Tag: cryptocurrencies

How gamers are at the risk of cyber attacks, BFSI News, ET BFSI

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The rising cybercrimes are now targeting gamers using a crypto-mining malware called Crackonosh. The research shows this crime has so far made more than $2 million for hackers.

But it’s not targeting any gamers. Games that are “cracked” pirate copies of popular games come infected with this malware script, allowing hackers to secretly mine cryptocurrencies using the victim’s resources. These games include Grand Theft Auto V, Pro Evolution Soccer 2018, Jurassic World Evolution, and NBA 2K19 available for free on forums or torrent.

So, how does this exactly work?

The crime is called cryptojacking, and the way it works is by embedding malware on a computer or mobile device to steal its resources and mine cryptocurrencies.

Since mining cryptocurrencies use a considerable volume of electricity and need a high-performing PC to solve a critical mathematical equation, this attack risks gamers. So by using gamers’ high-performance resources from computers, hackers earn cryptocurrencies without bearing the overhead cost. The malware script works secretly in the victim’s computer and doesn’t get noticed easily. However, the symptoms of a victim are slowed down PCs and spike in electricity bills.

Moreover, the attack goes unnoticed by the user because once Crackonosh is inside the system, it modifies the computer’s registry to allow it to run in safe mode. This disables most antivirus software. It then boots the computer into a safe mode. Further, it replaces the Windows Security icon in Windows 10 with a fake one and disables other security software.

The malware creator is believed to be Czech because the name Crackonosh means “mountain spirit” in Czech culture. What’s more alarming is the fact that Avast, a cyber-security company, is now detecting over 800 cases on computers each day. But these are registered cases of computers that have Avast installed, meaning the spread of these crimes could be much higher.

Thus, this situation implies that there’s nothing like free lunch. Even though the games are free, the user eventually ends up paying a heavy sum for it. Even though the cryptojacking scripts do not comprise a user’s personal data, it exploits CPU processing resources and electric power. Some scripts come with worming capabilities that infect and compromise other servers and devices on the network.

So, what can you do about this scenario?

Removing the malware from the computer is a lengthy and complex process. It requires deleting files, scheduled tasks, and even registry keys. Therefore, the best remedy to this situation is prevention.

The applications or games should be installed from only the legitimate gaming stores. Next, the updates should be done from the developer’s website only. This attack is only executed once the user downloads games from unofficial pages like torrent or other third-party applications.

Remember, the cure to such crimes is prevention, thus, maintaining healthy security habits like using original gaming stores, and downloading updates straight from the developers can help you mitigate these risks in the first place.

The author is Vice President – International Sales at Array Networks



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We will walk the talk on introducing crypto Bill in Parliament this session: Sitharman

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Finance Minister Nirmala Sitharaman on Tuesday said that the Government was working on a new Bill on cryptocurrency and that this Bill would be introduced in the ongoing session of Parliament after Cabinet approval.

The ongoing winter session of Parliament commenced on November 29 and is slated to end on December 23.

Replying to questions on cryptocurrency in Rajya Sabha today, Sitharaman said the new Bill takes into account the rapidly changing dimensions in virtual currency space and incorporates certain features of earlier Bill that could not be taken up.

‘Genuine intent’

She asserted that the government had “genuine intent” of introducing the Bill last time itself in the Monsoon session and that it would be incorrect to infer or conclude that the government would this time too not go ahead with enactment of law. “Once the Cabinet clears the new Bill, it will come into the House,” she said.

Sitharaman, however, did not indicate how the government intends to approach the issue of private cryptocurrency and whether the new Bill will look to ban private cryptocurrencies or not.

It may be recalled that a Bill on Cryptocurrency and Regulation of Official Digital Currency for introduction in the Lok Sabha had been recently included in the Lok Sabha Bulletin-Part II, as part of the government business expected to be taken up during the ongoing winter session.

According to the Lok Sabha Bulletin, the Bill seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI) for the ongoing winter session of Parliament. It also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

Asked if the government proposes to ban misleading advertisements on cryptos in the media, she told the Rajya Sabha on Tuesday that the guidelines of Advertising Standards Council of India are being studied and their regulations are also being looked into “so that we can take, if necessary, some kind of position or a decision to see how we can handle it”.

