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Tag: cryptocurrency

The government created a fake cryptocurrency to help you avoid scams

The government created a fake cryptocurrency to help you avoid scams

Finance
What is an ICO? There's a hot new crypto coin linked with luxury travel out there: HoweyCoins. But this initial coin offering isn't going to earn you anything more than a better understanding of how crypto works and a warning about scams. This mock ICO — or initial coin offering — is a creation of the Securities and Exchange Commission's office of investor education and advocacy in an effort to teach people about the dangers and pitfalls of investing in cryptocurrencies. Lesson one: If it sounds too good to be true, it probably is. The goal of the project is to acquaint investing novices with signs of fraud before it's too late. "The rapid growth of the 'ICO' market, and its widespread promotion as a new investment opportunity, has provided fertile gro...
New York is investigating cryptocurrency exchanges. What you need to know

New York is investigating cryptocurrency exchanges. What you need to know

Finance
New York Attorney General Eric Schneiderman announced on Tuesday that he is investigating at least 13 cryptocurrency exchanges, including the popular platform Coinbase. "Too often, consumers don't have the basic facts they need to assess the fairness, integrity, and security of these trading platforms," Schneiderman said in a statement. Schneiderman said he hopes to make exchanges more accountable and transparent to their clients. Each company will be asked in a letter to supply information on its "operations, internal controls, and safeguards to protect customer assets." The news serves as a reminder that investing in cryptocurrencies is risky not only because they're new and their value is volatile — even the places where you buy them can be suspect. There are at least 190 exchanges in o
A billionaire hedge-fund manager and the Fed chair runner-up are investing in a new cryptocurrency

A billionaire hedge-fund manager and the Fed chair runner-up are investing in a new cryptocurrency

Finance
Billionaire Stanley Druckenmiller and Federal Reserve chair runner-up Kevin Warsh have invested in a cryptocurrency project called Basis, along with many other investors, the company said Wednesday.Bain Capital Ventures said it led the $ 133 million private placement, which was the private equity firm's first purchase of cryptocurrency tokens. Other investors included Alphabet's GV venture capital arm and Andreessen Horowitz.Formerly known as Basecoin, Basis is developing a cryptocurrency whose supply is controlled by an algorithm rather than a central bank. In contrast, bitcoin and most major cryptocurrencies have a fixed supply. Changes in demand can then send prices in wild swings.Basis' developers say such volatility has prevented mainstream adoption of cryptocurrencies and they want t...
Teenager hacks crypto-currency wallet

Teenager hacks crypto-currency wallet

Technology
A hardware wallet designed to store crypto-currencies, and touted by its manufacturer as tamper-proof, has been hacked by a British 15-year-old.Writing on his blog, Saleem Rashid said he had written code that gave him a back door into the Ledger Nano S, a $ 100 (£70) device that has sold millions around the world.It would allow a malicious attacker to drain the wallet of funds, he said.The firm behind the wallet said that it had issued a security fix.It is believed the flaw also affects another model - the Nano Blue - and a fix for that will not be available "for several weeks", the firm's chief security officer, Charles Guillemet told Quartz magazine.Crypto-currencies such as Bitcoin use an encryption method known as public key cryptography to protect funds. Users can spend the money stor