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Sahana Kiran

Hackers Demand Bitcoin Donations Via Indian Prime Minister’s Website Account

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Back in July, many Twitter handles of prominent celebrities, officials, and even organizations were subject to a hack. The hackers sought Bitcoin and almost all the hacked accounts demanded prominent cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and XRP. It seems like a new set of hackers have followed the footsteps of the former as the Indian Prime Minister, Narendra Modi was the latest victim of a similar attack.

History Repeats Itself

This time, however, the Twitter account of the Indian Prime Minister’s personal website was used to entice people into donating cryptocurrency. Earlier today, an array of tweets seeking Bitcoin specifically as a donation to the PM’s National Relief Fund for COVID-19.

 

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The addresses mentioned in the tweets were 0xae073db1e5752faff169b1ede7e8e94bf7f80be6 which consisted about 0.0000696969 ETH [$0.03] as the final balance annd the other address, 14DuwVLiHLcMqhtMqe4bRcfNGoYPcEaGYt had a total of 0.00006900 BTC [$0.78] as its final balance.

Unlike the previous attack back in July, the hacker here pointed out that the Prime Minister’s personal website account was hacked. The hackers that were carrying this attack out used the alias “John Wick.” The hackers further tweeted,

“Yes this account is hacked by John Wick (hckindia@tutanota.com). We have not hacked Patym Mall.”

The hacker reportedly tweeted this in light of the recent infringement that stirred Patym Mall. Cyble, a cybersecurity platform revealed that a group behind the Patym Mall operated under the name, John Wick. However, the hackers asserted that they weren’t behind the hack of the e-commerce platform.

While the aforementioned tweets have been taken down from the Prime Minister’s account, officials are still probing the matter.

After the Supreme Court of India lifted the ban on cryptocurrencies, the crypto industry started garnering more traction throughout the country. As the country is diving deep into digitalization, notable platforms across the globe have been viewing India as a comprehensive profitable market.

Several prominent personalities like the former President of the United States, Barack Obama, Elon Musk, Bill Gates, Joe Biden, and several others were victims of the attack during July. The hackers caught the attention of the followers of these celebrities via a crypto giveaway. However, officials were quick enough to arrest three individuals behind the hack, while the fourth one is still on the run.

Bitcoin And Ethereum Find Shelter At Singapore Exchange

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The rate of crypto adoption is undoubtedly on an upward trajectory. With prominent companies exploring the prospects of cryptocurrencies, digital assets have found shelter at stock exchanges as well. While several stock exchanges have already listed popular cryptocurrencies like Bitcoin [BTC] as well as Ethereum [ETH], many stock exchanges from across the globe have been jumping the bandwagon.

The latest stock exchange to join the list is the Singapore Exchange [SGX]. On Tuesday, the Singapore-based exchange shared a press release announcing the same.

Singapore Exchange To Bolster Crypto Adoption

As per the release, the exchange intends to roll out crypto indices namely iEdge Bitcoin Index as well as iEdge Ethereum Index under the SGX iEdge index suite. This is touted as the first of its kind and is the result of the collaboration between the Singapore Exchange along with CryptoCompare, a United Kingdom-based crypto platform.

SGX is considered one of Asia’s biggest multi-asset exchanges. The platform’s latest move could further bring in institutional investors in increased numbers. The Head of Index Services at SGX, Simon Karaban pointed out that the world was traversing into digitalization and cryptocurrencies would be of great interest to many. Speaking about the partnership he added,

“We are excited about this collaboration with CryptoCompare to offer a suite of new indices for market participants in Asia, reinforcing our endeavor to innovate and meet market needs.”

The Commercial Director of CryptoCompare, James Harris also commented on the latest collaboration and revealed that the inclusion of transparency to digital asset class was the mission of the crypto platform. He further stated,

“We are delighted to work in partnership with SGX to offer greater global access to institutional-grade digital assets products on Asia’s leading multi-asset exchange.”

