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Details are spilling out from the memoir of former Trump aide Omarosa Manigault Newman before its official release next week, and the most salacious one so far alleges that Trump used the n-word multiple times during the making of The Apprentice several years ago, reports the New York Times . In…
The University of North Carolina-Chapel Hill has revised a textbook for a required fitness course that called cancer “a disease of choice” and included a theory asserting Holocaust victims failed to tap into their inner strength, the AP reports. The university released a statement saying revisions to 21st Century Fitness…
Venezuelan President Nicolas Maduro claimed to have “enough proof” to link the Colombian government to the alleged assassination attempt against him over the weekend.
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The number of confirmed cases in Congo’s new outbreak of the Ebola virus has risen to 13, including three deaths, the health ministry said late Saturday. The World Health Organization has warned that this new outbreak of the deadly virus in North Kivu province poses a particular challenge as the…
With the vast amounts of money going around, it’s no surprise that the greater Bitcoin ecosystem is rife with scams, hacks and cyber attacks of all kinds. Operating in such an environment, cautious users are always mindful of their security and learn to avoid outrageous claims that are sometimes nothing more than just that. A recently released wallet was said to be “unhackable” by its promoters, including John McAfee, and this has naturally triggered security researchers.
“Unhackable” Bifti Wallet
When the Bitfi hardware wallet was unveiled in June, its official promotional material called it the “first truly unhackable” wallet, promising “impenetrable security” and an operation “without any risk of loss”. It was also said to offer more security than any other type of storage, including cold storage.
Vouching for the device being indeed “unhackable”, which Bitfi acknowledged is an extremely bold claim, was John McAfee. “Of all today’s elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet. Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means. No other hardware wallet has ever been built to this level of sophistication,” McAfee is quoted as saying.
This level of sophisticated security was supposedly achieved primarily by utilizing a proprietary open-source algorithm that calculates the private key from a user’s own unique secret phrase. “The private key only exists for a fraction of a second, just long enough to approve the transaction and is never stored anywhere.” And the developers added that: “Unlike other wallets, the Bitfi wallet cannot be tampered with. If it is ever lost, stolen, taken apart and forensically analyzed, the private keys cannot be retrieved, making the wallet safe to purchase from anyone within the network of authorized distribution dealers.”
Checking Under the Hood
Initial reviews were very unkind to Bitfi, with one security researcher stating: “my conclusion is that their product is most charitably described as a ‘footgun’,” meaning a device designed for shooting yourself in the foot. McAfee, which is known for being a shill in the crypto community but has credibility to lose in the cyber security space as an anti-virus pioneer, shoot back by labeling critics as “haters” and negative reviews as “fake” because they were based on Bitfi documentation rather than examining the actual device. Moreover, he challenged anyone to hack the wallet and receive a $ 100,000 bounty.
Everyone tells me https://t.co/VJ7qrOxQqL is hackable. Then register as a hacker and do it. We send you the device pre-loaded with $ 50 in BTC. If you get the BTC we send you $ 100,000. You will eventually give up. When you do we send you the pass phrase to recover your $ 50. Do it.
— John McAfee (@officialmcafee) July 28, 2018
So security researchers have now gotten their hands on the device and are tearing it apart trying to answer the hacking challenge. And they already discovered a few interesting things. According to their collaborative efforts, it seems that the hardware of the wallet is basically that of a Chinese mobile phone (Mediatek MT6580) minus the camera and SIM card. And the firmware includes a Baidu GPS/WIFI tracker, a malware suite (Adups FOTA), and a tracker capable of logging all activity on the device.
But it does have this eMMC flash chip on it. pic.twitter.com/tUnCG3xKF6
— Ask Cybergibbons! (@cybergibbons) July 30, 2018
Can any system claim to be truly “Unhackable”? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, Bifti.
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The post Security Researchers Attack McAfee-Backed Wallet for “Unhackable” Claims appeared first on Bitcoin News.
After locking up his chief rival, Prime Minister Hun Sen claimed another five years as Cambodia’s leader, in an election that was widely derided as a farce exposing the lurch toward authoritarianism.
WSJ.com: What’s News Asia
Pakistan’s election commission is expected to confirm former cricket star Imran Khan’s victory Friday after polls marred by widespread allegations of vote-rigging.
