Samsung Deployed ‘Smart Network Security Application for Ships’ at VET

Audy Castañeda
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<strong>Samsung Deployed ‘Smart Network Security Application for Ships’ at VET</strong>

Samsung turns to Blockchain leader Vechain, for the deployment of its smart ship data application. Meanwhile, VeChain garners support from top industry personalities as its use case continues to benefit leading companies.

VeChain, the Blockchain network designed to help business operations through improved product tracking, has continued to live up to its name.

With the support of the world’s leading certification authority DNV, Samsung Heavy Industries, the first Korean shipbuilding company to take this step, has successfully implemented its “Intelligent Network Security Application for Ships” on the Vechain network.

“Recently, DNV and Samsung Heavy Industries implemented a ‘Smart Grid Security Application for Ships’ based on VeChain technology,” the VeChain Community Center tweeted on January 20.

VeChainThor Offers More Details

The VechainThor community shared more details about the deployment in an official media post, explaining that Samsung Heavy Industries leveraged the Vechain Blockchain in order to verify data transmission “for the Vechain Autonomous Navigation System (SAS) its boat and the electronic logbook (eLogBook).”

The deployment comes shortly after the Samsung Heavy Industries app obtained a Results of Compliance (SoF) certificate from the DNV, allowing it to carry out operations using the Blockchain.

Lately, the shipping industry has been leaning towards advancing its network security as it leverages digital technologies to advance shipping operations, as well as autonomous information sharing is widely adopted.

To reduce the chances of information tampering when data is shared with ships and other offshore tools at the recovery end, VeChain serves as a security solution for shipping companies, shipyards, and other involved parties.

Dr. Hyun Joe Kim, Vice President of Samsung Heavy Industries Ship and Offshore Performance Research Center, expresses enthusiasm and optimism about the progress made by the company, as follows:

“We are very pleased that Samsung Heavy Industries has become the first shipyard to receive DNV certification for applying Blockchain technology to its continuously developing SAS auto navigation system and our digital asset management system SVESSEL eLogbook. We highly appreciate the hard work by DNV in this cooperative investigation.”

VeChain Adoption Skyrockets as Use Cases Serve Multiple Businesses

The VeChain Blockchain has many achievements to its credit, as the use cases of the Blockchain are constantly expanding.

VeChain’s customer base includes popular brands such as BMW, MicroSoft, PwC, among others. Walmart is also one of the VeChain customers that has seen massive growth in transaction processing, after adopting Blockchain for supply chain transparency.

VeChain has also been recognized by US Senator Pat Toomey, who spoke of the Blockchain in a positive light, referring to VeChain as a solid project.

Similarly, Michele M., director of DNV’s twin supply chain transition department, noted the benefits that VeChain has brought to Walmart’s customer base.

By Audy Castaneda

Top Crypto Predictions for January 2023: Bitcoin (BTC) and Ethereum (ETH)

Audy Castañeda
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<strong>Top Crypto Predictions for January 2023: Bitcoin (BTC) and Ethereum (ETH)</strong>

Currently, the markets are about to find another weekend with the possibility of producing another bullish wave over the next weekend.

Bitcoin price is rising today, and the major altcoins have also absorbed significant bullish momentum. Over the past weekend, BTC prices rose by almost 15%, triggering a strong uptrend for the rest of the week.

Although the tokens witnessed a small pullback with some consolidation, the trend remains bullish.

Bitcoin price is not breaking above $23,000, as bears are hampering the rally at $22,900. The last few hours witnessed a significant pent-up selling pressure seen a couple of days ago, which brought the price down by 5% at the time.

Will Bitcoin (BTC) Price Hit $24,500?

Moving forward, the bears were exhausted to some degree, which helped the bulls push the price past the crucial resistance of $21.410. Furthermore, prices exploded and hit highs of over $22,500 for the first time in the last four months.

BTC price, after recovering from $20,500, broke through the crucial resistance levels at $21,500, and spiked beyond $22,500, marking new highs for 2023. Now the bulls seem perplexed, as the assets are affected by a minor downward pressure. However, next weekend may see a breakout after experiencing excessive price compression.

