First announced in September, Monero developers today went live with a network update featuring a new version of its node software, codenamed ‘Oxygen Orion.’ The product of 30 contributors, the update promises significant improvement across nearly all aspects of the privacy-focused cryptocurrency’s performance. 

The highlight of the new update is the compact linkable . . . → Read More: Amid IRS bounty and competitor progress, Monero developers ship a major update

A new report from the U.S. Department of Justice alleges that crypto traders dealing with coins like Monero, Dash, and Zcash are inherently engaging in “high-risk activities.”

According to the “Report of the Attorney General’s Cyber Digital Task Force” released by the DOJ on Oct. 8, anonymity enhanced cryptocurrencies, or AECs, undermine and . . . → Read More: DOJ says use of privacy coins is ‘indicative of possible criminal conduct’

Once viewed as one of the crypto industry’s top privacy-focused assets, Dash (DASH) no longer operates under that classification, according to the Dash Core Group, the body overseeing the asset and its development. 

When asked if Dash should remain under the category of a privacy asset, Fernando Gutierrez, CMO for the Dash Core Group, told . . . → Read More: Dash should not be considered a privacy coin, Dash team says

Recently, the United States Internal Revenue Service caused a stir in the crypto community when it put a bounty on the head of anonymity-focused crypto-asset Monero (XMR), offering $625,000 to anyone who could effectively track the purportedly untraceable asset. As the crypto and blockchain industry values anonymity and privacy, questions arise on the . . . → Read More: Open sesame: Will ‘cracking’ Monero reveal treasure or fool’s gold?

In Sweden, cash in circulation represents only 1% of the country’s gross domestic product, and some experts predict the nation will go “totally cashless” by 2023. In China’s largest cities, over 90% of people use WeChat Pay and Alipay as their primary payment method, with cash a distant second. 

It may seem that . . . → Read More: Cashless future ahead? Utopian digital dream with dystopian inequality

Two offices of the U.S. Department of the Treasury have issued advisories on ransomware payouts, which they say pose a threat to national security. The Financial Crimes Enforcement Network or FinCen reminded cryptocurrency processing companies of their duty to file suspicious activity reports when they have a reason to suspect that their services are being . . . → Read More: US Treasury warns crypto firms not to reimburse unknown ransomware victims

On Wednesday, the IRS awarded two $625,000 contracts looking for tracing tools for privacy token Monero and Layer 2 protocols. The winners were blockchain analytics firms Chainalysis and Integra FEC.

The IRS initially publicized its quest for a privacy-busting analytics solution at the beginning of the month. An IRS representative told . . . → Read More: Chainalysis and Texas firm win million-dollar IRS contract to crack Monero

Gemini, a cryptocurrency exchange founded by the Winklevoss twins, aims to improve user privacy with a major privacy token, Zcash (ZEC).

Starting Sept. 29, Gemini will support shielded withdrawals of ZEC, which allows users to hide their transaction data.

Gemini representatives said that the new feature is the “first time shielded ZEC withdrawals . . . → Read More: Gemini crypto exchange adds shielded withdrawals for privacy coin Zcash

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!

Top Stories This Week European Commission unveils digital finance package for crypto and blockchain

The days of murky legal waters and uncertainty for the crypto industry could be coming to an end if the . . . → Read More: Regulation is coming, Uniswap controversy, how many use crypto worldwide: Hodler’s Digest, Sept. 21–27

By way of disclaimer, today’s Law Decoded is going to be especially America-centric. Writing to you from the ghastly swamp that is Washington, D.C., I generally try to keep these newsletters more globally minded, displeased as I am with how often the news cycle acts like this town is the center of the . . . → Read More: Law Decoded: E Pluribus SHA-256

The United States Internal Revenue Service has better ways to spend taxpayer dollars than offering bounties to break Monero’s (XMR) privacy, a Monero working group says.

