Daily Archives: February 27, 2020

Updated: May 25, 2018:

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The rest is here:
JONES DAY TALKS: Hard Forks and Airdrops: The IRS Issues Cryptocurrency Tax Guidance - JD Supra

The Court of Appeal has ruled in a landmark case that virtual currency exchange operator Quoine must pay damages for wrongfully reversing a number of transactions on its platform.

The apex court yesterday rejected Quoine's argument that it was entitled to unilaterally cancel the seven orders - placed by trader B2C2 to sell ethereum for bitcoin - on the basis the transactions were a mistake.

Quoine had argued that the parties who transacted with B2C2 were under the mistaken belief that the trades were at market price and that B2C2 knew of this mistake.

The case is the first legal dispute in Singapore involving cryptocurrency. It is also believed be the first in the Commonwealth to deal with the question of how the legal doctrine of mistake should be applied when contracts are made by computerised trading systems, without human involvement.

The case will now centre on assessing how much damages should be paid to B2C2.

Both companies use complex computer systems to place buy and sell orders on Quoine's platform.

Quoine's software retrieves price information from other currency exchanges to generate orders. B2C2's software evaluates the first 20 market prices, excluding low volume orders, and calculates an appropriate price to buy or sell.

The software has a fail-safe "deep price" of 10 bitcoin to one ethereum. This kicks in when there is insufficient market data.

In April 2017, a glitch in Quoine's software made it unable to access external data and it stopped creating new orders. This led to B2C2's "deep price" taking effect.

On April 19, 2017, seven trades were carried out by the computer systems, with 3,092 bitcoins being credited to B2C2 in exchange for about 309 ethereum debited. This was at a rate of about 250 times the prevailing exchange rate of about 0.04 bitcoin to one ethereum.

Quoine became aware of these trades the next day and unilaterally reversed the transactions. B2C2, represented by Mr Danny Ong, then sued Quoine, arguing that the cancellations amounted to a breach of contract and a breach of trust.

The Singapore International Commercial Court found in March last year that Quoine was in breach of both contract and trust.

Quoine, represented by Senior Counsel Stanley Lai, appealed before a five-judge panel.

The majority - comprising Chief Justice Sundaresh Menon, Judges of Appeal Andrew Phang and Judith Prakash and International Judge Robert French - dismissed Quoine's appeal on breach of contract.

They held that, in the context of contracts made by computer systems, it is the programmer's state of knowledge that is relevant, from the point of programming up to the forming of the contract.

In other words, the court has to determine whether in programming the system, the programmer was acting to take advantage of offers made by a party operating under a mistake.

The court said there was no mistake in this case as to the terms of the trading contract. Even assuming there was a mistake, the creator of B2C2's software did not know of this mistaken belief.

International Judge Jonathan Mance dissented on this issue.

The court allowed the appeal on breach of trust, saying that no trust was created over the bitcoins in B2C2's account.

See the article here:
Cryptocurrency exchange operator ruled in breach of contract - The Straits Times

Raccoon might not be the cheapest option on the market but the malware had gained popularity among cybercriminals for its ability to target at least 60 applications, many of which are browsers we use today.

The Raccoon infostealer, also known as Racealer, has attracted a following in underground forums thanks to the aggressive marketing of its wide range of capabilities, use of bulletproof hosting and an easy-to-use backend. The malware is offered at a price of $200 a month and was first spotted by researchers from cybersecurity firm Cybereason in 2019.

While more expensive than other standalone, bareboned offerings, Raccoon's subscription-based model -- which includes technical support, bug fixes, and updates at a relatively cheap Malware-As-A-Service (MaaS) price point -- as well as its overall capabilities have made it a worthwhile investment for cybercriminals seeking to steal data and cryptocurrency.

A new analysis of the malware from Cyberark notes that many infostealers aren't generally sophisticated and use the same variety of techniques to steal information. However, in Raccoon's case, the C++ malware is able to steal data from 35 browsers and 60 overall applications.

According to Cyberark, Raccoon is generally delivered through phishing campaigns and exploit kits. Fraudulent emails sent to would-be victims contain Microsoft Office document attachments with malicious macros, whereas the exploit kits are usually hosted on websites.

Victims are profiled for any potential browser-based vulnerabilities and based on this analysis, they are redirected to the appropriate exploit kit.

See also:This easy-to-use information-stealing trojan malware is quickly gaining popularity among cybercriminals

The command-and-control (C2) server, necessary for the transfer of stolen information as well as for remote malware configuration updates, has its address hidden via several layers of encryption.

Raccoon is able to steal financial information, online credentials, PC data -- such as operating system types and versions, the language in use, and installed application lists -- cryptocurrency wallets, and browser information including cookies, history logs, and autofill content.

