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Barack Obama and David Cameron’s Stance on Encryption is Morally Irresponsible

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President Barack Obama expressed concerns Friday of terrorist plots in the United States, taking a public stance against private citizen communication and encryption. According to the president, encrypted smartphones and messaging apps pose a threat to law enforcement officials trying to track terrorists, and that’s a problem that needs to be solved.

If we find evidence of a terrorist plot… and despite having a phone number, despite having a social media address or email address, we can’t penetrate that, that’s a problem, Obama said.

David Cameron Agrees

The British prime minister David Cameron also agreed with Obama’s sentiment toward anti-encryption recently, promising to pass harsh legislation against it if he is re-elected. On ITV News, Cameron said the following:

I think we cannot allow modern forms of communication to be exempt from the ability, in extremis, with a warrant signed by the home secretary, to be exempt from being listened to. That is my very clear view and if I am prime minister after the next election I will make sure we legislate accordingly.

To spell out what these statements mean, think of a personal chat between yourself and someone else. Maybe it’s a text message or phone call criticizing the local government for their recent bill to outlaw the sale of Oreos. It’s a bit goofy, but a hypothetical topic that most anyone would be outraged about.

Maybe you’ve taken to the streets with picket signs against the over-reaching anti-Oreo law that you don’t agree should be in place. People with glasses of milk raise them high chanting “What do we want? Oreos! When do we want them? Now!”

Suddenly, the police start getting a bit aggressive. They’re sick of people protesting and want to go home to their families. They start trying to disperse the crowd, so you look at your phone to find where everyone is regrouping in an app like FireChat or Telegram. When you get to the confirmed meeting spot to keep protesting, the police are already there, armed to the teeth. They’ve been listening in on communications from multiple people in the crowd. They fire tear gas to disperse the new crowd again, and things boil to a point of violence.

Believe it or not, the Oreo example isn’t much of a stretch. This past December, Chicago police were accused of spying on protesters of the controversial Eric Garner case, also known as the “I can’t breathe” protest. While activists were organizing marches and peaceful protests, the Chicago PD was listening in on their conversations with Stingray technology.

Barack Obama Encryption

Snowden Thinks Obama and Cameron’s Anti-Encryption is Morally Irresponsible

edward snowdenThe United States government is known for spying on citizens of their country, as well as those internationally, and that’s not an over-exaggeration. Ever since Edward Snowden leaked the highly controversial National Security Agency (NSA) documents, more and more information about the government’s reach keeps getting exposed.

Also Read: Snowden Documentary, Citizenfour, Nominated for Best Documentary Oscar

The government isn’t the only perpetrator in the fight against private communication either – companies are complying and folding under the pressure. Just a few weeks ago, Hacked published an article about the leaked documents showing Microsoft gave the NSA full control of their Skype database, including all video calls, phone calls and text chats.

As for Snowden? He’d find this type of action by companies and governments morally irresponsible. In a recent speech at the Cato Institute Surveillance Conference, Snowden slammed Amazon for not encrypting user data when they can do so.

This is morally irresponsible, and as a business it’s problematic to allow this to continue when we know for a fact that they have the capability to provide for secure communications because as soon as you go to purchase that book, as soon as money’s involved, they turn it over to encryption.

With Barack Obama and David Cameron now publically fighting encryption altogether, there’s a problem brewing with over-reaching legislation. If the government isn’t allowed to read our mail, why can they read our email? If the government doesn’t have to hear us talk in person, why do they have to read our texts and listen to our phone calls?

In essence, these governments are trying hard to listen to us talk under the guise of “foiling terrorist plots.” But when is the average citizen considered a subject of interest? No one knows, because the NSA has no guidelines, checks or balances. It’s not biased, and it’s not a conspiracy theory. There are facts and examples behind the idea that private communication is not safe, and as Snowden releases more documents over the next few years it looks only to strengthen the case.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Clay Gillespie a writer and reporter for many different platforms across the tech industry. He holds a B.S. in Public Relations from Ball State University, and freelances for different clients in technology and cryptocurrency. For more information, visit his personal website, claygillespie.com.




