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Crypto Gazette Brings Exciting News to Crypto Enthusiasts: Ledger Nano X Giveaway

Crypto Gazette Press Release

Bitcoin Press Release: Crypto Gazette is having a significant giveaway at the end of April. The crypto-oriented online publication will gift ten Ledger Nano X devices to the luckiest of its readers at the end of the month. 30th March 2020, London, United Kingdom – An economic crisis can strike anytime, and the latest black […]

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Crypto Gazette Press Release

Bitcoin Press Release: Crypto Gazette is having a significant giveaway at the end of April. The crypto-oriented online publication will gift ten Ledger Nano X devices to the luckiest of its readers at the end of the month.

30th March 2020, London, United Kingdom – An economic crisis can strike anytime, and the latest black swan event that we’ve entered is the best proof. Such an unpredictable and unforeseen event, unfortunately, comes with some extreme consequences, and people have to prepare for bleak times.

Fortunately, the disruptive emerging blockchain industry has enormous potential and, along with digital assets, it can revolutionize the financial future and more. Bitcoin and crypto are a new technology that hasn’t yet reached mainstream adoption, but it’s going on the right path towards the achievement of this massive goal.

Bitcoin and the technology that is powering crypto have been born from an economic recession, and digital assets are built to withstand the collapse of fiat currencies. Crypto is seen as a safe haven and a flight of safety for capital to flow into these days.

The Benefits of Cold Wallets in 2020 

Crypto Gazette online publication targeting the crypto industry’s enthusiasts is preparing a great giveaway for its readers for the end of April. Ten lucky crypto fans will receive a Ledger Nano X cold wallet to store their digital assets.

The war between hot and cold wallets is a never ending one in the crypto community, but the conclusion is always the same: cold wallets are definitely superior to the hot ones in terms of safety and more essential features.

Cold wallets are physical devices that are storing digital assets, and one of their main advantages is that they’re completely safe from hackers and all kinds of prying eyes. Ledger Nano X is the best such device out there in the market, and it rules the crypto space in terms of safety and security.

Unlike hot wallets, which are the most vulnerable ones in the world, cold wallets have a reputation for being impenetrable. Your codes are nowhere else but in the small device, and this offers a massive feeling of calmness and security.

Win a Ledger Nano X with Crypto Gazette

Crypto Gazette offers readers an amazing opportunity by giving away ten cold wallets, and all that interested fans have to do is following a few simple steps in order to become the lucky winners of a Ledger Nano X.

Here are the three straightforward steps required to enter the contest:

  • Tweet about the contest on Twitter
  • Follow Crypto Gazette on Twitter
  • Enter your email

This is all that users will have to do in order to get the chance to become a lucky winner. “We are giving away 10 Ledger Nano Xs. The winner will be chosen at random via e-mail once its confirmed they tweeted, followed and subscribed, most importantly we need your email to notify you if you’ve won or not,” Crypto Gazette writes on the official website.

Among the benefits that Ledger Nano X brings users are the following:

  • Enjoying the highest level of protection for over 1000 digital assets
  • State of the art security
  • Storing up to 100 applications
  • Bluetooth availability that allows mobile use via smartphones

Enter this unique chance to win a Ledger Nano X that will make sure your crypto stays where it should: safe under your full control.

About Crypto Gazette 

Crypto Gazette is a website with news broadcast in rest time, accompanied by analytical commentary on major events in politics and the economy, about the financial markets, stock exchange quotations, and exchange rates. The platform is a Google News Approved Website that publishes the latest cryptocurrency and blockchain news. The key features that describe the platform are transparency, close collaboration, focus on results, and perfect processing of data.

About Ledger Nano X

The next level hardware wallet: securely manage your crypto, anywhere you go. The Ledger Nano X combines ease-of-use and flexibility while ensuring the highest standard of crypto security.

CryptoGazette Website: www.cryptogazette.com
Follow CryptoGazette on Facebook: www.facebook.com/cryptogazettenews/?ref=py_c
Keep up to date with CryptoGazette on Twitter: https://twitter.com/cryptogazette

Media Contact Details
Contact Name: James Challis
Contact Email: [email protected]

CryptoGazette is the source of this content. This Press Release is for informational purposes only.