After the IRS announced it is offering up to $625,000 to anyone who can break Monero, a major Monero-focused workgroup expressed their take on the matter.

A . . . → Read More: XMR workgroup says IRS should study Monero — not try to break it

Per its Wednesday additions to its list of sanctioned individuals, the United States Treasury Department is targeting Monero (XMR) addresses.

Russian nationals Dmitriy Karasavidi and Danil Potekhin have become the newest names on the specially designated nationals list. According to the Treasury’s announcement on the subject, the two engineered an elaborate phishing campaign targeting U.S. citizens . . . → Read More: New US Treasury sanctions on Russian hackers hit Monero address

Privacy coins including Monero, Dash, Grin, and Zcash pose less of a risk of money laundering than other cryptocurrencies according to a report by a global law firm.

According to a new white paper released by U.S. international law firm Perkins Coie, anti-money laundering (AML) measures taken by regulatory bodies worldwide . . . → Read More: Privacy coins ‘pose less risk of money laundering than other coins’

According to a study published by cybersecurity firm, Aqua Security, cloud servers remain a major target for cryptojacking — a type of attack whose main motivation is to mine cryptocurrencies.

The “2020 Cloud Native Threat Report” states that between the second half of 2019 and the first half of 2020, attacks . . . → Read More: Many cloud servers are still at high risk of being hijacked for crypto mining

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. 

Editor’s note

One of the most persistent myths about Bitcoin is its supposed anonymity. More properly termed pseudonymity, BTC wallets are permanently tied to their public keys. Most of you know that. . . . → Read More: Law Decoded: Governments vs. blockchain privacy, Sept. 4-11

The United States Internal Revenue Service has offered a bounty of up to $625,000 to anyone who can break purportedly untraceable privacy coins such as Monero (XMR) as well as trace transactions on Bitcoin’s (BTC) Lightning Network. 

The official proposal, published last week, says the IRS will accept submissions in the form of . . . → Read More: The IRS offers a $625,000 bounty to anyone who can break Monero and Lightning

The overwhelming majority of crypto transactions do not include privacy tokens, with most traders choosing to move funds transparently rather than privately.

According to crypto analytics firm Coin Metrics’ Sept. 1 State of the Network report, the combined daily transactions of three privacy coins, Zcash (ZEC), Monero (XMR), and Grin (GRIN), equated to . . . → Read More: Who cares about privacy? Not crypto users, says Coin Metrics

Privacy and anonymity are the primary benefits of cryptocurrency, yet due to the transparent nature of blockchain technology, crypto transactions are not as anonymous as some may think. Rather, Bitcoin (BTC) and other cryptocurrencies are pseudonymous, as each transaction on a blockchain network is transparent, making it possible to trace wallet addresses back . . . → Read More: CipherTrace develops Monero-tracing tool to aid US DHS investigations

Each week we ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!

This week our 6 Questions go to Rob Viglione, co-founder of Horizen.

Rob is the team lead at Horizen, a blockchain . . . → Read More: 6 Questions for Rob Viglione of Horizen

Pressured by external forces, two Australian exchanges have begun to delist a number of privacy coins including Monero (XMR) and Bytecoin (BCN).

On August 24, YouTuber Alex Saunders tweeted a screenshot of what appears to be an announcement from the Australian exchange, Coinspot. This announcement seemed to suggest that several privacy coins were going . . . → Read More: Australian exchanges delist privacy coins amid Chainalysis integration

According to a study published by Guardicore Labs, a malware botnet known as FritzFrog has been deployed to ten millions of IP addresses. The malware has largely targeted governmental offices, educational institutions, medical centers, banks, and telecommunication companies, installing a Monero (XMR) mining app known as XMRig.

Guardicore Labs explains that . . . → Read More: Monero Cryptojacking Malware Targets Higher Education

Cybersecurity researchers have detected what they believe to be the first ever stealth crypto mining campaign to steal Amazon Web Services (AWS) credentials.