Singapore Exchange wasn’t the only one to extend its support to crypto assets. Prominent Vienna-based stock exchange, Wiener Börse also joined the list.

Wiener Börse Lists A Bitcoin Product

The platform, also known as Vienna Stock Exchange revealed that it had listed Bitcoin [BTC]  and Ethereum [ETH] ETPs from the 21 Shares AG. Listing these exchange-traded products, ABTC and AETH further made the Vienna Stock Exchange the one among the two other platforms to list a Bitcoin product.

As numerous exchanges across the world recognize the potentials of the crypto market, the rate of adoption could also witness a surge in the coming days.

Akon’s Crypto-Run ‘Real-Life Wakanda’ To Begin Construction In 2021

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From being globally denounced by several jurisdictions across the world, to presently being endorsed by officials, celebrities, and even the average Joe, the crypto industry has come a long way. The value of cryptocurrencies has witnessed radical growth in value, which has attracted many into the industry. Popular singer, Akon is one such celebrity who has been a prominent crypto enthusiast. The singer even went to roll out his own cryptocurrency the Akoin. More recently, the singer went on to reveal details pertaining to a city he intends to run on cryptocurrency.

“Real-Life Wakanda”

Earlier on Monday, Akon reportedly unveiled that the construction for his $6 billion venture would commence in the next year. In light of the injustice endured by Black Americans, the singer hopes to provide jobs for people who have been victims of racial injustice over the years. As per the project’s website, the AkonCity would be situated in the heart of Cadastral de Mbodiene Park, Senegal. This city will reportedly entail about seven major districts.

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The website emphasizes the word “futuristic” and Akon even went on to compare the AkonCity to the fictional country, Wakanda featured in the Marvel movie, Black Panther, known for its advancements in technology.

City That Runs On Crypto

Akon has not only been vocal about racial discrimination and injustice that several Black Americans have been facing over the years but has also made worked towards giving the ones that are suffering a better life. He rolled out the Akoin in order to bolster digitalization by creating a common medium of exchange among the 54 countries of Africa. Akon further intends to use this cryptocurrency in his upcoming city.

While Twitter lauded Akon for his vision, the crypto community was overwhelmed by the potential use of the Akoin. One Twitter user who goes by the username, @Charlie21Tango went on to say,

“Go @Akon! Go #Senegal! Is it crazy to build your own #chartercity powered by your own #cryptocurrency $Akoin? Maybe! But most visionaries are called crazy at the beginning.
@elonmusk @CCIdotCity @VitalikButerin Making a real #WakandaForever”

Even though Akoin has not garnered tremendous traction, Twitter user @super_yob suggested that Akoin would become the “…de facto currency of the Imperium of Man.”

Even though the architect behind the AkonCity is from Dubai, Akon intends to provide jobs for Black Americans.

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Lately, almost every crypto project has come under the scrutiny of governments across the world. However, several Twitter users pointed out that “The Feds can’t touch Akoin!”

Additionally, many were even considering visiting the city after its completion. With the positive, the negative comments were also pouring in. Twitter user, @danielboan wrote,

“Akon City will run on cryptocurrency Akoin” – a sure sign this venture will fail miserably.

DeFi’s Latest Project KIMCHI Locks $500 Million Hours After Launch

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The Decentralized Finance [DeFi] wing of the cryptocurrency ecosystem has been under the spotlight for some time now. Even though the pandemic quashed almost every other market, the DeFi market has been on an uphill journey. The benefits that the community sought from DeFi were beyond their expectations this further led to several venturing into the space. While the crypto community is exploring the existing DeFi projects, yet another DeFi farming token made an entry into the DeFi space.