In a written reply to a few questions on cryptocurrency posed by Rajya Sabha members, Sitharaman said cryptocurrencies including non-fungible tokens are unregulated in India and the government does not collect data on transactions in cryptocurrency.

Crypto frauds

She also revealed that as many as eight cases of cryptocurrency frauds are under investigation by the Enforcement Directorate. “Further disclosure of information may not be in larger public interest”, she added.

Sitharaman also said the government, RBI and SEBI have been cautioning people about the cryptocurrencies that could be a “high risk” area and “more can be done” to create awareness.

A study was conducted by the government through a research firm on ‘Virtual Currencies: An Analysis of the Legal Framework and Recommendations for Regulation’ in July 2017. Thereafter, the government constituted an inter-ministerial committee (IMC) in November 2017 under the chairmanship of the secretary (economic affairs) to study issues related to virtual currencies and propose specific action to be taken in this matter.

The committee, inter-alia, recommended that all private cryptocurrencies be prohibited in India. The panel also recommended that it would be advisable to have an open mind regarding the introduction of an official digital currency in India.

Meanwhile, Minister of State for Finance Pankaj Chaudhary, said in a written reply that RBI has been cautioning users, holders and traders of virtual currencies vide public notices on December 24, 2013, February 1, 2017, and December 5, 2017, that dealing in virtual currencies is associated with potential economic, financial, operational, legal, customer protection and security-related risks.

Also, the RBI had, in a circular dated May 31, 2021, advised the regulated entities to continue to carry out customer due diligence processes for transactions on virtual currencies, in line with the regulations governing standards for know your customer, anti money laundering, combating of financing of terrorism, obligations under the Prevention of Money Laundering Act 2002, he said.

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FM Sitharaman, BFSI News, ET BFSI

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Finance Minister Nirmala Sitharaman on Tuesday said that the Indian government will introduce the bill on cryptocurrencies in the Parliament after Cabinet’s approval. The minister also said that regulation of non-fungible tokens (NFTs) is also being considered.

“Government will soon bring a bill after the Cabinet clears it. It was not brought in last time as there were some other dimensions that had to be looked into. Rapidly a lot of things had come into play. Intent was to improve the bill,”Sitha raman said during the Question Hour in Rajya Sabha. Speaking on the advertisement controversy surrounding cryptocurrencies, she said that no decision has been taken on banning the advertisements. “ASCI governs advertising & formulates guidelines.All its regulations are being looked at so that we can see what can be done on advertisements.”

The minister on Monday had said that there is no proposal to recognise Bitcoin as a currency. Further, she said that the government does not collect data on Bitcoin transactions.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, listed in the ongoing Winter Session of Parliament, seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrencies and its uses.

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50,000 jobs at stake as govt brings laws to regulate cryptocurrencies

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Employees of cryptocurrency companies in India are a worried lot as the fate of the industry hangs in the balance.

Vinshu Gupta, Founder and Director, Nonceblox Blockchain Studio said “It is easy to use privacy coins to launder money or use a crypto mixer to hide drug or blood money but crypto also employs over 50,000 people in India and has immense potential to push India as a true 21st century super power.”

“The crypto industry needs regulation but it should be inclusive. A taxation process like TDS where profits are taxed at withdrawal sources in India like exchanges is a good strategy to start. The more it becomes an open-ended ecosystem, the more value it will bring to the Indian economy,” he added.

Also read: Crypto prices stable in India as investors await details of new Bill

Cryptocurrencies have gained prominence ever since the RBI ban was lifted in March 2020. India now has 15 home-grown crypto currency exchange platforms, consisting of more than 10 crore investors. According to broker discovery and comparison platform BrokerChooser, the total number of crypto owners in India now stands at 10.07 crore, which puts it ahead of every other country in the world. US stands at second position with the number of crypto owners at 2.7 crore, followed by Russia (1.7 crore) and Nigeria (1.3 crore). In comparison, the number of stock investors registered with the BSE/NSE in India has risen to 7.4 crore at present while for mutual funds it stands at 11.4 crore. In terms of share of crypto investors as a percentage of the population, India stands at fifth position at 7.3 per cent trailing Ukraine (12.7 per cent), Russia (11.9 per cent), Kenya (8.5 per cent) and US (8.3 per cent).

