Security and Surveillance in a 5G World – The New American

The rollout of 5G mobile communications as an upgrade to existing 4G networks promises to deliver a new era in data throughput and bandwidth, enabling new capabilities that will improve economic production, drive job growth, increase prosperity, and enable new, immersive entertainment possibilities. And thats just a few of the many benefits that may be derived from 5G. But just like any technology, 5G can drive negative outcomes in addition to positive ones.

One of the best pro-freedom writers working today recently fielded a question about 5G from one of his readers. Eric Peters reviews cars from a staunchly pro-freedom viewpoint, and he often has useful perspective to share with his readers. Asked what he thought about the dangers of 5G, he replied that his chief concern was its potential impact on our freedoms.

Were told 5G is harmless in terms of health and maybe so, he wrote. But will it be harmless in terms of our liberty? Our privacy? Our right to be free from ubiquitous monitoring and control? I have grave doubts about that.

There is already a tremendous, interconnected surveillance regime in place, erected largely on the back of the 9/11 attacks, and revealed most disturbingly by whistleblowers such as William Binney and Edward Snowden. These surveillance regimes, which Binney argues conduct illegal surveillance on all Americans, were built with previous-generation telecommunications and computing technology. With 5G, with advances in solid-state storage, and with continuous advances in cloud computing, algorithmic analysis, and software, near-future surveillance capabilities will dwarf those revealed by the post-9/11 whistleblowers.

When it comes to the surveillance implications of 5G, consider the Internet of Things (IoT), the tech industrys long-desired utopia consisting of every device one owns connected to the Internet and continuously monitored. The world of IoT is one in which every house and car is equipped (i.e., monitored) by an Alexa-like system and in which every possible operational device from door bells (Ring, for example), to televisions, refrigerators, washing machines, door locks, furnaces, air conditioners, and much, much more are wirelessly connected, always sending data back to the cloud reporting on usage, location, viewing habits, and even words spoken in their proximity. Much of this is in place now, but 4G bandwidth limitations are a problem that the increased bandwidth and speed of 5G will eliminate. The all-seeing Eye of Sauron, the surveillance state, will, through this technology, gain the ability to know where everyone is, what everyone is doing, and what everyone is saying at all times, in all places, and in real time.

Span and Depth of Surveillance

Keep in mind, too, that this very near-term future includes an IoT surveillance kit installed in all public places as well on light poles, at intersections, on public buildings, and more. These will include motion detectors, video cameras, and microphones, capable of transmitting high-definition and even 4K ultra-high-definition imagery, high quality audio and even thermal imagery to the surveillance state. Again, with 5G, this will happen in real time.

This is not speculation it is something the surveillance state has desired and been working toward for a number of years. As far back as 2012, as Wired reported at the time, then-CIA director David Petraeus openly admitted that the government wanted to watch people through their Internet-connected appliances.

Items of interest will be located, identified, monitored, and remotely controlled through technologies such as radio-frequency identification, sensor networks, tiny embedded servers, and energy harvesters all connected to the next-generation internet using abundant, low-cost, and high-power computing, Petraeus said, the latter now going to cloud computing, in many areas greater and greater supercomputing, and, ultimately, heading to quantum computing.

5G is the next-generation internet envisioned by Petraeus. As for quantum computing, its real and its here. Google, for example, has announced its achievement of quantum supremacy, the point at which a quantum computer can vastly outperform a classical supercomputer, solving problems that classical computers cannot solve in any practical sense.

In October 2019, Google announced in the journal Nature that it had used a processor with programmable superconducting qubits to create quantum states on 53 qubits, corresponding to a computational state-space of dimension 253 (about 1016). This processor, dubbed Sycamore, takes about 200 seconds to sample one instance of a quantum circuit a million times our benchmarks currently indicate that the equivalent task for a state-of-the-art classical supercomputer would take approximately 10,000 years.

Quantum computing breakthroughs matter for a number of reasons, but in a world of ubiquitous snooping, the most important implication of quantum computing is that it threatens to challenge existing public key encryption systems. These are one of the last remaining defenses against an all-powerful surveillance state, which goes a long way to explaining why the surveillance state is so bent on eradicating the publics use of encryption.

