer equipment until further notice to prevent further spread of the binary scourge. In addition, the programming of the radio network has had to be modified at a local and regional level, thus only guaranteeing coverage in the city of Madrid.

The technology consultant Everis also suspended work activities because all the files in its network are at risk. It is possible to find on Twitter images of the message left by the malicious software on the company’s computers, demanding ransom in Bitcoin for releasing the files.

It also seems that hackers have targeted the Accenture’s subsidiary in Spain. The consulting company was not affected by the ransomware, but some employees complained that they had problems trying to get access to their work equipment.

Ryuk Is to Blame

The National Cybersecurity Institute of Spain (INCIBE) stated that there is no specific figure for the total number of companies that have been affected. However, they say that they are analyzing the situation and giving advice to all infected companies. Cybersecurity experts recommend keeping equipment disconnected to prevent further spread. They also advise that entrepreneurs consult with specialists about the possibility of recovering their files before paying hackers.

Sergio De los Santos, a cybersecurity specialist, notes that the Russian-born ransomware Ryuk might be responsible for these infections. The malicious software has already managed to encrypt the database of other Spanish companies and organizations in the past, such as the Jerez City Council, Bilbao and the Hazi Foundation.

The expert considers that this virus could spread due to a failure in Windows and Microsoft servers, which was reported in the month of May. The problem required that companies update the software of their computers and systems to avoid any malicious attack. De los Santos told national Spanish media that this is a direct, simple and inexpensive way of contagion.

Ransomware viruses are known for their working methodology, since they manage to enter vulnerable computers and encrypt all the information stored on their hard drives. After this raid, the criminals claim to have a single system to decrypt the computer files without damaging them, which they offer in exchange for a payment in Bitcoin. In some cases, such as Petya ransomware, file recovery is impossible, for which it is not recommended to make payments for the supposed software solution. There are also experts or free products on the market that can help decrypt files of certain types of ransomware.

By Willmen Blanco

According to a Survey, the Best Long-Term Investment is Definitely Bitcoin

Some people bet that Bitcoin is a payment method similar to fiat money while others claim that it is a financial instrument allowing derivatives such as futures contracts. However, according to a survey, around 60% of users see Bitcoin as a long-term investment, that is, as a generator of added value.

Former Texas State Congressman, Ron Paul, used his Twitter account as a dissemination tool to ask his followers in what they would invest for the next 10 years. It should be noted that he often conducts surveys through this medium to learn about the trends and preferences of users.

Among the last questions that Paul posted, there is one related to Bitcoin. In the text, the former public official presents his readers with a hypothetical situation in which a wealthy person gives them a gift of USD 10,000. Then he tells them that they can choose in which form they will accept that amount of money.

However, he warns them that they must keep the gift in the form that they have chosen for 10 years, without touching it. The answers provided by his followers for this survey were the following: Federal Reserve notes (2%), gold (32%), Bitcoin (59%), and a 10-year US Treasury bonds (7%).

It can be highlighted that a total of 77,350 people participated in this survey, the majority of who can be assumed to be from the United States, considering that Paul is originally from Texas. Of course, the winner in this survey is the cryptocurrency par excellence, Bitcoin.

Results

It can be observed that Bitcoin obtained an overwhelming victory, with 59% of the votes of all participants. In addition, it can be noted that the other options consist of traditional investment financial methods or assets, such as gold itself.

What is even more prominent is that people relied more on Bitcoin than US Treasury bonds. The importance of this situation lies in the fact that this financial asset is one of the most reliable and valuable in the world. The reason for this lies in the fact that the United States will always exist so that money can eventually be collected with its respective interests. There lies the value of Bitcoin in the long term.

Consequently, by seeing these results, it can be observed that Bitcoin has managed to penetrate people’s interests, even surpassing gold, which was the face of wealth in human history.

Implications

The survey helps to reflect how Bitcoin is becoming increasingly familiar to everyone and its ownership is being standardized. Despite the discrepancies exposed at the beginning of the article, with each person using the cryptocurrency as they prefer, this situation does not stop the expansion of Bitcoin, at least as an investment tool.

To conclude, it can be inferred that the readers of this article may be thinking about what they have done with Bitcoin until now. They may also be considering the possibility of investing in Bitcoin for the next 10 years. Definitely, everything seems to indicate that the best investment option in the long term is Bitcoin.

By Willmen Blanco

Belgium Updates Blacklist with Web Pages Dedicated to Scams with Cryptocurrencies

The Belgian regulatory body added 11 websites more. These pages represent a high risk of scams.

With the aim of preventing crime through Internet scams, Belgium updated its blacklist, which indicates the number of websites that are dedicated to develop scams, using cryptocurrencies and other methods.

The Belgian Financial Services and Markets Authority (FSMA) published the list which contains a new number of websites that may represent a potential risk for investors. It is known that the list now includes about 131 online platforms that represent a high risk for investments.

