The U.S. Federal Reserve is warning that the increasing use of cryptocurrencies known as "stablecoins," without proper safeguards and regulations, could pave the way for crime, including money laundering and terrorism financing.
Instead of proving a flash in the pan, enthusiasm for cryptocurrency has grown - and with it the associated fraud. Cyber criminals were quick to develop malware with the aim of stealing cryptocurrencies, with attackers finding ways to exploit the anonymity offered.
The notorious Joker's Stash cybercrime marketplace, which specializes in selling stolen payment card data, has a new listing for 1.3 million credit and debit cards, almost all of which appear to have been issued by Indian banks, reports threat intelligence firm Group-IB.
A U.S. Congressional committee on Wednesday peppered Facebook CEO Mark Zuckerberg with tough questions about the company's plans for a cryptocurrency called Libra, raising concerns about privacy issues as well as potential use of the currency for money laundering or to finance deals for illegal drugs and weapons.
Attackers are using Docker containers to spread a cryptojacking worm in a campaign dubbed "Graboid," according to researchers at Palo Alto Network's Unit 42 threat research unit. Although the researchers describe the campaign as "relatively inept," they says it has the potential to become much more dangerous.
Security researchers have found that a hacking group, which may have North Korean ties, recently created a phony company offering a cryptocurrency exchange platform as a step toward planting malware on the macOS devices of employees of cryptocurrency exchanges.
The not-for-profit Libra Association, which would govern Facebook's new Libra cryptocurrency, launched Monday despite Visa, MasterCard and others dropping their participation. Meanwhile, Facebook CEO Mark Zuckerberg is scheduled to testify before Congress next week to address concerns about the project.
A Singapore man allegedly ran a large-scale cryptocurrency mining scheme that involved using stolen identities to access Amazon and Google cloud computing resources, according to a 14-count U.S. Justice Department indictment.
British police have auctioned off bitcoins and other cryptocurrencies seized from a U.K. teenager who participated in the hack of the London-based telecommunications firm TalkTalk in 2015. The auction netted $294,000, which will be used by law enforcement to help fund crime-fighting efforts.
More proof that when it comes to crime, there's nothing new under the sun: Federal prosecutors have charged two men with attempting to extort cryptocurrency worth more than $12 million from a startup firm planning to undertake an initial coin offering, in part via physical intimidation.
Government agencies and private sector organizations around the world are experimenting with the use of blockchain to help manage digital identity. Here are three examples of pioneering efforts in the U.S., Canada and India.
U.K. authorities are attempting to seize more than $1.1 million in cryptocurrency from a notorious British hacker who carried out attacks that targeted more than 100 companies over a two-year period, according to the Metropolitan Police Service. The currency will be sold, with proceeds used to compensate victims.
To leverage blockchain for identity management at the enterprise level, CISOs first need to form a governance structure, says Prasanna Lohar, head of innovation at DCB Bank, a private banking company in India, who describes all the necessary steps.
At a Senate committee hearing on Tuesday, lawmakers grilled a Facebook executive about the company's plans to launch a cryptocurrency. One Democratic senator said Facebook "does not respect the power of the technologies they are playing with - like a toddler who has gotten his hands on a book of matches."
Critics say blockchain is a technology looking for a purpose, but Microsoft's David Houlding says organizations are using blockchain today to validate identities and to help prevent fraud. He shares use cases and emerging best practices.