British cryptocurrency Electroneum hit by cyber attack after raising £30m

  • A UK cryptocurrency startup that raised $40m (£30m) has been hit by a cyber attack that has shut investors out of their accounts for several days.
  • Electroneum, which offers a digital currency that can be mined using smartphones, was due to launch its website and mobile app last Thursday, having crowdfunded millions of dollars in bitcoin and ether following a so-called “initial coin offering”, or ICO.
  • The Maidstone-based company’s website came under a distributed denial of service (DDoS) cyber attack last week, forcing it to delay the full launch of its mobile mining app.
  • DDoS attacks involve a network of compromised computers, known as a “botnet”, which flood a website’s servers leaving legitimate traffic unable to get through and making the website vulnerable to hacking.
  • Electroneum, which claims 140,000 people hold its tokens, has locked down the accounts while it tries to bring its network online safely.

A UK cryptocurrency startup that raised $40m (£30m) has been hit by a cyber attack that has shut investors out of their accounts for several days.
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Jamie Dimon says he’s not going to talk about bitcoin anymore

  • During Citigroup’s earnings call Thursday, Chief Financial Officer John Gerspach said, “We think the area of cryptocurrency and digital currency is an area worthy of exploration.”
  • Gerspach said Citi’s labs in Tel Aviv and Dublin are looking at digital currencies, cryptocurrencies and blockchain.
  • Another digital currency, ethereum, traded mildly higher near $307.
  • Many digital currency enthusiasts see ethereum as the foundation for the next generation of the internet.
  • The bank then became a founding member of the Enterprise Ethereum Alliance in February, and partnered with the developers of privacy-focused digital currency Zcash in May.

After the CEO of JPMorgan Chase caused a stir by calling bitcoin a ‘fraud’ last month, he says he’s not commenting any further.
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Jamie Dimon says he’s not going to talk about bitcoin anymore

  • Jamie Dimon, chairman and CEO of JPMorgan Chase, said he is no longer going to discuss bitcoin after his comments last month that the digital currency was a “fraud” caused quite the stir on Wall Street and Silicon Valley.
  • But I’m not going to talk about bitcoin anymore,” said Dimon in response to a question during the bank’s third-quarter earnings call with media on Thursday.
  • JPMorgan CFO Marianne Lake then took over the conversation.
  • “We are open-minded for digital currencies that are properly controlled and regulated,” she said, also discussing the potential merits of blockchain, the technology behind bitcoin.

After the CEO of JPMorgan Chase caused a stir by calling bitcoin a ‘fraud’ last month, he says he’s not commenting any further.
Continue reading “Jamie Dimon says he’s not going to talk about bitcoin anymore”

Jamie Dimon says he’s not going to talk about bitcoin anymore

  • Jamie Dimon, chairman and CEO of JPMorgan Chase, said he is no longer going to discuss bitcoin after his comments last month that the digital currency was a “fraud” caused quite the stir on Wall Street and Silicon Valley.
  • But I’m not going to talk about bitcoin anymore,” said Dimon in response to a question during the bank’s third-quarter earnings call with media on Thursday.
  • “We are open-minded for digital currencies that are properly controlled and regulated,” she said, also discussing the potential merits of blockchain, the technology behind bitcoin.
  • Dimon told an investor conference last month that bitcoin was a fraud “worse than tulip bulbs.”
  • His comments ran contrary to many on Wall Street who have begun to embrace, or at least experiment, with bitcoin and the blockchain technology it utilizes.

After the CEO of JPMorgan Chase caused a stir by calling bitcoin a ‘fraud’ last month, he says he’s not commenting any further.
Continue reading “Jamie Dimon says he’s not going to talk about bitcoin anymore”

Microsoft and BAML team up on blockchain-based trade finance project

  • “The underlying nature of trade finance in its current form is highly manual, it’s highly time-consuming and it’s paper-based, so we thought this would be a good opportunity to streamline the way trade transactions are processed,” BAML’s head of global trade and supply chain finance, Percy Batliwalla, told Reuters.
  • LONDON (Reuters) – Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday.
  • Trade transactions using the existing process typically take between seven and 10 days to complete and involve a complicated paper trail that is vulnerable to document fraud.
  • Microsoft’s cloud-based Azure platform will be used for the project.
  • Barclays and an Israel-based start-up said this month that they had carried out the first real-word trade deal using the technology.

Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday. The two multinationals said at the Sibos financial services conference in Geneva that
Continue reading “Microsoft and BAML team up on blockchain-based trade finance project”

Microsoft and BAML team up on blockchain-based trade finance project

Microsoft and BAML team up on #blockchain-based trade finance project #tech #news

  • Trade transactions using the existing process typically take between seven and 10 days to complete and involve a complicated paper trail that is vulnerable to document fraud.
  • LONDON (Reuters) – Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday.
  • Barclays and an Israel-based start-up said this month that they had carried out the first real-word trade deal using the technology.
  • “The underlying nature of trade finance in its current form is highly manual, it’s highly time-consuming and it’s paper-based, so we thought this would be a good opportunity to streamline the way trade transactions are processed,” BAML’s head of global trade and supply chain finance, Percy Batliwalla, told Reuters.
  • Proponents of the technology, which originates from digital currency bitcoin, say that it will make all kinds of transactions faster, more reliable and easier to audit because it does not require manual processing, nor authentication through intermediaries.

Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday. The two multinationals said at the Sibos financial services conference in Geneva that
Continue reading “Microsoft and BAML team up on blockchain-based trade finance project”

Microsoft marches further into Ethereum Blockchain as a Service with ‘Cryplets’ and ‘Enclaves’

Microsoft marches further into #ethereum #blockchain as a Service with Cryplets and Enclaves

  • Militant attacks in France have hit tourism in the country since last year. “
  • Earlier this year the US agency took Apple to court – and sparked a worldwide privacy debate – as it fought to get the iPhone of San Bernardino terrorist Syed Rizwan Farook unlocked.
  • A 26-page white paper has been released by Microsoft on Cryplet innovations, added Gray. “
  • Taking to the stage at DevCon2, Marley Gray, who heads the Ethereum BaaS on the Azure project, pointed out that he had to do some horrible things to get Microsoft to agree to sponsor it last year. “
  • House prices in London’s prime locations will fall by 9 percent this year and not grow again until 2019 as buyers, already hit by increased property taxes, wait to see the outcome of Brexit divorce talks, estate agents Savills said.

In the year since it publicly announced backing for Ethereum via the Azure Cloud Blockchain-as-a-Service (BaaS), Microsoft has been busy. Taking to the stage at DevCon2, Marley Gray, who heads the Ethereum BaaS on the Azure project, pointed out that he had to do some horrible things to get Microsoft
Continue reading “Microsoft marches further into Ethereum Blockchain as a Service with ‘Cryplets’ and ‘Enclaves’”