Indian crypto investments cross $10 billion

According to crypto research and intelligence business CREBACO, Indian crypto investments have increased to over $10 billion from $0.9 billion in April 2020, as crypto markets touched all-time highs.

“Currently, the government is set to introduce ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ in the winter session of Parliament beginning 29 November for consideration and passing. The bill aims to create a facilitative framework for the creation of the official digital currency to be issued by the RBI. It also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. Currently, there is a lot of uncertainty but the government is making efforts to soon put out proper regulation with regards to crypto investment as it is quickly getting widespread across India,” said Hemang Jani, Head – Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services.

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Cryptocurrencies are back in the limelight

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Cryptocurrencies were back in the green on Thursday as investors shed initial nervousness even as industry bodies said private cryptos should not be allowed as a currency but can be regulated as an asset to avoid unlawful usage.

More than 24 hours after a blood bath and almost a fourth of its value getting wiped out on the Indian exchanges, crypto prices recovered by nearly 10 per cent or more following Wednesday’s plunge of 15-20 per cent.

As of 6:00 pm on Thursday, Bitcoin was trading in green, up by 7.63 per cent. USDT or Tether’s price jumped by 4.83 per cent, Shiba Inu by 5.01 per cent, Dogecoin by 11.74 per cent and Ethereum by 8.02 per cent. Sandbox topped this list on WazirX, which was up by 11.77 per cent. The massive cryptocurrency crash on Indian exchanges on Wednesday was a result of a Lok Sabha notice summarising Bills to be discussed in the upcoming Winter parliamentary session.

The description next to The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 read that the government was seeking to prohibit private cryptocurrencies while allowing certain exceptions to promote the underlying technology.

This created confusion and unexpected panic sale among investors, leading to temporary crash of several exchange platforms.

Regulation

While the government is yet to reveal the proposed legislation, The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), which represents key players of the sector, argued in favour of prohibiting the usage of private cryptocurrencies as a currency in India by law since usage as currency is likely to interfere with monetary policy and fiscal controls.

On the other hand, the Council has advocated its use only as an asset. The Council believes that smartly-regulated crypto assets business will protect investors, help monitor Indian buyers and sellers, lead to better taxation of the industry, and limit illegal usage of cryptos.

“Crypto exchanges based in India offer an effective instrument of monitoring and are dedicated to creating an ecosystem that guarantees investor protection, besides bringing both investors and exchanges under proper tax laws.

“The Council believes that the efforts of the exchanges should be supported by a law that should enable them to provide safer services to investors and fair taxes to the government,” it added.

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Fearing ban, crypto prices crash

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Prices of top cryptocurrencies, including Bitcoin, Ethereum, USDT, Shiba Inu, Dogecoin and Sandbox, crashed on Indian crypto exchanges on Wednesday as investors panicked after the government moved a Bill seeking to prohibit private cryptocurrencies while allowing certain exceptions to promote the underlying technology.

The cryptocurrencies were trading 15-20 per cent lower in the morning hours after which crypto exchanges rushed to calm investor frenzy over social media, asking them to hold on to their assets until the details of the proposed law become public. As of 5:25 pm, on Wednesday, while a few cryptocurrencies recovered, several top tokens continued to trade in red. Bitcoin’s price was still down by 8.3 per cent, Tether or USDT’s was trading lower by 8.77 per cent, Shiba Inu plunged 14.85 per cent and Ethereum was down by 5.4 per cent, according to data on WazirX.

Also read: Government moves to ban all private cryptos

But crypto exchanges said the proposed Bill may not ban cryptocurrencies altogether. Nischal Shetty, Founder, WazirX told BusinessLine, “While the description of the draft Bill appears to be the same as in January 2021, several noteworthy events have occurred since January. The understanding and knowledge around crypto today is far greater than it was until a few months ago. This is what gives me the hope that we’ll soon be able to classify crypto into currency, asset, utility or security. As an industry, we’re in sync with the fact that INR is the only legal tender in India, and crypto being an asset/utility which people buy and sell.”