The mining campaign was described as being relatively unsophisticated by Cado Security in their report on Aug. 17. In total, it seems so far to have only resulted in . . . → Read More: Researchers Detect Crypto-Mining Worm to Steal AWS Credentials

It’s no secret that women are underrepresented in the technology and financial industries. In the U.S, women only hold a quarter of computing-related jobs. Some sectors, like software engineering, fare even worse, with female representation as low as 15%.

And now along comes blockchain, a technology that promises a global revolution through decentralization. . . . → Read More: Championing Blockchain Education in Africa: Women Leading the Bitcoin Cause

August 6, Monero (XMR) has experienced its biggest increase in hashrate since the network’s creation in 2014.

Monero hashrate. Source: Coin Metrics.

The Monero hashrate increased from 1.67 GH/s on August 5 to 2.2 GH/s on August 6. That 0.52 GH/s single day gain is the highest in the project’s history. . . . → Read More: Monero’s Hashrate Experienced Its Largest Single Day Gains Ever

“We accept Bitcoin here” signs remain few and far between, even online. A handful of studies suggest merchants would be happy to accept digital currencies due to the lower transaction fees involved. But volatility is a major concern, and judging by another wild week in crypto it will continue to be so.

Commerce is . . . → Read More: Crypto, Meet Fiat. You Two Should Get A Coffee Sometime

Cointelegraph Magazine is a new publication that goes beyond the daily news and delves much more deeply into the stories, trends, and personalities that inspire cryptocurrency and blockchain conversations around the world.

We are people-centric, delving into *why* the true believers of blockchain feel they can change the world (and why they . . . → Read More: July

Understanding Bitcoin as something static — as some ‘thing’ with a solidified identity — is not understanding Bitcoin at all.

Bitcoin is not being. Bitcoin is becoming. The perpetuation of its identity is not terminal but rather instrumental to something else. Bitcoin maintains identity so that it can serve its meaning. And, like . . . → Read More: The Becoming of Bitcoin: A Narrative Untainted by Illusions of Truth

They say that education prepares you for later life. For many sleep-deprived teenagers staggering through the corridors on a Monday morning, this is the sole motivation to learn — the hope that upon graduation, they will be equipped with the tools and wisdom necessary to navigate the intimidating minefield of adulthood.

So it . . . → Read More: An Investment in Knowledge Pays the Best Interest: The Parlous State of Financial Education

Brian Armstrong says Coinbase won’t be listing privacy coins like Monero (XMR) as they’re still untested grounds for regulators in the United States.

In a July 24 interview with Peter McCormack on his “What Bitcoin Did” podcast, Armstrong said he wanted to take a more conservative approach with Coinbase so the . . . → Read More: Coinbase CEO: Exchange Won’t List XMR Due to ‘Issue With Regulators’

Each week we ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!

This week our 6 Questions go to Hugo Renaudin, CEO and co-founder at LGO Group.

LGO is designed to be a . . . → Read More: 6 Questions for Hugo Renaudin of LGO

“It was kind of crazy to leave Google.”

Charlie Lee was a software engineer for YouTube, which had become part of the world’s dominant technology company. He loved the start-up feel. “You get to work on really cool, new stuff, except that it’s a start-up that’s guaranteed to succeed.” Anything Google launches, he . . . → Read More: Journeys in Blockchain: Charlie Lee of the Litecoin Foundation

The threat intelligence team at Cisco Systems discovered a new cryptojacking botnet named “Prometei.” This botnet both mines Monero (XMR) and steals data from the targeted system.

According to the paper sent to Cointelegraph, the botnet has been active since May. It relies on 15 executable modules to recover administrator . . . → Read More: Watch Out for This Cryptojacking Botnet That Steals Data From Its Victims

Ask any politician, parent, or social scientist: getting people to change their behavior is hard. The default setting is business as usual, carry on doing things the way we’ve always done them. And changing that takes directional applied effort — Newton wasn’t wrong.