Security expert Bruce Schneier offers a great description of the power of current encryption technology. To encrypt a message, we combine it with a key to form ciphertext, he notes on his website. Without the key, reversing the process is more difficult. Not just a little more difficult, but astronomically more difficult. Modern encryption algorithms are so fast that they can secure your entire hard drive without any noticeable slowdown, but that encryption cant be broken before the heat death of the universe.

Except, possibly, by quantum computers. These, Schneier says, promise to upend a lot of this. Nonetheless, Schneier indicated that he remained optimistic about the potential of hardening encryption against quantum computation. Cryptographers are putting considerable effort into designing ... quantum-resistant algorithms, he noted. Of course, by the same token, Google and others are putting considerable effort into developing quantum computing.

Quantum computing is neither the greatest threat nor the most near-term threat to encryption. That is represented by the surveillance state itself and its ongoing effort to legislatively and otherwise create backdoors in communications systems.

In a recent column, NSA whistleblower Edward Snowden called attention to efforts made by the United States, the U.K., and Australia to do away with end-to-end encryption, or E2EE. Increasingly used, Snowden noted, by the likes of Facebook, Google, and Apple, E2EE works with keys held on the specific devices at the end-points of a communication such as smart phones. In short, Snowden points out, E2EE enables companies ... to protect their users from their scrutiny: by ensuring they no longer hold the keys to our most private conversations, these corporations become less of an all-seeing eye than a blindfolded courier.

Note that this is in keeping with the spirit of the Fourth Amendment that asserts that the government shall not pry into the personal papers of citizens without a search warrant. Without encryption, bulk data collection means that government snoops (and corporate ones, too) can review private-citizen communications at their leisure. This, they frequently take pains to assure us, is because they need to protect us from bad actors and criminals such as terrorists, organized crime, drug dealers, and money launderers, along with assorted other nebulous threats.

Snowden, however, thinks the motivation to undermine encryption protocols is motivated by other, darker considerations:

The true explanation for why the US, UK and Australian governments want to do away with end-to-end encryption is less about public safety than it is about power: E2EE gives control to individuals and the devices they use to send, receive and encrypt communications, not to the companies and carriers that route them. This, then, would require government surveillance to become more targeted and methodical, rather than indiscriminate and universal.

Interestingly, while the surveillance state wants to undermine privacy protections for individuals, in the rapidly forthcoming 5G world, it remains concerned about its own privacy and security from other nation states, principally China.

This is because China is neck and neck with the West, and arguably even ahead of the West, in developing and deploying 5G infrastructure, both at home in China and in much of the rest of the world.

The chief corporate lever of this advantage is Chinese electronics giant Huawei. Concerns about the company being a non-official part of the Chinese communist government start with company founder Ren Zhengfei, who served nine years in the Peoples Liberation Army starting in 1974. The company says this is no big deal. His military service, they say, is just like many other business leaders in the US and elsewhere who also served in national military organizations.

But the situation with Huawei is murkier than just the relationship, whatever it might be, of Ren Zhengfei with Beijing. There is also the rather mysterious situation with the companys ownership. In a report dated April 17, 2019, Professors Christopher Balding of Fulbright University Vietnam and David Weaver of George Washington University Law School point out that Huawei is 100% owned by a holding company, which is in turn approximately 1% owned by Huawei founder Ren Zhengfei and 99% owned by an entity called a trade union committee for the holding company.

While Huawei claims that it is an employee-owned company, Balding and Weaver find that doubtful. Given the public nature of trade unions in China, if the ownership stake of the trade union committee is genuine, they write, and if the trade union and its committee function as trade unions generally function in China, then Huawei may be deemed effectively state-owned.

If thats true, then Huawei can be expected to conduct operations in conjunction with Beijings geo-strategic aims. And since Huawei is one of the top developers and manufacturers of 5G equipment, that means the company could, in fact, build in the backdoors that would allow the communist government of China to spy on anyone and any nation that allows Huawei equipment to form part of the 5G system.

