Cryptocurrency Might Be Used to Sponsor Sex Slavery and Drug Trafficking

cryptocurrency illegal

Being a fairly new concept, cryptocurrency is rushing into different spheres of life, sometimes even the non-conventional ones. For example, we wrote about the night club in Las Vegas which accepted cryptocurrencies as a way to give a tip to strip dancers. However, our world is not a perfect place, and it was only a matter of time that digital currencies would get involved into something illegal.

The US government has been closely monitoring cryptocurrency and all the operations related to it. Recently the Congress has come up with a new way of researching and regulating the digital coins: the officials will now analyze the possibility of cryptocurrencies being used for sex and drug trafficking.

The Congress has established a Fight Illicit Network and Detect Trafficking Act. This Act will be the “green light” for CIA, FBI, DEA (Drug Enforcement Administration) and other security organizations to start tracking down the flow of cryptocurrency.

Many officials approved of the Act. Many of them think that being a very unpredictable and unregulated digital asset, cryptocurrency should be treated with caution. According to the Congressman, Emanuel Cleaver, the state needs to ensure that digital currencies “are not being used to facilitate radical campaigns of abuse, harassment and/or violence against Americans.

In one year, on examining all the necessary reports, the Congress will check the effectiveness of the Act and the necessity of restricting cryptocurrencies in the USA even more.

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Binance Will Add Stablecoin USDC To Its Listing

Recently, one of the major crypto exchanges, Binance, has published a notice which says, Binance will open two new pairs for trading on November 17. Interestingly, those two pairs include a new-comer – USDC – stablecoin backed by Circle.

The trading pairs are USDC/BNB and USDC/BTC; the trading starts at 2018/11/17 03:00 AM (UTC). However, users are already able to deposit stablecoin in advance.

Moreover, Binance wrote there would be a “top-ranking auditing firm” to preserve the transparency of the stablecoin. Every month, the firm is bound to provide data of “the corresponding USDC and USD balances held/issued.

We want to remind you, such crypto exchanges as OKEx, Huobi, BitPay, Coinbase have already listed USDC stablecoin on their listings.

Dollar-Pegged Stablecoins Exceeded the Price Point of $1

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Cryptocurrency Prices Today, November 15: Cryptocurrencies Collapsed in Price

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 10.76% over the past 24 hours. The price at the time of writing is $5643 per coin.

Almost all cryptocurrencies absolutely crashed in price:

Bitcoin Cash lost 13.28% over the past 24 hours and costs $447 per coin;

Ripple dropped by 8.94% and is $0.46 in price;

EOS fell by  11.7%, and its price is $4.66;

Litecoin lost 13.45%, and its cost is $42;

Cardano decreased by 14.13%, and its value is $0.061;

Stellar lost 8.24% and is worth $0.23;

IOTA became cheaper by 16.64%, and its cost is $0.48;

Dash dropped by 12.34%, and its price is $142;

Monero decreased by 13.95% and costs $90.

Over the past day, Ethereum lost 12.76%. The cost of the coin is $179.

The total market capitalization dropped significantly to $185 billion. Bitcoin accounts for 53% of the total. In monetary terms, the amount dropped to $98 billion.

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Chinese Miners are Disconnected From the Grid

According to the CNN, due to tax inspection, Chinese establishment have suspended their work.

The Ministry of Public Safety (China) demand that the mining farms,  which are located in the Chinese provinces of Xinjiang and Guizhou, accept the agreement that they will work in accordance with the new, tough rules. The requirements include the denial of services of unregistered  clients.
During the audit,  mining farms were disconnected from the grid, as a result they lost 1 million yuan daily, about 143 700 dollars.

The Tax Inspectorate has already completed the investigation, but the power supply to mining farms still has not been connected.

It should be reminded, we reported earlier that Chinese Middle School Managers were mining Ethereum.

Administartion of Chinese Secondary School Was Mining Ethereum: Details of Crime

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Bank of America Has Officially Patented A System for Saving Crypto Actives for Significant Corporations

One of the major USA banks has been approved the patent for a system of saving crypto assets. The application for the patent describes a method for safekeeping cryptocurrency assets of users of the system. It also stated that the bank will cooperate only with major corporations.