From SUSHI To KIMCHI

KIMCHI is more than just a spicy Korean dish to the crypto-verse. This new DeFi project made its way into the ecosystem after Yuno and Uniswap forked project, Sushi forked earlier today. While other projects have been working their way up, KIMCHI has already turned heads. The project locked a total of $500 million, just hours after its existence. A Twitter user tweeted about the same,

Similar to other DeFi projects, KIMCHI caught the attention of the community by displaying high digits, however, it wasn’t too long until it tumbled down to $150 million. This nascent project seems to be eager to get on top as the “About” page of the official website of KIMCHI failed to give users more insights about the project. But it rather stressed on,

“KIMCHI could be the next hot DeFi farming token. Who knows?!”

The official website of the token revealed that users could farm and trade KIMCHI with Ether [ETH], SUSHI, TEND, and even the largest stablecoin Tether [USDT].

While the market cap of the KIMCHI token is still uncertain, the price of the token witnessed a 46.7% rise in the last 24 hours. The price of this DeFi token went on to hit a high of $12.26, just a few hours after its launch. However, during press time KIMCHI was trading at $7.26 with a 17.7% plummet in its price in the last 1 hour.

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DeFi’s One Way Ticket To The Top

While more projects have been making an entry into the DeFi space, the number of people investing in the market has also increased. Ever since June 2020, the total value locked in DeFi has been going up the ladder without looking back. Recently, DeFi’s value hit an all-time high of $9 billion. It certainly won’t be long until DeFi locks $10 billion as the current numbers are at $9.46 billion, which is its latest all-time high. With Uniswap accounting for $1.65 billion, it continues to dominate the DeFi space.

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Binance Concludes 2nd Week Of $16M SXP Token Airdrop

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Binance, the world’s largest cryptocurrency exchange, is well known for its consistent development for both its users and the ecosystem. The Platform has entered into several partnerships over the last year and has paved the way for new initiatives through these connections. Swipe is one such platform. Just a few months ago, Binance acquired the crypto-fiat gateway, Swipe, and even listed its native token SXP. To boost the growth of the Swipe and Binance ecosystem, it rolled out the “12-week SXP token airdrop to BNB holders on Binance,” Binance extended its support for the same.

In more recent updates, the Malta-based cryptocurrency exchange confirmed that it had concluded the 2nd week of SXP token distribution. The exchange, elaborated on the same in a blog post and pointed out that a total of 333,333.33 SXP tokens were distributed to BNB holders for the week.

The latest distribution was recorded from 0:00 AM [UTC] on 24 August to 11:59 PM [UTC] on 30 August 2020. Users would be able to confirm their receipt through the “Distribution History” page found in the User Center.

The third week of the BNB snapshot period is already underway as it started back at 0:00 AM [UTC] on 31 August 2020 and would go on till 11:59 PM [UTC] on 6  September 2020.

Binance Aids $16M Airdrop Of SXP Token

Last month, Binance announced that it would support the Swipe network in carrying out a whopping $16,000,000 airdrop program of the SXP token specifically to BNB holders. Binance wrote,

“The Binance Ecosystem Reward program aims to provide greater access and awareness to projects within the Binance Ecosystem, of which Swipe is the first.”

This initiative started on 17 August 2020 and required users to hold a minimum of 0.1 BNB in their accounts to make use of the rewards. The 12th and last week of distribution will be considered from 2 November to 9 November 2020.

While both Swipe and Binance have been making use of the current circulating supply of the SXP token, the price of SXP was at a low of $2.90 and dropped by 6.4 percent since the first SXP distribution week.

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ETC Labs Proposes Inclusion Of Law Enforcement To Prevent 51% Attacks

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The crypto-verse is not new to hacks and attacks, however, the Ethereum Classic network endured an array of 51% attacks over the last month. The most recent attack took place just two days ago which initiated the reorganization of over 7,000 blocks on the network or about two days’ worth of mining. In the light of the last three attacks, the Ethereum Classic Labs have decided to step up by launching a new strategy that includes law enforcement and regulators from all across the globe.