The more entrenched the original behavior, the more difficult it is . . . → Read More: Aligned Incentives: Accelerating Passive Crypto Adoption

For years the crypto industry has clamored for more attention from institutional investors. Big name investors are seen as a legitimizing force that will help open the floodgates for capital, and the doors to greater adoption. 

However, that is just one side of it. Fund managers have one primary responsibility — making money for . . . → Read More: How Activist Investors Could Change The Crypto Landscape

Telecom, Argentina’s largest telecommunications company, has fallen victim to a ransomware attack. Hackers are demanding $7.5 million in Monero (XMR) — an amount that will rise to $15 million if the company does not pay within 48 hours.

Argentina’s major telephone company, Telecom, just got hacked. Hackers requesting a ransom . . . → Read More: Major Argentine Telecom Falls Victim to $7.5M Monero Ransomware Attack

The U.S. Secret Service issued a warning about an increase in hacks targeting managed service providers, or MSPs, of both the U.S. private sector and various government entities.

According to a document published by ZDNet on June 7, threat actors have been widely relying on ransomware attacks, point-of-sale intrusions, and business . . . → Read More: The US Secret Service Issues Ransomware Warning

Another ransomware attack has hit the Australia-based drinks manufacturer, Lion. This is the second attack on the company in less than one week. The cybercriminals behind the attack are threatening to double the ransom amount if Lion does not pay by the specified date. The currency of choice for the particular attack . . . → Read More: Australian Beverage Giant Faces Monero Ransom Demand of Nearly $1M

Nobody is in charge of Ethereum. It suffers from a chronic lack of governance, a lack of structure.  And as a result, it is in crisis. 

That’s one theory, anyway.

“Ethereum governance has failed. We are a de facto technocracy, where a small group of technocrats, the core devs, have final say over . . . → Read More: Agents of Influence: He Who Controls The Blockchain, Controls The Cryptoverse

Microsoft announced on June 10 that it had discovered a number of cryptojacking attacks on powerful machine-learning clusters on its Azure cloud computing network.

In a blog-post, the company said that some customers had misconfigured nodes, allowing attackers to hijack them to mine the privacy-focused cryptocurrency Monero (XMR).

Default settings overridden . . . → Read More: Microsoft Azure Machine Learning Clusters Cryptojacked to Mine Monero

Recent reports revealed that a group of hackers behind the Kingminer botnet targeted vulnerable Microsoft SQL server databases to mine cryptocurrencies at some point in the second week of June.

According to the cybersecurity firm Sophos, the attackers used the botnet, active since 2018, to exploit the BlueKeep and EternalBlue vulnerabilities, . . . → Read More: Botnet Exploits SQL Servers to Install Crypto Mining App

“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”

R. Buckminster Fuller

The world is beset by wicked problems. 

Due to their scale, complexity, interconnectedness, and the persistent lack of information which makes it difficult for us to see all of . . . → Read More: You Say You Want a Revolution: What Blockchain Can Learn from One Man’s Attempt to Save the World

On June 8, Chainalysis announced support for privacy coins Zcash (ZEC) and Dash (DASH) making it easy for the law enforcement to track them.

Calling Dash a privacy coin is a misnomer

The company claims that it can trace the vast majority of Zcash and Dash transactions due to the fact . . . → Read More: Chainalysis Can Now Track Your ‘Privacy Coins’ Zcash & Dash

On June 2, a South Korean court ordered a freeze on all the cryptocurrency wallets, securities deposits, and stocks account owned by Cho Ju-bin, the suspected head of Nth Room. Nth Room is a Telegram channel under investigation for circulating child pornography.

According to KBS Korea, the Seoul Central District Court . . . → Read More: South Korean Prosecutors Freeze Crypto Wallets of Suspected Child Porn Ring Chief