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  1. Bittercoin

    January 22, 2015 at 12:40 am

    Encryption is un-necessary for smart people. NSA etc. can onl intercept communications if they are sent The key is simply not to send them – just park them in a designated place , providing access and entry codes to those you give the location

  2. englishvinal

    June 28, 2015 at 3:49 pm

    Bravo to Mr. Snowden… at least somebody speaks out and tells it like it really IS~!
    Of course you have to appeal to Russia to give you sanctuary to keep from being incarcerated for the rest of your life for telling the truth.

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Crypto-Security Testnet Surpasses Key Milestones

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Security and has been combined with micro-compucomputing are a combination which ascended to greatly relevant, both economically and financially, since the early days of commercial internet technology, the John McAfee associated era of anti-virus software, and fears of ‘millennium-bug’ (‘Y2K’)-induced societal meltdowns.

As a market player, ‘cybersecurity‘ is hailed for its continuedvalue and growth, with recent implementations advancing in tandem with technological development. With ‘blockchain’ having become a key buzzword in recent years, it comes as little surprise that digital security providers have been attempting to identify and provide protection against cryptocurrency related scams.

Examples of these include ‘malware‘ AKA ‘malicious software’. They are often created with the aim of illicitly subvert the processing power of the victim’s device for use towards the mining of cryptocurrencies, or lock and potentially delete highly sensitive data (such as Ransomware’).

Cybersecurity and Blockchain

Crypto attacks can affect almost any person or institution: from private wallets and exchanges, to cryptocurrency operators, and even sometimes unsuspecting users of internet browsers with no relation to blockchain based services.

In an article published at CCN in August 2018, I wrote about the large prolificity and news coverage of cyber-attacks carried out against cryptocurrency organisations: with a majority of them involving the theft of high-value quantities of tokens or sensitive data.

Key points raised in the piece include the identification of wallets and exchanges as high-value targets for potential thieves, as well as a discussion surrounding a study of over 1000 participants in which none of the top exchanges were “lauded for security”.

As cybersecurity has been exposed as a fatal flaw in the unauthorised access / theft access of finances and data, it has also drawn a spotlight on the various methods employed by the companies which suffer these attacks.

Middleware, Wear and Tear

Some teams attempt to protect their data and finances through the creation and implementation of their own proprietary cybersecurity solutions whilst others seek the tender of others,

‘Middleware’ is nothing new and has long been utilised as a means of implementing third-party solutions as a means of shifting professional a legislative liability regarding essential functions of a brand technology.

It’s a creation by third party product / service providers that sits between external and internal code in order to facilitate functions or protections.

Decentralized Security Testnet

REMME is a project harnessing blockchain technology to create a distributed cybersecurity solution for enterprises.

Its now-released testnet has already demonstrated the efficacy of storing hashed Public Key Infrastructure certificates on the blockchain, and with 300 pilot program participants signed up, REMME isn’t short of applicants eager to trial its distributed identity and access management solution.

‘Distributed Identity and Access management’ (IAMd) and ‘Public Key Infrastructure’ requests (PKId) count amongst two of the primary features of the proprietary REMChain testchain network infrastructure. Both claims of which have come from CEO Alex Momot, who additionally praised “The interoperability of the public blockchain and sidechains”.

Additional features include the ‘REMchain block explorer’ – ‘node monitoring’ (connected to five nodes worldwide) – REMME WebAuth demo application.

While a pilot program reportedly attracting over 300 global enterprise applicants, REMME feels confident about the future of their long terms plans: which include full integration existing enterprise systems (ERP, CRM, Accounting software etc.).

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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MyEtherWallet Compromised in Security Breach; Users Urged to Move Tokens

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Popular cryptocurrency service MyEtherWallet (MEW) is urging users to move their tokens after the platform succumbed to its second cyber attack of the year. As the company reported earlier, hackers targeted MEW’s popular VPN service in an attempt to steal cryptocurrency.

Hola VPN Users Compromised

Rather than target MEW directly, hackers took control of the Hola VPN service, which claims nearly 50 million users. For the next five hours, MEW users who had the Hola chrome extension installed and running on their computer were exposed.

MEW took to Twitter to urge users to move their funds immediately.

“Urgent! If you have Hola chrome extension installed and used MEW within the last 24 hrs, please transfer your funds immediately to a brand new account!” the company said. It added the following message shortly thereafter:”We received a report that suggest Hola chrome extension was hacked for approximately 5 hrs and the attack was logging your activity on MEW.”

