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.

Bitcoin’s Fall Suspected Due to Facebook, Libra Could Directly Boost Bitcoin’s Growth

Bitcoin Price Prediction

Bitcoin’s recent downfall isn’t a good sign for the crypto market. It is now fluctuating at a lower level than before and has managed to go down even below US $10,000. At the time of writing this, Bitcoin was traded at a meager $9,685 compared to highs of $13,000 at the end of June. Investors were quick to link this with the Congressional hearing of Facebook happening on the 16th and 17th of July. While many believe it may be just a coincidence, many veterans in the market believe otherwise.

Bitcoin’s Direct Connection With Hearings

Bitcoin’s price has somewhat of a direct relationship with events deciding the future of cryptocurrency. The hearings that take place have directly affected Bitcoin’s growth in the past too. First of all, the days leading up to the hearing have been bad for Bitcoin as it has shown bearish behavior. Also, today on 16th it has been at its lowest in a month at $9,600. While Facebook’s Libra jacked-up Bitcoin’s rally from $9,800 to $13,000, it has leveled it now leading up to the hearing.

In the past, the congressional hearings have influenced the price of BTC. Last year, Bitcoin’s price fell from $6,820 to $6,070 in a matter of five days in July leading up to a hearing regarding the future of Crypto. But, when a suitable outcome came, it rallied up to $7,400 due to a favorable outcome from the hearing. More examples of this include a hearing in February of the same year and in November of 2013.

About the Hearing & Bitcoin’s Connection to it

The Congressional Hearing of Facebook has been held to discuss its new project, Libra. The Crypto was expected to be heavily scrutinized because of the skepticism of the US Congress towards cryptocurrencies. The Facebook head of Calibra – David Marcus has been asked to testify to different lawmakers on the Senate Banking Committee on the 16th and House Financial Services on the 17th. The impact of the hearings will be seen through the fluctuations of Bitcoin’s price.

The cynical behavior of such committees towards Libra may not be good for Bitcoin. The decisions taken in this hearing may send down massive shockwaves in the crypto market. While these hearings go on, the anxiousness is felt throughout the market.

Bitcoin and other Top 4 Cryptos Experience Drops in Price, Even Double Digit Losses For Some

The first week of July set the trend for the Crypto market this month. There were loss in prices but investors were optimistic of gain as the month progressed. But, these price drops have now amplified and taking down even the major cryptos in the market. The investors who were waiting for the major bull run of Bitcoin, it’s bad news as Bitcoin has been caught up in this trend of percentage drop in prices. The losses of these top 4 cryptos are not a good sign for Crypto ahead.

Bearish Sentiments Throughout the Market

The top 4 Cryptos going down have basically made the whole market bearish but it probably isn’t their fault. It was anticipated that in these top 4, currencies like Litecoin and Bitcoin will have a pullback and investors must be ready for it. But, investors of Litecoin weren’t actually ready for such pullback as it has happened just at the eve of the halving event of Litecoin. 

For Bitcoin, it was said by many that it would lay down the foundation of the bull run at the start of July, and would be at least US $15,000 at the start of August. But, in this optimism, the realists who also kept the possibility of Bitcoin dropping a feasible outcome were cast aside. Talking about the other two, Ripple and Ethereum, it is just unfortunate timing that they have dropped when it was a down period in the market.

Losses of the Top 4 – In Figures

Bitcoin, for the first time in almost a month, dropped below the US $10,000 and it is a shocking revelation for many. The valuation of Bitcoin went down as low as $272 billion and showed signs of dropping even below at some point. At the time of writing this article, the price of Bitcoin is $10,795 and growing, fortunately, but it will take time for Bitcoin to assemble momentum for a bull run.

Ethereum, the second largest cryptocurrency in the market, suffered the most. Ethereum has lost nearly 20% of its value in the last 48 hours and took hits in its price. It was trading at $313 on 8th July, and it slowly started wearing down from that. In the last two days, where it was traded at $269, it went down sharply to the $200 mark. At the time of writing this, it is being traded at $229 but is still diminishing.

Ripple XRP, a cryptocurrency who has climbed in terms of valuation due to its blockchain success, has also suffered. It has seen a loss of 9% in valuation and went down from almost $0.40 to $0.32 in a matter of a week. It is trading at $0.31 now, with a stagnant graph of growth.

Litecoin, the fourth largest cryptocurrency, has the most unusual loss due to the timing. It should have been a booming period for Litecoin as the halving period is just three weeks away, but it is quite the opposite. Litecoin price has taken a steep drop from $123 on 8th July to $89 being traded right now. This trend of bearish growth was present even before that period as it wasn’t growing enough at the start of July.

Russia enhancing its economy through Blockchain Technology

If we talk about politics and bureaucracy, Russia is one of the most dominant countries in the world. On the contrary, Russia has the 12th largest economy which results in decreasing its value among the dominant countries. Talking about economics, the United States is the top leader among all and Russia is challenging its trade and investment with the new and enthusiastic technology, Blockchain Technology.

Russian national virtual asset got raised in 2015 and thus Russia knows about what cryptocurrency is and how to work on it, but the only the private sector is the one who discusses about it. In the year 201 itself, Qiwi and Webmoney, two Russian Payment entities, sent the proposition to the Russian’s Central Bank but it got rejected. But the deputy of State Duma, Andrei Lugovoi, has suggested that Cryptocurrency will benefit Russia to avoid the sanctions from the EU and US.

Talking about trade and investment, Russia is consistently trying to break the US stronghold for a long time. It seems like the political sector of Russia is now trying to go beyond the dominated financial system by the US. Not only the trade sector, but Russia also wants to reduce the sanctions done by the US and improvise its currency reserves from foreign. To do so, Moscow is working on blockchain technology to implement the security goals for long term purpose and improve the economic conditions of the country.

In Russia, the craze for cryptocurrency and blockchain has increased, and in 2017, in an international blockchain conference, Russian intelligence officer stated that “The internet belongs to the Americans – but blockchain will belong to us.” The Kremlin officials also backed up Russia in the following year to motivate them to build their own cryptocurrency or financial system based on blockchain. However, the President of Russia, Vladimir Putin, didn’t agree with the idea of bringing cryptocurrency in the country but after going into its depth and understanding about this technology, he conceded to move forward with the revolution of cryptocurrency.

The Russian National Security Depository is currently working on in laying down the foundation of cryptocurrency in Russia but the facts say that it will take decades for the cryptocurrency to lay down its feet in Russia to bring out the better results. Central Bank has also said that they will support the cryptocurrency revolution in Russia but the head of the working group on cryptocurrencies, Elina Sidorenko at the State Duma claimed that “The country lacked the legislative framework, regulatory authorities, and technical requirement to immediately combine its financial system with cryptocurrencies.”

As it seems, there are many things to do in Russia in order to make Cryptocurrency to work better but the beginning seems to be good and it has also been said, “Every long journey start with just one step.”