UN Calls Out North Korea For Stealing $2 Billion In Cryptocurrency From Exchanges

In a confidential report acquired by mainstream media outlets including Reuters on Aug. 5, the U.N. Security Council North Korea sanctions committee said that hackers formed an essential part of government funding.

“Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programs, with total proceeds to date estimated at up to two billion US dollars,”

Reuters quoted the report as stating.

As Cointelegraph previously reported, Pyongyang regularly forms the main suspect in investigations over attacks on exchanges in nearby Asian countries.

In particular, the entity known as the Lazarus Group has become notorious for its malign activities, which have affected countries across the world.

South Korea appears to be a specific target, however, the most recent event involving a phishing email scam in which hackers masqueraded as major trading platform UpBit.

At the same time, the FBI reiterated the U.N. view that North Korea was deliberately stealing money in order to counter the effects of international sanctions, which the report now said were likely to remain due to a lack of progress in talks.

“We call upon all responsible states to take action to counter North Korea’s ability to conduct the malicious cyber activity, which generates revenue that supports its unlawful WMD and ballistic missile programs,” it added.

Source: TheCoinRepublic

Walmart Seeks to Join the Cryptocurrency Movement

On the 1st of August 2019, Walmart (the world’s largest company with the most revenue and employees) has filed a patent application for its own digital currency.

This move follows the Facebook cryptocurrency initiative in the form of Libra. The ‘Walmart Coin’ specifications are similar to what Facebook has proposed for its Libra. 

Walmart’s cryptocurrency may have demographic appeal to legislators involved in the efforts of devising an alternative financial structure for people who are not regular users of banks or find banking costly. This new digital currency may not face the same regulatory trouble as Facebook’s Libra as there is a difference of scale between the two. Walmart’s cryptocurrency and Libra are different from others like Bitcoin in a very important manner; they are backed by a central authority and household names.

Walmart’s digital currency is proposed to be a fiat-backed stable coin. It is also said that it may be pegged to the US dollar and available for use only at select retailers or partners. It seeks to make transactions cheaper and faster. It could be tied to some other digital currencies and may be purchased using cryptocurrencies like Bitcoin rather than fiat currency alone. It aims at providing a free or cheap way to store wealth that can be converted back to cash as and when the need arises. It could earn interest, be used for food payments and may replace debit or credit cards without cash. Savings may be offered to customers on purchases. It seeks to use artificial intelligence to help the customer purchase according to his budget and preferences.

Walmart is trying to improve its inventory forecasts and predict consumer behavior by using the cryptocurrency to collect purchaser data with the ultimate aim of increasing its profitability. Its own tokens will also reduce the credit card processing fees, saving it billions of dollars each year.

There are ambitious plans for this new digital currency including the provision of a freelancer platform, short-term emergency loans, digital currency futures, and multi-tender integration.

Walmart is not new to the blockchain technology and at present, this technology covers its supply chain management and digital offerings for customers.

Walmart’s cryptocurrency does involve a major privacy concern especially if it is used alongside the various other services provided by the Walmart ‘Money Centers’.

It seems imminent that large corporations will foray into the area of cryptocurrency in the form of their own branded stable coins in an effort to exterminate banks from their financial ecosystem. Walmart has made a futuristic move. Whether this move proves to be beneficial is yet to be seen.

Source: TheCoinRepublic

New Bill on Cryptocurrency Ratified by Iran’s Cabinet

We all know about cryptocurrencies and the attention around has increased due to Facebook’s involvement with it. Due to such attention, many people are looking forward to being potential investors in the future and enter the crypto world. We all are aware of the cryptocurrencies being untraceable and shrouded in anonymity, for whatever reasons that attract us to this attribute of cryptocurrency. 

While many crypto pundits and aficionados are aware of the basic security of cryptocurrency, a large chunk of the market have no clue how crypto works. So, here are the basic principles of cryptocurrency explained. There are three main components of crypto security which are Asymmetric Cryptography, Hashing, and Digital Signatures. They are explained as follows –

Asymmetric Cryptography – 

A Basic Lock and Key Mechanism

Asymmetric cryptography is always concerned with two keys, a public key, and a private key and they both act as a lock and key for each other. If a message containing information is encrypted with a private key, it can only be decrypted by a public key and vice versa. This acts as the backbone of many cryptographic schemes such as SSL and TLS including many cryptocurrencies that follow this simple mechanism. A piece of information that can be put out there in the world using a public key and that piece must be guarded using the private key.

Hashing – A Unique Code For Everything

Hashing, in simple words, is encrypting a message or piece of information into a code called hash. The hash of the message is calculated using the information that the message contains. The hash is always determined using an algorithm. The input of the algorithm is directly dependant on the data of the arbitrary length. The output of the calculated hash is always predetermined and remains the same for the same algorithm elsewhere. This means that the same input will give out the same data every time.