At the time of writing, MEW’s Twitter feed had no further updates.

MyEtherWallet is used to access cryptocurrency wallets, where users can send and receive tokens from other people.

The company reportedly told TechCrunch that the attack originated from a Russian-based IP address.

“The safety and security of MEW users is our priority. We’d like to remind our users that we do not hold their personal data, including passwords so they can be assured that the hackers would not get their hands on that information if they have not interacted with the Hola chrome extension in the past day,” MEW said, as quoted by TechCrunch.

It’s not yet clear how many users were compromised in the attack or how much, if any, was stolen from their wallets. MEW suffered a similar incident in February after a DNS attack wiped out $365,000 worth of cryptocurrency from users’ accounts.

Cyber Attacks on the Rise

The attack on MEW came less than 24 hours after Hacked reported another major cyber breach involving Bancor, a decentralized cryptocurrency exchange. The security breach compromised roughly $23.5 million worth of digital currency, including Ethereum, NPXS and BNT, Bancor’s native token.

Last month, a pair of South Korean exchanges fell prey to cyber criminals, prompting local regulators to expedite their approval of new cryptocurrency laws.

It has been estimated that a total of $761 million has been stolen from cryptocurrency exchanges in the first half of the year, up from $266 million in all of 2017. That figure is expected to rise to $1.5 billion this year.

CipherTrace, the company behind the estimates, told Reuters last week that stolen cryptocurrencies are mainly used to launder money and aid criminals in concealing their identities.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 647 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Mt. Gox vs. Bithumb: That Was Then, This Is Now

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Bithumb now shares something in common with the Tokyo-based shuttered bitcoin exchange Mt. Gox — both suffered a hack on about the same date, June 19. It’s a club that no exchange wants to belong to and that Bithumb happened on the seven-year anniversary of Mt. Gox’s maiden attack has to be more than an eerie coincidence.

It’s a stark reminder of the risks involved with keeping funds on an unregulated exchange, vulnerabilities that cost South Korea’s Bithumb some $36.6 million in digital cash and Mt. Gox $450 million in hacked bitcoin and its future. The Mt. Gox theft unfolded over a series of hacks that culminated in 2014. Though it’s still early on in the Bithumb hack, it appears the South Korean exchange will recover from the security breach. So what do we know now that we didn’t on June 19, 2011?

Then vs. Now

Former Coinbase official Nick Tomaino, who is also the founder of crypto fund 1 confirmation, reflected on the Mt. Gox hack in what proved to be a prescient tweet given the Bithumb attack that was about to surface.

The thing to note about Mt. Gox is that the Japan-based exchange in 2011 controlled most of the BTC trading volume, approximately three-quarters of it by average estimates — more if you ask Tomaino. Since bitcoin fever caught on in 2017, there are more than 500 cryptocurrency exchanges on which trading volume is shared. Binance boasts the highest trading volume and captures nearly 15% of bitcoin trading. It’s much less than Mt. Gox days but still a little high.

The other thing to note is that the Mt. Gox hack or actually hacks, as there were multiple attacks on the exchange over several years, was a mysterious event that was shrouded in controversy and mistrust of a key executive. Bithumb, on the other hand, confronted the hack seemingly right away on Twitter and has not let any grass grow under its feet in the interim, which is a key difference in the way Mt. Gox was handled.

Also, the bitcoin price didn’t tank in response to the Bithumb hack. It traded lower for a while, but less than 24 hours it was back in the green, which is a reflection of the fact that bitcoin trading is no longer dependent on a single exchange.

Charlie Lee, creator of Litecoin (LTC), the No. 6 cryptocurrency by market cap, was among the first to respond to the Bithumb hack. He tweeted:

Indeed, Bithumb does expect to be able to cover the losses via their reserves.

Crypto Security

It’s still early on in Bithumb’s security breach, and more details are sure to emerge in time. In the meantime, it’s a good idea to use the hack as an opportunity to examine the security of your cryptocurrency investment portfolio. There are several hardware wallet options out there for you to choose from — whether it’s Trezor or Ledger Nano S, to name a couple — and as Charlie Lee advised, “only keep on exchange coins that you are actively trading.”

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 68 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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