Crypto criminal's 2018 salary 💸

January 30, 2019

ARCHIVE

QUOTE OF THE DAY

"You could say coins are issued by the majority. They are issued in a limited, predetermined amount."

- Satoshi

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MARKET

COIN	PRICE	24H
BTC	$3,478.29	+ 0.78%
XRP	$0.315423	+ 8.02%
ETH	$108.64	+ 2.27%
EOS	$2.33	+ 1.55%
BCH	$118.05	+ 4.80%

*Information as of 10:00 AM EST

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RESEARCH

Crypto Criminals Grabbed $1.7 Billion From Theft and Scams in 2018

In a new report released Tuesday, crypto analytics company CipherTrace estimated that over $1.7 billion in cryptocurrency had been obtained illegally in 2018.

CipherTrace broke down the number into two categories:

• $950 million coming from exchange hacks - 3.6x higher than 2017
• $725 million coming from various scams like fake initial coin offerings, Ponzi schemes, and exit scams

Interestingly, despite sharp falling prices, the total dollar amount of crypto obtained illegally in 2018 still surpassed 2017 - showcasing a growing need for stronger security.

The threats you should know

Also included in the report, CipherTrace listed the top security threats in crypto right now.

Here are their top 5:

1. Sim swapping
2. Crypto dusting
3. Sanction evasion
4. Next-generation crypto mixers
5. Shadow money service businesses

Other notable threats include large-scale crypto hacking malware and even email extortion.

Regulation to the rescue

While these threats continued to be an issue in 2018, CipherTrace CEO Dave Jevans believes new regulation will crack down on crypto criminals quickly.

Jevans explained:

"Cryptocurrency criminal activity continues to evolve and accelerate. Fortunately, pending global legislation will hamstring many criminals, global gangs, and terrorist groups by greatly reducing their opportunities to launder."

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INSTITUTION

Fidelity's Crypto Custody is Coming in March

First revealed on a Bloomberg terminal, it seems that financial giant Fidelity is looking to launch its crypto custody solution in March.

Initially, the custody will be centered around storing just Bitcoin. Soon after, the systems will begin to store other cryptocurrencies like Ethereum.

Instilling trust

Previously, an executive in charge of digital assets at Fidelity explained that many clients want to jump into crypto, but "needed a trusted platform provider" first.

According to a statement released Tuesday, Fidelity is already serving a small group of customers who trust its new service.

The statement continued:

"Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors."

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LITECOIN

Litecoin Could Become a Privacy Coin

Litecoin, commonly considered the silver to Bitcoin's gold, could be looking to introduce private transactions - and make a new name for itself.

It all started when Litecoin founder Charlie Lee tweeted:

"Fungibility is the only property of sound money that is missing from Bitcoin and Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy."

He then continued:

"I am now focused on making Litecoin more fungible by adding Confidential Transactions. "

The consequences of privacy

The move to make Litecoin private will bring more with it than just dark transactions - mostly from a regulatory perspective.

Exchanges that work closely with regulators may see some pushback since private transactions open the flood gates for money laundering.

Still, the change would give Litecoin a new edge in its pitch after being in Bitcoin's shadow all these years.

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BITS

But wait, there's more...

• 🚀 SWIFT CEO reveals plans to launch new gateway with the help of blockchain software firm R3.
• 👎 AMD estimates an "absence" of GPU sales due to crypto miners in the first quarter.
• 👀 Crypto lender Genesis Capital processed nearly $1.1 billion in 2018.

