Japanese Crypto-Robbery. Another crypto-currency raid happened in Japan leading to the perpetrators getting away with about 60 million dollars-worth of cryptocurrency.

Within two hours, Japanese cryptocurrency exchange Tech Bureau Corp. was hacked last September 14 which was unfortunately discovered four days after the culprits managed to steal 6.7 billion yen or 59.67 million dollars-worth of cryptocurrency composed of Bitcoin, Bitcoin Cash and Monacoin; more than half of which belonged to customers.

The cryptocurrency was stolen from internet-connected “hot wallets” which are more vulnerable than cold wallets that remain in the dark until connected.

The customers won’t have to wallow in despair though. Tech Bureau managed to merge with JASDAQ-listed Fisco Ltd. For a majority ownership investment amounting 5 billion yen in order to pay back the customers.

This comes after another massive cryptocurrency hack last January when crypto-exchange Coincheck lost a massive 530 million dollars-worth of digital currency. Coincheck in turn was absorbed by Japanese online brokerage group Monex Group Inc.

Amazing how resilient the industry remains, hack after hack. Despite these, over 160 entities express their willingness to enter the cryptocurrency exchange market, perhaps due to the recent Bitcoin surge. Bitcoin has since dropped but value remains at over 6,000 dollars.

Japanese crypto-exchanges have lately come under fire for lack of security and mismanagement, and will continue to burn more after the recent hack of Tech Bureau. The Japan Financial Services Agency has yet to approve the aforementioned cryptocurrency exchange applicants.

The FSA conducted an investigation and audit of various cryptocurrency exchanges and found that security was lax and management was sloppy. Apparently Tech Bureau hasn’t learned its lesson.

Further measures will be required to tighten security amidst Japan’s cryptocurrency regulation, the first country to do so. Regulation is seen by some as a threat to the openness and freedom of cryptocurrency much like the fledgling internet before censorship. But Japan sees it as more of an encouragement and a way to include much needed security measures much like cryptocurrency’s physical counterpart.

Photo by Ryo Yoshitake on Unsplash

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BitTorrent Software Update Hijacked 400,000 – PCs Last Week – Trojanized. A substantial malware uprising last week that spread the cryptocurrency mining malware to 400,000 computers within few hours was due to a backdoor of the BitTorrent names MediaGet.  Also known as Dufoil  or Smoke Loader, it works by dropping a cryptocurrency miner software as a payload on infected Windows machines and as a result that mine Electroneum (digital coins) by using CPU cycles.

The Smoke Loader campaign was uncovered by Microsoft Windows Defender R&D team that affected computers in Ukraine, Russia and Turkey. Defender team blocked the campaign before any severe damage could be done.

It took about 12 hours to spread the malware to a huge audience and it was not mentioned by Microsoft how this happened.

Few days back, once investigation took place Microsoft disclosed that the attack was targeted to update mechanism of MediGet software and pushed the trojanized software to users.

“A signed mediaget.exe downloads an update.exe program and runs it on the machine to install a new mediaget.exe. The new mediaget.exe program has the same functionality as the original but with additional backdoor capability,” the researchers team explain in a article post published on 14 March”

BitTorrent Software Update Hijacked 400,000 – PCs Last Week – Trojanized

Rebranded Vechain Thor seals ties with DNV GL, BMW and Oxford. Luxury car buyers now have another option of payment via cryptocurrency especially in the form of rebranded VeChain Thor.

Initially known as VeChain, the platform has since rebranded into VeChain Thor to facilitate large-scale enterprise (B2B) adoption with a new consensus mechanism. Moreover, the rebranding envisions to create an anti-counterfeit business ecosystem that enables transparent information flow, efficient collaboration and high-speed value transferring.

“As one of the world’s earliest blockchain technology companies, our platform has been successfully implemented for real-world applications for a wide array of industries,” said Sunny Lu, CEO of Shanghai-headquartered VeChain on the launch of VeChain Thor at Monday, 26 February 2018.

In Lu’s opinion, the biggest hurdles for the Blockchain does not lie with the technology but rather on the real applications with real value. Thus, the cryptocurrency has to be adopted by various industries such as pharmaceuticals, liquor, auto, agriculture, luxury goods, logistics and cold storage.

Under VeChain Thor, a two-coin system will be introduced which allows VeChain tokens to generate Thor Power (THOR) or a smart currency used to execute smart contracts and transactions on the platform.

Then, the VeChain tokens will be used as quick payment as currency to run business activities on the blockchain. People who hold more VeChain (VET) tokens will be given higher priority and rights on the VeChain Thor blockchain.

“In VeChain, we believe application use guides products, and the products guide technology,” explained Lu.

Thus, VeChain has been active in forming industrial partnership such as with German carmaker, BMW as well as academic institution like Oxford University as part of the VeResearch project for the development of VeChain Thor platform. The company also makes footprints in South Korea through cryptocurrency exchange named Coinnest, where it had been added into the trading platform.

One of the latest partners that liaises with VeChain belongs to the global assurance services provider DNV GL. The partnership ensures the more transparency of product and supplier information in tracking transactions using blockchain technology.

“In DNV GL, our main business is to provide trust and confidence and similarly our partnership with VeChain is to provided trust and confidence via the use of Blockchain technology.”  said Luca Crisciotti, CEO of DNV GL – Business Assurance.

Overall, VeChain Thor holders can buy a wide variety of goods, not limited to BMW cars and the tokens did not hide transaction history as traditional purchasing currency and allow tracing of product through the supply chain.