This new update added, some weeks ago, about 11 websites that have received strong reports of investment theft and high risk of loss within the country’s local market. The last report conducted by the FSMA was published last October 29th. The intention is that investors take their forecasts before making financial decisions on websites that usually promote cryptocurrencies. According to data provided by the regulatory body, these fraudulent companies have been suspected of illegal activities for more than four years.

The strong warnings issued by the FSMA do not represent the only possible risk of theft and scam. Investors, companies and the regulatory body agree that these websites that offer to earn a lot of money by investing in cryptocurrencies, with the promise of making a lot of money with very little effort, are in general misleading offers that lack of legitimacy.

In addition, they highlight that these companies could also generate great damage in the global financial markets, extending these fraudulent offers to investors from other nations.

About the way these companies act, the FSMA details one of the most common ways of deception in one of its recent reports.

“They offer an investment that they ensure is safe, easy and very competitive. They try to inspire confidence by ensuring that you don’t need to be an expert in cryptocurrencies to invest in them. They claim to have specialists who will manage your investments for you. They tell you that your funds can be withdrawn in any time or that they are guaranteed. At the end, the result is always the same: the victims are unable to recover their money!”.

The FSMA clarifies that the actors which are reflected in the blacklist about websites of possible risks of scam with cryptocurrencies, are not expressly illegal companies. In fact, there are no legal procedures against these companies, and some may have permissions of the Belgian regulator to operate. The inclusion of these companies on the list is due to the number of complaints they receive and the investigation made by the regulatory body.

The first warning issued by the FSMA came at the beginning of 2018, and alerts were increasing during last year. The regulatory body noted that some of the websites on the list claim to be registered companies, so the FSMA recommends that investors take educational courses to recognize the true companies that are engaged in crypto business.

Some of the companies that are on this Belgian blacklist are: xtb-markets.com, bitcoinmarketscap.com, abesix-belgique.business.site, coinsmex.com, among many others.

By María Rodríguez

Ransomware Ryuk Demands Cryptocurrencies from Spanish Companies

Ryuk is a malicious file developed by the Russian hacker group Grim Spider. The ransomware can spread itself and is designed to attack business environments.

The Russian ransomware Ryuk has affected Spanish consulting companies, town halls, and radio networks. The malware can encrypt computer databases, spread itself and attack business environments. Its creators and spreaders aim at obtaining a few bitcoins, by extorting victims with the release of data from their computers.

On November 4th a ransomware attack affected the consulting company Everis and multinational Prisa Radio. The National Cybersecurity Institute of Spain (INCIBE) does not have a specific figure for the total number of Spanish companies affected by this virus. However, everything indicates that it is a planned attack that can spread easily.

According to CrowdStrike blog researchers, this ransomware was created by a group of Russian hackers known as Grim Spider. The criminals specialize in wire fraud, as well as in attacks to large companies. For this reason, it is a very profitable low-profile malware with specific objectives.

Silent and Highly Profitable

This ransomware, unlike WannaCry and Petya, does not aim at contaminating computers of common users but those of companies. Sergio De Los Santos, the cybersecurity specialist at Eleven Paths, defines it as a business product since hackers’ planned attacks are very difficult to detect.

Hackers do not seek to affect thousands of computers with this ransomware, but a few companies that need their systems to operate. In this sense, minimum payments of 1.5 BTC have been reported to decrypt files and a maximum amount of 99 BTC per company. De Los Santos says that the fewer attacks are made and the more vulnerable systems are to the ransomware, the more profitable Ryuk is for hackers.

Ryuk operates very similarly to other ransomware as it can be spread through Trojans hidden in e-mails. Likewise, a new version of the malware can spread itself by using the private networks of companies. To do this, it has a file known as Wake on LAN (WoL) that allows activating computers that receive a remote order, thus expanding more rapidly and quietly.

If the virus manages to penetrate a vulnerable computer, it encrypts the entire database and does not provide the key unless the victim makes the payment. As these are specialized attacks, hackers give their e-mails to negotiate the payment. Hackers also send the password to decrypt the files by e-mail, after verifying that the transaction in Bitcoin has been made.

Bugs and Background

Sergio de Los Santos confirmed that this ransomware attacks the vulnerabilities of remote desktops and terminal servers. It might have leaked on November 4th due to a security breach on certain Microsoft servers, which had not been updated by the companies.

The cybersecurity specialist notes that it is very difficult to decrypt this type of ransomware on its own account, and thus a ransom has to be paid in most cases to avoid the risk to lose valuable data. It is necessary to analyze everything to see what has been stolen, see the consequences and make decisions.

On the other hand, security expert Breet Callow, of Emisoft, explains that new versions of this ransomware may have certain exploitable errors. In certain cases, bugs allow decrypting files without the need for a password. However, the error may also render files irrecoverable and damage them forever.

By Willmen Blanco