Even in our era of extreme political polarization, there seems to be some bipartisan agreement about the threat potentially posed by Huawei.

Republican Senator Marco Rubio (Fla.), for one, is convinced that Huawei is a significant threat via the potential for it to conduct espionage through its 5G technology. Huawei is a Chinese state-directed telecom company with a singular goal: undermine foreign competition by stealing trade secrets and intellectual property, and through artificially low prices backed by the Chinese government, he told tech news website The Verge. The US must be vigilant in preventing Chinese state-directed telecoms companies ... from undermining and endangering Americas 5G networks, he continued. Future, cutting edge industries like driverless vehicles and the Internet of Things will depend on this critical technology, and an action that threatens our 21st century industries from developing and deploying 5G undoubtedly undermines both our national and economic security.

Across the aisle, Democrat Senator Mark Warner (Va.) indicated to The Verge that he also thought Huawei a security threat. There is ample evidence to suggest that no major Chinese company is independent of the Chinese government and Communist Party and Huawei, which Chinas government and military tout as a national champion, is no exception, Warner said. Allowing Huaweis inclusion in our 5G infrastructure could seriously jeopardize our national security and put critical supply chains at risk.

In a report published on June 12, 2019, the Congressional Research Service (CRS) also pointed to the national security risk presented by all Chinese telecom firms, including Huawei.

The CRS report pointed out that experts have noted that vulnerabilities in Chinese 5G equipment could be intentionally introduced for malicious purposes. According to the report, Chinas National Intelligence Law, enacted in June 2017, declares that any organization and citizen shall, in accordance with the law, support, provide assistance, and cooperate in national intelligence work, and guard the secrecy of any national intelligence work that they are aware of. Some analysts interpret this law as requiring Chinese telecommunications companies to cooperate with intelligence services to include being compelled to install backdoors or provide private data to the government.

Many Opportunities, Many Challenges

It is inevitable that as technology becomes more powerful, more advanced, and more widely dispersed, it will have ever-greater potential benefits and ever-greater potential for disaster. In this, 5G mobile communications technology is in keeping with other technical advances made beginning at the start of the 20th century. Chemistry gave us the ability to make fertilizer out of thin air, allowing for the rapid growth of population without starvation (except for those starvations that were engineered by socialist governments), but it also introduced new dangers. Nuclear power provided vast amounts of energy both for economic gain and military destruction. The development of computers has allowed the rapid expansion of many industries and spawned entirely new ones that drive the economy, while also enabling increasingly disturbing social trends and the surveillance state. 5G will be no different. It offers to accelerate innovation, speed production, and allow faster and more sophisticated communications while, simultaneously, it supercharges all the bad aspects of the electronics and telecommunications innovations that it builds on.

Photo credit: AP Images

This article originally appeared in the December 9, 2019 print edition of The New American. The New American publishes a print magazine twice a month, covering issues such as politics, money, foreign policy, environment, culture, and technology. To subscribe, click here.

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Security and Surveillance in a 5G World - The New American

Julian Assange’s father calls on Government to help lobby for Wikileaks founder’s release – ABC News

Posted December 13, 2019 06:21:56

The father of imprisoned Wikileaks founder Julian Assange says the fight to free his son will fail unless the Australian Government applies greater diplomatic pressure on Britain ahead of his US extradition hearing next year.

The US Justice Department requested Britain extradite Assange to face espionage charges, following his expulsion from the Ecuadorian embassy in London in April.

But Assange's father, John Shipton, has revealed he has been working with Member for Dawson George Christensen to bring Assange home for more than a year, even drafting a letter "concerning Julian's circumstances" to Foreign Affairs Minister Marise Payne last November.

The support of Mr Christensen, who this year formed a cross-party Parliamentary Working Group questioning whether Assange should face espionage charges in the US, is "absolutely vital", Mr Shipton said.

"Julian's diplomatic matter will only be solved with Australia's involvement," the 75-year-old said.

"Carrying the force of the Australian public to the court cases will cause the English judiciary to be very careful of their excesses.

"In the case of Julian, he hasn't been treated fairly. There's no due process and no music to face.

"It's an attempt at judicial abduction of an Australian citizen to face espionage charges amounting to death."

