THE RISE and RISE of BITCOIN a Documentary by Nicholas Mross
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Enforcement Trends in Cryptocurrency
Latham & Watkins Financial Institutions Group & White Collar December 9, 2015 | Number 1904 Defense & Investigations Practice Enforcement Trends in Cryptocurrency Cryptocurrency is on the rise...and so are enforcement actions. In less than a decade, cyptocurrencies have grown from a novelty reserved for those dealing in the illicit into a robust platform embraced by financial institutions and businesses alike. Wall Street and strategic investors have increasingly taken note, working to adapt their technology, streamline market trading and integrate cryptocurrency into everyday financial transactions. The rapid adoption of cryptocurrencies has also led to increased government enforcement activity. These actions evidence US regulators’ appetite to investigate fraud and other violations linked to cryptocurrency — often using traditional laws and regulations. Given this increased government scrutiny, financial institutions and traders should understand how regulators have policed the virtual world in the past in order to be prepared for the future. Government Enforcement Actions in the Cryptocurrency Space Unsurprisingly, government regulators, including the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), the Commodities Futures Trading Commission (CFTC), the Federal Trade Commission (FTC) and the Financial Crimes Enforcement Network (FinCEN), have become increasingly active in policing the cryptocurrency space. The below enforcement actions provide a bird’s-eye view of how the enforcement framework for cryptocurrencies -
Cybersecurity: Should the SEC Be Sticking Its Nose Under This Tent?
Cybersecurity: Should the SEC be Sticking its Nose Under this Tent? By Loren F. Selznick and Carolyn LaMacchia1 A. Introduction On January 29, 2015, Anthem, Inc. learned of a cyberattack that occurred over the course of several weeks. Anthem, the country’s second-largest health insurer, reported unauthorized access to a database containing 80 million customer and employee records. Critical information accessed included Social Security numbers, birthdays, street and email addresses, and income data. Working closely with the Federal Bureau of Investigation, the company has taken corrective measures, but the attackers have not been identified.2 According to media reports, Anthem will soon deplete its $100 million cyber- insurance coverage just to notify the victims and provide free identity-theft protection and credit monitoring in the wake of this breach.3 Anthem’s predicament is commonplace— managing a loss that is not readily apparent, unpredictable, and costly. With more business operations dependent upon technology, cybersecurity breaches occur on a daily basis and impact entities of all sizes. Investors envision similar cybersecurity breaches at their own companies. What if hackers obtained the debit and credit card information of retail customers? What if the cloud storage the company maintained for clients were breached? What if medical 1 Dr. Selznick (J.D. Cornell University) is an Assistant Professor of Business Law and Dr. LaMacchia (Ph.D. Nova Southeastern University) is an Assistant Professor of Information and Technology Management at Bloomsburg University of Pennsylvania. 2 AnthemFacts.com, How to Access & Sign up for Identity Theft Repair & Credit Monitoring Services, https://www.anthemfacts.com (last visited Oct. -
Overview of Crypto Currency`S Role in India
www.ijemr.net ISSN (ONLINE): 2250-0758, ISSN (PRINT): 2394-6962 Volume-8, Issue-1 February 2018 International Journal of Engineering and Management Research Page Number: 105-110 Overview of Crypto Currency`s Role in India Dr. R. Chandrasekaran1 and K. Anitha2 1Assistant Professor, Department of Management, Dr. N.G.P Arts and Science College, Coimbatore, INDIA 2Assistant Professor, Department of Commerce (Finance), Dr. N.G.P Arts and Science College, Coimbatore, INDIA 1Corresponding Author: [email protected] ABSTRACT Bitcoin Cryptocurrencies are digital assets that Bitcoin is a globalcrypto currency and digital use cryptography, an encryption technique, for