Ashish Singhal, Founder and CEO, CoinSwitch Kuber, said investors should calm down and take investment decisions without relying on secondary source of information. “Our discussions with stakeholders over the last few weeks indicate that there is a broad agreement on ensuring users are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution.”

Investment caps

According to an industry source, the proposed law may bring in investment caps to protect small investors. Another source said that existing investors will be given time to exit if there was a ban. The government did not shed any light on the provisions of the Bill which added to investor confusion, leading many to sell at a loss. “I had invested ₹5,000 last year which had grown to ₹16,000 but I sold it today after I read about the proposed Bill,” said Sumit Manikchand from Mumbai.

Others like 26-year-old retail investor Viraj Sheth, Co-founder and CEO Monk Entertainment, bought more. “People start selling when prices start dropping by 15-17 per cent, thinking it would tank further. But it has already started recovering. It’s up by 7 per cent or more. I have actually bought more Ethereum, Bitcoin and Matic in the morning today. I am okay to hold it for 10 years. And just in case its value goes down to zero tomorrow, it is still okay as it is only 20 per cent of my wealth. My bet truly is on the exponential return it will possibly give me if it does not go down to zero,” Sheth told BusinessLine.

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Exchanges on tenterhooks as they await details of proposed cryptocurrencies Bill

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Cryptocurtency exchanges in India are on a wait and watch mode before they plan their next steps as a consequence of the Government’s move to introduce legislation to regulate the crypto industry. While the draft Bill proposes to ban all private cryptocurrencies, the exchanges wait for the details of the proposed law.

Cryptocurrencies prices drop in India after Centre moves bill

Nischal Shetty, Founder, WazirX, said, “While the description of the draft Bill appears to be the same as in January 2021, several noteworthy events have occurred since January. First, the Parliamentary Standing Committee invited a public consultation, and then our Prime Minister himself came forward to call for crypto regulations in India. That being said, let’s respectfully wait to find out more about the draft Bill to be tabled in Parliament.”

Crypto boom in India: Despite regulatory concerns, over 400 start-ups jump onto crypto ecosystem

Wednesday morning, Bitcoin’s price dropped 16.75 per cent on WazirX, Ethereum plunged 12.1 per cent, Shiba Inu dropped over 20 per cent, Dogecoin was down by over 16 per cent, Sandbox by 4 per cent and USDT or Tether by over 14 per cent.

This happened after the Lok Sabha’s summary of Bills to be tabled in the winter parliamentary session released the evening before mentioned that the government is seeking to prohibit private cryptocurrencies in the description of The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Will inputs be included?

Avinash Shekhar, Co-CEO, ZebPay, said, “We’re awaiting further details on the Bill that is going to be presented in the winter session of Parliament. There have been many positive steps taken by the government to learn and understand crypto and its impact on all stakeholders — investors, exchanges, policymakers. So, we’re looking forward to a crypto Bill that takes into consideration all the inputs from those discussions.”

“We welcome the move from the government. A well-assessed and thought-through regulation will pave the way for greater adoption of the technology and will help millions of Indians embrace this new-age asset class. We are looking forward to the next steps on this,” a CoinDCX spokesperson said.

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Cryptocurrencies, digital crowdsourcing enabling terror groups, says India at UN, BFSI News, ET BFSI

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Emphasising that the new financial and payment technologies methods including cryptocurrencies and digital crowdsourcing are enabling terror groups for collecting and transferring funds, India at UN on Thursday (local time) urged member states to strengthen counter-financing structures at par with international standards to curb terrorism.

Speaking at UNSC special joint meeting, Rajesh Parihar, First Secretary, India’s Permanent Mission to UN said: “Misuse of blockchain technology, virtual/cryptocurrencies, digital crowdsourcing, prepaid phone cards etc have posed new risks to Combating the Financing of Terrorism (CFT) efforts. The proliferation of fake charities and fake non-profit organisations (NPOs) during the COVID pandemic has further exacerbated this risk.”

