From dentistry to sex trade, entrepreneurs catch Bitcoin bug!

Agencies
December 26, 2017

New Delhi, Dec 26: It is not only investors who have caught the Bitcoin bug lured by a crazy surge in prices, but also many Indians who are seeing a business potential in cryptocurrencies and rushing to set up companies to cash in on this craze.

At least a dozen companies, including some in past few weeks, have been registered in various parts of the country with 'Bitcoin' as part of their names while many more such applications are pending before the Registrars of Companies.

The numbers are even higher for the companies with the word 'crypto' in their names, while several others have sought to become more innovative by adding various prefixes to the word 'coin', including those proposing Indian versions like 'IndiCoin' and 'BharatCoin'. There is also a 'SwachhCoin'!

The mad rush -- of entrepreneurs and investors -- seems to be continuing despite repeated regulatory warnings about Bitcoins and their various alternatives operating in a totally unregulated domain and the possible money laundering and terror financing risks associated with such cryptocurrencies.

Various regulators and enforcement agencies are already actively looking into this Bitcoin craze and searches were conducted recently by tax authorities at several places where they are believed to have collected details about lakhs of 'investors' who could be trading on 'Bitcoin exchanges'.

There are concerns that many operators might be running 'e-ponzi' schemes or illicit money-pooling pyramid activities in the name of virtual currencies. Some bogus ones have already been unearthed and are facing police action.

As the regulators and the government departments continue with their probes, which officials at these agencies also described as their efforts to 'understand' this new phenomenon, the entrepreneurs seem to be undeterred by any risk factors and expect good business to come by and they are from various parts of the country -- from Ghaziabad to Kanpur to Darjeeling to Jaipur to Delhi to Ahmedabad to Mumbai.

The RoC filings made by such companies show diverse business activities they propose to undertake -- One has listed 'retail trade/repair of personal and household goods', another claims to be in financial intermediary business, while one also claims to promote 'investigative journalism'.

There are also those offering 'crypto coins' exclusively for dentistry across the world with the promise of removing middlemen-type costs and easier insurance claims! Then, there are also those proposing 'sex coins' for discreet payments for adult entertainment and in sex trade.

A number of new entities have been set up under the LLP (Limited Liability Partnership) model while many others are being set up as privately-held companies. Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and 'articles of association' to include 'Bitcoin' or other cryptocurrencies to join the bandwagon.

There are several entities operating only in the digital world by setting up websites or 'online exchanges' while others have gone in for registering their companies or LLPs.

As per the RoC data, the registered entities include Bitcoin Bazaar, Bitcoin Exchange, Bitcoin Finconsultants, Bitcoin India Software Services, Bitcoin Services India, Bitcoiners India, Bitcoins India and Bit Coin Infotech.

There are others like Crypto Advisors, Crypto Futuristic Trades, Crypto Infotech, Crypto IT Services, Crypto Labs, Crypto Mining, Crypto Yo Coin India, CryptoCoin Solutions and CryptoMudra Digital Services. Further business details of these entities could be ascertained, as most of them have been set up recently, but have been meeting necessary compliances.

While Bitcoin was created as a cryptocurrency in 2009, by an unidentified person using the alias Satoshi Nakamoto, its popularity has grown manifold in recent months with its per unit price soaring to close to USD 20,000 (over Rs 10 lakh) earlier this month. However, the price has been swinging wildly and last week itself, it fell by almost half to about USD 10,000, only to again rebound to the near USD 15,000 level.

It was launched with a promise of lower transaction fees than traditional payment methods with a decentralised authority unlike the government-issued currencies in various countries. At present, Bitcoins command a market cap of over USD 240 billion while more than 16 million units are said to be in circulation. The maximum supply is pegged at 21 million.

It is the anonymity of Bitcoins, minted through complex computer algorithms, that has made them so famous, but has also increased the risks. These are stored in digital wallets, in the cloud or on the user's computers.

The popularity of Bitcoin has given rise to several other such cryptocurrencies globally even as several entities and exchanges have gone bust with huge losses for many. No such currency has yet got legal tender status from any central bank or government in the world, but is still being accepted, mostly for online trades and even for ordering pizza.

These 'coins' are minted and traded with the use of blockchain technology, which uses cryptography for security of exchanges and providing a decentralised 'digital ledger' of transactions for all on the network to see.

Blockchain is a distributed ledger technology algorithm for managing digital cash without any central administrator and users remain unaware about each other. One blockchain network typically has thousands of nodes and a transaction is verified only after a majority of nodes reach consensus.

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Agencies
May 19,2020

Cybersecurity researchers on Monday warned of a Trojan malware campaign which is targeting India's co-operative banks using COVID-19 as a bait.

Seqrite, the enterprise arm of IT security firm Quick Heal Technologies, detected the new wave of Adwind Java Remote Access Trojan (RAT) campaign.