security. payment system noted to be the first decentralized digital Cryptocurrencies are primarily used to buy and sell goods currency, as the system works lacking a central source or and services, though some newer cryptocurrencies also single overseer. It was developed by an unidentified person function to provide a set of rules or obligations for its or a set of people under the name Satoshi Nakamoto and holders—something we will discuss later. They possess no intrinsic value in that they are not redeemable for another released as open-source software in 2009.The arrangement commodity, such as gold. Unlike traditional currency, they is peer-to-peer, and dealings take place between users are not issued by a central authority and are not considered straight, without an midway. These transactions are legal tender. confirmed by network bulges and recorded in a public circulatedjournal called a block chain. Keywords-- Bitcoin, Cryptocurrency, Zebpay Bitcoins are formed as a recompense for a procedure known as mining. -
Social Network
DEADLINE.com FROM THE BLACK WE HEAR-- MARK (V.O.) Did you know there are more people with genius IQ’s living in China than there are people of any kind living in the United States? ERICA (V.O.) That can’t possibly be true. MARK (V.O.) It is. ERICA (V.O.) What would account for that? MARK (V.O.) Well, first, an awful lot of people live in China. But here’s my question: FADE IN: INT. CAMPUS BAR - NIGHT MARK ZUCKERBERG is a sweet looking 19 year old whose lack of any physically intimidating attributes masks a very complicated and dangerous anger. He has trouble making eye contact and sometimes it’s hard to tell if he’s talking to you or to himself. ERICA, also 19, is Mark’s date. She has a girl-next-door face that makes her easy to fall for. At this point in the conversation she already knows that she’d rather not be there and her politeness is about to be tested. The scene is stark and simple. MARK How do you distinguish yourself in a population of people who all got 1600 on theirDEADLINE.com SAT’s? ERICA I didn’t know they take SAT’s in China. MARK They don’t. I wasn’t talking about China anymore, I was talking about me. ERICA You got 1600? MARK Yes. I could sing in an a Capella group, but I can’t sing. 2. ERICA Does that mean you actually got nothing wrong? MARK I can row crew or invent a 25 dollar PC. -
Creation and Resilience of Decentralized Brands: Bitcoin & The
Creation and Resilience of Decentralized Brands: Bitcoin & the Blockchain Syeda Mariam Humayun A dissertation submitted to the Faculty of Graduate Studies in partial fulfillment of the requirements for the degree of Doctor of Philosophy Graduate Program in Administration Schulich School of Business York University Toronto, Ontario March 2019 © Syeda Mariam Humayun 2019 Abstract: This dissertation is based on a longitudinal ethnographic and netnographic study of the Bitcoin and broader Blockchain community. The data is drawn from 38 in-depth interviews and 200+ informal interviews, plus archival news media sources, netnography, and participant observation conducted in multiple cities: Toronto, Amsterdam, Berlin, Miami, New York, Prague, San Francisco, Cancun, Boston/Cambridge, and Tokyo. Participation at Bitcoin/Blockchain conferences included: Consensus Conference New York, North American Bitcoin Conference, Satoshi Roundtable Cancun, MIT Business of Blockchain, and Scaling Bitcoin Tokyo. The research fieldwork was conducted between 2014-2018. The dissertation is structured as three papers: - “Satoshi is Dead. Long Live Satoshi.” The Curious Case of Bitcoin: This paper focuses on the myth of anonymity and how by remaining anonymous, Satoshi Nakamoto, was able to leave his creation open to widespread adoption. - Tracing the United Nodes of Bitcoin: This paper examines the intersection of religiosity, technology, and money in the Bitcoin community. - Our Brand Is Crisis: Creation and Resilience of Decentralized Brands – Bitcoin & the Blockchain: Drawing on ecological resilience framework as a conceptual metaphor this paper maps how various stabilizing and destabilizing forces in the Bitcoin ecosystem helped in the evolution of a decentralized brand and promulgated more mainstreaming of the Bitcoin brand. ii Dedication: To my younger brother, Umer. -