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Source: https://bitcoinprbuzz.com/crypto-gazette-brings-ledger-nano-x-giveaway/

Blockchain

Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch

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A bitcoin wallet containing a little over 69,000 BTC is doing the rounds in hacking communities all over the internet. The reason? It’s obvious.

Everyone (read seasoned hackers and self-professed bitcoin wallet crackers) wants to break it open and take it all. Or at least, a slice of the almost $750 million pie. For the last two years, however, no one has been able to ‘strike it lucky.’

Hackers Tried Cracking The 7th Largest Bitcoin Wallet In The World

According to cybersecurity expert Alon Gal, who goes by the handle ‘UnderTheBreach on Twitter, hackers have been trying to break open a bitcoin wallet holding around $720 million worth of BTC (considering today’s rates). However, Gal reported that no one has posted any success regarding the same.

As it so happens, the bitcoin wallet in the discussion has the 7th largest BTC stash in the world.

It Is Now Available Online For Everyone To Try

While some folks have tried breaking in themselves, most of them admitting failure has advertised the wallet on online hacking forums for somebody else to do the job.

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Alon revealed this to Vice in a one-on-one chat regarding the matter:

Stealing Bitcoin wallets from victims worldwide is a common goal among cybercriminals. Wallets tend to be protected by strong passwords and in the event that a cybercriminal manages to obtain a wallet and cannot crack the password he might sell it to opportunistic hash crackers who are individuals with a large amount of GPU power

Gal noticed one such advertisement on a popular hacking forum RaidForums. And not just hacking portals, the wallet showed up on BitcoinTalk on June 29 last year. After that, on All Private Keys and then Wallet-dat(dot)net.

But Does It Contain The 69,370 BTC Though?

The bitcoin wallet seems like a tough nut to crack. But the important question to ask is – Does it contain the BTC? Although it has an alphanumeric address, it is quite possible that the ‘wallet.dat’ file is ‘doctored.’ There is a public key available but not the private key.

The founder of Wallet Recovery Services, Dave Bitcoin, said that:

It’s possible to doctor a Bitcoin wallet.dat file to make it seem like it contains a high balance. The wallet file contains pairs of public key & encrypted private key of the addresses it controls. So one could modify the file in a binary editor and change the public key of one of the address pairs to that of a high value BTC address.

It may be a bait to beguile folks into making bitcoin payments for a shot at cracking a wallet that doesn’t actually have any BTC.

Breaking In Could Be Impossible

According to another assumption, cracking open this bitcoin wallet may be outright impossible. But why?

Quite possibly, the wallet is protected by a long, unique, and difficult to crack the password. Apart from this, the wallet.dat file may be encrypted using a combination of AES-256-CBC and SHA-512 algorithms. These are super slow to process, making it all the more difficult to ‘brute force’ them open.

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Source: https://cryptopotato.com/hackers-have-been-trying-to-crack-bitcoin-wallet-worth-750-million-but-heres-the-catch/

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Huobi Buysback $24 Million HT

Huobi token price, Sep 2020One of the biggest crypto exchange handling some $2 billion in daily trading volumes has burned 4.872 million Huobi tokens (HT), worth about $24 million. “The month on month burnt…

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One of the biggest crypto exchange handling some $2 billion in daily trading volumes has burned 4.872 million Huobi tokens (HT), worth about $24 million.

“The month on month burnt HT has increased by 97%,” they say while the “circulation deflation rate for the month is about 1.63%.”

So the supply is decreasing by 1.63% a month, with Huobi stating their trading volumes have doubled recently.

Some of their profits are meant to go towards this token that has a total supply of 500 million HTs.

A cool 219 million has been burned, with some 100,000 of it destroyed in just the past two months:

Burned Huobi tokens, Sep 2020
Burned Huobi tokens, Sep 2020

The zero address is the ethereum network address. It’s ‘owned’ by the eth nodes, as in the protocol itself, with it not having a private key.

So this 219 million has gone now with it unable to exchange hands any further as the tokens have effectively been destroyed and are now kind of a museum piece.

This burning of tokens is meant to act as a dividend distribution of sorts with that reduced supply leading to a price appreciation in theory provided all else is equal.

