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Crypto Exchanges Damaged By Hack Attacks Suffer Losses Up To $927 Million

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Following our hack attacks crypto news, according to Reuters, crypto exchanges that were hit by a hack attack, suffer losses up to $927 million up to this month, which is a 250% increase since 2017.

According to the Crypto Anti-Money Laundering report, this year stunning losses were recorded for these past 9 months of 2018 which exceed incredibly last year’s $266 million. Also, the report notes that thefts of about $20 to $50 million are rising as well and that they are the most common ones to occur.

The chairman of the global anti-cybercrime organization Dave Jevans told in an interview that the loss figures can be even higher since not all attacks can be successfully traced in the report and that there’s possibly over $60 million more that were stolen and never reported.

Jevans said:

‘’The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws. Also, we learn about the criminal stuff often times after it actually happened. So there’s no way to know in real time. You can know 80-90 percent of the time, but it’s still impossible to know 100 percent.’’

He believes that the reason for this is because the crypto exchanges still operate in countries with weak regulations.

This year started with the first record-breaking hack of $532 million of the Japanese crypto exchange Coincheck and later this year, another Japanese crypto exchange Zaif suffered a huge loss because of a hack attack that cost the exchange up to $59 million.

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Blockchain News

Prime Minister Of Malta Puts All Rent Contracts On Blockchain

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Prime Minister Of Malta
The Prime Minister of Malta, Joseph Muscat, is in the latest cryptocurrency news for putting all of the rental contracts in Malta on the blockchain. The announcement came with an explanation of the contracts and how would they be registered on the blockchain, explained by Muscat in an interview on Radio One. According to the Prime Minister of Malta, the reformed rental laws were approved by the cabinet after a lot of consultations. This initiative ensures security, prevents record tampering and makes sure that only authorized people can access the records, said Muscat. Additionally, the distributed ledger will prevent the possibility of there being contracts in place for which there is no clear record.
“We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives,” Muscat said. “This shows how the digital transformation will affect their lives.”
The best cryptocurrency news sites have long been talking about Malta and its great potential. Known as "the blockchain island" - the country has done a lot to stimulate the use and growth of cryptocurrencies. It first moved into the world of crypto in July 2018, when the Prime Minister of Malta showed his excitement about the crypto world and officially released a regulatory framework that is favorable to distributed ledger technologies. From electronic money to financial instruments, virtual tokens and virtual financial assets, there are a lot of updates and regulations within the country. By March of 2018, Malta's lawyers even started tokenizing themselves. As the altcoin news then showed, the Prime Minister of Malta was ready for new advancements in the future. Malta is now known for its tolerant regulatory environment, the educated workforce as well as the EU membership which is truly "a cherry on the cake" for the country, businesses and individuals looking to work with cryptocurrencies within the country. All of them are entities that contribute to Malta's economy and the country becoming a hub of blockchain experimentation. The full details about the rental contracts registered on blockchain, as the Prime Minister of Malta noted, will be revealed in the coming days.
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Blockchain News

First Binance Liquidation Happens After Margin Trading Feature

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first binance liquidation
First Binance Liquidation happened today on the platform after the exchange continues its test for the new margin trading feature so we are reading more about it in the altcoin news today. As Binance CEO Changpeng Zhao confirmed on Twitter today on June 24th, that the pilot scheme brought up to the first binance liquidation and might be very painful for those involved. The Bitcoin price continued to fluctuate even today at press time after reaching $11,300 on some of the exchanges before correcting downwards below $10,600. The major price moves can prove very costly for the margin traders since the world leading crypto exchange chose to steer clear of the sought-after but it is however potentially dangerous tool. The margin trading accounts’ face on major exchanges such as BitMEX is always a big point of conversation on crypto social media especially since all of the data is showing the extent of users’ losses and gains. Zhao noted that the first Binance liquidation will remind the followers to behave nicely with their capital.
 “Don’t bet against bitcoin, and don’t bet [against] b…”
Zhao’s words could pose a warning to inexperienced traders who are considering margin trading but it also could be a suggestions to his followers to long Bitcoin. The last part of his comment refers to his platform’s own currency the Binance Coin (BNB) in order to support that token as well. The pilot involves multiple Binance users and now the officials are opting to open the participation for holders of the in-house token earlier this month via an early access scheme. BNB has gone way up since its launch and it has even delivered an all-time high of slightly under $40. This week as reported in the latest cryptocurrency news, Binance confirmed that the trading support for the native Binance Chain Stablecoin the USDSB is available. Previously, the trading platform announced the issuance of the BTCB on the Binance Chain which is a token pegged to Bitcoin. Also, Binance launched the decentralized exchange Binance DEX which will also facilitate trading. According to the exchanges’ blog posts we can read that:
‘’The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain. With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity, This would further increase the utility value of Binance DEX.’’
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Blockchain News