Eclipse Attacks on Bitcoin's Peer-To-Peer Network
Eclipse Attacks on Bitcoin’s Peer-to-Peer Network ∗ Ethan Heilman∗ Alison Kendler∗ Aviv Zohar† Sharon Goldberg∗ ∗Boston University †Hebrew University/MSR Israel Abstract While the last few years have seen extensive research We present eclipse attacks on bitcoin’s peer-to-peer net- into the security of bitcoin’s computational proof-of- work. Our attack allows an adversary controlling a suffi- work protocol e.g., [14, 29, 36, 37, 45, 49, 50, 52, 58, 60], cient number of IP addresses to monopolize all connec- less attention has been paid to the peer-to-peer network tions to and from a victim bitcoin node. The attacker can used to broadcast information between bitcoin nodes (see then exploit the victim for attacks on bitcoin’s mining Section 8). The bitcoin peer-to-peer network, which and consensus system, including N-confirmation double is bundled into the core bitcoind implementation, aka., spending, selfish mining, and adversarial forks in the the Satoshi client, is designed to be open, decentralized, blockchain. We take a detailed look at bitcoin’s peer- and independent of a public-key infrastructure. As such, to-peer network, and quantify the resources involved in cryptographic authentication between peers is not used, our attack via probabilistic analysis, Monte Carlo simu- and nodes are identified by their IP addresses (Section 2). lations, measurements and experiments with live bitcoin Each node uses a randomized protocol to select eight nodes. Finally, we present countermeasures, inspired by peers with which it forms long-lived outgoing connec- botnet architectures, that are designed to raise the bar for tions, and to propagate and store addresses of other po- eclipse attacks while preserving the openness and decen- tential peers in the network. -
A Solution Towards Eliminating Transaction Malleability in Bitcoin
J Inf Process Syst, Vol.14, No.4, pp.837~850, August 2018 ISSN 1976-913X (Print) https://doi.org/10.3745/JIPS.03.0101 ISSN 2092-805X (Electronic) A Solution towards Eliminating Transaction Malleability in Bitcoin Ubaidullah Rajput*, Fizza Abbas*, and Heekuck Oh** Abstract Bitcoin is a decentralized crypto-currency, which is based on the peer-to-peer network, and was introduced by Satoshi Nakamoto in 2008. Bitcoin transactions are written by using a scripting language. The hash value of a transaction’s script is used to identify the transaction over the network. In February 2014, a Bitcoin exchange company, Mt. Gox, claimed that they had lost hundreds of millions US dollars worth of Bitcoins in an attack known as transaction malleability. Although known about since 2011, this was the first known attack that resulted in a company loosing multi-millions of US dollars in Bitcoins. Our reason for writing this paper is to understand Bitcoin transaction malleability and to propose an efficient solution. Our solution is a softfork (i.e., it can be gradually implemented). Towards the end of the paper we present a detailed analysis of our scheme with respect to various transaction malleability-based attack scenarios to show that our simple solution can prevent future incidents involving transaction malleability from occurring. We compare our scheme with existing approaches and present an analysis regarding the computational cost and storage requirements of our proposed solution, which shows the feasibility of our proposed scheme. Keywords Crypto-currency, Bitcoin, Transaction Malleability 1. Introduction After its introduction in 2008 by Satoshi Nakamoto, the Bitcoin crypto-currency has gained significant popularity amongst other various crypto-currencies. -
Geraszimov-Doktrína – Egy Másik Megvilágításban
