Aug. 9th: Coinbase Prevents Sophisticated Phishing Attack

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Aug. 9th: Coinbase Prevents Sophisticated Phishing Attack

Hello everyone and welcome to This Week in Crypto, this is your daily roundup for August 9, 2019. Coinbase prevented a sophisticated phishing attack, Blockstream has announced the launch of a Mining Farm, and 15 nations are planning to set up a system to monitor cryptocurrency transactions under the Financial Action Task Force.

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Today in Crypto – August 9, 2019

Quontic Bank, based in New York City has started doing business with cryptocurrency firms, joining the very short list of U.S. financial institutions to embrace the sector. Currently, Silvergate in California and Signature and Metropolitan Commercial in New York are among the few banks to offer services for crypto startups.

Crypto-friendly banks are extremely rare, in part because of the extra work they have to do complying with know-your-customer (KYC) and anti-money laundering (AML) regulations.

15 Nations Implement FATF Standards

Fifteen nations are planning to set up a system to monitor cryptocurrency transactions under the Financial Action Task Force (FATF). The aim is to track the movement of funds for illicit purposes by collecting and sharing transaction data, as well as the personal information of cryptocurrency users. 

The Financial Action Task Force would manage the project, which is slated to be finalized by next year and live within several years. The 15 nations, including G-7 members, Australia and Singapore, will develop the new system.

Blockstream Launches Mining Farm

Blockstream has announced the launch of a Mining Farm, along with a BetterHash-based mining pool called Blockstream Pool. Blockstream Mining will host colocation services across North America with its most recent installation in Georgia. The announcement stated that 300 megawatts of energy, will be made available to customers. That level of energy would be able to power up around 100,000 advanced ASICs. As of now, Blockstream Mining is exclusive to enterprises and institutions, with Fidelity being an early customer.

Coinbase Prevented Phishing Attack

Coinbase says it prevented a sophisticated phishing attack to collect keys and passwords on the Firefox browser. In May, over a dozen Coinbase employees received an email from a legit seeming University of Cambridge “Research Grants Administrator.” The email came from a legitimate Cambridge academic domain and passed through security filters undetected.

In June, targeted Coinbase employees received an email that contained a URL that, when opened in Firefox, could install malware on the recipient’s machine. Coinbase notes that within hours of receiving this email, it successfully detected and cooperated with other organizations to counter the attack.

Over 200 individuals in total, across several organizations other than Coinbase, were eventually found to have been targeted. Only 2.5% of targets received an email with a malicious link. Mozilla has since patched two 0-day vulnerabilities on the FireFox browser.

tZERO Opens Security Token Market

tZERO will open a security token market to retail traders next week. At the moment, there are only two tokens are available on the alternative trading system (ATS) including tZERO’s own private equity token and Overstock’s digital voting series A-1 preferred stock.

This has been your daily roundup from This Week in Crypto for August 9, 2019. Be sure to support the podcast by subscribing on your favorite podcast app including Google Home and Alexa devices. Also join us on Telegram to let us know your thoughts at t.me/weekincrypto. Thanks for listening, we’ll see you next time.

 

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