What has been happening in the world of Cryptocurrency of late? Well, there have been the usual speculations and other news. Again, we have compiled five of the best cryptocurrency news that made their rounds on the Internet this past week.
- 1 Hackers are stealing computer power to make millions in cryptocurrency
- 2 Cryptocurrency Markets Plunge 11% in a Single Day
- 3 Cryptocurrency adoption prohibited by Indian banks
- 4 South Korea Government Approves Seven out of 21 Cryptocurrency Exchanges’ Security Policy
- 5 Cryptocurrency Ransom Demanded for Wife of Norwegian Tycoon
Hackers are stealing computer power to make millions in cryptocurrency
Guillermo Suarez-Tangil at King’s College London and Sergio Pastrana at Madrid’s Carlos III University analysed more than 4.4 million malware samples that were used for cryptojacking between 2007 and 2018.
The pair found cryptojacking had generated an estimated $57 million worldwide since 2007, with the top-earning gang minting $18 million worth of cryptocurrency
Personal comment– it is quite pathetic that this trend of cryptojacking is one that is still making waves. For every reader and investor of cryptocurrency, there is the need to be very vigilant because these hackers are vicious. On a personal level, we would be looking forward to the measures being taken by cryptocurrency teams in order to battle this trend
Cryptocurrency Markets Plunge 11% in a Single Day
Just when things were looking positive for 2019, and cryptocurrency markets were making a slow recovery from their December lows, the bears came out in force and smashed them to bits over the past 24 hours.
Over $15 billion has been lost from crypto assets since the same time yesterday resulting in a daily crash of over 11%. There were two separate dumps each occurring over about an hour as the tsunami of bears beat the hell out of Bitcoin and its brethren.
Personal comment– This is certainly not a good news for any cryptocurrency investor. I personally witnessed the downward trend and felt it does not spell well for the industry. However, I believe that many long term investors will still regain their profits as opposed to short term investors. I believe there are better days ahead
Cryptocurrency adoption prohibited by Indian banks
The Reserve Bank of India, India’s central banking institution had prohibited the banks of the country from providing any assistance or services to cryptocurrency business. Following this, the banks in India are taking things one step ahead by asking customers to sign contracts stating that they will not use cryptocurrencies of any kind as a part of their new terms and conditions of service agreements.
Personal comment: The battle for the acceptance of cryptocurrencies within every nation will always be very difficult. Within India, though the Federal Government is slowly accepting the currency, the traditional banking industry is fighting against it. However, Cryptocurrency is the currency of the future and this means that it won’t be long before victory comes.
South Korea Government Approves Seven out of 21 Cryptocurrency Exchanges’ Security Policy
Some of South Korea’s biggest cryptocurrency exchanges have passed a government security audit, but the majority could be exposed to attacks, local tech news outlet ZDNet reported on Jan 10.
Bithumb, Coinone and Korbit, in addition to four other major exchanges, satisfied investigators during the audit, which took place between September and December 2018.
Personal comment– How odd is this news, in the previous news source we saw a resistance to Cryptocurrency, however, we can see that another country is accepting the coin. The significance of this act by the South Korean government is great as it gives more credence to the industry. Ultimately, the remaining 14 cryptocurrencies would need to go back to the drawing board in order to convince the South Korean government. We should also give thumbs up to the government.
Cryptocurrency Ransom Demanded for Wife of Norwegian Tycoon
The wife of a wealthy Norwegian businessman has been kidnapped, and demands have been made for a hefty ransom paid in cryptocurrency, the police revealed this week, as a drama that had been playing out secretly for months burst into public view.
A scarcely decipherable ransom note was left for Mr. Hagen, containing death threats and requests for large quantities of Monero, an unregulated cryptocurrency that is known for anonymous transactions.
Personal comment– Sadly, this is one of the worst news of the week. This is the kind of news that makes governments to recede in their acceptance of Cryptocurrencies. Because of the fact that it is difficult in tracing the coin, many security analysts would jump on the bandwagon of condemning cryptocurrencies now. However, we hope that she is recovered in good shape and the kidnappers are caught.