Mr Christensen said he and independent MP Andrew Wilkie would travel to London to meet Assange at Belmarsh Prison in February.

"We're paying our own way to go and see him," the Mackay-based MP said.

"As I understand it, his legal team is currently going through formal processes to get us access to him."

"There have been a lot of reports about the state of his health, mental health and the conditions he's suffering at the prison.

"All these things are quite concerning."

Mr Christensen said the charges against Assange relating to the leaking of classified government documents, including footage of a US helicopter attack on unarmed civilians in Baghdad in 2007 are unfair.

"He was a journalist, or publisher, who received information and for receiving that information he has been hauled through the courts to face a potential life sentence and I think that's not on," Mr Christensen said.

Mr Shipton said his son had done nothing wrong.

"It's no different to what The Guardian, The Telegraph, Der Spiegel, Le Monde, El Pais, The Herald Sun, The Age and the ABC, for that matter, [have published]," Mr Shipton said.

"Julian published exactly the same things. We can't understand why the focus is on Julian. It's incomprehensible to us.

"There's no such thing as extraterritorial application of your own laws. In the second place, the [US] First Amendment covers their publication.

"If Julian is to be charged with espionage, so should other publishers."

While celebrities and high-profile activists have championed his son's cause, Mr Shipton urged Townsville Mayor Jenny Hill to throw her support behind Assange, who grew up in north Queensland.

"The fate of Julian Assange rests in our hands and the hands of local councils, the State Government, parliamentary groups and political parties," he said.

"The Geneva Council passed a resolution that Julian ought to be offered asylum in Switzerland.

"If it's good enough for Geneva, it's certainly good enough for the town where Julian grew up."

But Ms Hill said the controversial publisher's fate was "part of a bigger debate".

"I don't think us sending a letter will make one iota of difference to the Federal Government," she said.

"But what will make a difference is the media talking about why he should come home.

"If there is a belief that what is happening is unjust then the evidence should be raised by media outlets. It's the responsibility of the whole community, not just one little old council."

Mr Shipton echoed the concerns of more than 60 doctors who wrote an open letter to British Home Secretary Priti Patel, fearing Assange could die in jail.

"Julian is in a dire circumstance," Mr Shipton said.

"He's very thin now. There's the same brilliance but it only lasts a second.

"It is distressing when you see how he's aged, his hair's falling out, he can't concentrate for very long.

"But if I did stop and hid my head under the doona I would feel very ashamed."

Assange's next case-management hearing will be later this month.

Topics:international-law,law-crime-and-justice,crime,world-politics,journalism,cairns-4870,mackay-4740,afghanistan,united-states,united-kingdom

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Julian Assange's father calls on Government to help lobby for Wikileaks founder's release - ABC News

Government Wants WikiLeaks Opponent To Testify At ‘Vault 7’ Leak Trial – Shadowproof

The United States government would like a staunch opponent of WikiLeaks to testify against former CIA employee Josh Schulte, who is accused of leaking the Vault 7 files to WikiLeaks. But Schultes defense attorney contends such testimony would be irrelevant, prejudicial, and confusing. Paul Rosenzweig is the founder of a homeland security consulting company called Red Branch Consulting. He is a senior advisor to the Chertoff Group, founded by former Homeland Security director Michael Chertoff and is a former Homeland Security official. He is a professional lecturer in law at George Washington University and a contributor to the popular Beltway blog, Lawfare.In December 2010, after WikiLeaks published U.S. military incident reports, several thousand State Department cables, and the Collateral Murder video, he contended WikiLeaks has a malevolent intent. He urged Congress to update espionage laws so prosecuting those involved in the media organization would be easier and more efficient. Schulte allegedly released files that brought scrutiny to the CIAs hacking arsenal, which targeted smartphones and computers. A program called Weeping Angel, that allowed the CIA to attack Samsung F8000 TVs and convert them into spying devices was exposed. They also showed how the CIA targeted Microsoft Windows, as well as Signal and WhatsApp users, with malware.