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Withcoin, a virtual currency reportedly designed for casinos, and listed on the Hitbtc exchange around May, is accused of selling coins using a promotional video propagating alleged lies and misleading information. In April 2018, a video promoting Withcoin went viral on the internet, inviting investors to purchase in advance a coin that was going to be listed on a crypto exchange in May, the message said.
“If You Buy It Today You Can Become a Millionaire”
The propaganda video was spread by an individual called Matsuyama. Matsuyama, also known on other sites as Koichi Matsuyama, enumerated attractive selling points for buyers, but it was later discovered that most of what he was saying was a lie, according to an overview explanation listed on the Enjin crowdfunding Class Action site. In a project called “Final ICO,” Matsuyama aimed at pre-selling a listed fixed coin that had the potential to increase its price a thousand times. The pre-sale allegedly started in January of 2018 with 1 Withcoin valued at 0.5 yen. However, it was reportedly only possible to purchase the coins by large chunks of 10 million yen. Buyers therefore seemingly purchased Withcoin in groups.
Matsuyama allegedly operated his business without disclosing any company name, and reportedly claimed having a career as a system engineer. He also made affirmations stating that Withcoin would be listed on Binance, then changed the exchange to Hitbtc. He also allegedly claimed in his project that the coin could be exchanged at Okada Manila, a casino in the Philippines, which denied any involvement with cryptocurrencies on its homepage.
Soon after the coin was listed on the crypto exchange, its price fell to about 1/10 of the ICO price, which made purchasers suffer large losses. Enjin explains on its class action page that the business was selling a cryptocurrency giving false information therefore, the sales contract being invalid, the victims can now claim a full refund in Japanese yen at the rate of the time when the coins were sold.
Coin Crashed to 1/20th Its Price
About two weeks after being listed, Withcoin crashed to 0.139 yen. Many investors were tricked and directed to a site after viewing a Youtube video that was inviting viewers to purchase the seemingly attractive coin. As of June, more than 420 victims gathered on the crowdfunding class action litigation project Enjin for reported damages of over 1.3 billion yen ($ 12m). The number of victims claiming to have been duped in the same case has grown ever since. The question now lies in whether Matsuyama was intentionally aiming at tricking investors, which is seemingly difficult to prove. However, testimonies show the Withcoin management team could be proven as having given false explanations to its clients. Youtube is also accused of expanding the damage by introducing Withcoin, according to FXinspect.com, a site that verifies and reviews information on commodity materials mainly sold on the internet.
“I will introduce a very attractive coin,” the man allegedly said, “you can buy it now for 3 yen, but after the coin will be listed, it will be valued at 5 yen. The price will never break […]” the man in the video promised. The investors who viewed the video where guided to a mail magazine online, where the actual trades were carried out.
Considering the lowest offering price as an opportunity, the manager behind Withcoin sold a massive amount of his coins, whose price later fell to 0.14 yen. If the value of the coin had risen from its initial 3 yen, it was theoretically possible to make an expected profit of about 20 times the price of the coin, FXinspect explains. WithCoin had existed since about the end of 2017 or February 2018, however publicity for it started on Youtube around March 2018, the site explaining the class action stated.
Its white paper says that Withcoin is a digital currency “specialized in casinos,” and mentions a casino in the Philippines, without naming any specific venue. “We will realize a digital-currency platform for anyone to easily participate in casinos,” the white paper boldly states.
Okada Manila hotel was unavailable for news.Bitcoin.com’s request for confirmation of whether WithCoin could be exchanged at its casino. However its homepage stated that Okada Manila does not offer or allow the use of bitcoin or other cryptocurrency in its casino or anywhere else in its property. “Okada Manila has never authorized or partnered with anyone regarding the use of bitcoin or other cryptocurrency. Any claim or report that Okada Manila is offering or allowing the use of bitcoin or other cryptocurrency is false, inaccurate and unauthorized,” the hotel homepage says.