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Min Kim talks about ICON's partnerships and growth

ICON will have a busy 2019 full of partnerships and growth

View email in browser | Visit The Iconist Min Kim shares his thoughts about ICON's present and future Editor's Notes Dear Iconists,  2019 promises to be a busy year full of partnerships, development and growth for the ICON Republic and we, at The Iconist, will keep bringing you the latest news on all of it.  Curious on what to expect? ICON Foundation's Min Kim, ICON Global Business Head Henry Lee, and Deblock's CEO Hyun Oh shared their thoughts about the blockchain industry in 2019 as well as the future of ICON. The Iconist also interviewed two new ICON DApps: AC3 and VELIC. Click on the links to learn what they are bringing to the ICON family.  As always, we love to hear from you. Get in touch on Twitter (@TheIconistNews) or by email at hello@theicon.ist. In the meantime, take a look at our most recent stories below. Mariana Peralta Editor @ The Iconist Don't Miss These Articles 2019: A YEAR OF DEVELOPMENT AND DIFFERENTIATION by Robin J. Wolf MIN KIM SAYS ICON HAS A BRIGHT PRESENT AND EVEN BRIGHTER FUTURE by Robin J. Wolf AFTER A STRONG 2018, LINK LOOKS TO THE FUTURE by Mariana Peralta AC3 HELPS CONTENT CREATORS DEVELOP A BASE OF SUPPORTERS by Robin J. Wolf VELIC: A ONE-STOP SHOP FOR DIGITAL ASSET MANAGEMENT by Robin J. Wolf Connect with The Iconist Community. Get ICON news first. Copyright © 2019 THE ICONIST, All rights reserved. You asked us to keep you updated on what is happening with ICON. Our mailing address is: THE ICONIST PO Box 75 San Francisco, CA 94104-0075 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

