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Craig Wright Threatens BTC and BCH With Possible Lawsuits

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Craig Wright Threatens BTC and BCH With Possible Lawsuits
Craig Wright Threatens BTC and BCH With Possible Lawsuits

Craig Wright, who claims to be the Bitcoin creator known as Satoshi Nakamoto, has warned the Bitcoin (BTC) and BCH to stop using the Bitcoin database in order to avoid potential lawsuits. He claims that both networks may also violate the laws under the terms of Bitcoin’s original EULA and MIT License. The man behind Bitcoin SV in the recent personal blog post added that he is going to take back control of the system he created, and is ready to fight for his rights this year.

Wrights argues that the distributed Bitcoin database rights are governed by the Copyright, Designs and Patents Act 1988 (CDPA) and the Copyright and Rights in Databases Regulations 1997 (Databases Regulations 1997). So it should be considered as personal property. Dr. Wright claims that representation of 21 million total Bitcoin which each divisible by 100 million Bitcoin is only a verbal deal. The Bitcoin’s creator should have the full rights to claim this unilateral contract with those nodes to issue, adding that:

“As the creator of Bitcoin, I maintain the sui generis rights to any copy of the database created from Genesis in January 2009. I shall not be relinquishing the ownership. I will be licensing it, and have already engaged in a process.”

Ever since 2018 Craig Wright has been the defendant in a lawsuit filed on behalf of the estate of Dave Kleiman, Wright’s late business partner. The claim alleged that following Kleiman’s death in 2013, Wright unlawfully appropriated more than a million Bitcoin (BTC) that the duo had mined jointly in the early years of the cryptocurrency, as well as some related intellectual property. The new trial with Kleiman’s case has been postponed to April 17, and the trial won’t be held till July 2020. But in any case, it shouldn’t take long to find all these claims are legitimate or not.

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Sophisticated Mining Botnet Has Been Identified After 2 Years

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Sophisticated Mining Botnet Has Been Identified After 2 Years
Sophisticated Mining Botnet Has Been Identified After 2 Years

Cybersecurity firm, Guardicore Labs, revealed the identification of a malicious crypto-mining botnet that has been operating for nearly two years on April 1. The threat actor, dubbed ‘Vollgar’ based on its mining of the little-known altcoin, Vollar (VSD), targets Windows machines running MS-SQL servers — of which Guardicore estimates there are just 500,000 in existence worldwide. However, despite their scarcity, MS-SQL servers offer sizable processing power in addition to typically storing valuable information such as usernames, passwords, and credit card details.

Once a server is infected, Vollgar “diligently and thoroughly kills other threat actors’ processes,” before deploying multiple backdoors, remote access tools (RATs), and crypto miners. 60% were only infected by Vollgar for a short duration, while roughly 20% remained infected for up to several weeks. 10% of victims were found to have been reinfected by the attack. Vollgar attacks have originated from more than 120 IP addresses, most of which are located in China. Guardicore expects most of the addresses corresponding to compromised machines that are being used to infect new victims. Guidicore lays part of the blame with corrupt hosting companies who turn a blind eye to threat actors inhabiting their servers, stating:

“Unfortunately, oblivious or negligent registrars and hosting companies are part of the problem, as they allow attackers to use IP addresses and domain names to host whole infrastructures. If these providers continue to look the other way, mass-scale attacks will continue to prosper and operate under the radar for long periods of time.”

Guardicore cybersecurity researcher, Ophir Harpaz, said that Vollgar has numerous qualities differentiating it from most cryptojacking attacks.

“First, it mines more than one cryptocurrency – Monero and the alt-coin VSD (Vollar). Additionally, Vollgar uses a private pool to orchestrate the entire mining botnet. This is something only an attacker with a very large botnet would consider doing.”

Harpaz also notes that unlike most mining malware, Vollgar seeks to establish multiple sources of potential revenue by deploying multiple RATs on top of the malicious crypto miners. “Such access can be easily translated into money on the dark web,” he adds.