Law Enforcement To Protect The Ethereum Classic Network

While Ethereum Classic Labs aka ETC Labs has an investigation underway to probe the roots of the latest attack, the previous attacks have led to the initiation of the platform’s decision to bring in the big guns. Back on 30 July and 1 August 2020, the Ethereum Classic network underwent a 51 percent attack following the purchase of hash rates from Nice Hash. Previously this company had been swimming in troubled waters after losing around $62 million in Bitcoin. To steer away from potential attacks via hash rental platforms, ETC Labs intends to seek accountability as well as transparency to hash rental by engaging law enforcement.

ETC Labs wrote a Medium post about the same and pointed out that several crypto platforms are subject to scrutiny from lawmakers all over the world. Anti-money laundering [AML] and KYC have been made mandatory for every crypto platform. Citing NiceHash as a precedent, ETC Labs noted that hash rental platforms often resort to illegal activities. The post further read,

“With little or no KYC, AML, or crypto address screening, customers have the ability to rent hash rate to potentially launder cryptocurrency for freshly minted tokens with no history. Considering how important hash rate is to the security of Proof-of-Work blockchains, this is a serious vulnerability for the blockchain ecosystem as a whole.”

Additionally, ETC Labs affirmed that it had already commenced working with regulators and officials in “relevant jurisdictions”.

While many lauded ETC Labs for its latest move, a few others outrightly condemned the initiative. Bitrefill’s John Carvalho tweeted in response to the ETC Labs’ latest initiative. The tweet read,

Back in mid-August, following the second 51% attack on the network, ETC Labs had proposed an “ETC Network Security Plan“. This elaborate plan consisted of both immediate as well as long term measures to tackle potential attacks. Change in the mining algorithm was one of the primary focuses of the plan. The platform intends to transition the network’s mining algorithm from Ethash aka Dagger Hashimoto Proof-of-Work to either Ethereum’s Keccak256 or RandomX.

Malaysian Authorities Bust Crypto Miners For Stealing $600K Worth Electricity

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The cryptocurrency ecosystem has gained tremendous popularity and value over the last decade. The cryptocurrency mining industry, specifically, miner rewards has caught the attention of many. The rewards that miners earn after mining every block seems to have opened doors for many crypto miners as they have been flooding the ecosystem regardless of the resources. In more recent updates, two crypto platforms were raided by Malaysian officials for stealing electricity to facilitate crypto mining operations.

Malaysia’s Big Crypto Mining Arrest

As reported by The Star, a total of 2.5 million Malaysian Ringgit [600,000 USD] worth of electricity was stolen over a period of three years in Iskandar Puteri. The raid was carried out by Malaysia’s Energy Commission along with Tenaga Nasional Berhad [TNB], a multinational electricity company along with Iskandar Puteri City Council.

TNB reportedly incurred a loss of 80,000 Malaysian Ringgit every month which was about 20,000 USD. Nazlin Alim Sadikhi, the Regional Director of the Energy Commission revealed that illegal wiring was installed to make sure that the electricity went through directly and not through the TNB meter. The Director further said,

“The first premises is believed to have been operating for three years while the second premises for two years. We found 100 mining machines in the first premises and another 48 in the second premises.”

Post the raid, the authorities concluded that the electricity bills for both the first and the second premises accounted for 30 Malaysian Ringgit and 60 Malaysian Ringgit a month, respectively, as opposed to the 80,000 Malaysian Ringgit.

It is not news that crypto mining consumes a lot of electricity. Reports even suggest that crypto mining accounts for 0.21% of the world’s electricity supply. If the accused are found guilty, they would be obligated to face a total of ten years in prison or a hefty penalty of $1.2 million, under Section 37 of the Electricity Supply Act of 1990.

After China, Malaysia seems to be a hotbed for electricity thefts, particularly for crypto mining. In 2020 alone, Malaysian authorities reportedly took down about 90 such operations. A total of 288 mining busts have taken place in Johor since 2018. TNB’s Team Engineer, Mohd Satari Mohamad added,

“In most cases, the owners of the premises were in cahoots with the cryptocurrency mining operators. They have similar operation methods where they have illegal wiring installed to the mining machines to illegally draw electricity supply.”