FATF To Design Software To Track Bitcoin And Cryptocurrency Transactions

The Financial Action Task Force (FATF), said to be developing a tracker system to find digital currency transactions and about 15 countries to be using this to gain personal transactions data from their citizens, says a recent report by Nikkei.

About 15 countries are considering creating a new system to collect and share personal data from people who perform cryptocurrency transactions. The aim is to prevent money laundering, its use by terrorist organizations or its illicit use.

The system would be designed by the Financial Action Task Force (FATF), an international organization of more than 30 member countries and economies. The goal is to establish detailed measures by 2020 and put the system into operation a few years later.

Once in place, the system would be managed by the private sector. As many countries have not yet established a cryptocurrency regulatory regime, international cooperation could accelerate the development of legal measures. The new system will be developed by some 15 countries, including G-7 members Australia and Singapore.

Japan was the first country to introduce a legal framework for the cryptocurrency trade, creating a record in 2017. But with totally unregulated virtual currencies in some places, developing uniform international rules has been a challenge.

Representatives of the G-20 Finance Ministers and Central Bank Governors meeting in June decided to work on setting up licensing and registration systems for account operators. They also agreed to work together to strengthen surveillance and eliminate loopholes for illicit money transfers.

Ethereum Blockchain Network Crosses More Than 200,000 ERC20 Tokens Benchmark

Regardless of what you think of Ethereum (and altcoins in general), it is a fact that this network has had and had a great impact on the entire industry. While bitcoin is considered primarily as a means of payment, during the huge increases in 2017, the ether was the driving force and the means of payment in many cases.

The Ethereum network was really forced to assume that role: the tokens in the network shot up like mushrooms. Suddenly, everyone wanted to issue the so-called ERC-20 token. Since the launch of the network, more than 200,000 Tokens have been issued on the Ethereum network according to EtherScan.

ERC-20 is a technical standard for implementing tokens in the Ethereum chain. Almost all the coins or tokens issued on this platform belong to this category. The most important example is the ether. That is the fuel of the Ethereum network and it is also an ERC-20 token. With ether, it pays to make transactions, but also to execute smart contracts, for example.

These tokens are issued based on a smart contract. These contracts do not have to be ‘smart’ or super practical, therefore, it is a slightly unfortunate name. However, these smart contracts ensure that the network and tokens must comply with certain rules. Therefore, you can program your tokens in a certain way and give it certain properties.

In 2017, the initial coin supply trend began. Everything and everyone had to have their own record. Often that was only possible with ETH. Which resulted in prices well above $ 1,000 per ether. Current hodlers can only dream of that. Millions could be collected. And if you could make a good marketing talk, you could charge wonderfully. Because investors were ready to push their ETH earned so hard to another new company.

Billions in investments in projects, most of which have never added anything to the crypto space. On the other hand, there are some outliers. If you look at the top 100, most remain an ERC-20 token. The largest token, after ETH, is currently Binance Coin (BNB). But that currency will eventually move to its own chain. But also other currencies that are popular this year, such as Chainlink (LINK) and Basic Attention Token (BAT) have been issued on the Ethereum network.

Broader Adoption Of Bitcoin: Dutch Man Sells House For 30 BTC

A broader adoption of Bitcoin on the way: a Dutch man sells a house for 30 Bitcoin. A Brabant man sells his house for bitcoin, while someone from Arnhem makes his purchases with the largest cryptocurrency. Tim Hanekamp of Eindhoven sells his house for bitcoin (BTC). He tells the Dagblad Brabants about his motives: “I don’t know anyone in Brabant who has done this. But I believe in technology. You don’t have to go to a bank, mortgage advisor or notary.”

The house is for sale for a price between € 250,000 and € 300,000. But Hanekamp prefers to receive hard bitcoins for his house. Hanekamp: “It’s useful because I don’t have to change. There’s a lot involved. You have to go to a mortgage advisor, you have to deal with the interests again.” According to De Brabander, a transaction with bitcoin means that it will mainly have fewer administrative problems. When Hanekamp has sold his house, he goes on a trip to the motor home: “The value could well be one million per coin, so I buy a much nicer house.”

Therefore, Bitcoin is particularly useful in this situation to avoid several intermediaries. Bitcoin is a payment method, but it is by no means suitable for all situations. That does not prevent an Arnhemmer from shopping with BTC. A Redditor proudly shows the receipt of your purchases. The sumBTC user has paid very well through the Bitcoin Lightning Network for, among other things, some nuts and fish sticks.

It is an official payment method in the corresponding supermarket. In many places on the Internet you can already pay with bitcoin, but physical stores do not yet support it. If you still want to pay with bitcoin or other crypto currencies, it depends, for example, on a debit card like Coinbase. In this specific store there is a way to pay directly with bitcoin and the second fast layer called Lightning Network. A scan of the QR code and it’s ready.

Binance Offers 25 Bitcoin For Any Information To Fight KYC Data Hack

Leading cryptocurrency exchange Binance is in trouble again. It was only a few weeks ago the exchange got hacked and lost over 40 million dollars and from the past few hours rumors been circulating suggesting the KYC data of users of the exchange has been compromised.