The malware targets a wide variety of popular Mozilla and Chromium browsers: Google Chrome, Google Chrome (Chrome SxS), Chromium, Xpom, Comodo Dragon, Amigo, Orbitum, Bromium, Nichrome, RockMelt, 360Browser, Vivaldi, Opera, Sputnik, Kometa, Uran, QIP Surf, Epic Privacy, CocCoc, CentBrowser, 7Star, Elements, TorBro, Suhba, Safer Browser, Mustang, Superbird, Chedot, Torch, Internet Explorer, Microsoft Edge, Firefox, WaterFox, SeaMonkey, and PaleMoon.

In addition, Raccoon attempts to compromise ThunderBird, Outlook, and Foxmail email clients.

Cyberark says the same procedure is in play for each target application. The malware will grab the application files containing sensitive data and copy it to a temp folder, perform routines to extract and decrypt information, write this content to a separate text file, and then send it off to a C2.

CNET:How schools are using kids' phones to track and surveil them

"In order to extract and decrypt the credentials from the applications, Raccoon downloads the specific DLLs for the applications," the researchers say. "The config JSON contains a URL from where the malware will download those libraries."

Cryptocurrency, too, is at risk. Raccoon will seek out Electrum, Ethereum, Exodus, Jaxx, Monero, and Bither wallets by scanning for their default application folders, and will also attempt to grab their wallet credentials.

Once Raccoon has stolen the data it requires, this information is compiled into a .zip archive file and sent to the C2. It may also act as a dropper for additional malware payloads.

TechRepublic:RSA president: Hackers have broken into our brains and created the wrong security story

The malware continues to be supported by a team and development is ongoing. Recently, Raccoon was also given the ability to steal FTP server credentials from FileZilla, UI errors were resolved, and the authors also created an option to encrypt custom malware builds from the UI for download as a DLL.

"Even though Raccoon is not the most sophisticated tool available, it is still very popular among cybercriminals and will likely continue to be," the researchers say. "What used to be reserved for more sophisticated attackers is now possible even for novice players who can buy stealers like Raccoon and use them to get their hands on an organization's sensitive data."

Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0

Read the original:
Raccoon malware targets massive range of browsers to steal your data and cryptocurrency - ZDNet

The worlds longest-running television series is giving its viewers the low-down on cryptocurrency. In Frinkcoin, episode 13 of season 31 of The Simpsons, airing on Sunday, the animated show dedicates over 80 seconds to educate its viewers on the basics of virtual coins.

The scene begins with Professor Frink introducing cryptocurrency to Lisa Simpson by turning on the TV so that TVs most beloved scientist, Jim Parsons, can explain how digital tokens work.

Parsons discussion is reminiscent of educational shows for kids during the early 2000s. It comes with an animated book bursting into song to describe how a distributed ledger works.

Im a consensus of shared and synchronized digital data spread across multiple platforms from Shanghai to Grenada. Each day Im closer to being the cash of the future. Not in your wallet, Im in your computer.

While the book is belting it out, the show shifts into a scene where Parsons hits the jackpot and the slot machine pushes out Bitcoin. It also features a clip where the book is relaxing on a Caribbean island.

Parsons then takes over to point out the connection between the ledger and the blockchain.

When you use the currency, the transaction is recorded in the ledger. And when one ledger book gets filled up, we add to a chain of previous books. Thats the blockchain.

While cryptocurrency is a space thats chock-full of technical jargon, the show manages to deliver an explanation that appeals to the average Joe.

The Simpsons, which draws an average of over 4 million viewers, gives mass exposure to the one minute and twenty-second clip on cryptocurrencies. You can watch the entire scene below.

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Featured Image: Shutterstock/sirikorn thamniyom

More here:
The Simpsons Just Gave Cryptocurrency Massive Mainstream Exposure - The Daily Hodl

Ever wonder what cryptocurrency is actually all about? Jim Parsons might have the answer.

TheBig Bang Theorystar did a cameo inThe Simpsonsearlier this week, in the season 31 episode titled Frinkcoin.

In the episode, Lisa Simpson sets out to write a paper about Professor Frink, who tells her hes developing his own cryptocurrency.

Sharing the full story, not just the headlines

At one point, he introduces TVs most beloved scientist, Mr Jim Parsons.

Parsons, of course, isnt actually a career scientist, but rather played one for 12 years inThe Big Bang Theory, in which he portrayed theoretical physicist Sheldon Cooper.

Reese Witherspoon, Nicole Kidman, Laura Dern, Zo Kravitz and Shailene Woodley combine to form TV gold in Big Little Lies. But the second season, despite the welcome addition of Meryl Streep to the cast, failed to recapture the allure of season one. Originally, the series was based on Liane Moriarty's 2014 novel of the same name and perhaps it should have ended where the book did.