KATONAI NEMZETBIZTONSÁGI SZOLGÁLAT XVI. évfolyam 3–4. szám FELDERÍTŐ SZEMLE ALAPÍTVA: 2002 BUDAPEST 2017 A Katonai Nemzetbiztonsági Szolgálat tudományos-szakmai folyóirata Felelős kiadó Kovács József altábornagy, főigazgató Szerkesztőbizottság Elnök: Dr. Béres János vezérőrnagy Tagok: Dezső Sándor vezérőrnagy Dr. Magyar István ny. dandártábornok Dr. Tömösváry Zsigmond ny. dandártábornok Deák Anita alezredes Dr. Fürjes János alezredes Háry Szabolcs ezredes Dr. Magyar Sándor ezredes Dr. Tóth Sándor alezredes Dr. Vida Csaba alezredes Felelős szerkesztő: Deák Anita alezredes Olvasószerkesztő: Gál Csaba ny. ezredes Tördelőszerkesztő: Tóth Krisztina tzls. HU ISSN 1588-242X TARTALOM BIZTONSÁGPOLITIKA HOLECZ JÓZSEF ALEZREDES A GERASZIMOV-DOKTRÍNA – EGY MÁSIK MEGVILÁGÍTÁSBAN ...................................................... 5 BERTALAN DÁVID OGY. ALEZREDES A BIZTONSÁGI SZEKTOR SPECIÁLIS VONÁSAI .......................... 28 MEZŐ ANDRÁS ALEZREDES A DOKTRÍNAFEJLESZTÉS NEMZETKÖZI TAPASZTALATAI ... 45 HEGYI ÁGNES SZÁZADOS TERRORIZMUS A SZÁHEL-ÖVEZETBEN ....................................... 74 DR. GERENCSÉR ÁRPÁD KÖZÉP-ÁZSIAI SZÉLSŐSÉGES MOZGALMAK MEGJELENÉSI FORMÁI ÉS JELENTŐSÉGE .................................. 87 HÍRSZERZÉS – FELDERÍTÉS KOÓS GÁBOR NY. ALEZREDES – PROF. DR. SZTERNÁK GYÖRGY NY. EZREDES A FEGYVERES KÜZDELEM JELLEMZŐI KUTATÁSÁNAK FONTOSSÁGA, A HÍRSZERZÉS ÉS A FELDERÍTÉS JELENTŐSÉGE ..................... 97 DR. VIDA CSABA ALEZREDES AZ ELEMZŐ-ÉRTÉKELŐ MUNKA TERMÉKEI – NEMZETBIZTONSÁGI TÁJÉKOZTATÓK KÉSZÍTÉSE .............. 112 -
Bitcoin and Money Laundering: Mining for an Effective Solution
Indiana Law Journal Volume 89 Issue 1 Article 13 Winter 2014 Bitcoin and Money Laundering: Mining for an Effective Solution Danton Bryans Indiana University Maurer School of Law, [email protected] Follow this and additional works at: https://www.repository.law.indiana.edu/ilj Part of the Internet Law Commons, and the Law and Economics Commons Recommended Citation Bryans, Danton (2014) "Bitcoin and Money Laundering: Mining for an Effective Solution," Indiana Law Journal: Vol. 89 : Iss. 1 , Article 13. Available at: https://www.repository.law.indiana.edu/ilj/vol89/iss1/13 This Note is brought to you for free and open access by the Law School Journals at Digital Repository @ Maurer Law. It has been accepted for inclusion in Indiana Law Journal by an authorized editor of Digital Repository @ Maurer Law. For more information, please contact [email protected]. Bitcoin and Money Laundering: Mining for an Effective Solution * DANTON BRYANS INTRODUCTION Technology forges ahead at a rapid pace, whether we like it or not. Criminals recognize this inevitability and use technological improvements to advance their craft,1 committing crimes from half a world away in real time. Meticulous criminals also use technological advancements to distance themselves from their illegal activities and profits through use of virtual banking and electronic money transfer systems, which allow criminals to buy, sell, and exchange goods without any physical interaction. Though such services use digital logs that serve to identify a sender and a receiver’s digital identities, criminals possess the means to obfuscate their digital identity by simply spoofing their Internet Protocol address or by using another individual’s account, essentially making their activities untraceable. -
The Work of the Critic
CHAPTER 1 The Work of the Critic Oh, gentle lady, do not put me to’t. For I am nothing if not critical. —Iago to Desdemona (Shakespeare, Othello, Act 2, Scene I) INTRODUCTION What is the advantage of knowing how to perform television criticism if you are not going to be a professional television critic? The advantage to you as a television viewer is that you will not only be able to make informed judgment about the television programs you watch, but also you will better understand your reaction and the reactions of others who share the experience of watching. Critical acuity enables you to move from casual enjoyment of a television program to a fuller and richer understanding. A viewer who does not possess critical viewing skills may enjoy watching a television program and experience various responses to it, such as laughter, relief, fright, shock, tension, or relaxation. These are fun- damental sensations that people may get from watching television, and, for the most part, viewers who are not critics remain at this level. Critical awareness, however, enables you to move to a higher level that illuminates production practices and enhances your under- standing of culture, human nature, and interpretation. Students studying