A channel in the popular social media communication app Telegram has been posting KYC pictures, with customer selfies and other data, claiming it is from the data they are withholding from Binance. The vigilant exchange took quick notice of this and later released a statement saying this is all false just to create some FUD. Adding that they have also received threats and harassment demanding 300 bitcoin in exchange for withholding more photos.

The statement released by the exchange also mentions that the team is investigating the issue, and has offered “up to 25 bitcoin” for any helpful information that is legally actionable to fight this. “Please remember that protecting our users’ privacy and keeping our systems secure, including the funds stored within, is our utmost priority. We have numerous measures in place to ensure the safe-keeping of our users’ information, and we will continue to maintain the highest degree of transparency while serving our community.” concludes the statement.

Even though the legitimacy of this leak is yet to be confirmed, online discussion groups and crypto communities are filled with messages from concerned users, especially those who have submitted their KYC data to the exchange.

North Korean Hackers Stole $2 Billion From Banks And Crypto Exchanges

North Korea spent $ 2 billion stolen from cryptocurrency and bank exchanges through hacker attacks to finance its weapons of mass destruction programs, states a recent report of the United Nations.

DPRK hackers with the help of attacks stole $ 2 billion from exchanges of cryptocurrencies and financial organizations. The funds were used to finance weapons of mass destruction programs. Every year, North Korean hackers use increasingly sophisticated methods to attack financial services, according to the United Nations (UN) report, writes Reuters.

Pyongyang continues to develop its nuclear and missile defense programs, although it has not carried out nuclear tests or intercontinental ballistic missile launches (ICBM), says the UN Security Council sanctions committee. Third-party experts participated in the preparation of the report.

According to the report’s authors, the DPRK “is using cyberspace to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income.” In addition, through cryptocurrencies, North Korean authorities use hackers to launder stolen funds.

“Cyber ​​units of the Democratic People’s Republic of Korea, many of which are run by the Office of General Intelligence, are raising funds for weapons of mass destruction (ADM) programs, which are currently estimated at $ 2 billion in total “.

According to the report, there are “at least 35 registered cases in which the DPRK cyber units attacked financial institutions, crypto exchanges and mining farms to steal currencies.” Organizations in approximately 17 countries became victims.

The attacks by North Korean hackers in cryptocurrency exchanges allowed “to generate income in a way that is more difficult to track and are subject to less government supervision and regulation than the traditional banking sector.”

“We urge all responsible states to take measures to counter North Korea’s ability to perform malicious cyber activities that generate revenue and are used to finance its illegal programs to create ADM and ballistic missiles,” said a spokeswoman for the State Department of the United States when answering a question about a UN report.

Mastercard To Hire Specialists In Blockchain Development And Cryptocurrencies

The payment company Mastercard published on its website three vacancies for managers to develop projects in the field of blockchain and cryptocurrencies, including payments and wallets.

In one of the vacancies, the company indicated that it was looking for a “blockchain solutions engineer”, in another it required a “vice president of blockchain product management”, the third said about “product management: cryptocurrencies / wallets”. The new employees will work in an already formed multifunctional team focused on experimental research, regulation and legal compliance of digital assets, franchises, regions and technologies, with the aim of continuing to develop new products and services.

In addition, candidates for two positions must have experience in the management of cryptocurrency storage products. However, the company does not specify what exactly they will do. They may have to develop a custody solution as part of the collaboration between Mastercard and Facebook.

Also, it needs to be taken in to account that Mastercard is one of the participants of the Libra cryptocurrency project announced by Facebook, which was invited to start developing its own applications for the Libra blockchain, including alternative cryptocurrency wallets.

Study Says Only 2% Of Bitcoin Transactions Relate To Anything Illegal

Elliptic, a research firm in collaboration with the Massachusetts Institute of Technology (MIT), investigated more than 200,000 transactions in the Bitcoin network for their connection with criminal activity.

In order to sort out 203,769 transactions for a total of $ 6 billion, the research team used a machine-learning algorithm. The results were highly controversial: 77% of transactions were not classified at all, 21% were recognized as full and only 2% were illegal. And yet, researchers confidently state that artificial intelligence can significantly increase the effectiveness of anti-money laundering procedures.

Less than month ago, a similar study was conducted by Chainalysis and, according to its data, the share of transactions in the Bitcoin network related to criminal activity in 2019 is estimated at about 1%. That is, in general, the data from Elliptic analysts are almost no different from the results of a study conducted by Chainalysis. Note that in 2012 this figure was 7%.

Law enforcement agencies often turn to Elliptic for help, especially when it is necessary to identify cases of illegal use of cryptocurrencies. Algorithms developed by the company help determine whether Bitcoin is used for legitimate purposes, for example, by people who do not have access to banking services, or if unknown attackers try to use cryptocurrency for illegal activities.

“Despite the high performance indicators of our algorithms, their use is still fraught with some problems, the largest of which is false positives. The main objective of this study was to reduce the number of such responses. However, the key conclusion is that such machine-learning algorithms are very effective at detecting illegal transactions, ”said Elliptic co-founder Tom Robinson.

Robinson also noted that in some cases, the system detected patterns for which it is difficult to find a description, but they corresponded to confirmed cases of illegal activities related to darknet markets, attacks by ransomware and other criminal activity.