Wednesday, 28 November 2018

Mining Bitcoin Takes More Energy than Extracting Gold or Platinum

Digital currencies, as in so-called cryptocurrencies like Bitcoin and Ethereum, may represent the future of our monetary system, but so far, they've been terrible for the environment.

That's the conclusion of researchers from the Oak Ridge Institute for Science and Education (ORISE) in Cincinnati, Ohio. In a new report they estimate that the amount of energy required to "mine" one dollar's worth of Bitcoin is more than twice the amount required to mine the same value of copper, gold, platinum or rare earth metals.

Link: Triple Pundit

$1M in Crypto Disappears after SIM Swapping by US Hacker

California authorities have indicted New York citizen on 21 felony charges of cryptocurrency hacks, including the theft of $1 million in virtual coins. The defendant used the so-called SIM swapping trick to gain illegal access to digital asset accounts

Link: Cryptovest

Biometric Tech Used by Banks Leads to Rise in Money Mules

The use by banks of biometrics (fingerprint identification) to verify account holders has brought greater security to minimise identity theft and impersonation, but has also led to a rise in the use of "money mules" by fraudsters, the Southern African Fraud Prevention Service (SAFPS) says.

Money mules are used, knowingly or unknowingly, by other people who either do not have their own bank accounts or wish to make a transaction invisible.

Link: IOL

Cyber Attacks on Major Banks have DOUBLED in a Year Due to Mistakes by 'Overconfident' Bankers

Technology disasters at banks and finance firms have more than doubled amid an unprecedented wave of cybercrime, the City watchdog has warned.

Overconfident bankers are making errors in crucial computer updates which cause chaos, the Financial Conduct Authority says.

And many firms are woefully underprepared for hacking attacks - putting their customers at risk.

Link: Daily Mail

Eight Arrested Following Takedown of Multi-Million Dollar Online Ad Fraud

A giant ad-fraud campaign that resulted in losses of tens of millions of dollars to companies has been taken down. According to a report by Google and cybersecurity company WhiteOps, the campaign, dubbed 3ve, increased in activity in 2017 from small beginnings to a large-scale operation that used a broad set of tactics to commit ad fraud.

"Through our investigation, we discovered that 3ve was comprised of three unique sub-operations that evolved rapidly, using sophisticated tactics aimed at exploiting data centres, computers infected with malware, spoofed fraudulent domains, and fake websites," said Per Bjorke, product manager of Ad Traffic Quality at Google.

Link: IT Pro

Sirin to Ship its First Blockchain-enabled Smartphone

Swiss-based Sirin Labs plans to ship its first blockchain-enabled smartphone on Thursday; the device will give users a secure method to access cryptocurrency exchanges, store their digital currency offline and exchange encrypted communications with other users.

Link: Computer World

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