In June 2018, Schulte was charged with 13 offenses, including four counts of violating the Espionage Act.The government would like a federal court [PDF] to certify Rosenzweig as an expert on WikiLeaks. In particular, prosecutors believe Rosenzweig can explain WikiLeaks typical practices with regard to receiving leaked classified information and its practices or lack thereof regarding the review and redaction of sensitive information contained in classified leaks and certain well-publicized harms to the United States that have occurred as a result of disclosures by WikiLeaks. But Schultes defense argues [PDF] Rosenzweigs purpose will be to suggest to the jury that WikiLeaks is an inherently criminal or evil organization that harms the United States. His attorneys say prosecutors may want to use the former Homeland Security officials testimony to convince the jury that Schultes decision to pass the information to WikiLeaks is proof that he intended to harm the United States. Several questions about the nature of Rosenzweigs proposed testimony are raised.About what prior leaks does he plan to testify? What damage to the United States will he assert occurred as a result of these leaks? Has he done an analysis to determine that the well-publicized harms of prior leaks were in fact accurate? Does he have any personal experience with the WikiLeaks organization? Has he done any specialized research about the organization? they ask.

Schultes defense moved to prevent testimony from Rosenzweig.According to the government, which replied [PDF], they maintain Rosenzweig will testify about Schultes knowledge of prior WikiLeaks disclosures, Schultes heightened interest in WikiLeaks after he illegally transmitted classified information to the organization, Schultes alleged involvement with online hackers organizing under the banner of Anonymous, who previously worked with WikiLeaks, and Schultes avowed intention to destroy the United States diplomatic relationships (relationships that were publicly affected by prior WikiLeaks disclosures).It is unclear how Rosenzweig can possibly know what Schulte knew when he allegedly disclosed the Vault 7 materials. It is also unclear how Rosenzweig can possibly know what Schultes heightened interest was at the time of his alleged leaks. If the government intends to prosecute Schulte like it has in most recent Espionage Act cases, what Schulte did or did not know about WikiLeaks is irrelevant. All the government has to prove is that Schulte made the disclosures, and they violated the law. Schultes defense asserts, This type of testimony would create confusion and force a trial within a trial on the morality of WikiLeaks and the extent of damage caused by prior leaks.

If the government is allowed to introduce this evidence, the defense will necessarily have to respond with testimony about how WikiLeaks is a nonprofit news organization, that it has previously released information from government whistleblowers that was vital to the public understanding of government malfeasance, and that any assertion of damages in the press is not reliable evidence. Yet, his attorneys add, That would create a sideshow irrelevant to any of the elements that the government must prove at trial. A federal judge may find value in allowing the jury to hear testimony from an expert. In 2013, during the court-martial against Pfc. Chelsea Manning, the defense convinced a military judge that Professor Yochai Benkler of Harvard University was an expert on the networked Fourth Estate and could discuss his research on WikiLeaks and how it fit into this new information economy. David Coombs, a defense attorney for Manning, asked Benkler about a 2008 Army Counterintelligence Center (ACIC) report that explored whether WikiLeaks posed a threat to the United States Army and if it undercut the determination that WikiLeaks is an investigative journalistic organization. Benkler did not think it did. Theres a point at which, for example, the report describes WikiLeaks reaching out to national ground intelligence of staff to verify a particular report regarding the battle of Fallujah and actually says, they had high journalistic professionalism in reaching out to try to assure fair use.

Manning was charged with releasing this report, which acknowledged WikiLeaks attempts to verify the information were prudent and show journalist responsibility to the newsworthiness or fair use of the classified document if they are investigated or challenged in court.