Hulu

The first season of The Magicians was intriguing, whimsical, touching and deliberately kitschy all at the same time. While it's always nice to revisit the magical world of Fillory, the show's subsequent seasons never rose to the level of its initial installment.

Netflix

This writer disagrees, but Stranger Things was a popular pick in a recent Twitter discussion about TV shows that should have wrapped up after one season. It can be argued that seasons two and three didn't quite measure up to the excitement of the first one though without them, fans would never have got to witness Steve Harrington's transformation from annoying jock to amazing babysitter to our younger heroes. Something to ponder.

Netflix

Regardless of whether you liked or disliked the premise of 13 Reasons Why, from a purely televisual standpoint, the first season was good suspenseful, at times touching, and landing some strong sequences. It all unravelled with the lacklustre second and third seasons. Like Big Little Lies, 13 Reasons Why was based on a book (this one by Jay Asher) and should probably have stuck to the material it provided.

Netflix

Not to take away from Mahershala Ali's performance in season three but True Detective's second and third seasons didn't prove as entertaining as the first one, starring Matthew McConaughey and Woody Harrelson.

Hulu

Prison Break had a simple concept: Michael Scofield (Wentworth Miller) gets incarcerated on purpose because he has a master plan to escape along with his brother, who's been wrongfully convicted. And sure enough, the two escape at the end of season one along with six other inmates. This seemed like a natural conclusion for the show, but it continued for four more seasons.

Hulu

Westworld season one was clever, beautifully shot, and achingly suspenseful. After that things just got... complicated.

Hulu

Bloodline was a critics darling as a result of its first season, but seasons two and three only attracted mixed reviews. The show, led by Kyle Chandler, Ben Mendelsohn, Linda Cardellini and Norbert Leo Butz, concluded in 2017.

Netflix

Heroes was the talk of the town at the time of its premiere in 2006. After an acclaimed first season, the second installment wasn't as well received and seasons three and four experienced a similar fate.

NBC

Reese Witherspoon, Nicole Kidman, Laura Dern, Zo Kravitz and Shailene Woodley combine to form TV gold in Big Little Lies. But the second season, despite the welcome addition of Meryl Streep to the cast, failed to recapture the allure of season one. Originally, the series was based on Liane Moriarty's 2014 novel of the same name and perhaps it should have ended where the book did.

Hulu

The first season of The Magicians was intriguing, whimsical, touching and deliberately kitschy all at the same time. While it's always nice to revisit the magical world of Fillory, the show's subsequent seasons never rose to the level of its initial installment.

Netflix

This writer disagrees, but Stranger Things was a popular pick in a recent Twitter discussion about TV shows that should have wrapped up after one season. It can be argued that seasons two and three didn't quite measure up to the excitement of the first one though without them, fans would never have got to witness Steve Harrington's transformation from annoying jock to amazing babysitter to our younger heroes. Something to ponder.

Netflix

Regardless of whether you liked or disliked the premise of 13 Reasons Why, from a purely televisual standpoint, the first season was good suspenseful, at times touching, and landing some strong sequences. It all unravelled with the lacklustre second and third seasons. Like Big Little Lies, 13 Reasons Why was based on a book (this one by Jay Asher) and should probably have stuck to the material it provided.

Netflix

Not to take away from Mahershala Ali's performance in season three but True Detective's second and third seasons didn't prove as entertaining as the first one, starring Matthew McConaughey and Woody Harrelson.

Hulu

Prison Break had a simple concept: Michael Scofield (Wentworth Miller) gets incarcerated on purpose because he has a master plan to escape along with his brother, who's been wrongfully convicted. And sure enough, the two escape at the end of season one along with six other inmates. This seemed like a natural conclusion for the show, but it continued for four more seasons.

Hulu

Westworld season one was clever, beautifully shot, and achingly suspenseful. After that things just got... complicated.

Hulu

Bloodline was a critics darling as a result of its first season, but seasons two and three only attracted mixed reviews. The show, led by Kyle Chandler, Ben Mendelsohn, Linda Cardellini and Norbert Leo Butz, concluded in 2017.

Netflix

Heroes was the talk of the town at the time of its premiere in 2006. After an acclaimed first season, the second installment wasn't as well received and seasons three and four experienced a similar fate.

NBC

People think Im a nerd, but Im actually super cool, says Parsons. Thats why Im here to talk about the really cool subject of distributed consensus-based cryptocurrency.

He then launches into anexplanation of the inner workings of cryptocurrency supported by a song claiming cryptocurrency is the cash of the future.

This assertion prompted some to say thatThe Simpsonscould end up predicting the future in that way.

The series has a history of incorporating plotlines that later end up coming true.

Parsonss explanation is followed by a sardonic disclaimer that reads in part: Cryptocurrency is a system that does not rely on a non-cryptocurrency central authority, but instead relies on a non-centralised distributed consensus of cryptocurrency ownership.

