Latest Id News

  • IRS Wants to Track ‘Nefarious’ Privacy Coin and Lightning Transactions
    IRS Wants to Track ‘Nefarious’ Privacy Coin and Lightning Transactions
    The IRS is looking to expand its investigative capabilities around privacy coins, layer-two solutions, and sidechains. The United States’ Internal Revenue Service (IRS) is seeking information and tools to help it trace transactions using privacy coins, layer two protocols such as Lightning Network and side chains like Plasma and OmiseGo (OMG). A June 30 request for information published by the US Department Of The Treasury reveals the IRS’ Criminal Investigation Division is seeking submissions for “an interactive prototype” with a graphic user interface for analyzing distributed ledger-based transactions involving privacy coins and other privacy-enhancing blockchain technologies. IRS peeks into privacy The document explicitly names Monero (XMR), Zcash (ZEC), Dash (DASH), Grin (GRIN), Komodo (KMD), Verge (XVG), and Horizon (ZEN) among the privacy coins that the IRS hopes to target, in addition to the layer-two solutions Raiden Network, Celer Network, and Lightning. The IRS requests that prototypes detail systems for “clustering transactions” from a single user who is using “privacy coins and obfuscation technologies”; compile a library of wallet addresses associated with “suspected or known to be involved in nefarious activities”; and identify other addresses associated with said nefarious wallets. The agency also requests that the system include “a mechanism for sharing investigative research between investigators”, secure data export and import functionality, and estimates on proposed systems’ cost and return on investment.  Hard to track privacy coins Despite the bold ambitions of the IRS’ cryptocurrency tracing initiative, the agency acknowledges that few resources currently exist for tracking the movements and addresses of privacy coins: “Currently, there are few investigative resources for tracing transactions involving privacy cryptocurrency coins, layer-two network protocol transactions, side-chain ledger tr
  • Sri Lanka’s Blockchain Bank KYC Platform to Enter Development ‘Shortly’: Central Bank
    Sri Lanka’s Blockchain Bank KYC Platform to Enter Development ‘Shortly’: Central Bank
    The Central Bank of Sri Lanka is about to decide who will develop a blockchain platform that could speed up the processing of bank users' ID information.
  • China Highlights Blockchain in Pandemic Preparedness Strategy
    China Highlights Blockchain in Pandemic Preparedness Strategy
    China is looking into the use of blockchain technology to promote data sharing among medical institutions amid future pandemics. Chinese authorities are trying to strengthen their epidemic preparedness and have identified blockchain as a key component of the response.  The Chinese Circular of the National Health Commission released its plan on June 30 on how to ramp up its information technology support amid future pandemics.
  • Massive Cyberattack on Australia Uses Cryptojacking Exploits
    Massive Cyberattack on Australia Uses Cryptojacking Exploits
    A report from the Australian Cyber Security Centre highlights a vulnerability related to attacks using cryptojacking malware. The Australian Cyber Security Centre said a group of “state actors” hacked Australian networks on June 19 and one of the vulnerabilities they exploited is related to cryptojacking malware attacks.  According to the 48-page report released on June 24, the threat actors exploited four critical vulnerabilities in Telerik UI, including CVE-2019-18935, which was recently leveraged by the Blue Mockingbird malware gang to infect thousands of systems with XMRRig, a Monero (XMR) mining software. Vulnerability mostly used for cryptojacking purposes Although the advisory didn’t say if hackers could have installed cryptojacking malware during the recent massive cyberattack, such vulnerability is the preferred one for the cybercriminals for installing crypto-mining applications within corporate networks.  The report elaborates on the CVE-2019-18935 vulnerability, which also has similarities with the ones that Cointelegraph reported on the Blue Mockingbird’s attack, although it doesn’t imply that such gang participated in the cyberattack against Australia: “Other exploit payloads were identified by the ACSC most commonly when the actor’s attempt at a reverse shell was unsuccessful.
