Altcoin News
Famous Coincheck Theft Was Masterminded By Russian Hackers: Report

The famous Coincheck theft, which led the exchange to lose around $530 million worth of New Economy Movement (NEM) tokens was a hot topic in the altcoin news in January 2018. A new report recently emerged, showing that the hack had been finessed by an unknown group of Russian hackers.
Even though it is widely believed that North Korean hackers stand behind the famous Coincheck theft, the Japanese newspaper Asahi Shimbun is in the latest cryptocurrency news today with a new report – showing the Russian breadcrumbs in the Coincheck crypto exchange hack.
According to the Japanese newspaper, the examination of a Coincheck employee’s personal computer revealed a malware which was associated with Russian hackers. The hack, on the other hand, was a result of the crypto exchange’s employees and the fact that they installed infected software on their computers.
The famous Coincheck theft had the hackers sending emails to the employees (full of viruses such as Mokes and Netwire) which installed the malware on their machines and caused the massive financial loss. These viruses took over the infected computers and allowed the hackers to operate them remotely, gaining access to the private keys and executing the famous Coincheck theft.
Russian hackers have been known for leaving breadcrumbs of their misdeeds in the past. Therefore, it is not surprising to see many best cryptocurrency news sites reporting about them doing a shoddy job of covering the tracks once again – when they hacked the crypto exchange last year.
Despite the famous Coincheck theft, the crypto exchange was recently resurrected and now operates with a cryptocurrency license, unlike last year when it was hacked into. At that time, the exchange was awaiting a license and had poor checks and balances in place to prevent the massive theft knocking it into the ground.
Moreover, the inefficiency of Coincheck to protect its customers’ funds means that the hackers had to loot a fort with no defenses. If this was the Russians, it would have been a walk in the park – the country’s hackers are known for hacking the DNC server during the 2016 elections s well as many other cases of hacks, Bitcoin scams and more. Below is a proof of one.
DCLeaks was paid for with Bitcoin. The 11 Russian intelligence agents indicted today bought Bitcoin — and mined it themselves — to pay for the infrastructure they needed to hack into the DNC and release the documents. pic.twitter.com/VyJKx8RvA4— Nathaniel Popper (@nathanielpopper) July 13, 2018
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Altcoin News
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Fiat Money System Is Weak, Crypto Is Inevitable: Deutsche Bank

"While critics bemoan cryptocurrencies as constrained by regulatory hurdles, we believe the incentives of governments and card providers are such that digital currencies are inevitable.’’While the cryptocurrencies didn’t manage to lift off as a means of payment despite their benefits including speed, security, low fees and ease of storage, this can easily change in the future because the fiat money system is fragile. If the governments decide to back crypto and consumers demand them even more, the trends will continue and there will even be around 200 million blockchain wallet users until 2030 and crypto could replace cash as per the researchers. The report said:
"According to dbDig [Deutsche Bank Data Innovation Group] primary research, nearly two-thirds of consumers prefer dematerialized to cash payments and a third are concerned by anonymity. These are the two things that cryptocurrencies do best.’’China and India will have a very important role as well since both of the countries banned the purchase and sale of crypto but the things are moving quite quickly. In the meantime, the researchers noted that cryptocurrencies have to surpass some major issued in order to become widespread. At first, they have to become legitimate for governments and regulators which means the prices have to be more stable. They also have to allow global reach in the payment market. in order to do this, the alliances have to be forged with key stakeholders with apps such as Google Pay, Apple Pay, and Visa.To allow smooth transmissions towards the fully digitalized platform, the overall financial system has to be ready to overcome any kind of electricity shutdown or a hack. In the meantime, the traditional banking giant says that the ‘’fiat money system should be inherently unstable and prone to high inflation all other things being equal’’:
"Politically it is always too tempting to create money when nothing is backing it. That this current fiat system has survived so long has required a fortuitous set of global forces across multiple decades that have created sizeable natural offsetting disinflationary forces.’’
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