Autor Cointelegraph By Tom Mitchelhill

BNY Mellon partners with Chainalysis to track users' crypto transactions

BNY Mellon partners with Chainalysis to track users' crypto transactions

Uverejnil používateľ | feb 24, 2022 |

The Bank of New York (BNY) Mellon has announced a partnership with blockchain-data platform Chainalysis to help track and analyze cryptocurrency products. BNY Mellon is the world’s largest custodian bank, currently overseeing $46.7 trillion in assets. Chainalysis is a blockchain-data analysis platform that offers services to traditional financial institutions, allowing large firms to manage the legal risks that come with cryptocurrency more easily. As part of the partnership, BNY will utilize Chainalysis software to track, record and make use of the data surrounding crypto assets.The risk management software offered by Chainalysis includes KYT (Know Your Transaction), Reactor, and Kryptos, with the most important being the KYT flagging system — which automatically detects whether cryptocurrency transfers are deemed “high risk.” If the KYT software sees crypto being transferred to a sanctioned wallet address it can preemptively block the transaction. Reactor provides firms with further investigative power on the blockchain while Kryptos collects and translates complex data into cogent information for institutions. Speaking on the partnership, Caroline Butler, head of global custody, tax and network management at BNY Mellon, highlighted the importance of ensuring trust as the banks enters the world of digital assets:“At BNY Mellon, we enter the digital asset market with the title of the most trusted asset service provider. Working with Chainalysis and other leading fintech companies, we are developing our capabilities in the growing cryptocurrency industry and reflecting this in our products.”Despite the services that Chainalysis offer drawing criticism from more privacy-oriented crypto users, its ability to provide critical monitoring services to large firms helps legitimize the adoption of cryptocurrencies into traditional finance. “Chainalysis has always believed that financial institutions are critical to the overall growth and success of the cryptocurrency industry,” Chainalysis co-founder Jonathan Levin said in a statement.Related: America’s fifth-largest bank launches crypto custody service BNY Mellon’s push into cryptocurrency began in February last year, when it announced plans to hold, transfer and issue Bitcoin and other cryptocurrencies as an asset manager on behalf of its clients.This follows a broader trend of traditional finance warming to the idea of cryptocurrency, with household names such as Morgan Stanley, Citibank and JPMorgan now managing and actively investing in cryptocurrency.

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Crypto is like 'venereal disease' and should be banned: Charlie Munger

Crypto is like 'venereal disease' and should be banned: Charlie Munger

Uverejnil používateľ | feb 17, 2022 |

Charlie Munger, the ancient vice chairman of Berkshire Hathaway and Warren Buffet’s right hand man, has no issue with providing his honest thoughts on cryptocurrency: He hates it. Speaking at a shareholder’s Q&A session at the annual meeting for LA-based newspaper company, Daily Journal Corp, the 98-year-old investing icon likened crypto to a sexually transmitted disease.”I certainly didn’t invest in crypto. I’m proud of the fact that I avoided it. It’s like some venereal disease.”Munger continued to express his contempt for Bitcoin and other cryptocurrencies, adding, “I wish it had been banned immediately… I admire the Chinese for banning it. I think they were right and we were wrong to allow it.”Munger and Buffet are no strangers to criticizing and downplaying the emergence of cryptocurrency. Buffett has previously ridiculed Bitcoin for being an asset that “does not create anything,” he’s called it “rat poison squared” and said that it is nothing more than a “delusion that attracts charlatans”.Munger’s imaginative depiction of cryptocurrency do not seem to be reflected in the new investment thesis of Berkshire Hathaway, which is softening up on its exposure to cryptocurrency. In a securities filing late Feb. 14, Berkshire Hathaway disclosed that it had increased its exposure to cryptocurrency by purchasing $1 billion worth of Nubank stock, Brazil’s largest fintech bank which is popular amongst Brazil’s crypto investors.”The Nubank investment can be tagged as Buffett’s way of supporting the fintech/crypto world without taking back his criticisms of the past,” asserted Greg Waisman, co-founder and chief operating officer of crypto wallet service Mercuryo, adding that Berkshire is now backing the “digital currency ecosystem indirectly.”Related: Warren Buffett Doesn’t Want to Own any CryptocurrencyCrypto Twitter has been quick to respond to Munger’s comments on digital assets. @gmoneyNFT called out the irony in Munger’s recent remarks point blank to their 225,000 followers:Charlie Munger: Fiat currency is going to zeroAlso Charlie Munger: Crypto is like some venereal disease. I’m proud of the fact that I’ve avoided it. pic.twitter.com/ua85ubdy35— gmoney.eth (@gmoneyNFT) February 17, 2022While @cryptonator1337 took aim at Munger’s age, stating to his 35k followers that Munger may not be the best person to consult when it comes to new technology.When Munger was born in 1924….. Lenin died.. the Ottoman Empire ended.. Disney created the first cartoon.. IBM was founded in New York State.. the US president delivered a radio broadcast the first timeBut sure let’s listen to him talking about #Bitcoin— CR1337 (@cryptonator1337) February 16, 2022