television production with ambitions to write, direct, edit, produce, and/or become camera operators will find knowledge of television criticism necessary and useful as well. Television criticism is about the evaluation of content, its context, organiza- tion, story and characterization, style, genre, and audience desire. Knowledge of these concepts is the foundation of successful production. THE ENDS OF CRITICISM Just as critics of books evaluate works of fiction and nonfiction by holding them to estab- lished standards, television critics utilize methodology and theory to comprehend, analyze, interpret, and evaluate television programs. -
Bitflyer Raises Approximately JPY 130 Million in Funds
bitFlyer, Inc Yuzo Kano, CEO bitFlyer Raises JPY 130 million in Funds We are delighted to announce that bitFlyer (Company Headquarters: Chiyoda-ku, Tokyo, Yuzo Kano, CEO), in order to expand its comprehensive Bitcoin platform and marketplace, has closed a fundraising round of approximately JPY 130 million. We are pleased to have received an investment from several third party investment organizations, including the below (titles omitted, in no particular order): RSP Fund No. 5 (Headquarters: Chuo-ku, Tokyo, Akihiko Okamoto, President) GMO Venture Partners (Headquarters: Shibuya-ku, Tokyo, Masatoshi Kumagai, CEO) Bitcoin Opportunity Corp (Headquarters: New York, USA, Barry Silbert, CEO) The purpose of this funding will be to further strengthen our Bitcoin related businesses in the domestic as well as international markets, set up overseas offices, recruit new talent, accelerate service development, and carry out marketing and advertising campaigns to promote business growth. In addition, the synergies gained through close collaboration with our investment partners, customer base expansion, and the strengthening of our revenue base will help to facilitate our global business expansion. We will continue to pursue our primary goals of improving security while providing the best possible services to our customers. Thank you for using bitFlyer. Reference 1. Information Regarding our Investment Partners RSP Fund No. 5 RSP Fund No. 5 is a wholly owned subsidiary of Recruit Holdings, Co., Ltd. Headquartered in Tokyo and with offices in Silicon Valley, RSP invests in and provides management support to IT companies that provide innovative products and services around the world. GMO Venture Partners GMO Venture Partners is the venture capital arm of GMO Internet Group, investing more than JPY 5 billion to 51 companies in total, including 8 listed companies. -
Mastercard Creates Simpli Ed Payments Card O Ering For
NEWS RELEASE Mastercard Creates Simplied Payments Card Oering for Cryptocurrency Companies 7/20/2021 Reduces friction in experience and provides greater choice for consumers by helping crypto companies oer card programs Suite of partners include Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc. and Galileo Financial Technologies PURCHASE, N.Y.--(BUSINESS WIRE)-- Mastercard announced today it will enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional at currency. Working with Evolve Bank & Trust and Paxos Trust Company, the leading blockchain infrastructure and regulated stablecoin issuance platform, and Circle, a global nancial technology rm and the principal operator of the USD Coin (USDC), a dollar digital currency or stablecoin, Mastercard and its partners will test this new capability to enable more banks and crypto companies to oer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted. Today, when people spend cryptocurrency such as Bitcoin, Bitcoin Cash, Ether, or Litecoin, it must enter and settle on Mastercard’s network as traditional at currency, such as the U.S. dollar. Until now, crypto providers planning to launch or expand card programs could nd it operationally challenging to perform the currency conversion, a critical step preceding the settlement on Mastercard’s network. Mastercard’s engagement with Evolve, Paxos and Circle solves this challenge for players across the industry. Mastercard announced in February 2021 it is preparing to enable select stablecoins directly on its network, expanding the future potential of digital assets and payments.