Connect with us

News

Cryptocurrency security: Former Barclays, HSBC ethical hacker to reveal vulnerabilities at SXSW 2019

Avatar

Published

on

Cryptocurrency security: Former Barclays, HSBC ethical hacker to reveal vulnerabilities at SXSW 2019
Source: Pixabay

The claim that virtual currencies are the most secure form of payment is to be disputed by an “ethical” hacker at the film, music and technology festival, South By South West (SXSW) 2019. Rob Pope, the co-founder of Dogtown Media and former security specialist with banking giants like HSBC and Barclays, will reveal how crypto is not as safe as you think it is in an upcoming security demonstration.

According to a press release, Pope plans on explaining how the perceived robust encrypted system underlying cryptocurrencies can be broken into. The security specialist’s presentation is titled, “Crypto Crime: How to Steal Cryptocurrency,” on March 15 at the Austin Texas SXSW 2019.

Pope aims to disprove the myth of the unbreakable security of blockchain technology and will also give a live hacking demonstration to the public on how to steal cryptocurrencies. He also plans on detailing the processes and protocols which users can employ to protect their virtual currencies.

The press release references a report by CNBC which stated that $1.1 billion in cryptocurrency was stolen from users in the first half of 2019 alone. The report detailed theft funneled through the Dark Web, targeting of crypto-exchanges and companies, and targeting new investors.

Citing three important pieces of reference, the Mt.Gox scandal, the NEM hack, and the Yapian bankruptcy, the report detailed the loss of cryptocurrency due to errors of their operators, rather than their product.

Businesses were the second more proliferated target, but the prime contention was the virtual currency asked as ransom, not the attack itself. Criminals hack into a company’s mainframe and demand ransom in the form of cryptocurrencies due to its untraceable and anonymous nature, a point in favor of the decentralized industry not against it.



Hackers look at the most vulnerable piece of the system, and in the case of cryptocurrencies, it is the operator, the intermediary or the network, not the coin itself. On the basis of this strategy, individual and group errors are pounced upon to gain access to cryptocurrencies with rare instances of hacking into the very essence of the virtual currency.

Given the cited information in the press release, it can be presumed that the seminar by Pope will delve more into the inadequacies of the users of cryptocurrencies rather than the digital asset itself. Regardless, the seminar is expected to shed light on the method by which cryptocurrency crimes can be prevented and users can keep their digital funds safe.





Subscribe to AMBCrypto’s Newsletter


Bitcoin

Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser

Avatar

Published

on

'Bitcoin is still going to $100,000', says Max Keiser
Source: Unsplash

CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,



“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending