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Cryptocurrency: Entrepreneurs Leveraging New Technology | Vandeventer Black LLP



Our previous article in this series looked at the legal framework surrounding blockchain technology. This article looks at the practical application of the technology. Blockchain technology is having an impact on many business owners, including those who are not interested in the speculative trading element of cryptocurrency, which is similar to trading on the stock exchange. In addition to acting as a cash substitute, cryptocurrencies have many other uses or use cases. Recent uses include non-fungible tokens, tokenization, and wallet transfers.

A new trend in blockchain technology is the creation, sale and trading of non-fungible tokens or NFTs. NFTs can take several forms, but the most common are digital collectibles. NFT collectibles can be published in a single issue that represents a single digital work of art, such as Beeple’s “Everydays – The First Five Thousand Days,” which recently sold for $ 69 million.[1] Another popular NFT collectible is the National Basketball Association’s recently released NBA Top Shot.[2] The product is a version of 21st century sports trading cards, which are digital images of players along with individual game highlights (or “moments”) that can be purchased separately or in sets. In addition, NFTs are used to secure physical goods that serve as both title and certificates of authenticity. Similar to physical collectibles, ownership of an NFT generally does not transfer intellectual property rights to the owner, only ownership of the digital collectible itself.

Entrepreneurial business owners looking to take advantage of blockchain technology may want to research tokenization, the process used to create NFTs and other tokens. Tokenization enables blockchain users to break an asset down into standardized units and sell those units as digital assets redeemable for a product or commodity, e.g.[3] These tokens can then be traded on a secondary market. One of the best examples of this can be found in the Bitcoin SV (BSV) network. Instead of swapping cryptocurrency for cryptocurrency or swapping cryptocurrency for fiat money, users swap tokenized assets for BSV. BSV tokenization is still in its infancy, but entrepreneurs are already creating, trading, and benefiting from various tokenized assets such as time[4], Tacos[5], NFTs[6], and even social media posts.[7] Regulation aside, it’s easy to see how this seemingly niche technology may one day be used for crowdsourcing capital generation or demand-driven pricing for goods and services traded on an exchange.[8] By combining tokenized assets with smart contract functionality, the possibilities are potentially limitless.[9] In one example, the country of Tuvalu with its 13,000 inhabitants is trying to use the BSV platform for its national digital currency as well as for other government records.[10]

Some companies may want to avoid all of the intricacies of the cryptocurrency world by avoiding them entirely. However, others may want to understand the technology by creating the necessary accounts and making wallet-to-wallet transfers for a glimpse into the world of blockchain technology. Some companies set up wallets to prepare for potential ransomware attacks, which hackers typically require payments in cryptocurrency, such as the recent ransomware attack on the Colonial Pipeline. Setting up and funding a wallet can take days, which can be difficult when a company’s network is taken offline by ransomware. Wallet systems currently lack some of the safeguards for user error offered in the fiat banking system[11], so understanding the technology is a must. Having these systems in place prior to a ransomware attack can prevent an already bad situation from leading to a longer-term loss of productivity once a company has made the decision to pay the ransom.

The cryptocurrency market is still in its technological and regulatory infancy, and with regulators slow to adapt innovation-friendly rules to this emerging technology, only time will tell how big the impact the cryptocurrency will have on businesses. Vandeventer Black will continue to follow developments in this rapidly changing industry. [12]

[1] Chloe Weiner, Beeple JPG File Sells for $ 69 Million, Sets Crypto Art Record, NPR (March 11, 2021, 2:48 p.m.), / 976141522 / beeple-jpg -file-sells-for-69-million-setting-crypto-art-record.

[2] NBA Top Shot, (last visited May 26, 2021).

[3] Patrick Laurent et al., Asset Tokenization is Changing the Financial Industry. Are you ready ?, Deloitte,

[4] Patrick Thompson, LIU: Bitcoin’s first time-backed token, Coingeek, (May 19, 2021)

[5] TACO / BSV Exchange, RelayX, (last visited on May 25, 2021).

[6] RelayX Tickers Give More Benefit, Means (April 13, 2021) .; see also MoneyButton, (digital marketplace with NFTs) (last visited on May 27, 2021).