Using the word cryptocurrency repeatedly when defining cryptocurrency makes it seem like we have a cryptocurrency novices understanding of cryptocurrency.

Well, that is a total pile of cryptocurrency.

Read the rest here:
Simpsons predicting the future again: Jim Parson of The Big Bang Theory explains what cryptocurrency actually is - The Independent

25 February 2020

BakerHostetler

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Since Friday, Feb. 14, 2020, decentralized lending protocol bZxwas twice exploited by attackers using a combination of methodsinvolving flash loans and price manipulations to profit oncryptocurrency swaps, resulting in total losses of approximately$954,000. The first attack took place on Feb. 14 and resulted inthe attacker pocketing 1,193 ETH (approximately $318,000) after abug in the bZx's smart contract code failed to run standardsafety checks that should have prevented a highly leveragedposition on ETH/BTC trading pairs. The second attack took placedays later, resulting in losses of 2,388 ETH (approximately$636,000), perpetrated, in part, via oracle manipulation on theprice of synthetic USD Coin stablecoins.

Last week, the IOTA Foundation shut down the entire IOTAcryptocurrency network after hackers exploited a vulnerability inTrinity, the mobile and desktop wallet app developed by the IOTAFoundation, and stole approximately $1.6 million from at least 10high-value IOTA accounts. IOTA announced this week that it hadreleased a "safe" version of Trinity in response.

Earlier this week, crypto exchange FCoin notified users that itwas unable to process withdrawal requests, as it revealed a nearly$130 million shortage of assets, a result of system problems and"decision errors" made by exchange leadership. Theexchange's novel yet controversial model, called"trans-fee mining," designed to incentivize trading byissuing exchange tokens, made FCoin one of the largest exchanges byvolume.

For more information, please refer to the following links:

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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XRP, the native token of the Ripple blockchain, has slipped by more than 23 percent from its year-to-date high of $0.34. And according to a popular analyst, the token is likely to fall further.

Full-time trader Bleeding Crypto highlighted XRPs bearish potential in a tweet published earlier Tuesday. He noted that the cryptocurrencys spot rate could move lower to fill gaps left open by its futures contracts, drawing comparisons from similar phenomena in bitcoin markets.

Bleeding Crypto exemplified his prediction in a chart that showed four unfilled futures gaps. The nearest blank area coincided with the $0.251 level whilst the deepest one was near $0.203. Considering XRP would continue declining to fill the last gap in the queue, its move downhill would take the crypto down by up to 25 percent.

Ripple (XRP) heading lower to fill futures gaps | Source: Bleeding Crypto

There are 4 more gaps lower to go. If you dont think it will get filled, please load up now. My Gap theory has a 90% success rate, said Bleeding Crypto.

The pessimistic statements joined a few bearish forecasts for XRP against an otherwise bullish scenario. The cryptocurrency lately surged by close to 99 percent from its bottom-out level of $0.201. Traders with upside sentiment, therefore, treated XRPs latest declines as natural price corrections, with one even forecasting a price swell towards $0.70.

On the other hand, the indicator of HODL2100K, the IchiEMA, whose flashing the last time had sent XRP 1,000 percent higher, moved into its bullish territory yet again. That allowed a few bulls to see XRP at a $3 valuation this year.

Among the bears included veteran trader Peter Brandt who expressed the possibility of XRP falling towards $0.207. The noted financial analyst cited a textbook technical indicator, dubbed as Head & Shoulder, for his downside sentiment. Last checked the XRP price was still trading in the range illustrated by Mr. Brandt.

The downside target set by Mr. Brandt coincided with the futures gap highlighted by Bleeding Crypto.

XRPs gains came in the wake of a macro-crypto price rally. The Ripple token jumped almost in tandem with bitcoin and rival altcoins and its price correction followed similar downside moves in other assets.

Mati Greenspan, the founder of Quantum Economics, said earlier this month that bitcoin and altcoin were rallying because of investors growing appetite for risk-on assets. The popular market analyst said that traders attempted to hedge into altcoins against the risks concerning the Coronavirus pandemic, adding that these assets offered better profits.

The evidence of that is the altcoin season, Mr. Greenspan told the BlockTV. Altcoins are outperforming bitcoin consistently on a day-to-day basis pretty much since the beginning of this year [] It means investors are looking to take risks, which is pretty much different from safe-haven trading.

Bitcoin lately snubbed its safe-haven tag as risks about the Coronavirus escalated, showing a doubtful correlation with the crisis. The cryptocurrency failed to sustain its climb above $10,000 that further impacted its rival assets, including XRP, to cross above their own crucial price ceilings.

That has left the crypto market in the hands of technical narratives.

Here is the original post:
Analyst: Ripples XRP Could Fall by Another 25% Due to This Reason - newsBTC