A breakout can push the price beyond $24,000, while on rejection, the price can test the lower support at $22,500. If it fails to hold at these levels, a drop to $20,550 may be imminent.

Ethereum (ETH) Price Is About to Hit $1700 this Weekend

After facing a rejection of $1,780, Ethereum price fell sharply to bottom just above $1,000. However, from early 2023, the price maintained a significant rally and broke above $1,650. Currently, the second-largest crypto is facing notable bearish pressure that may be overcome by next weekend.

ETH price is currently trading near one of the important resistance levels at $1657 and is facing bearish action. In case of extended bearish pressure, the price may drop toward the lower support at $1596 and cause a bounce. However, the next price zone to cross could be between $1,750 and $1,770, which may clear the way toward $1,800. ETH price may eventually face a minor rejection that may hinder progress but may sustain an uptrend going forward.

To sum up, the crypto markets are currently painted in green, as the global market capitalization recovered above $1 trillion. The top cryptos appear to keep going up in the coming week, as the markets are heading towards a bullish close for the month.

By Audy Castaneda

Binance and Laundering: The Links to Bitzlato

Audy Castañeda
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“Bitzlato may not be a household name, but according to Makarov & Shoar’s 2021 paper on Blockchain analysis, it was one of the highest-volume entities to interact with the Hydra dark net market, along with LocalBitcoins and Binance,” tweeted John Paul Koning, financial crime specialist.

Binance, the large cryptocurrency exchange, has already been in the hot seat many times. Accused of all wrongs, CZ will have to be pickier about the origin of the funds that go through its bag. Following the arrest of the CEO of Bitzlato, an obscure exchange dedicated to trafficking of all kinds, experts scrutinized transactions on the Blockchain.

According to the Financial Crimes Enforcement Network (FINCEN), Binance received bitcoins from Bitzlato between May 2018 and 2022. Other recipients included the Hydra exchange and Russia’s Finiko Ponzi (and many more).

An analysis by Crystal Blockchain indicated that there would have been $780 million in transactions between Binance and the Hydra exchange, dismantled in April 2022. Arkham Intelligence data confirms this.

A Little too Lax with the Source of Funds?

When any case of fraud is followed by a serious investigation, Binance, of course, cooperates with the authorities. However, petty scams are not well investigated by the police, and Binance does not appear to respond to complaints from users who have identified their stolen funds. Some victims testify to their scam on Telegram and their complaints have, for the moment, gone unanswered.

Illegal funds come from scams, ransoms, trafficking, etc. It is obvious that laundering in dollars is vastly more important, but in cryptocurrencies it is expanding. This concerns everyone: in fact, the easier it is for scammers to use stolen crypto, the more scams there will be. Perpetrators move funds around to cover their tracks, but Blockchain can help track movements (when the mixer isn’t used).

Tens of millions of dollars flowed from Bitzlato to Binance via other crypto wallets, in an apparent effort to hide the origin of the funds. These would include Huobi, FTX, Poloniex, Nexo, and WhiteBIT (a Ukrainian exchange).

In 2022 and 2023, $9.7 million was transferred directly from Bitzlato to Binance, according to data from Arkham Intelligence.

During Bitzlato’s four years of operation, $52 million was transferred directly from the exchange to Binance, according to the same data set.

What Is Binance Doing to Fight Dirty Money?

Binance CEO Changpeng Zhao is intent on safeguarding the reputation of his exchange. He claims to actively fight fraud and confiscate any illicit funds that may pass through it. Earlier this week, CZ announced that it had blocked millions of dollars’ worth of cryptocurrency linked to a North Korean hacking group called Harmony. However, Binance is known to have been under investigation for money laundering by the US DOJ (Department of Justice) for months.

The Commodity Futures Trading Commission (CFTC) is also investigating whether US citizens have been able to trade unregistered derivatives. The arrest of the CEO of Biztlato, the takedown of Hydra Market, as well as the strengthened KYC on Binance, have already reduced fraud considerably.