While it is easy to convert a message to a hash, but it is difficult to know the content of the original message using the hash. This is because for a small change the hash entirely. For example, the change of a word in a message or even capitalization of a letter can lead to the generation of a new hash.

Digital Signatures – The Enforcement Tool

Digital Signature is a combination of both Hashing and Asymmetric Cryptography. The sole purpose of Digital Signature is to enforce nonrepudiation and confirm the integrity of a message. The integrity lets you state that the piece of information that you create is the same as the information sent. Non-repudiation lets you state that the message you create can only be created by you and no one else. 

In simple words, Digital Signatures act like the protection of intellectual property (trademarks, copyrights) for cryptocurrencies and blockchains. While these are an effective way to claim protection, they aren’t going to encrypt anything on its own. A digital signature doesn’t keep messages secret, for that hashing is used.

Dogecoin’s Price Analysis: The Indication is Positive and Pointing towards Surge

Dogecoin is getting more and more popular this year. The currency has been in the news for various different reasons and simultaneously for its increasing value in the market. Many of the investors and traders want to invest in the currency and it is also very popular on Twitter.

Dogecoin is getting more and more popular this year. The currency has been in the news for various different reasons and simultaneously for its increasing value in the market. Many of the investors and traders want to invest in the currency and it is also very popular on Twitter.

The experts also dedicated that the currency has potential and its value will get surge by the end of the year. Currently, it is under bearish pressure but still, its indications are positive. The experts think that the Dogecoin has an excellent future and the currency is good for long term investments.

Current Price of Dogecoin (DOGE): Currently, the currency is trading at the value of $0.002911 USD and its value is decreasing by -4.95%. It’s BTC value is also trading at 0.00000029 BTC and also decreasing by -0.09%. The market capitalization of the currency is $350,736,107 USD and its 24-hour volume is $20,917,093 USD. The circulating supply of the currency is 120,468,921,229 DOGE.

On July 21, the currency was trading at the value of $0.003112 and in the course of the first ten hours, the value decreased to $0.002962. The decreasing value was around 4.81%, but later the currency was able to increase by 7.53% and reach up to $0.003190. The chart has two double top shapes, first at $0.00319074 and second at $0.003111893 and the intraday loss was around 4.35%. Even on yesterday, July 22, the currency opened at $0.002974 and increased by 4.07% and reached up to $0.003093. But, the currency loses around 3.87% and reached up to $0.002974.

In the cryptocurrency market, Dogecoin is usually considered as the option of Bitcoin and generally, investors invest in the Dogecoin for long-term plan because the short-term investment in the Dogecoin is kind of risky. The currency will reach around the value of $0.007 by the end of the year, the experts predicted.

Dogecoin is getting more and more popular this year. The currency has been in the news for various different reasons and simultaneously for its increasing value in the market. Many of the investors and traders want to invest in the currency and it is also very popular on Twitter.

The experts also dedicated that the currency has potential and its value will get surge by the end of the year. Currently, it is under bearish pressure but still, its indications are positive. The experts think that the Dogecoin has an excellent future and the currency is good for long term investments.

Current Price of Dogecoin (DOGE): Currently, the currency is trading at the value of $0.002911 USD and its value is decreasing by -4.95%. It’s BTC value is also trading at 0.00000029 BTC and also decreasing by -0.09%. The market capitalization of the currency is $350,736,107 USD and its 24-hour volume is $20,917,093 USD. The circulating supply of the currency is 120,468,921,229 DOGE.


On July 21, the currency was trading at the value of $0.003112 and in the course of the first ten hours, the value decreased to $0.002962. The decreasing value was around 4.81%, but later the currency was able to increase by 7.53% and reach up to $0.003190. The chart has two double top shapes, first at $0.00319074 and second at $0.003111893 and the intraday loss was around 4.35%. Even on yesterday, July 22, the currency opened at $0.002974 and increased by 4.07% and reached up to $0.003093. But, the currency loses around 3.87% and reached up to $0.002974.

In the cryptocurrency market, Dogecoin is usually considered as the option of Bitcoin and generally, investors invest in the Dogecoin for long-term plan because the short-term investment in the Dogecoin is kind of risky. The currency will reach around the value of $0.007 by the end of the year, the experts predicted.

President of Federal Reserve says Cryptocurrency has entered the Global Currency Competition and competing hardly with Fiat Currency

Cryptocurrency has got much attention in the political sphere and came to the center of their interest over the past few weeks. Recently, Jerome Powell, the Fed Chair has compared Bitcoin with Gold. Also, with this, US President Donald Trump has also shared his thought about BTC that has flashed the regulatory collapse on the emerging markets. The President of St. Louis Federal Reserve has said that cryptocurrency has entered the ongoing global currency competition. With his comment, it is likely to consider that according to him, cryptocurrency is competing hardly with fiat currencies such as US Dollar.