In contrast, Rosenzweigs grasp of WikiLeaks seems spiteful and unsophisticated.Rosenzweig declared in July 2018, WikiLeaks is at best a pawn of Russia intelligence and at worst a part of the coordinated Russia operation. They took information from Guccifer 2.0. They solicited it, and anybody who seriously treats them as a journalism outlet after this is just beyond credulousness. The report from Special Counsel Robert Muellers investigation failed to confirm, without a doubt, that WikiLeaks publications were part of a Russian intelligence operation.In 2015, Rosenzweig spoke out against WikiLeaks when they compiled a database so the public could search all of the files hacked from Sony Pictures. He said, When this kind of behavior is considered acceptable, when news organizations profit off of this kind of behavior, it provides encouragement it seems to me to other cyber-extortionists to do the same thing. He unquestionably bought into the allegation that North Korea was responsible for the hack and said WikiLeaks assisted North Koreas efforts in trying to threaten Sony. (One hypothesis for why the hack occurred was that the North Korea government was upset about the portrayal of their leader in The Interview.)The certainty with which Rosenzweig expressed his opinion undermines his credibility. Five years after the hack, there are still many questions as to who was responsible. When Rosenzweig was a visiting fellow at the Heritage Foundation, a conservative think tank, he argued the lesson of WikiLeaks was that the U.S. needed to develop a cyber-insurgency doctrine, much like the military developed a counter-insurgency doctrine for waging war in Iraq. WikiLeaks founder Julian Assange is charged with 18 charges, including 17 counts of violating the Espionage Act. He is in prison and faces potential extradition.In 2013, Rosenzweig declared, I think Assanges assertion[s] of a good government/transparency motive are patently self-serving flummery, but a jury might buy it. I have no doubt that a colorable [seemingly valid] case can be made against Assangebut conviction is much less certain.My opinion is that Assange is not a journalist and WikiLeaks is not a news organization, Rosenzweig added. News organizations pride themselves on adding value to newsthey analyze and provide context. WikiLeaks does none of that. Its more like a telephone directoryjust a compiler of information, not a discriminating purveyor and it demeans real news organizations to make the comparison.

Prosecutors would like nothing more than to convince a judge that an expert like Rosenzweig is not prejudicial and possesses facts or data relevant to their prosecution just so they can have him express these opinions in a courtroom. In fact, if Rosenzweig testifies, he may be auditioning for the role of expert witness in the United States trial against Julian Assange.

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Government Wants WikiLeaks Opponent To Testify At 'Vault 7' Leak Trial - Shadowproof

Investors who lost $190m demand exhumation of cryptocurrency mogul – The Guardian

Lawyers for customers of an insolvent cryptocurrency exchange have asked police to exhume the body of the companys founder, amid efforts to recover about $190m in Bitcoin which were locked in an online black hole after his death.

Miller Thomson LLP sent a letter to the Royal Canadian Mounted Police on Friday, requesting authorities conduct an exhumation and postmortem autopsy on the body of Gerald Cotten, founder of QuadrigaCX, citing what the firm called the questionable circumstances around his death earlier this year.

Citing decomposition concerns, lawyers requested the exhumation be completed no later than spring 2020.

Gerald Cotten, 30, died abruptly in December 2018 of complications relating to Crohns disease while on honeymoon in Jaipur, India, with his wife, Jennifer Robertson. His body was repatriated to Canada and a funeral was held in Halifax, Nova Scotia.

Soon after his death, however, reports surfaced that nearly 80,000 users of QuadrigaCX at the time Canadas largest cryptocurrency exchange were unable to access funds totalling more $190m.

Cotten was the only one with access to necessary permissions. While Robertson has possession of the laptop containing the necessary passwords, she remains locked out.

The laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere, she said in court filings.

Uncertainty about the missing funds has fueled speculation that Cotten may still be alive. In their letter to the RCMP the law firm underlined the need for certainty around the question of whether Mr Cotten is in fact deceased.

The accounting firm Ernst & Young, tasked with auditing the company as it undergoes bankruptcy proceedings, discovered numerous money-losing trades executed by Cotten, using customers funds.

They also found a substantial amount of money was used to fund a lavish lifestyle for the couple, including the use of private jets and luxury vehicles. Ernst & Young was able to recover $24m in cash and $9m in assets held by Robertson.

Both Canadas tax authorities and the FBI are also investigating the company.

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Investors who lost $190m demand exhumation of cryptocurrency mogul - The Guardian

Alleged SIM-swapper stole crypto to buy rap music, sports cars, and bling – The Next Web

The indictment says the property obtained with the proceeds of the SIM swapping scheme is subject to criminal forfeiture.