[7] Social Media on Blockchain, Bitcoin Association,; see also e.g. Twetch, (a Twitter competitor); and Streamanity, (a YouTube competitor) (all last visited May 27, 2021).

[8] Other projects include prepaid debit cards that convert BSV to fiat-on-demand and price aggregators that allow users to search consumer goods for sale on other websites and see real-time conversion rates. See RelayX card,; and Trading Card Game Online Exchange, (all last visited on May 28, 2021).

[9] Technological development, which is still in its infancy, often takes place through hackathon competitions. See e.g. Bitcoin SV Hackathon,,; RUN2k21, RUN,; and HandCash Hackathon, Handcash, (all last visited on May 26, 2021). However, there are also some large companies that offer business solutions in this area. See Taal in general, (last visited on May 26, 2021).

[10] Koroi Hawkins, Tuvalu chasing digital immortality on a blockchain, RNZ, (March 14, 2021, 9:43 pm) immortality -on-a-blockchain; see also Ed Drake, Central Bank of Norway weighted Bitcoin SV under “open blockchain” for CBDC, Coingeek (May 3, 3021) sv -among-open-blockchain-for-cbdc / (citing a report in which the Norwegian central bank looked at BSV for the central bank’s digital currency (CBDC)).

[11] For example, if you accidentally send money to the wrong address, no one will be able to reverse the transaction except the owner of the address who received the money. This may seem unlikely, but it is quite easy when addresses generally look like this: “13LGR1QjYkdi4adZV1Go6cQTxFYjquhS1y”.

[12] Link to full disclaimer: The information on the Vandeventer Black website is for informational purposes only; The information is general and may not reflect the current legal status. The content is provided “as is”. The information on this website should not be viewed as professional legal or financial advice and should not be processed without consulting a qualified lawyer or other professional in the relevant jurisdiction.


McAfee Sees Ransomware-as-a-Service, Cryptocurrency and Internet of Things Threats Surge in Q1 2021



SAN JOSE, California – (BUSINESS WIRE) – McAfee Corp. (Nasdaq: MCFE), the device-to-cloud cybersecurity company, today has its McAfee Threats Report: June 2021, which investigated cybercriminal activity related to malware and the evolution of cyber threats in the first quarter of 2021. In the quarter, cyber adversaries shifted from widespread, low-return ransomware campaigns to less customized ransomware-as-a-service (RaaS). Campaigns targeting larger, more lucrative organizations. A proliferation of 64-bit CoinMiner applications drove the growth of cryptocurrency-generating coin-mining malware by 117%. In addition, an increase in the growth of new Mirai-based malware flavors led to an increase in malware targeting Internet of Things systems (55%) and Linux (38%).

“Criminals will continue to evolve their techniques to combine all the tools that will enable them to maximize their cash flow with the minimum of complications and risk,” said Raj Samani, McAfee Fellow and Senior Scientist. “We first saw them use ransomware to force small payments from millions of unique victims. Today we see Ransomware as a Service, which supports many players in these illegal activities that hold organizations hostage and extort massive sums of money for the criminals. ”

Every quarter, McAfee assesses the health of the cyber threat landscape based on in-depth research, investigative analysis, and threat intelligence collected by the McAfee Global Threat Intelligence cloud from over a billion sensors across multiple threat vectors around the world.


Ransomware declined 50% in the first quarter, in part because attackers shifted from broad campaigns targeting many targets with the same samples to campaigns targeting fewer, larger targets with distinct samples. Campaigns that use some type of ransomware to infect many victims and extort payments from them are notoriously “noisy” as hundreds of thousands of systems will detect and block these attacks over time. By launching unique attacks, RaaS partner networks enable attackers to minimize the risk of detection by large corporations’ cyber defenses and then cripple them and blackmail them into high ransomware payments. This shift is reflected in the decline in known ransomware family types from January 19, 2021 to 9 in March 2021.

Despite the high profile attacks by the DarkSide RaaS group uncovered in the second quarter of 2021, REvil was spotted the most in the first quarter, followed by the RansomeXX, Ryuk, NetWalker, Thanos, MountLocker, WastedLocker, Conti, Maze and Babuk tribes.

Coin miner malware

While prominent ransomware attacks have drawn attention to how criminals are using ransomware to monetize their crimes with payments in cryptocurrency, a 117% increase in the prevalence of cryptocurrency-generating coin-mining malware in the first quarter may represent a sharp spike 64-bit CoinMiner applications are returned.

Instead of locking victims’ systems and holding them hostage until cryptocurrency payments are made, the coin miner malware infects compromised systems and silently produces cryptocurrencies by using the computing power of these systems for the criminals who designed and launched such campaigns . The advantage for cyber criminals is that neither the perpetrator nor the victim need to interact. While the victim’s computers may run slower than usual due to the coin miner’s workload, victims may never realize that their system creates monetary value for criminals.

“The insight from the ransomware and coin miner trends should not be that we have to restrict or even ban the use of cryptocurrencies,” continued Samani. “If we have learned anything from the history of cybercrime, criminals defy defenders’ efforts by simply improving their tools and techniques, bypassing government restrictions, and staying one step ahead of defenders. If efforts are made to restrict cryptocurrencies, the perpetrators will develop new methods to monetize their crimes and they only need to be a few steps ahead of governments to continue benefiting. ”

Threats & Victims

General malware threats. In the first quarter of 2021, the volume of new malware threats averaged 688 threats per minute, an increase of 40 threats per minute from the fourth quarter of 2020.

IoT and Linux devices. A large number of new Mirai malware variants led to an increase in the Internet of Things (IoT) and Linux malware categories in the first quarter. The Moobot family (a variant of Mirai) has been observed to be widespread and responsible for several variants of Mirai. These variants exploit all weak points in IoT devices such as DVRs, webcams and internet routers. Once exploited, the malware is hidden on the system, downloads later phases of the malware and connects to the command and control server (C2). If the compromised IoT devices are connected to their botnet, they can be seized to participate in DDoS attacks.

Industry sectors. McAfee saw publicly reported cyber incidents in the technology sector increase by 54% in the first quarter of 2021. Education and finance / insurance followed, increasing 46% and 41%, respectively, while reported incidents in the wholesale / retail and public sectors decreased 76% and 39%, respectively.

Regions. These incidents increased 54% in Asia and 43% in Europe, but decreased 13% in North America. While reported incidents decreased by 14% in the United States, these incidents increased by 84% in France and 19% in the United Kingdom.


Via McAfee Labs and Advanced Threat Research

McAfee Labs and McAfee Advanced Threat Research are a leading resource for threat research, intelligence, and cybersecurity thought leaders. With data from over a billion sensors across key threat vectors – file, web, message and network – McAfee Labs and McAfee Advanced Threat Research deliver real-time threat intelligence, critical analysis and expert knowledge to improve protection and reduce risk.

About McAfee

McAfee Corp. (Nasdaq: MCFE) is the device-to-cloud cybersecurity company. Inspired by the power of collaboration, McAfee creates solutions for consumers and businesses that make our world safer.

McAfee® and the McAfee logo are trademarks of McAfee, LLC or its subsidiaries in the US and other countries. Other brands and trademarks may be claimed as the property of others.

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bitcoin price: Top Cryptocurrency Prices Today: Bitcoin, Ethereum tank; Dogecoin gains 10%



NEW DELHI: The major cryptocurrencies traded mixed on Thursday after this week’s volatility. The mood in the digital token markets remained subdued. Six of the top 10 digital tokens were trading with cuts at 9.30 a.m. IST, while the remaining four, led by Dogecoin, rose between 4 and 10 percent.

After restricting payment channels for trading cryptocurrencies, China is moving towards digital currencies, and its e-CNY could be phased out as early as the 2022 Beijing Winter Olympics. The move is likely to be another dent in crypto trader sentiment.

Bitcoin has been one of the most powerful assets in the world over the past few years. However, even the highest-yielding asset has halved its value after the crackdown on China. Despite its worldwide popularity, the Numero Uno crypto token has been a laggard lately.

For the first time since the market restarted in early May 2021, Bitcoin slipped below the $ 30,000 mark and Ethereum broke the $ 2,000 mark. Since then, both cryptos have shown some recovery that could not be sustained.

“The crypto market in general has dropped from $ 1.7 trillion to $ 1.35 trillion in one week, a decrease of about 20 percent. While many attribute the market collapse to negative news about China’s extension of the Bitcoin mining ban, many analysts and traders believe it will only have a short-term impact on the market, “Zebpay Trade Desk said.

“Sentiment remains pessimistic, but we believe that the expiration date of the Q2 options last week of June, valued at $ 2.3 billion, should allow price consolidation as soon as it comes through. We say this because we believe most expectations are already factored in and therefore we see a relatively quiet period in the next few days, “she added.

Charles Hoskinson, the co-founder of Ethereum, has said that Dogecoin is a reasonable target for someone to fix it and make it an interesting cryptocurrency.

Tech View of Giottus Cryptocurrency Exchange


Polkadot (DOT) is currently one of the stronger altcoins. Over the past six months, the price, market capitalization, and general reputation of both the coin and the polkadot chain have outperformed other coins during and after slumps. The support levels have shown exceptionally high buying volumes and low selling volumes.

DOT exactly follows the price action of Bitcoin (BTC). Assuming BTC is trading sideways, DOT is expected to follow technical analysis and trend lines. Currently, the DOT is in a descending wedge, which is a short-term bearish and a long-term bullish pattern. Breaking the triangle can be very bullish and in a few weeks it could even test its ATH resistance if market sentiment holds up.

Main stages

Support: $ 15.4, $ 13.1, $ 10.4

Resistance: $ 17.5, $ 19.6, $ 23.4, $ 26.8


Ripple (XRP) has been in the spotlight since its SEC lawsuit and has lost nearly 70 percent of its value since December 2020. Every hearing affects its price history and has been in a declining wedge lately with the potential to drop as low as $ 0.3. However, support will be seen at multiple levels within this wedge – specifically at $ 0.583 and $ 0.455.

However, given the descending wedge, there is a high chance that XRP could break out and recover soon. This also depends on the SEC lawsuit failing in Ripple’s favor.

Main stages

Support: $ 0.583, $ 0.455, $ 0.424

Resistance: $ 0.787, $ 0.925, $ 1.063

The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC

(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of Please consult your financial advisor prior to entering into any position in any of the above assets.)

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Lloyds Auctions Australia Sells a Pricey Caravan for Cryptocurrency – Bitcoin News



Australia’s Lloyds Auctions now accepts major cryptocurrencies for all items offered on its marketplace. Within hours of the announcement, the auction house managed to sell an expensive mobile home (camper / trailer) to a bidder who was happy to pay full price with digital coins.

Australian auction house Lloyds Auctions accepts crypto from bidders

Against the backdrop of volatile crypto markets in the past few days and weeks, investors have been looking for ways to cash out profits or transfer some of their assets elsewhere. Lloyds Auctions, a leading auction house in Australia, has discovered an opportunity to attract some of this funds and offer bidders the ability to pay with cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Lloyds Auctions Australia is selling an expensive caravan for cryptocurrency

Just hours after opening the alternative payment option, Lloyds Auctions was able to sell a custom built trailer valued at $ 75,000 for crypto. “As a longtime sponsor of Lloyds, I didn’t hesitate and couldn’t believe how easy it was for me to pay with cryptocurrency,” the zealous buyer from Zdnet is quoted as saying. “The seller would have received it in cash and never knew the difference!”

Crypto owners want to buy vintage cars and bulldozers

Since the caravan was sold, the auction house has registered growing interest from other crypto owners, especially in its classic car and earthmoving machine auctions. Inquiries have been received, said Lee Hames, chief operations officer of Lloyds Auctions, who also commented:

We have seen people use this to segregate cryptocurrencies and reinvest in real assets. When prices go down, people take some profits off the table and transfer them to something like a vintage car or bulldozer and put them to use.

Lloyds Auctions has also decided that blockchain is the best way to prove possession of a series of negatives that capture moments in Australian history. At the beginning of June, the auction house announced that it would mint a non-fungible token (NFT) for a collection of original glass plate negatives from over 140 years of operation by the Rose Stereograph Company. The highest bidder in the auction also receives the NFT.

Have you bought auction items with cryptocurrency? Let us know in the comment section below.

Tags in this story

Auction house, Australia, Australians, bidders, bids, Bitcoin, BTC, buyers, caravans, cars, crypto, crypto owners, crypto investors, crypto payments, crypto prices, cryptocurrency, ETH, Ethereum, investors, Lloyds Auctions, purchase , Sale, seller

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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