Which steps can Internet browser vendors take to reduce cyber crypto mining attacks?

Colleagues, crypto jacking has become a monumental cyber challenge for cryptocurrency mass adoption. Most crypto jacking attacks target Chrome, Firefox, IE and Safari browsers by adding nefarious scripts, which perform illicit mining unbeknownst to end-users. The Google Play Store and Apple App Store have implemented policies to remove suspicious apps from their online stores. However, this is just one small step. Google, Apple, Microsoft and the Mozilla Foundation all need to proactively integrate tools, which will prevent scripts and related adware. Moreover, a more user-friendly method for automatically pushing security patches to mobile devices and laptop-desktop computers alike. Bottom line: The security and browser software firms have some of the best minds on the planet within the ranks of their employer. We need something comparable to a moonshot commitment to innovate security protection rather than constantly play catch-up to cyber criminals if the cryptocurrency ecosystem is to achieve the credibility needed by investors small and large. Send us your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

Can Japan’s National Police Agencies’ New Software Security Tool Reduce Crypto Money Laundering?

Colleagues, it is common knowledge that money laundering is bonanza for crypto cyber criminals. The Japanese NPA has decided to fund the development of AML software by a private sector security firm. Japan is home to some of some prominent crypto exchanges including Coincheck, BitOcean, Bitarg, Zaif and GMO Coin. With cyber-attacks on both crypto exchanges and users, running rampant Japan is on the bleeding edge of cyber enforcement … not by choice, rather by necessity.  The NPA reported some 170 cases of suspected crypto crime during a mere six-month period in 2017 alone.  Does this strategy represent a silver bullet for resolving the crypto AML dilemma? Not at all. It is, however, one more important counter-measure to protect the global crypto ecosystem. We expect other nation’s securities and law enforcement agencies to fund similar tools in an effort to gain an upper hand against the crypto cybercrime contagion. Send us your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

Crypto-Mining Cyber Attacks Continue to Be the Weakest Link in the Cryptocurrency Ecosystem

Colleagues, following high profile cyber security breaches against CoinSecure and CoinCheck earlier this year, crypto-mining attacks have skyrocketed in 2018 representing a plague on the global crypto ecosystem. In its Mid-Year 2018 Security Report TrendMicro states “We also detected a significant number of new cryptocurrency miner malware families, showing that cybercriminals remained keenly interested in profiting from digital currencies.” The Necurs exploit kit, CVE-2017-10271 via port 7001/TCP and Web miner script in AOL ad platform are some of the more notable cyber security used by crypto-miner attackers. Moreover, while cyber-attacks related to crypto mining far outpace other types of attacks, direct attacks against crypto exchanges are on the rise. Where does this leave the integrity of the global cryptosphere? Bottom line: The nature and rise in these attacks will continue to hinder the mass adoption of cryptocurrencies around the world. While far easier said than done, cryptosphere security needs to take a quantum step forward to gain and maintain a proactive advantage over the crypto threat juggernaut. Send us your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

Can the Petro Cryptocurrency Save Venezuela from Financial Collapse?

Colleagues, Venezuela announced its “Petro” cryptocurrency last December as a means of bolstering is crippled economy and yes, evade US economic sanctions. As reported by MarketCoinCap the Petro has fluctuated widely since its inception. President Maduro's government has claims to have raised billions of dollars during a presale I early 2018, however, evidence is tenuous at best. The Cryptocurrency Academy anticipates many state sovereign banks will launch their own digital currencies for legitimate reasons in the coming 12-36 months. The U.K., South Korea, Japan and possibly the Ukraine come to mind. Bottom line: With little if any reflection on the global crypto ecosystem the Petro represents little more than a desperate move by the Venezuela’s socialist government to save itself from finance ruin. With respect for all authentic cryptocurrencies and ecosystem players worldwide we strongly be that what Venezuela needs is competent and democratically elected government, not a cryptocurrency. We expect both the Petro and the current Venezuelan dictatorship to be short-lived. Send us your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

NASAA Regulators Zero In on Securities Fraud – What is the Impact of Operation Cryptosweep?

Colleagues, Operation Cryptosweep (aka “OC”) is a joint effort of regulators from the US, Mexico, Puerto Rico, Canada and the US Virgin Islands targeting unregistered ICOs and related securities fraud. Overseeing OC is The North American Securities Administrators Association (NASAA). At is core is the US SEC’s Cyber Taskforce which was launched in September 2017. To date OC has led to some 200 crypto-related investigations. Bottom line: While we support the appropriate regulation of the cryptosphere the question of OC’s effectiveness is more than valid. Noteworthy exceptions to the list of member states are Caribbean nations known for money laundering and non-transparent offshore bank accounts. Antigua and the Cayman Islands are top of mind. Bottom line: The OC will have a positive effect on reducing crypto-related securities and ICO fraud, however, further attention needs to be given to other countries known for their nefarious roles in the broader crypto economy. Send us your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

Freedom of Speech in Peril as China’s Baidu Tieba Shuts-Down Cryptocurrency Online Forums

Colleagues, everyone in free and democratic countries knows that China’ Communist Party subjugates its citizen by placing severe restrictions on freedom of speech and expression. Enter the global crypto ecosystem. The PRC is home to the world’s largest crypto mining company – Bitmain. The PRC is not a haven for crypto exchanges. BitBox and Bit-Z are the most prominent exchanges based in China, whereas Binance, the world’s largest crypto exchange moved out of China. The exception is Hong Kong which home to Bitmex, OKEx, BitFinex and several other exchanges presumably due to less government scrutiny. Nonetheless, the PRC has forced the shut-down of cryptocurrency-related social media discussion forums in Baidu Tieba … a Chinese version of Reddit. The question is why? While information is scarce the Cryptocurrency Academy assumes the answer may be due to the prevalence of bad actors and nefarious purposes which are common among second and third tier cryptocurrencies used for money laundering, drug transactions and circumvention of trade sanctions. Send us your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)  

Will Iran’s State-Backed Cryptocurrency Enable the Country to Evade US Economic Sanctions?

Colleagues, Iran has taken a major step toward the creation of a state-backed cryptocurrency. The primary goal of this effort is assumed to be the country’s circumvention of new US economic sanctions in the wake of US President Trump revoking support of the Iran nuclear arms accord in May 2018. Work on a national cryptocurrency dates back to late 2017 when the US President re-affirmed his campaign promise to revoke the accord and re-impose stiff trade sanctions. This initiative has the backing of Iranian President Hassan Rouhani and is led by their National Cyberspace Center. Back in January 2018 the US Treasury issued a severe warning against Iran’s use of cyber warfare and development of a cryptocurrency for this very reason. Bottom line: Iran, Russia and Venezuela has announced plans to develop digital currencies for the purpose of evading Western (aka US) trade sanctions. Transaction “transparency” is a vital factors in whether their efforts will be successful at essential protecting nefarious money laundering activities. We assume the currencies which be intentionally designed to avoid detection by the US and its allies. Details to follow in the coming months.

Share your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)