“An effective multilateral approach to CFT, built on PPP to identify and mitigate new terror-financing risks, strengthening support to financial watchdogs such as FATF to ensure that member states bring their counter-financing structures at par with international standards are needs of the hour today,” Parihar added.

The United Nations Security Council meeting was on Terrorist Financing Threats and Trends and the Implementation of Security Council Resolution 2462.

India also asked the international community to call out the States who wilfully provide financial assistance, safe havens to terrorists and hold them accountable.

“India is committed to support and strengthen UN efforts to assist member states lacking Combating the Financing of Terrorism (CFT) capacities by providing financial support,” he said.

“Continuous expansion of terrorist groups is a reality check for all of us that despite Security Council resolution 2462 to counter the financing of terrorism (CFT), its implementation by the member states remains challenging for reasons including the lack of political will,” he added.

Speaking further, he said: “The global implementation survey of resolution 1373, adopted by the CTC on November 4 and FATF’s latest report (October 2021) on “Jurisdictions under Increased Monitoring”, highlights the continued terror-finance risk due to lack of action by a country in our neighbourhood.”

Underlining that India is steadfast in its commitment to CFT and has developed over the last few decades the necessary capabilities, legal frameworks, institutions, best practices for CFT, Parihar said that India took measures to bring its financial sectors to international standards including those of FATF.

“An effective multilateral approach to CFT, built on PPP to identify and mitigate new terror-financing risks, strengthening support to financial watchdogs such as FATF to ensure that member states bring their counter-financing structures at par with international standards are needs of the hour today,” Parihar added.

Yesterday, Indian Prime Minister Narendra Modi has urged democracies around the world to ensure that crypto-currencies or bitcoin do not end up in the wrong hands and spoil the youth.

Delivering a keynote address at The Sydney Dialogue, PM Modi said that it is essential for democracies to work together to create standards and norms for data governance.

“It should also recognise national rights and, at the same time, promote trade, investment and the larger public good,” he said.



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Democracies need to work together for safe cryptocurrency operations: PM

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Prime Minister Narendra Modi has called for global cooperation in ensuring that cryptocurrencies do not end up in the wrong hands.

The Prime Minister, speaking at the Sydney Dialogue on Thursday, also outlined five digital transitions taking place in India in the areas of public information infrastructure, digital identity, broadband connections, clean energy and telecom technology.

“It is important that all democratic nations work together on this (cryptocurrencies including bitcoins) and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said. In India, we have created a robust framework of data protection, privacy and security, he added.

Also read: Crypto investments gaining currency

“India’s IT talent helped to create the global digital economy. It helped cope with the Y2K problem. It has contributed to the evolution of technologies and services we use in our daily lives,” the Prime Minister said.

Outlining India’s digital capabilities, Modi pointed out that there were five important transitions taking place in India. “One, we are building the world’s most extensive public information infrastructure. Over 1.3 billion Indians have a unique digital identity. We are on our way to connect six hundred thousand villages with broadband,” the Prime Minister said.

India’s industry and services sectors, even agriculture, are undergoing massive digital transformation. “We are also using digital technology for clean energy transition, conservation of resources and protection of biodiversity,” he pointed out.

Also read: RBI may pilot digital currency in Q1 of FY23

The country is also investing in developing indigenous capabilities in telecom technology such as 5G and 6G, Modi said. The Sydney Dialogue is an annual summit of cyber and critical technologies, initiated by the Australian Strategic Policy Institute, to discuss the impact of digital technologies on the world.

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Have far deeper issues with cryptocurrencies: RBI chief

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For the second time in a week, RBI Governor Shaktikanta Das on Tuesday expressed concern over cryptocurrencies, saying there are “far deeper issues” involved in virtual currencies that could pose a threat to the country’s economic and financial stability.

The statement comes within days of the Prime Minister holding a meeting o the cryptocurrencies amid worries over misleading claims of huge returns from cryptocurrency investments.

“When the RBI, after internal deliberation, says there are serious concerns on macro economic and financial stability, there are deeper issues, which need much deeper discussions and much more well informed discussions,” he noted.

He doubted the crypto trading numbers and said investors are being lured by offer of credit.

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