Crypto Currency

China Says Bitcoin Is Wasteful. Now It Wants to Ban Mining

bitcoin miners have long embodied a contradiction. Cryptocurrency trading is illegal in the country; initial coin offerings, used to fund new blockchain projects, are banned; and Chinese banks can hardly touch the stuff. And yet somehow the country has remained the epicenter of global cryptocurrency mining, home to more of the computing power used to…


bitcoin miners have long embodied a contradiction. Cryptocurrency trading is illegal in the country; initial coin offerings, used to fund new blockchain projects, are banned; and Chinese banks can hardly touch the stuff. And yet somehow the country has remained the epicenter of global cryptocurrency mining, home to more of the computing power used to mint new bitcoin than any other country.

Now the Chinese government has proposed to ban mining.

On Monday, China’s central state planner, the National Development and Reform Commission, included cryptocurrency mining in a list of 450 wasteful and hazardous activities slated for elimination. Mining is the process for validating transactions on blockchain networks, with cryptocurrency as a reward, and it has grown notorious for generating e-waste and consuming incredible amounts of electricity. The proposed ban, which was originally reported by theSouth China Morning Post, could come into force after a public comment period ending May 7.

The proposal, if enacted, could take time to have much impact, says Katherine Wu, an independent crypto industry analyst. She notes that this is different from past cryptocurrency clampdowns, which took more direct action. In 2017, for example, the government ordered exchanges, where people buy and sell coins, to dissolve their operations. By contrast, all types of industries end up on the commission’s list of wasteful activities, which began in 2005 and is updated every few years with new public nuisances

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Crypto Currency

Prince Harry Deserves Praise for Calling Out Social Media Hate

Prince Harry wants to change social media for the better.In a 1400-word op-ed for Fast Company, the Duke of Sussex argued that social media is dividing the world, but together, we ca…

  • Prince Harry wants to change social media for the better.
  • In a 1400-word op-ed for Fast Company, the Duke of Sussex argued that social media is dividing the world, but together, we ca…
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Crypto Currency

The Quest to Liberate $300K of Bitcoin From an Old ZIP File

The question still remained, though, whether all that GPU-crunching would actually work. After months of hammering on the problem, Stay was finally ready to try. The Guy hadn’t given the entire ZIP f…

The question still remained, though, whether all that GPU-crunching would actually work. After months of hammering on the problem, Stay was finally ready to try. The Guy hadn’t given the entire ZIP f…
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Crypto Currency

Twitter reveals exactly how bitcoin scammers hacked Elon Musk’s, Kim Kardashian’s accounts

Twitter just released an update on the massive hack that prompted the Great Blue Tick Silence of 2020, letting us know exactly how many accounts were actually impacted. On July 15, hackers posted tweets from several prominent, verified Twitter users’ accounts, falsely claiming that any bitcoin sent to a certain address would be paid back…

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Twitter just released an update on the massive hack that prompted the Great Blue Tick Silence of 2020, letting us know exactly how many accounts were actually impacted.

On July 15, hackers posted tweets from several prominent, verified Twitter users’ accounts, falsely claiming that any bitcoin sent to a certain address would be paid back in double. The scam netted the hackers 400 payments with a total value of $121,000 — a tidy sum for a handful of tweets. 

Now, Twitter has revealed what it’s learned about how this hack took place, stating that it “relied on a significant and concerted attempt to mislead certain employees and exploit human vulnerabilities to gain access to [Twitter’s] internal systems.”

“The social engineering that occurred on July 15, 2020, targeted a small number of employees through a phone spear phishing attack,” wrote Twitter in a blog post on Thursday. “A successful attack required the attackers to obtain access to both our internal network as well as specific employee credentials that granted them access to our internal support tools. 

“Not all of the employees that were initially targeted had permissions to use account management tools, but the attackers us

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Crypto Currency

Welp, the Twitter hacker is reportedly a 17-year-old in Florida

UPDATE: July 31, 2020, 12:45 p.m. PDT  The Department of Justice announced Friday that it had charged three people for perpetrating the Twitter hack.  A joint law enforcement investigation in which authorities “followed the money” allowed them to identify a 19-year-old in the U.K., a 22-year-old in Orlando, FL, and a minor it declined to…

UPDATE: July 31, 2020, 12:45 p.m. PDT 

The Department of Justice announced Friday that it had charged three people for perpetrating the Twitter hack. 

A joint law enforcement investigation in which authorities “followed the money” allowed them to identify a 19-year-old in the U.K., a 22-year-old in Orlando, FL, and a minor it declined to identify who is under the custody of local Florida authorities. 

The U.K. hacker has been charged with conspiracy to commit wire fraud, conspiracy to commit money laundering, and the intentional access of a protected computer. The Orlando attacker seems to have played a more minor role; he was charged with “aiding and abetting the intentional access of a protected computer.”

The DOJ’s statement emphasized that, despite mysterious hacker personas, cyber crimes are not anonymous. It provided more insight into how it tracked down the people responsible. It “analyzed the blockchain and de-anonymized bitcoin transactions allowing for the identification of two different hackers.”

“This case se

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