Researchers at Seqrite warned that if attackers are successful, they can take over the victim's device to steal sensitive data like SWIFT logins and customer details and move laterally to launch large scale cyberattacks and financial frauds.

According to the researchers, the Java RAT campaign starts with a spear-phishing email which claims to have originated from either the Reserve Bank of India or a nationalised bank.

The content of the email refers to COVID-19 guidelines or a financial transaction, with detailed information in an attachment, which is a zip file containing a JAR based malware.

Upon further investigation, researchers at Seqrite found that the JAR based malware is a Remote Access Trojan that can run on any machine which has Java runtime enabled and hence it can impact a variety of endpoints, irrespective of their base operating system.

Once the RAT is installed, the attacker can take over the victim's device, send commands from a remote machine, and spread laterally in the network.

In addition, this malware can also log keystrokes, capture screenshots, download additional payloads, and extract sensitive user information, Seqrite said, adding that such attack campaigns can effectively jeopardise the privacy and security of sensitive data at the co-operative banks and result in large scale attacks and financial frauds.

To prevent such attacks, users need to exercise ample caution and avoid opening attachments and clicking on web links in unsolicited emails.

Banks should also keep their operating systems updated and have a full-fledged security solution installed on all the devices, Seqrite advised.

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Agencies
July 25,2020

In a study conducted in 117 countries, researchers have found that the world is experiencing the most dramatic reduction in the seismic noise (the hum of vibrations in the planet's crust) in recorded history due to global COVID-19 lockdowns.

Measured by instruments called seismometers, seismic noise is caused by vibrations within the Earth, which travel like waves and the waves can be triggered by earthquakes, volcanoes, and bombs - but also by daily human activity like travel and industry.

This quiet period was likely caused by the total global effect of social distancing measures, closure of services and industry, and drops in tourism and travel, the study published in the journal Science, reported.

The new research, led by the Royal Observatory of Belgium and five other institutions around the world including Imperial College London (ICL), showed that the dampening of 'seismic noise' caused by humans was more pronounced in more densely populated areas.

"Our study uniquely highlights just how much human activities impact the solid Earth, and could let us see more clearly than ever what differentiates human and natural noise," said study co-author Stephen Hicks from ICL in the UK.

For the findings, the research team looked at seismic data from a global network of 268 seismic stations in 117 countries and found significant noise reductions compared to before any lockdown at 185 of those stations.

Researchers tracked the 'wave' of quietening between March and May as worldwide lockdown measures took hold.

The largest drops in vibrations were seen in the most densely populated areas, like Singapore and New York City, but drops were also seen in remote areas like Germany's the Black Forest and Rundu in Namibia.

Citizen-owned seismometers, which tend to measure more localised noise, noted large drops around universities and schools around Cornwall, UK and Boston, US - a drop in noise 20 per cent larger than seen during school holidays.

The findings showed that countries like Barbados, where lockdown coincided with the tourist season, saw a 50 per cent decrease in noise.

"The changes have also given us the opportunity to listen in to the Earth's natural vibrations without the distortions of human input," the study authors wrote.

Earlier in April, a study published in the journal Nature, reported at least a 30 per cent reduction in that amount of ambient human noise since lockdown began in Belgium.

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Agencies
March 15,2020

Cybercriminals continue to exploit public fear of rising coronavirus cases through malware and phishing emails in the guise of content coming from the Centers for Disease Control and Prevention (CDC) in the US and World Health Organisation (WHO), says cybersecurity firm Kaspersky.

In the APAC region, Kaspersky has detected 93 coronavirus-related malware in Bangladesh, 53 in the Philippines, 40 in China, 23 in Vietnam, 22 in India and 20 in Malaysia. 

Single-digit detections were monitored in Singapore, Japan, Indonesia, Hong Kong, Myanmar, and Thailand. 

Along with the consistent increase of 2019 coronavirus cases comes the incessant techniques cybercriminals are using to prey on public panic amidst the global epidemic, the company said in a statement. 

Kaspersky also detected emails offering products such as masks, and then the topic became more commonly used in Nigerian spam emails. Researchers also found scam emails with phishing links and malicious attachments.

One of the latest spam campaigns mimics the World Health Organisation (WHO), showing how cybercriminals recognise and are capitalising on the important role WHO has in providing trustworthy information about the coronavirus.

"We would encourage companies to be particularly vigilant at this time, and ensure employees who are working at home exercise caution. 

"Businesses should communicate clearly with workers to ensure they are aware of the risks, and do everything they can to secure remote access for those self-isolating or working from home," commented David Emm, principal security researcher.

Some malicious files are spread via email. 

For example, an Excel file distributed via email under the guise of a list of coronavirus victims allegedly sent from the World Health Organisation (WHO) was, in fact, a Trojan-Downloader, which secretly downloads and installs another malicious file. 

This second file was a Trojan-Spy designed to gather various data, including passwords, from the infected device and send it to the attacker.

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