According to many crypto advocates, the decentralized property of Bitcoin will lead it to become the better alternative of other fiat currencies and US Dollar. But it is still not clear that will Bitcoin be “Dollar 2.0” or more likely to be “Gold 2.0.” Jerome Powell, Fed Chair has explained in the front of US Senate during the recent testimony about the Bitcoin as now Bitcoin can be easily compared to Gold, it is basically used as “speculative store of value” and the irregular transactions of Bitcoin result into the omitted status of it as currency.

Barry Silbert twitted,” How far we’ve come. The Chairman of the Federal Reserve just compared bitcoin to gold. Folks, it’s happening https://youtu.be/jBUlXryF2WI.”

The President of St. Louis Federal Reserve, James Bullard, noted that in the US, cryptocurrency is creating movements to have a non-uniform cryptocurrency and this shows that cryptocurrency is giving strong competition to fiat currency.

In a recent presentation, he elaborated his point saying,” Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced. I want to view cryptocurrencies of various types as new entrants into the ongoing global currency competition.”

How Bitcoin differs from fiat currency? Bitcoin is borderless, as geographical regions can’t limit its utility. James Bullard also said,” I am arguing that the current cryptocurrency wave may be driving the U.S. uniform currency system toward something more like the international non-uniform currency system.”

Well, it is all about time and the time will only let us know does crypto markets will be able to alter the global financial system with its growing popularity. Although we have many questions in our mind, we can’t resist the fact that Bitcoin is the past since decade and will be the future of global population desire for being a more decentralized world.

Launch of the most-awaited community, Bakkt, will soon bring enormous changes along with it

Well, there is no denying the fact that Bakkt has been one of the most awaited projects to date.

In fact, as of the present scenario, Bakkt is been perceived as a future main driver of not the bull market but also the crypto institutional adoption. Therefore, as per some experts, the launch of Bakkt might increase the probability of Bitcoin bulls shifting to a whole new height.

While one can’t deny the fact that the launch of Bakkt has taken more time than any other crypto community but there has always been a ray of hope as the wheels were seen moving. Moreover, as per the recent reports, the UAT (user acceptance testing) is scheduled on 22nd July, which proves the market won’t have to wait any longer.

As per the Fundstart Research reports,

 “Bakkt’s launch is expected late in the current quarter.Bakkt could be a huge catalyst for institutional participation in the crypto market.”

 An another report of Fundstart also mentions that :

“The CFTC is seeing growing demand and interest for bitcoin futures from the public.”

Moreover, the CIO of BlockTower, Ari Paul’s wholehearted participation in the Bakkt clearly indicates his positive hope for a wave of users into space.

Therefore as per the Fundstart’s report,

“Paul believes that retail adoption will be enormous once a killer app/UI makes crypto on-ramps safe, reliable, and as easy to use as PayPal.”

Crypto Experts Believe That Bitcoin Prices Will Boom After Consolidation

The bitcoin price has declined from over $13,000 to $10,600, by more than 18 percent against the U.S. dollar since July 10, within two weeks. At its lowest point this month, the bitcoin price came close to dipping below the $9,000 level, dropping to as low as $9,080. Though BTC has shown relatively strong recovery throughout the past week, it has struggled to cleanly break out above $11,000, which has acted as a key resistance level for bitcoin throughout July.

Billionaire investor and the CEO of Galaxy Digital, Michael Novogratz, said that bitcoin is likely consolidating currently before initiating its next move higher in a statement.

“If BTC goes to $100, it is game over. It won’t. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. BTC is consolidating before its next move higher,” he said.

Josh Rager, a cryptocurrency technical analyst, and trader indicated that from a technical perspective, bitcoin has not cleanly broken out of the $10,850 resistance level, which many traders have emphasized in the past several days.

“Daily time frame resistance did its job & price closed under after that $400+ wick It’s always good to wait for a retest to make sure a broken resistance holds as support & this is a clear example Neutral at the moment & still in range,” noted Rager.

When the bitcoin price initially moved past $10,500 after recording a nine percent rally within a span of minutes on July 19, traders indicated that the $10,850 resistance level would have to be breached to confirm that the short term trend of the asset is bullish.

“10.4 met. No violent reaction, no rejection – BTC looking decent. Let’s see the reaction at this next resistance. Punch and close above $10,850 and things start looking substantially bullish,” one trader said at the time.

Bitcoin has not been able to reclaim $10,850 since then despite briefly surpassing beyond $11,000 on July 20.

While many investors seem to be in a frenzy over the BTC losing its value drastically, experts seem hopeful for the future. Only time will tell if their predictions are true.