Malta Island To Store Rent Contracts On The Blockchain

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malta island
Malta Island and its Prime Minister Joseph Muscat announced that the country will update the rent law and will require all rent contracts to be registered on the blockchain. Let’s find out more about it in the latest cryptocurrency news. According to Malta Today reports, Muscat noted:
 “Every rent contract in Malta will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology.”
According to Muscat, this new update will protect the tenants and their agreements from being tampered with. He also hinted that the island nation with more than half a million people will achieve this with the help of a permissioned blockchain:

 “We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. Such a contract cannot be tampered with and only those authorized will be able to access it.”

The rent law reforms got the approval from the cabinet after a long consultation period. They are also expected to reveal in the coming days since the reforms on the rent laws are similar to those revisions with the construction laws. This was necessary because of the major construction boom in on the Malta Island and mainly because the situation was remarked by the increasing number of accidents and death cases on construction sites. With the help of Muscat, Malta took in great efforts to become the leader in ledger technology hub. Malta has also been investing in the human resources pool mainly for people who are qualified with the knowledge of blockchain technology. As reported in the coming altcoin news, Malta’s Parliamentary Secretariat for Digital Economy granted the first blockchain and distributed technology scholarships to 19 students. While with the scholarship grants, the parliamentary secretary for financial services, digital economy, and innovation Silvio Schembri noted that the move would help in preparing the future generations for the future industries. Last September, Malta launched a blockchain scholarship fund worth $342,000. The pro-blockchain and cryptocurrency nature of on Malta Island managed to attract many big name companies in the country. This includes crypto exchanges such as Binance which was based in Hong Kong after seeking friendlier jurisdiction months after it formed.
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Blockchain News

Coinbase Targeted With Two Zero-Day Attacks Via Mozilla Firefox

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coinbase targeted
Coinbase targeted with two major zero-day vulnerabilities that affect the Mozilla  Firefox browser were identified after hackers tried to reach the major crypto exchanges. As reported in the latest cryptocurrency news, the hackers tried to penetrate the coinbase infrastructure. The security expert at Coinbase Philip Martin confirmed the news on Wednesday writing on Twitter that the malicious agent used an unreported zero-day vulnerability in an attempt to get to the employees of the Exchange. Mozilla formally addressed the vulnerabilities on June 18 and in the meantime, the Google Project Zero security researcher Samuel Gros discovered the bug in April this year. Martin stated that the security team at coinbase is currently performing analysis of the hacker’s infrastructure and methodologies in an attempt to understand fully what happened to the exchange’s network more clearly and to try and find out who might be responsible. Martin also pointed out that coinbase reached out and has started working with other unspecified crypto organizations that could have also been targeted in the new attack campaign. He noted that the customers of the exchange have not been affected by the incident and claimed that the exchange is willing to collaborate with other stakeholders. The good news is that the attack did not end up in disaster since the Coinbase employees were saved from having their accounts commandeered to steal cryptocurrency or worse-to steal users’ data. The attempted attack is another reminder however that the crypto exchange employees are targeted by hackers since they are the ones who hold the keys. As noted in the coming altcoin news, the hacker did not manage to penetrate the exchange’s infrastructure but not every platform had the luck in recent years. Coinbase targeted by malicious hackers ended up fine but take a look at what Coincheck got after the major hack. Moreover, the experts now believe that they know how the Coincheck attack occurred. Also, another one of the major exchanges despite Coinbase was Binance whose chief operating officer Changpeng Zhao noted on Twitter:
‘’ How did the hacker know our risk management rules so precisely.’’
The Binance crypto exchange has since optimized the security features of the exchange but the hackers will still continue to penetrate the infrastructure of the major exchanges in any possible weak spots.
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