bitcoin

Changes to a major rival of Bitcoin have reduced energy use by 99 percent. The drop in computer processing for Ethereum has been likened to the amount of electricity used by a "mid-size country." The change has come after the Ethereum blockchain ... switched from proof-of-work to proof-of-stake, a sentence that makes little sense to most normal people. To break it down, a blockchain is a digital list of transactions. The key is that it doesn't exist as a single copy but rather multiple copies across all the computers of all users. In theory at least, this means it can't be edited or falsified ... (view more)

The Department of Justice has found $3.36 billion of stolen money in a popcorn tin. But more than $2 billion of it no longer exists. It's not a case of corrupt law enforcement, but rather a spectacular example of the bizarre world of cryptocurrency. ... It raises head scratching questions about what money really is in 2022. The money was seized in a raid of the home of James Zhong. He's now admitted to stealing it in a hacking attack on the controversial online marketplace Silk Road. That's a site where goods and services, many of them illegal, were bought and sold using cryptocurrency. Bogus ... (view more)

An American man who helped North Korea evade US sanctions through cryptocurrencies has received a jail sentence of more than five years. Virgil Griffith had visited Pyongyang to tell officials how to use digital currencies. He pleaded guilty to ... breaching the International Emergency Economic Powers Act. The act allows the US president to limit the ways US citizens carry out commerce abroad by declaring an international emergency. One such limitation, introduced in 2008 and renewed annually, blocks US citizens from exporting technology, goods or services to the US. Griffith violated that ... (view more)

Nearly three in every four dollars paid to ransomware scammers goes to Russian-affiliated groups according to new research. The authors also accuse Russia of turning a blind eye to large-scale money laundering. The figures come from Chainalysis, ... which tracks crime involving cryptocurrencies. These are "virtual" currencies such as Bitcoin where all transactions are tracked on a public "ledger". The way cryptocurrencies work means its relatively straightforward to track the amount of money a particular user has spent or received. However, it's often difficult to prove who a particular user is. ... (view more)

A serious shortage of processor chips is affecting the supply chain of computers and other electronic devices. It's caused by a combination of supply and demand changes. The problem has caused not just price rises but a lack of availability. Devices ... as diverse as the latest iPhone model, the PS5 games console and high-tech cars have all been delayed or in short supply. The Guardian reports that the problem is partly down to a backlog caused by chip production factories shutting down for social distancing reasons in the early stages of the pandemic. However, even as that clears, demand is ... (view more)

The Indian government plans to outlaw cryptocurrencies such as Bitcoin. The measure is expected to become law, though it's unclear if it will be enforceable in practice. Politicians in the country have long been hostile to cryptocurrencies, which ... use blockchain technology. That's where all transactions are recorded on a digital "ledger" which exists as multiple copies across the Internet, removing any central control. India's government previously banned "real world" financial institutions from providing any services to cryptocurrency operators, for example in exchanging the virtual ... (view more)

A man who was part of a hacking gang that stole medical records and tried to blackmail an accounting company has been sentenced to five years in prison. Nathan Wyatt was a member of a group calling themselves The Dark Overlord. British-born Wyatt ... had previously been extradited to the United States. He was charged with conspiracy against the US, threatening damage to a protected computer, and aggravated identify theft. Originally Wyatt pleaded not guilty. He later changed his plea to guilty on the conspiracy charge and received a five year prison sentence and ordered to pay $1,467,048 in ... (view more)

An email scam that aims to exploit embarrassment appears to be back in full effect. The scam involves the recipient getting a message falsely claiming somebody has hacked their computer through an adult website, then accessed their webcam and filmed ... the person enjoying said website. It goes on to claim the hacker has gathered a list of contacts from the user's email and Facebook accounts and threatens to send a copy of the embarrassing video to the person's friends and family. To stop this, the victim must pay the equivalent of $1,900 in the cryptocurrency Bitcoin. Email Allegedly Tracked The ... (view more)

A computer security company claims malware attacks are on the decrease. The difference appears to be that criminals are more closely targeting attacks, which could be good news for the average user. The figures come from Sonicwall, which offers ... firewalls and other cyber security solutions. The data is based on the attacks and attempted attacks it detected among customers covering 1.1 million sites in 215 countries. (Source: sonicwall.com ) Although the actual numbers it gives aren't necessarily meaningful, the year-on-year comparisons between its new report covering 2019 and the one it did ... (view more)

A malicious network of 500,000 computers used to spread malware around the globe has been taken over by do-gooders in an apparent hijack meant to foil cyber criminals. Victims of the botnet have not only found the stealth malware removed from their ... system, but are also receiving an on screen warning to update their computers. It appears the malware creators are themselves the victim of a hack attack by an online vigilante. Phorpiex Botnet a Decade Old, 500k Strong The malware concerned is distributed through the Phorpiex botnet, which has been operating for nearly 10 years. A botnet is a ... (view more)