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Industry Report: How China, France, and the FBI Do Bitcoin

Source: bitcoin

Bitcoin Industry Report

China loves digital currency, France wants to fight it, and the FBI doesn’t know how to handle it. Want to catch up on your latest digital currency news? Check out the stories below.

Also read: Industry Report: Bitcoin Thieves Abound As Popularity Skyrockets

CHINA

China has proposed a new civil law that recognizes the people’s right to own virtual assets. This includes bitcoin and additional cryptocurrencies.

The civil code was introduced in the National People’s Congress on June 27 and states that all virtual and physical financial entities possess equal status. In other words, you can own bitcoin, and you can own yuan. Either way, they’re both money and they’ve both been created for the same purposes.

OKCoin founder Star Xu was enthusiastic about the law, stating:

“Since the Chinese laws have not clearly defined the virtual asset in the past, property disputes involving ‘virtual commodities’ are difficult to be resolved under the existing law. This proposed new civil law draft, which includes digital assets with legal rights, will contribute to the protection of such property rights while also establishing a framework for the development of future specific rules.”

PARIS

Despite the light in China, there’s a dark sky hovering over Paris. Bernard Debre of the National Assembly of France wants to place a ban on bitcoin in the city of Paris, fearing its use will lead to online drug purchases. Debre believes drug trafficking is at an all-time high. He’s also aiming to shut down “La Maison du Bitcoin” (the house of bitcoin), a bitcoin-advocacy organization operated by Ledger.

Following the terrorist attacks of last year, Debre is hard on his stance, and proposing that the country takes a legislative approach towards stopping anything that could further criminal activity.

THE FBI

Three years have gone by since the original Silk Road went offline. Ross Ulbricht is behind bars, and yet this story hasn’t come to a definite close.

Gary Davis, allegedly known as “Libertas” on the darknet market, is presently fighting his extradition to the U.S. He will not be charged for his involvement in Silk Road if he’s successful in his process.

Back in 2013, Microsoft was issued a warrant when the DOJ wanted to investigate a particular Outlook account belonging to Gary Davis. The case to which the investigation pertained was never revealed to Microsoft, and the company is now seeking legal assistance regarding what they say was a “breach of privacy.”

The case is in the hands of the US Court of Appeals and is likely to set new precedents for the technology industry. The outcome should be decided in July, and Microsoft is receiving support from several technology companies ranging from Apple to Cisco and AT&T.

Know of any stories worthy of being included in our regular industry reports? Post your thoughts and comments below!


Image courtesy of Alexandre Beaudry blog.

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Industry Report: How China, France, and the FBI Do Bitcoin

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Cisco Researchers Discover Millions of Servers Which Can Spread Ransomware

Source: bitcoin

Bitcoinist_Security Ransomware Cisco

Although some people will argue the topic of Bitcoin ransomware has been beaten around the bush one time too many, it is important to bring attention to these threats. A new Cisco Systems study shows how 3 million servers are at risk of ransomware infections. When will people and enterprises learn to take cyber security more seriously?

Also read: Celebrate Two Years of Arnhem Bitcoincity During “Bitcoin In Use” Event

JBoss Enterprise Software Can Spread Ransomware

There is no denying Bitcoin ransomware has become one of the most severe threats computer users have faced in quite some time. To make matters even worse, a lot of servers are running vulnerable – and outdated – software, which gives hackers a ton of security vulnerabilities they can exploit in the future.

Over 2,000 of these servers have already been taken over by hackers, who now exert full control over the machines. As one would come to expect from such an event, any hacker-controlled web server can be infected with ransomware at any given time. But that is not the most worrying part just yet.

As it turns out, the vast majority of these hacker-controlled servers are connected to governments, aviation companies, schools, and various other organizations. Some of the security weaknesses have been fixed already, including a security hole in the Destiny management system, which is often used by schools and libraries.

The biggest culprit seems to be the JBoss software, which has been developed by Red Hat. This enterprise application is of big concern for this looming Bitcoin ransomware attack, as the software puts close to 2 million servers at risk. Moreover, there is no indication all of the security vulnerabilities have been identified, bs Cisco researchers are still continuing their investigation at the time of publication.

Luckily, the Cisco researchers have posted a small guide as to how server owners can identify a breach of their platform. If a webshell has been installed, there is a very likely chance a hacker is in control of the offering right now. Removing all external access to the server would be priority number one, followed by re-imaging the system and installing all possible software updates.

Bitcoin ransomware is a grave threat to computer users all over the world, and infected servers are one of the primary sources for spreading this malware. It is positive to see Cisco researchers identify these critical issues, although the results provided are far more disconcerting than most people assumed.

What are your thoughts on millions of servers being at risk of spreading Bitcoin ransomware? Let us know in the comments below!

Source: Talos Intel

Images courtesy of JBoss, Shutterstock

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Cisco Researchers Discover Millions of Servers Which Can Spread Ransomware

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