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05-10-2018: Malicious Knockoff “Electrum Pro” Hijacks Private Seed Keys
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DMG Blockchain Solutions release an API called BitScore. A web API designed to provide cryptocurrency deposit and withdrawal risk-scoring for know-your-customer (KYC) and anti-money-laundering (AML) compliance. BitScore is powered by sophisticated artificial intelligence and machine learning models to examine the flow of cryptocurrency funds through the blockchain and establish their respective origins. Customers can submit any cryptocurrency source or destination address to BitScore. The platform’s algorithm returns a risk score to the user after evaluating the source of the funds. Customers are also informed if at any time in the past the monitored address has ever sent funds to high-risk parties. These typically include dark markets, hacking sites or money-laundering services (Bitcoin Magazine).
Facebook has create a blockchain division focused on research and development of Blockchain technologies. It will be directed by David Marcus, which is currently a member of the Board of Directors at Coinbase and was previously President of Paypal. Marcus stated “After nearly four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge. I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch” (Ethereum World News)
ReddCoin has announced a partnership with Investa to provide a cryptocurrency backed by debit cards and a global network of ATM’s. The debit card for Reddcoin will enable users to efficiently store the RDD and spend and grow the RDD community. Investa offers a blend of fintech and crypto related services to increase the value of digital assets (Global Coin Report).
Vietnamese cryptocurrency exchange Bitcoin Vietnam has found itself in trouble with the law after local authorities claimed the company has been operating a blog without a proper license. According to local news, Vietnam’s Ministry of Information and Communication has seized Bitcoin Vietnam’s domain name, bitcoin.vn, on grounds that the Ho Chi Minh-based company doesn’t have the license to operate and use the domain name. Bitcoin Vietnam, launched in July 2014, is considered to be the oldest cryptocurrency exchange in Vietnam (CoinGeek).
Former Goldman Sachs trader Mike Novogratz has inked a partnership deal with Bloomberg to launch a cryptocurrency index platform. Novogratz’s Galaxy Digital Capital Management LP and Bloomberg will establish the Bloomberg Galaxy Crypto Index (BGCI). The index service will provide trusted asset tracking for 10 of the most liquid cryptocurrencies in the market. The BGCI is part of the Bloomberg Index Services Limited catalog and is administered by the company. The platform offers institutional-grade benchmarking standards for cryptocurrencies (Bitcoinist).
And lastly, Electrum, the popular Bitcoin wallet, has released proof that a copycat wallet is stealing users’ bitcoins. According to Electrum, the malicious knockoff, Electrum Pro, is designed with malware to hijack private seed keys. The platform is urging users to be wary of the fake bitcoin storage service (bitcoinist).
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