While the researcher did not specify when Guardicore first identified Vollgar, he states that an increase in the botnet’s activity in December 2019 led the firm to examine the malware more closely. “An in-depth investigation of this botnet revealed that the first recorded attack dated back to May 2018, which sums up to nearly two years of activity,” said Harpaz.

To prevent infection from Vollgar and other crypto mining attacks, Harpaz urges organizations to search for blind spots in their systems.

“I would recommend starting with collecting netflow data and getting a full view into what parts of the data center are exposed to the internet. You cannot enter a war without intelligence; mapping all incoming traffic to your data center is the intelligence you need to fight the war against cryptominers.”

“Next, defenders should verify that all accessible machines are running with up-to-date operating systems and strong credentials,” he adds.

In recent weeks, cybersecurity researchers have sounded the alarm regarding a rapid proliferation in scams seeking to leverage coronavirus fears. Last week, U.K. county regulators warned that scammers were impersonating the Center for Disease Control and Prevention and the World Health Organization to redirect victims to malicious links or to fraudulently receive donations as Bitcoin (BTC). At the start of March, a screen lock attack circulating under the guise of installing a thermal map tracking the spread of coronavirus called ‘CovidLock’ was identified.

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Gamers In Quarantine Are Straining Microsoft Azure-based Blockchain Platform

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Gamers In Quarantine Are Straining Microsoft Azure-based Blockchain Platform
Gamers In Quarantine Are Straining Microsoft Azure-based Blockchain Platform

Microsoft has acknowledged that the quarantined gamers are putting a strain on its Azure cloud platform which is a backbone of the company’s Blockchain As a Service (BaaS) offering. In the SEC filing, Microsoft addresses the impact of “the global health pandemic” on its Azure cloud services. The company admits that in certain regions “deployments for some compute resource types (…) drop below our typical 99.99 percent success rates”. Furthermore, Microsoft confirms that “Xbox Live [is] putting a strain on overall Azure capacity:”

“As a result of the surge in use over the last week, we have experienced significant demand in some regions (Europe North, Europe West, UK South, France Central, Asia East, India South, Brazil South) and are observing deployments for some compute resource types in these regions drop below our typical 99.99 percent success rates.”

However, the company has not been forced to change its prioritization criteria, still giving precedence to emergency services. A Microsoft spokesperson said that the company has “nothing to share beyond the Microsoft Azure blog.”

Azure users can deploy a blockchain network, including Bitcoin (BTC), in the cloud without having to invest in their own hardware infrastructure. Among its clients are GE Aviation, J.P. Morgan, and its own Xbox. Meanwhile the demand for the Bitcoin network is at the lowest point since “crypto winter.”

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Traditional Traders More Interest in Crypto

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Traditional Traders More Interest in Crypto
Traditional Traders More Interest in Crypto

A survey published on March 31 revealed that senior trading executives believe that large companies in the business would be interested in taking advantage of the recent crypto plunge, particularly Bitcoin (BTC). According to the Adoption of Digital Asset Trading report published by Acuiti management intelligence platform, about 100 venues capable of trading cryptocurrencies have launched for institutional clients. The survey shows greater adoption of digital assets among sell-side service providers (26%) than traditional trading firms (17%). However, it clarified that the adoption rates are limited to the CME or Bakkt.

All the crypto trading firms that were studied in the report realized that there was a growing interest in Bitcoin derivatives. About 57% of traditional trading firms have traded Bitcoin, while 29% traded Ethereum (ETH) derivatives. One of the findings of the survey is that although XRP is being ranked as the eighth most popular digital asset, XRP/USD was ranked 5th in the ranking of the preferred cryptocurrency pair within institutional firms. Their top three primary considerations are liquidity, volatility, and arbitrage opportunities.

One of the biggest concerns among all trading institutions surveyed, including those still waiting to trade digital assets like cryptocurrencies, was the security vulnerabilities of exchange and fears over hacking. Another concern detailed in the report is fear of reputational damage, which is why many trading institutions do not want to offer digital assets among their portfolio. Although the survey still believes that adoption rates remain low, the future looks bright in terms of adoption. 97% of traditional trading firms are considering trading digital assets within the next two years.

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