A Digital Currency “Specialized in Casinos”
“Okada is well-known as a casino mogul in Japan and Asia, and using his name is clearly an attempt to add an air of legitimacy to an allegedly fraudulent scheme. It also ironically illustrates that for many cryptocurrency isn’t seen primarily as an investment, but more like a gamble,” Jake Adelstein, an investigative journalist and yakuza expert based in Tokyo told news.Bitcoin.com by email.
FXinspect said most videos and websites allegedly created by Withcoin were removed from the internet since the collapse of Withcoin.
What do you think of this class action case against Withcoin? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, FXinspect.com, Enjinclassaction.com, Haji Bashi Coin.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post Japanese Class Action Against Gambling Coin Claims $ 12m Damages appeared first on Bitcoin News.
In recent mining news, AMD has reported declining sales of mining hardware during the second quarter of 2018, Hut 8 has claimed to now comprise the largest bitcoin mining company in Canada by operating power following the construction of its second facility, and Chinese authorities have shut down what they have described as “illegal” mining operations taking place in the autonomous Xinjiang Uyghur region in the country’s north-west.
AMD Reports Declining GPU Sales During Q2
Major manufacturer of graphics cards (GPUs), Advanced Micro Devices (ADM), has become the latest mining chip maker to report declining sales during Q2, 2018.
It the company’s latest quarterly earnings report, AMD reports a 3% quarter-to-quarter decline in revenues generated by the company’s Computing and Graphics division. The chief executive officer of AMD, Lisa Su, also indicated that roughly 6% of the company’s revenue came from mining hardware sales during Q2 – down from 10% during Q1.
The report states: “Computing and Graphics segment revenue was $ 1.09 billion, up 64 percent year-over-year and down 3 percent quarter-over-quarter. Year-over-year revenue growth was driven by strong sales of Radeon products and continued growth of Ryzen products. The quarter-over-quarter decline was primarily related to lower revenue from GPU products in the blockchain market.”
Looking forward, the report anticipates further decline in GPU sales, stating: “For the third quarter of 2018, AMD expects revenue to be approximately $ 1.7 billion, plus or minus $ 50 million, an increase of approximately 7 percent year-over-year, and non-GAAP gross margin to increase to approximately 38 percent, driven by the sales growth of Ryzen and EPYC products, partially offset by lower sales of GPU products in the blockchain market.”
Hut 8 Completes Construction of Second Facility, Claims to be Largest Miner in Canada
Hut 8 Mining Corp. has announced the completion of the construction of its second bitcoin mining facility which is based in the city of Medicine Hat.
According to a press release issued by Hut 8, the new facility hosts 40 “BlockBox datacenters” at the site, representing “48 MW of operating power.” The company now claims to wield a total of “66.7 MW of fully-funded operating power.“
Andrew Kiguel, the president and chief executive officer of Hut 8, stated: “As a result of our employees’ hard work, our partners at the Bitfury Group and the cooperation from the City of Medicine Hat, our construction is complete – ahead of schedule and on budget. We are pleased to have surpassed our September 2018 completion target. With 66.7 MW of aggregate operating capacity, we believe we are the largest cryptocurrency miner in Canada and the largest publicly-traded cryptocurrency miner by operating capacity in the world. In addition, we are actively pursuing further opportunities to deliver value to our investors.”
Since beginning operation in December 2017, Hut 8 claims to have mined more than 1,900 BTC.
China Cracks Down on “Illegal” Mining in Autonomous Xinjiang Uygur Region
Chinese media have reported that the Xinjiang Uygur Autonomous Region Economic and Information Technology Commission has issued a “notice on the removal of illegal mining enterprises” which demands that mining companies in the region cease operations by the 30th of August.
The notice specifically targets “Unauthorized mining enterprises that fail to go through the formalities of industrial and commercial registration, tax registration, social security and other insurances in accordance with national laws and regulations” and “non-regulated electricity use.”
The notice adds that “the main body responsible for the […] illegal use of electricity shall be the power generation enterprise.”
When do you think that demand for mining hardware will again show growth? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, hut8mining.com
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The post Mining Round-Up: AMD GPU Sales Decline, Hut 8 Claims to be Largest Miner in Canada appeared first on Bitcoin News.
Former cricket star Imran Khan has claimed victory in Pakistan’s disputed elections, which have been marred by violence and claims of vote-rigging.
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