Iran lays out crypto plans

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January 29, 2019 IRANIAN RESTRICTIONS: The Central Bank of Iran appears set to prohibit “unapproved” cryptocurrencies from being used for payments in the country, a draft report obtained by CoinDesk indicates. According to a translation of the report, titled “Obligations and Rules Regarding Cryptocurrencies,” “any cryptocurrency wallets will be used only for holding and transferring cryptocurrencies and integrating any kind of services in wallets using cryptocurrencies is forbidden.” If the plan is ultimately approved, the central bank will effectively seek to block the use of unapproved cryptocurrencies as a means of payment. However, the report also indicates that the Central Bank of Iran will not directly restrict anyone from personally holding or transferring small amounts of approved cryptocurrency. It’s not immediately clear which cryptocurrencies will receive approval, though a source with knowledge of the process told CoinDesk that regulators want all bitcoin transactions in the country to be settled in the Iranian rial. That said, Iranians could be barred from holding large amounts of cryptocurrency in the same way they are officially restricted from owning more than 10,000 euros outside of their regulated bank accounts. Full Story​ CRYPTO BANKNOTES: Switzerland-based crypto hardware wallet maker Tangem says it has been selected by the Republic of the Marshall Islands to produce the "physical blockchain notes" for the nation's planned national digital currency. Tangem announced the news Monday, saying the blockchain notes will be used to store the republic’s Sovereign (SOV) digital currency, which is being launched as an alternative legal tender to be accepted alongside the U.S. dollar. Described as "controllable mechanism of currency issuance and circulation for the state," the notes take the form of a physical card that is secured with a blockchain-enabled microprocessor. They offer "immediate" transaction validation, zero fees and require no internet connection to use, according to the firm. David Paul, minister-in-assistance to the president of the Marshall Islands, said in the announcement: “Tangem will help us ensure all citizens, including those living on more remote outer islands, are able to easily and practically transact using SOV.” The Marshall Islands first announced its plans to issue SOV as a legal tender in February of last year, when it passed the Declaration and Issuance of the Sovereign Currency Act allowing the move in law. Full Story HACKER GROUPS: Two groups alone are responsible for the majority of hacks at cryptocurrency exchanges to date, according to a report from blockchain analysis software provider Chainalysis. The research indicates that two “prominent, professional” criminal groups are behind at least 60 percent of all publicly reported crypto exchange hacks, netting around $1 billion in total. “On average, the hacks we traced from the two prominent hacking groups stole $90 million per hack. The hackers typically move stolen funds through a complex array of wallets and exchanges in an attempt to disguise the funds’ criminal origins,” according to the report. The firm has named the two groups as Alpha and Beta, with the former being a “giant, tightly controlled organization partly driven by non-monetary goals,” and the latter being a “less organized and smaller organization absolutely focused on the money.” Chainalysis analyzed the crypto transactions of the groups and found that Alpha quickly moves funds after stealing them, with an “extremely high” average number of fund movements. Beta group, on the other hand, is comparatively slow and holds the coins for 6–18 months, according to the report. When it decides to cash out, it quickly hits one crypto exchange and exchanges over 50 percent of the funds within days. In one example, Beta cashed out about $32 million at one go. Full Story​ CoinDesk Research interprets a variety of data points to communicate the story behind the numbers. The recent monetary and political crisis in Venezuela is grabbing mainstream headlines, although, one might ask: How does this affect crypto? We observed exchange volume on LocalBitcoins denominated by the Venezuela bolivar. It appears that the crisis has substantially affected crypto, bitcoin in this case, with large increases in exchange volume. President Maduro was elected on May 20, 2018 and since then the bolivar volume has increased by 41,025 percent and U.S. dollar-denominated volume has increased by 68 percent. It appears that much of the increase occurred between November 2018 and the present, even though high levels of monetary expansion were occurring in the preceding months. While one conclusion from the data might be that bitcoin acts as a hedge against instability of traditional economic and political systems, it might be also helpful to ponder these questions: If exchanging foreign currencies was easier, would the bitcoin interest remain? Are people largely using bitcoin as a vehicle for remittances from abroad and converting upon arrival? If government subsidized energy was not cheap and abundant, would bitcoin be as attractive to mine there? The above data was sourced from Coin.Dance. For more research insights, check out the CoinDesk Crypto-Economic Explorer here to see this table and more.  SEEKING SUPPORT: Bitcoin risks falling below the long-term support of the 200-week moving average at $3,298 after a drop to six-day lows. Unlike the last time this happened in December (when bitcoin bounced off the support), the RSI is currently indicating undersold conditions, adding downward pressure. If the level is breached, a move below $3,000 isn't out of the question. Full Story​ BEST OF THE BEST QUARTZ: An international law firm has sought to allay fears over the risks of cryptocurrencies from the panel making the decision on India's official policy on cryptocurrencies, Quartz India reports. In a submission to the regulatory panel from December that was just made public, Nishith Desai Associates – which has previously represented crypto exchanges – said: "Like electricity, railways, telecommunications, motor vehicles, aircraft, mobile phones, and the internet in the past, many are today concerned about the risks posed by cryptoassets." Yet, without crypto tokens, the firm continued, blockchain is a “severely hampered system,” as they provide the “incentive for decentralisation” – the key innovation the technology. Taking away the token incentive would be like “allowing the internet, but not websites or emails,” Nishith Desai Associates said Further, banning cryptos could actually increase the risk of money laundering and illegal transaction, the firm suggested. THE REST KOREA JOONGANG DAILY: South Korea’s central bank has no plans to issue a digital currency in the near future, Korea JoongAng Daily reports. The conclusion comes after the Bank of Korea (BOK) completed a study on the benefits of launching a central bank digital currency (CBDC). In conclusion the bank found no urgent need for a digital won, although the possibility was not ruled out for further down the road. “We have no plans to issue any type of CBDC that is available for all people in the near future,” an unnamed BOK official was cited as saying at a briefing. “We have to work further on benefits and costs of CBDC implementation first.” RTT NEWS: Crypto hardware wallet maker Ledger has launched a mobile app that will allow users of its upcoming Ledger Nano X device to make transactions wirelessly over Bluetooth, according to RTT News.  On sale from March, the Ledger Nano X will also let users manage their crypto assets, install applications and update the device's firmware using the Ledger Live app – now available for Apple's iOS 9 and onwards or Android Lollipop 5 and above. Users of the currently available Nano S wallet can also connect to the app on Android phones by using a USB OTG cable. The phone only offers a “consultation mode,” however, letting users check the value of their crypto assets and view balances after scanning a QR code presented on Ledger’s desktop app. WHO WON #CRYPTOTWITTER Copyright © 2019 CoinDesk. All rights reserved. Our mailing address is: 250 Park Avenue South New York, NY, 10003, US Want to change how you receive these emails? You can update your preferences or unsubscribe from this list