There hasn’t been any notable change in the price of Huobi, however, perhaps because it faces much competition from many new tokens that provide governance rights and ownership over dapps.

Uniswap is the latest example, with this being a decentralized exchange that is now to go through token holders votes to set numerous parameters, including how the daily fee revenue of about $1.5 million is to be distributed.

There are two main methods currently. YFI requires staking with only those that lock the token and vote on governance getting the fees.

Somewhat indirectly this locking would benefit those that are not staking as well due to it temporarily reducing supply, but the main reward goes to those that do a bit of work like voting.

The other method was kicked off by Binance with it being more like the traditional stocks buyback where you use the profits to buy the token and take it out of circulation.

That’s done wonders for Binance’s BNB price which has increased by nearly 10x since it launched to a market cap of $4 billion.

With a decentralized dapp, it’s not clear how this buyback can be done in a code based way as in the case of sushi for example, the token holders voted for the buyback, but an individual with custody over the eth carried out the operation.

Theoretically, there’s no reason why the code can’t do the buyback itself with Andre Cronje probably able to write it up within a week.

The code currently gives the fee of 0.3% to Liquidity Providers (LPs), so to set it to ‘buy uni on the uni/eth pool and burn’ shouldn’t be hard.

That would then make this a deflationary token, with it being a proper share ownership of a code based automated business.

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Illicit crypto transactions are getting more attention from the government

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The COVID-19 pandemic has forced governments worldwide to focus on bringing blockchain technology to their financial services, along with the needed regulatory upgrades to keep the burgeoning fintech industry clean.

Related: Not like before: Digital currencies debut amid COVID-19

For example, on Sep. 10, Switzerland — a global center for the wealth management industry, housing around $2 trillion or 27% of global offshore wealth — passed a reformed Blockchain Act that includes a new set of laws and regulations to support the growth of blockchain and decentralized finance companies in the country.

Related: Why Switzerland is becoming a “crypto nation” with a flourishing ICO market: Expert take

Furthermore, in a major milestone for the crypto industry, leading travel rule solutions nonprofit Travel Rule Information Sharing Alliance, or TRISA, from Ciphertrace and developer of the world’s first tracing tool for Monero, together with Sygna Bridge from CoolBitX announced their interoperability proof-of-concept, allowing crypto service providers from both platforms to meet the requirements as outlined by the travel rule. It is available to the public on GitHub.

The travel rule was introduced by the Financial Action Task Force in June 2019 and requires financial institutions participating in cryptocurrency transactions to exchange relevant beneficiary and originator Know Your Customer, or KYC, information. As a result, Virtual Asset Service Providers, or VASPs, between the two solutions can communicate compliance data with minimal disruption.

As Michael Ou, CEO of CoolBitX and creator of Sygna Bridge, explained: “In the last few years, several innovative solutions have appeared to help crypto and virtual asset businesses comply with anti-money laundering regulations that are beginning to develop around the world — each addressing the needs of different audiences. At the end of the day, money-laundering and terrorist financing are global issues that require the collaboration between different entities. This all begins with ensuring that the solutions are able to communicate effectively between each other. By adapting industry standards such as the IVMS101 and building tools to ensure correct translation and connectivity, Sygna Bridge and TRISA are working together to ensure that the cryptocurrency industry is growing and maturing in a positive direction.”

John Jefferies, chairman of TRISA, added:

“Achieving global interoperability for Travel Rule compliance across jurisdictions is vital for a successful sunrise phase. We are pleased to enable message interoperability and extend mutual VASP authentication in this Travel Rule proof of concept.”

According to statistics released by the United States Office on Drugs and Crime, up to $2 trillion is laundered on the global market annually, which bypasses the latest cryptocurrency KYC measures. Financial institutions could be missing up to 90% of cryptocurrency-related transactions, as they overlook lesser-known digital asset exchanges, according to the latest report by CipherTrace.

Until they are eventually caught by United States law enforcement, criminals prefer using cryptocurrency tumblers or cryptocurrency mixing services when paying for illicit goods and services that are transmitted with no oversight by governments or central banks, thereby obscuring the trail back to the fund’s original source.