  • Bitfinex Launches Open-Source Crypto-Powered Streaming Protocol
    Bitfinex Launches Open-Source Crypto-Powered Streaming Protocol
    Bitfinex has uploaded the code for a crypto-powered open-source P2P data streaming protocol to GitHub. Veteran cryptocurrency exchange Bitfinex has announced an open-source peer-to-peer data streaming platform that will allow users to share media across a decentralized network. The code for Bitfinex's "Dazaar" protocol has been uploaded to GitHub, describing a decentralized network in which distributed node operators store the information shared among users. In an announcement, Bitfinex states that the platform’s creation was motivated by the increasing reliance on centralized platforms such as search engines, social media, and messaging apps to facilitate the sharing of data and media. Bitfinex open-sources P2P streaming protocol Bitfinex describes the Dazaar platform as a crypto-powered protocol for monetized data streaming. The platform was developed as an extension to the Massachusetts Institute of Technology-licensed Hypercore Protocol — a “distributed append-only log” characterized as comprising a “lightweight blockchain crossed with BitTorrent.” Buyers and sellers connect over the platform via a cryptographic identifier or "Dazaar Card," with sellers able to purchase streams using crypto assets or credit cards. The protocol also features a live-streaming desktop application that allows sellers to manage subscriptions and broadcasts. Crypto-powered streaming platforms compete Dazaar’s announcement comes amid increasing competition between crypto streaming platforms.  In May, Cointelegraph reported that the crypto-powered Esports streaming app Theta.tv would be integrated onto 75 million Samsung devices worldwide.
  • Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong
    Sovrin Foundation Sheds All Paid Staff in Tale of a Token Issuance Gone Wrong
    The Sovrin Foundation, a digital ID non-profit, laid off all paid employees after failing to secure funding for an SEC-compliant token issuance.
  • Buy Stablecoins With Your Credit Card in Lumi Wallet
    Buy Stablecoins With Your Credit Card in Lumi Wallet
    Lumi Wallet announced that from June 2020, Tether USDT, Binance USD, Paxos Standard Token, Celsius and Dai are available to purchase in Lumi Wallet with a credit card.
  • 17 Companies to Make Blockchain ID Platform; CBDC Calatyst + More News
    17 Companies to Make Blockchain ID Platform; CBDC Calatyst + More News
    Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Blockchain news A total of 17 Chinese tech companies, including a number of banks, will co-launch a decentralized blockchain-powered ID (DID) platform that will allow customers to use smartphone
  • Safe and Sound: Blockchain-Backed Digital Identity in the Post-Coronavirus Era
    Safe and Sound: Blockchain-Backed Digital Identity in the Post-Coronavirus Era
    Blockchain companies are developing digital identity solutions to ensure regions can safely reopen following COVID-19 lockdowns. After spending months in lockdown, countries across the world have begun lifting stay-at-home orders enforced due to the coronavirus pandemic.
  • Alleged Unlicensed Bitcoin Dealer Becomes First Singaporean Charged Under New Law
    Alleged Unlicensed Bitcoin Dealer Becomes First Singaporean Charged Under New Law
    A 23-year old Singaporean accused of unlicensed Bitcoin dealing is set to become the first person to be charged under the city-state’s Payment Services Act. A 23-year old Singaporean accused of unlicensed Bitcoin (BTC) dealing is set to become the first person to be charged under the city-state’s Payment Services Act. The Singapore Police Force said on June 23 that the woman — whose identity has not been disclosed — had provided a digital payments token service without a license.
  • Trump 2020 app is collecting huge amounts of user data on voters
    Trump 2020 app is collecting huge amounts of user data on voters
    Researchers have raised concerns over the level of access requested by the Trump 2020 app, including Device ID, call information, and Bluetooth pairing.
  • How Bitcoin of America’s Robust Compliance Program Made Possible the Restitution of Half a Million Dollars to Fraud Victims
    How Bitcoin of America’s Robust Compliance Program Made Possible the Restitution of Half a Million Dollars to Fraud Victims
    Robust and effective compliance programs for virtual asset exchanges such as Bitcoin of America, which owns and operates a crypto exchange platform as well as a nationwide network of bitcoin ATM locations, isn’t simply a matter of operating a system for CIP, KYC, and AML procedures.