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Warning: How 'One Time Password' bots can steal all your crypto

Warning: How 'One Time Password' bots can steal all your crypto

Uverejnil používateľ | feb 17, 2022 |

Cybercriminals are using bots purchased on Telegram to trick users into giving them access to their cryptocurrency accounts. According to a report from cybersecurity firm Intel471, One Time Password (OTP) bots are “remarkably easy to use” and are relatively inexpensive to operate relative to the amount that can be earned from a successful attack. A Telegram bot known as ‘BloodOTPbot’ charges a monthly fee of just $300 to hackers to access. Fraudsters also have the option to spend an extra $20 to $100 on more phishing tools that target individual social media accounts on Instagram, Facebook and Twitter, financial services like Paypal and Venmo and crypto platforms such as Coinbase. OTP bots are especially nefarious as they are generally the final step in the hacking process, after all necessary personal information has been gathered on the victim, known in hacker parlance as “the fullz”. Hackers use the OTP bot to stage a seemingly-official phone call, while simultaneously prompting the 2FA code from the user’s crypto platform. Once the typically flustered user divulges the code, hackers gain immediate and total access to the victims account. According to a report from CNBC, Maryland-based obstetrician Dr Anders Agpar, was the victim of such an attack, in which an “official sounding phone call” alongside a series of banner notifications on his phone, informed him that his Coinbase account “was in jeopardy”Dr Agpar ended up in a situation where his two-factor-authentication (2FA) code was divulged over the phone and immediately afterwards he found himself locked out of his own Coinbase account which held approximately $106,000 in Bitcoin (BTC).These types of attacks from OTP bots are increasing in frequency and are causing substantial losses to both institutions and individual retail investors. The bots have an extremely high success rate in extracting funds. Related: 4 tips to avoid phishing attacksCustomer service at Coinbase has been the subject of criticism in the past after angry users slammed the platform for a lack of responsiveness in dealing with hackers. In an attempt to improve response times and client relations, Coinbase acquired an Indian AI startup and created a phone line specifically for dealing with account takeovers and related attacks. A Coinbase spokesperson told CNBC, “Coinbase will never make unsolicited calls to its customers, and we encourage everyone to be cautious when providing information over the phone. If you receive a call from someone claiming to be from a financial institution, do not disclose any of your account details or security codes. Instead, hang up and call them back at an official phone number listed on the organization’s website.”

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Oil giant ConocoPhilips reduces gas flaring emissions via Bitcoin mining