Related: Illicit uses of cryptocurrency gaining attention around the world: Expert take

Nearly a month after announcing the largest-ever seizure of cryptocurrency assets used by terrorist organizations in a multi-agency investigation conducted alongside the Federal Bureau of Investigations, Department of Homeland Security Investigations and Internal Revenue Service Criminal Investigation, the U.S. Department of Justice showcased the results of a five-year operation targeting Mexican drug cartels on Sept. 3.

Robert Murphy, the Drug Enforcement Administration’s special agent in charge at Atlanta division, said:

“We have a Mexican drug cartel who initially came to our attention through U.S. Fish and Wildlife when they smuggled over 900 kilos of cocaine with frozen sharks.”

The indictment charged 12 defendants and two businesses with mail and wire fraud conspiracy, conspiracy to possess with intent to distribute controlled substances, and money laundering conspiracy. The charges carry potential penalties of up to life in federal prison with no parole.

A week later, on Sept. 10, the DEA announced the results of a six-month operation, “Crystal Shield,” again targeting Mexican drug cartels operating major methamphetamine transportation hubs in the United States. The operation led to “nearly 1,840 arrests and the seizure of more than 28,560 pounds of methamphetamine, $43.3 million in drug proceeds, and 284 firearms.” The U.S. Attorney General William Barr said more than 60 Mexican cartel figures have been extradited this year, and more are expected. Barr added:

“Unfortunately Covid has intervened and has tempered a lot of the progress we had been making, reduced our momentum.”

These U.S. Federal agencies have bolstered their cryptocurrency oversight and enforcement efforts for 2021 — which begins in October of 2020 — with millions of dollars in new funding to shore up national and international cryptocurrency investigations.

Related: The US plan to monitor illegal crypto activities more sufficiently

The IRS is already spending some of that funding on a bounty of up to $625,000 to anyone who can crack untraceable privacy coins.

The IRS’s federal whistleblower program

It should be noted that the IRS has a federal whistleblower law program for informants (including foreigners) who provide information that leads to the collection of taxes, whether from undisclosed fiat or cryptocurrency, and offering up to 30% of the resulting tax and penalty revenue.

At the direction of Senator Charles Grassley, Dean Zerbe, a partner at law firm ZMFF&J, was responsible for the modern IRS whistleblower law, which was signed into law in 2006. He also established the IRS Whistleblower Office and created an award program for tax whistleblowers while he was senior counsel and tax counsel for the chairman of the Senate Finance Committee, from 2001 to 2008.

This legislation led to the famous UBS tax evasion case that reverberated around the world. UBS, Switzerland’s largest bank, admitted to helping Americans dodge taxes, and it agreed to pay the U.S. government $780 million. In a departure from its own legal standards, the Swiss government also divulged banking client secrets. Alarmed by the affair, many U.S. depositors pulled their money out of UBS, and thousands of tax-dodging Americans came clean with the IRS. The IRS awarded $104 million to the banker-turned-whistleblower who helped the government uncover the massive scheme, which was the largest bounty ever granted to a single whistleblower in the U.S. at the time.

As Dean Zerbe explained:

“The IRS released its 2019 annual report on the whistleblower program — showing over $616 million dollars brought into the Treasury thanks to the work of tax whistleblowers speaking out about tax evasion. […] The trend is clear that the IRS has embraced the modern mandatory tax whistleblower program created by my old boss Chairman Charles Grassley (R-IA) — and it is honest taxpayers who have most benefited.”

The report makes note that whistleblowers can be paid for FBAR violations (undeclared foreign bank accounts) as well as criminal fines.

However, “the top reason — 51%! — whistleblower submission is rejected is because the submission is not specific. […] The IRS does not want submissions that are speculative. The IRS wants and welcomes submissions that are grounded — particularly those coming from credible whistleblowers — containing known facts, dealing with specific taxpayers and ideally, with documents in hand and involving recent/current tax evasion,” pointed out Dean Zerbe.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Selva Ozelli, Esq., CPA is an international tax attorney and certified public accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA, other publications and the OECD.

Source: https://cointelegraph.com/news/illicit-crypto-transactions-are-getting-more-attention-from-the-government

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