The popularity of using cryptocurrency has turned into a trend that many companies are aiming at. The biggest part of major corporations serves their clients with the help of cryptocurrency. Because of this, there is a need to convert the cryptocurrency into any currency deposit, which has to be placed in a storage.

It is possible to improve the security and safety of deposit funds with the help of single corporate accounts that maintain the cryptocurrency storage.

At the same time, the clients will receive credit funds, the amount of which is equal to the crypto deposit. This concept was introduced by Bank of America.

The patent spelled out a storage system specially designed for the banking system, which processes and stores the secret key. The system is demanding to high throughput of a channel and the amount of calculation capacities.

When required to complete a transaction, the system will provide customers with access to Member’s personal account.

It should be reminded, that previously Bank of America approved the patent for close system private keys, that supports remote management.  

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Linux System Is Affected By A Malicious Crypto Mining Malware: How To Detect It?

Trend Micro, Japanese company specializing in crypto security, published a report on its website stating that they found a malware affecting Linux system.

The company found a cryptocurrency miner KORKERDS’s hidden activity from Linux users extremely suspicious and started investigation, where they found malware, later called as Coinminer.Linux.KORKERDS.AB, and its rootkit component Rootkit.Linux.KORKERDS.AA. The way of infection will be investigated very soon, there is already some information that the malware may get installed onto computer through a plugin or downloaded software. More technical aspects are described in the report.

The company explains:

“This makes it difficult to detect, as infected systems will only indicate performance issues. The malware is also capable of updating and upgrading itself and its configuration file.”

What is worth to mention is that such operating systems as Mac OS and Linux are considered to be immensely secured, thus, it is hard to integrate any file without users’ consent. The malicious mining software seems to be a built-in plugin, where a user gives an administrator consent to install anything.

Trend Micro provided some Indicators of Compromise (IoCs) to prevent users to be affected: (Editor’s Note: Indicator of compromise (IOC) — is an artifact observed on a network or in an operating system that with high confidence indicates a computer intrusion. Typical IOCs are virus signatures and IP addresses, MD5 hashes of malware files or URLs or domain names of botnet command and control servers. Source: https://en.wikipedia.org/ )

Related hashes (SHA-256):

  • cdd921a5de5d5fffc51f8c9140afa9d23f3736e591fce3f2a1b959d02ab4275e (Trojan.Linux.DLOADER.THAOOAAK)
  • baf93d22c9d1ae6954942704928aeeacbf55f22c800501abcdbacfbb3b2ddedf (Coinminer.Linux.KORKERDS.AB)
  • 0179fd8449095ac2968d50c23d37f11498cc7b5b66b94c03b7671109f78e5772 (Coinminer.Linux.KORKERDS.AA)
  • 023c1094fb0e46d13e4b1f81f1b80354daa0762640cb73b5fdf5d35fcc697960 (Rootkit.Linux.KORKERDS.AA)

Related malicious URL:

  • hxxps://monero[.]minerxmr[.]ru/1/1535595427x-1404817712[.]jpg

We want to remind you, no matter how secure your computer is, in your opinion, it still may be affected by professional cryptohackers. Thereby, if you find any suspicious file or plugin, please, read the following article or consult service centre.

What Is Hidden Mining, Why Is It Dangerous and How to Delete the Virus?

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Crypto Master Minds That Made It Into Forbes’s 30 Under 30

One of the most famous editions in the world, Forbes, came out with its annual rating of the most influential people under the age of 30 in different spheres of activity, including healthcare, music, art, retails and many others. This time the section of “finance” was replenished with a couple of blockchain and crypto personalities, namely:

1. JB Rubinovitz (26) is a crypto entrepreneur whose goal is to incorporate crypto mining as a way to provide bails for arrested people.

2. Olaoluwa Osuntokun (25) is one of the founders and a Chief Technical Officer of the company Lightning Labs. He raised $2.5 million to develop Bitcoin as a fully usable means of payment.

3. Hunter Horsley (28) is a CEO of the company Bitwise Asset Management. His firm specializes in creating crypto indexes.

4. Nader Al-Naji (26) and his company Intangible Labs are currently working on a concept of a cryptocurrency that could easily replace the usual banks.

We remind you:

Forbes Launches Its Own Version of the CoinMarketCap

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