Oil giant ConocoPhilips reduces gas flaring emissions via Bitcoin mining

Uverejnil používateľ | feb 17, 2022 |

International oil and gas giant ConocoPhilips is dipping its toes into Bitcoin (BTC) mining as a way to eliminate the wasteful practice of flaring.According to a report from CNBC, the company is currently operating a pilot scheme in the oil-rich region of Bakken, North Dakota. Instead of burning excess gas, a byproduct of oil-drilling known as flaring, the company is selling it to a third party Bitcoin miner to be used as fuel. Speaking on the environmental impacts of “routine flaring”, a representative from the company stated that the decision to move into Bitcoin mining reflected the company’s overarching objective of reducing and “ultimately eliminating routine flaring as soon as possible, no later than 2030.” In a slide from a 2021 ConocoPhillips presentation, the company stated that it has an “ongoing focus” on ensuring that gas capture projects achieve zero routine flaring by 2025.ConocoPhillips testing out bitcoin mining in the Bakken Good find from @EnergyInfraBro $COP pic.twitter.com/Gk5tRJCbrh— Collin McLelland ‍☠️ (@FracSlap) September 23, 2021Bitcoin mining offers a unique and profitable solution to the problem of routine flaring, which occurs when mining companies accidentally hit natural gas formations while drilling for oil. While oil can be siphoned up and collected at any location, natural gas harvesting requires pipeline infrastructure. If miners strike gas at any significant distance from a pipeline, companies are forced to burn or “flare” the gas, which is ultimately an unprofitable and environmentally harmful procedure. Instead of allowing the gas to be wasted, Bitcoin miners place shipping containers or trailers filled with crypto mining equipment near an oil well and divert the gas into generators which power the equipment. Related: Are we misguided about Bitcoin mining’s environmental impacts?ConocoPhillips did not disclose which Bitcoin miner it has been selling to, nor how long the preliminary experiment has been underway. Another US-based oil and gas explorer, Crusoe Energy has also taken advantage of Bitcoin mining as a way of profitably reducing emissions, with approximately 60 data centers and Bitcoin mining units being powered by diverted natural gas on their oil fields. According to a report from Argus media, Crusoe Energy’s technology lowers CO2-equivalent emissions by as much as 63% when compared with regular routine flaring.In response to the widely-circulated criticisms of Bitcoin mining that usually emerge from environmental concerns, miners have become increasingly concerned with finding new ways to harness more sustainable methods of energy. The Bitcoin Mining Council estimated a sustainable energy mix of 58.5% for the global industry in the fourth quarter of 2021. Miners in Norway are even using waste heat to dry out lumber.

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Aussie trading platform SelfWealth to offer crypto trading to its 325K users

Aussie trading platform SelfWealth to offer crypto trading to its 325K users

Uverejnil používateľ | feb 16, 2022 |

Publicly-listed company SelfWealth (ASX: SWF) has reportedly become the first Australian online share trading platform to offer cryptocurrency investing after announcing a deal with the local crypto exchange BTC Markets. In an interview with Cointelegraph, BTC Markets CEO Caroline Bowler stated that investors will be able to trade five primary crypto assets from Q2 2022, pending approval from Australian financial regulator AUSTRAC. Both SelfWealth and BTC Markets were unable to provide a comment on which crypto assets would be available for purchase until regulators give the green light, but it is reasonably likely that market leaders such as Bitcoin (BTC) and Ethereum (ETH) will be among them. Selfwealth, Australia’s fourth-largest online brokerage platform, announced its journey into crypto in July last year with the $8-billion-dollar broker releasing a report outlining that 30% of its users were already investing in cryptocurrency, while another 38% were looking to invest in the future. When asked if the current fears of “crypto winter” would dampen the enthusiasm of retail crypto buyers on the platform, Bowler responded confidently that “anyone who’s been around for the long-haul knows that crypto is volatile,” and that looking at the crypto markets from the lens of a few months is impracticalFurther tempering any potential fears, Bowler drew on her own experience when she added that: “I’ve been through a crypto winter before and I don’t think that’s what we’re in now… what we’re seeing now is more of a reasonable response to market conditions than a fully fledged crypto-winter.”Rather than being concerned with the expected volatility of crypto markets, Bowler said that what she found most impressive from a trading standpoint was “the wall of interest on the buy side… no one in the broader market really wants to sell.” Bowler said that SelfWealth and BTC Market’s partnership demonstrated even further legitimacy to the broad-scale adoption of cryptocurrency. Related: Coinbase partners with OneRiver to roll out new institutional platformWhile crypto is still considered a “risky” asset by many major firms, SelfWealth, with a customer base that consists of self-managed super funds (SMSFs) and more traditional investors, is looking to distinguish itself from the crowd by quelling that misconception. Bowler did not shy away from emphasizing the scale of the opportunity that SelfWealth and BTC Markets were taking advantage of. She added: “I think that [crypto] will be a pillar of Australia’s financial services industry in the next to 3-5 years. Financial services make up 8% of Australia’s total economic output and it’s reasonable to assume that crypto will support 10-15% of that.”

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