Faulk faces a maximum statutory sentence of 20 years behind bars and a $250,000 fine.

If convicted of the extortion charge, Faulk could spend up to two years in prison and made to pay an additional $250,000.

Faulk was arrested in Latrobe, Pennsylvania on Wednesday and has been released on a $250,000 bond. Hes due to appear in court on January 9, 2020.

Using SIM-swapping to swindle cryptocurrency seems to be a growing trend.

In September last year, attackers used the technique tosteal over $200,000worth of cryptocurrency from a professional gamer.

In a completely separate case, a group of 25 people allegedlyused SIM-swapping to steal $24 millionfrom Michael Terpin, an early Bitcoin investor.

The threat posed by SIM-swapping has become such a problem thatengineers at Googleare looking for ways to protect users from potential attacks.

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Alleged SIM-swapper stole crypto to buy rap music, sports cars, and bling - The Next Web

Wondering About The Tax Treatment Of A Cryptocurrency Hard Fork And Airdrop? – JD Supra

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Wondering About The Tax Treatment Of A Cryptocurrency Hard Fork And Airdrop? - JD Supra

This little-known cryptocurrency is heading towards the top ten – Decrypt

Cosmos (ATOM), a cryptocurrency used in an ecosystem of different blockchains, is slowly sneaking towards the top ten coins by market cap. The price of cosmos gained 7% today to reach $3.92 while bitcoin and the vast majority of other cryptocurrencies see losses of between 1-3%.

Overall, cosmos has been in an uptrend for the past three monthsand is currently up more than 26% since September 12, 2019. Meanwhile, bitcoin, ether (ETH) and XRP are down 31%, 20.5% and 13.7% respectively across the same time period.

Its most recent rally is likely attributed to news that Binance users will be able to stake their ATOMs on the Binance staking platform, allowing them to earn a passive income in the form of regular staking rewards.

Staking is a hot topic at the moment and announcements of exchanges and wallets supporting staking of Tezos have caused its price to surge in recent months.

As a result, cosmos continues to make headway towards breaking into the top ten coins by market cap. Cosmos has climbed from rank 20 to its current position at rank 16 in the last three months.

Part of the reason behind cosmos's meteoric growth throughout the latter half of 2019 could be the result of gradually improving trade volumes. Since July, the average daily trade volume of ATOM has doubled and now regularly exceeds $200 million traded per day.

Be the first to get Decrypt Members. A new type of account built on blockchain.

Likewise, cosmos has also seen its adoption improve in recent months, after being listed on several major cryptocurrency trading platforms, including Kraken, Crypto.com, Poloniex, Huobi Global and most recently, Binance.US.

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This little-known cryptocurrency is heading towards the top ten - Decrypt

ING bank wants to give clients a compliant way to store cryptocurrency, report – The Next Web

Major Dutch bank ING is developing technology so that its clients can safely store digital assets like cryptocurrencies, Reuters reports citing sources familiar with the matter.

The firm then told reporters it sees increasing opportunities surrounding digital assets, both asset-backed and native security tokens. ING noted a focus on providing a compliant way to access the sector.

Reuters sources said that the custody project is operating out of its Amsterdam offices, but that its still in its early stages. The bank reportedly also has several other blockchain initiatives.

Keeping cryptocurrency safe has become a business in itself. Last year, prominent cryptocurrency exchange Coinbase began offering its own custody services.

While Coinbase is certainly a trusted exchange, for a household name like ING to offersimilar services would only be a boon for the digital asset industry.

Not all banks are sold on the idea, however. Earlier this year, Hard Fork reported that another Dutch institution,ABN AMRO,ING shelved plans for a custodial cryptocurrency wallet, citing lack of interest.

Published December 12, 2019 14:29 UTC

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ING bank wants to give clients a compliant way to store cryptocurrency, report - The Next Web

Moonday Mornings: IRS readies to tax your cryptocurrency no matter what – The Next Web

Welcome to Monday, its the start of another week and that means its time for Hard Forks wrap-up of the weekends top cryptocurrency and blockchain headlines.

Take a look.

According to CNBC, the US Internal Revenue Service has released a new tax form, asking cryptocurrency traders to declare their holdings.