By Audy Castaneda

Three Reasons Why Solana Is Back in the Top Ten Cryptocurrencies

Audy Castañeda
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Three Reasons Why Solana Is Back in the Top Ten Cryptocurrencies

The Solana course was able to climb more than 18 percent in the last 7 days alone.

Solana’s SOL token is back in the top ten cryptocurrencies by market capitalization, with the latest massive increase. Solana was able to beat even Polygon (MATIC) again.

In recent weeks, the price of Solana (SOL) has experienced a very strong rise. The SOL course was able to see a renewed uptick at the turn of the year 2022/2023.

At the beginning of the year, the Solana price was still US$9.85. First, the price went up to even above $10. A few days later, it topped $17.

A massive rally occurred in the middle of the month, taking the price from $16 to over $23. The price seemed to be stabilizing in recent days. After dipping slightly below $21, the price rallied above $25 yesterday.

Solana’s massive rally has once again drawn a lot of market attention, as the cryptocurrency has been the biggest gainer in recent weeks.

Below are the three reasons why Solana was able to climb back into the top ten of cryptocurrencies.

FTX Shock Countermove

A massive drop in a particular cryptocurrency can have two main consequences. On the one hand, the price can no longer recover, and the currency disappears into oblivion. This happens when confidence, and, therefore, demand in the currency, is so damaged that the price can no longer recover.

On the other hand, there may be a counter attack, as confidence in the coin returns and investors see the benefits of this coin again. Trust in Solana was temporarily disrupted because the network had ties to Sam Bankman-Fried, as well as to his companies, FTX and Alameda Research.

After a few weeks, Solana was able to regain its confidence. During this time, the network has remained stable and Solana has not been proven to have fraudulent structures.

Solana Has Clear Advantages

It is worth mentioning that, as a network, Solana has significant advantages over other cryptographic networks. This refers mainly to the massive scalability of the Blockchain, which has produced many use cases in the last few months and years.

The network is particularly present in NFTs. There, the Solana Blockchain is number two behind Ethereum. In the last few weeks in particular, interest in NFTs has increased again. This further explains the upward correction of the SOL price.

Introduction of a Meme Coin

Solana introduced its own meme coin, called BONK. Shortly after its crash, the BONK price could experience massive increases in a few hours. Many investors were encouraged to make speculative purchases through psychological tricks, such as a limited supply, and an entry price with many zeros after the decimal point.

In principle, this increase could have kicked off the Solana rally in the past weeks. Many investors were reminded of the benefits the network could offer, and that there could be major developments in the future.

By Audy Castaneda

Top 5 Cryptocurrencies for the Third Week of January

Audy Castañeda
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<strong>Top 5 Cryptocurrencies for the Third Week of January</strong>

Cryptocurrencies are expected to reach their previous all-time high prices from previous years.

Most cryptocurrencies are starting the year 2023 on a high note. Bitcoin, in particular, has risen from a low of around $16,000 to its current price of $23,100.

Below are the top 5 cryptocurrencies that have performed well over the past seven days.

Convex Finance (CVX) +28.52

Convex Finance (CVX) is a DeFi established on the Curve Finance exchange. The Convex incentivizes CRV investors with higher DeFi returns. The CVX price has risen by almost +28.52% in the last 7 days.

According to CryptoPredictions, the CVX price is expected to settle tomorrow (01.23.2023) in the price range of $4,025 – $5,919. Convex Finance is expected to start at $4,735 tomorrow, and end the day at $4,687.

Hedera (HBAR) +35,55 %

HBAR is the native Hedera Consensus token. It has two main purposes in the Protocol: finance and operation. HBAR, like all government tokens, is used to pay transaction and clearing fees within the network. The token is also used within the consensus for operational purposes, such as data logging and fungible and non-fungible token management. The HBAR price has risen almost 35.55% in the last 7 days.

According to CryptoPredictions, the price of HBAR is expected to be located tomorrow (01.23.2023) in the range of $0.050212263033309 – $0.073841563284277. Hedera is forecast to start at $0.059073250627422 tomorrow, and end the day at $0.058482518121148.

Optimism (OP) +36.81%

Optimism is a Layer 2 scaling solution for Ethereum, whose main feature is that Ethereum application transactions are extremely cheap, and as a result, gas fees are dramatically reduced and performance is improved. OP price has increased by almost +36.81% in the last 7 days.

CryptoPredictions forecasts that the price of OP tomorrow (23.01.2023) will be in the range of $1,560 – $2,295. Optimism is expected to start at $1,836 tomorrow, and end the day at $1,872.

Frax Share (FXS) +53%

Frax, according to its website, is an open-source, non-permission fractional algorithmic stablecoin protocol. It is also an Ethereum-based platform to transform and improve the industry. FXS price has increased by almost 53% in the last 7 days.

CryptoPredictions forecasts that the FXS price will be located tomorrow (23.01.2023) in the range of $8,296 – $12,199. Frax Share is forecast to start at $9,759 tomorrow, and end the day at $9,662.

Aptos (APT) +88.12%

Aptos is a smart contract platform widely considered to be the technological heir to Meta’s failed stablecoin network, Diem. Proof of Stake is the consensus mechanism used by Layer 1 Blockchains. The APT price has risen almost 88.12% in the last 7 days.

CryptoPredictions forecasts that the price of APT will be located tomorrow (01.23.2023) in the range of $6,992 – $10,283. Aptos is expected to start at $8,226 tomorrow, and end the day at $8,391.

By Audy Castaneda

Crypto Scams are Experiencing a Dramatic Decline

Audy Castañeda
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<strong>Crypto Scams are Experiencing a Dramatic Decline</strong>

The fight against crypto scams in 2022 was very strong, to reduce the number of dollars extorted from the victims.

Ransomware extorted $456.8 million in 2022, down from $756.6 million in 2021. The number is still very high, there is still a lot of work to be done to thwart cyberattacks.

Ransomware is a computer program that can infect any digital device and then demand a ransom payment to unlock the device. Usually, an automatic window will appear on the locked device. The user has a few days or a few hours to pay the ransom, otherwise, the content block will become permanent.

There are two types of ransomware: cryptors (which encrypt files on the device making them inaccessible), and blockers (which block access to the infected device).

In several cases, ransomware can be installed remotely, it spreads mainly through forms of communications received via email, text messages, or messaging systems.

There are several ways to get rid of ransomware, but what is usually recommended is to contact specialized technicians who can unlock the device.

Scam System Shrinking

Ransomware strains have popped up everywhere in the past few years, making users aware of the fact that the world of ransomware scams is indeed very crowded. This leads to a lot of competition in that sector as well. Industry analysts have understood many strains of ransomware, which overlap with each other.

It was also noted that various lawsuits led to the understanding that in 2022 many victims refused to pay, leading to a decline in profits for cybercriminals. Top scam revenue dropped by around 40% between 2021 and 2022.

The sums are really exorbitant: in 2021, the income from these scams was $765.6 million, while in 2022 they dropped to $456.8 million.

How to Prevent Any Cyber ​​Attack?

It is still hard to come up with a final protection method, which will kill ransomware and make browsing safer. However, there are recommended practices to avoid falling for certain attacks.

First of all, there must be a strict control of what enters one’s devices, so as to avoid, or better, control malware entry.

Therefore, it is advisable to reject any received attachment, except the expected ones, in order not to be surprised once opened.

Another tip is to avoid sites of questionable quality, mostly illegal download sites, as well as the dark web or torrent files, as it is not certain what you are downloading or looking for.

Prevention processes are a whole that creates the so-called digital hygiene, which helps a lot against ransomware, and is the flagship strategic tool of digitization and innovation.

The good news is that the attacks are declining a lot over time, if this trend continues, they will drop further in 2023, as digital hygiene techniques are expected to increase even more.

By Audy Castaneda

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