The IRS new Schedule 1 for the 2019 tax season, asks tax payers if they received, sold, sent, exchanged, or acquired virtual currency by any other means over the past year.

Earlier this year, the IRS started sending letters to known cryptocurrency traders telling them to fess up about their trading habits.

In a similar move to the IRS, the government in South Korea is looking to levy taxes on citizens that trade cryptocurrency.

The Korea Times reports that the countrys Ministry of Economy and Finance is exploring a revised bill to tax capital gains from cryptocurrency transactions. The bill is reportedly going to be drawn up early next year.

The that the countrys Ministry of Economy and Finance confirmed that its exploring a revised bill to tax capital gains from cryptocurrency transactions. The bill is reportedly going to be drawn up early next year.

The latest Ethereum network update went live over the weekend. Dubbed Istanbul, the update was actioned at block number 9,069,000,Ethereum tweeted yesterday.

Istanbul features six major upgrades designed to improve the Ethereum networks efficiency and operational speed. Read more about it here.

Chinas central bank is reportedly going to test its digital currency in Shenzhen and Suzhou, The Block reports.

Four state-run commercial banks, in collaboration with three state-owned telecom companies, are reportedly working to find the best way to introduce the digital currency.

Earlier this year, Bank officials from the country said it had no timeline for the roll-out of its digital currency, but according to the latest report claims Chinas central bank has accelerated the project in response to Facebooks announcement of its own cryptocurrency Libra.

The US Securities and Exchange Commission is now looking to question messaging app Telegrams former chief investment advisor. The SEC is asking John Hyman to testify and hand over documents about Telegrams suspicious token sale, writes CoinDesk.

The SEC had to ask the High Court of England and Wales to get hold of the information.

Telegram was supposed to distribute its blockchain-based token TON back in October, but has put that on hold to maintain the status quo until it settles the legal battle with the SEC.

Well there you have it, another weekends headlines caught up with. Now go get on with your week!

Published December 9, 2019 10:17 UTC

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Moonday Mornings: IRS readies to tax your cryptocurrency no matter what - The Next Web

$1.6B in Bitcoin bought during 2017s bull run hasnt moved – The Next Web

Bitcoins long-term holders continue to keep their cryptocurrency close, despite its declining value 59 percent of BTCs circulating supply still hasnt moved in at least one year.

Generally, these trends are in-line with shrinkingBitcoin BTC trading volumes, reports research firm Delphi Digital.

Still, the firm highlighted 220,000 BTC (worth roughly $1.6 billion at current prices) bought way back in November 2017 the start of peak Bitcoin-mania that hasnt moved at all since then. Surely, some strong hands.

Trading activity spiked at the end of October, when Bitcoins price last pushed above $9,000, butvolumes had reached six-month lows by the end of November.

Declining volume has been the trend since the high back in June, a symptom of a general decrease in new money entering the space, said Delphi Digital analysts.

In fact, Bitcoins month-over-month volume has dropped by 9.4 percent across the top cryptocurrency exchanges, with the largest decline coming from spot USD markets.

The firm again noted this means its possible theresless capital entering and exiting the space.

As for where the inflowing Bitcoin goes,major exchanges Binance and Huobi persist as the industrys dominant trading venues. Together, they account for over 50 percent of BTC deposits every month since August.

Analysts noted that OKEx and Huobi saw strong increases since the beginning of August, but highlighted that a portion of the latters activity was actually a byproduct of a cryptocurrency-fueled Ponzi scheme known as PlusToken.

The worst monthly decline since the same month last year definitely added insult to injury to the crypto markets ongoing drawdown. Fading catalysts and sentiment are partially to blame, but one of the real culprits is the lack of new buyer demand, said Delphi Digital.

Often times, it seems as if capital is just being reshuffled among existing player who can ignite violent market moves given the minuscule size of this market, so a renewed enthusiasm among investors is going to be required for bitcoin (and crypto at large) to reverse its downward trend, it added.

Published December 11, 2019 14:43 UTC

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$1.6B in Bitcoin bought during 2017s bull run hasnt moved - The Next Web