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Cryptocurrency owners say they want more government oversight of the market to combat ransomware, Harris survey shows | Currency News | Financial and Business News

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The FBI has seized Bitcoin worth $ 2.3 million in a ransomware attack on the Colonial Pipeline.

  • Following ransomware attacks, a majority of cryptocurrency owners in America want the government to tighten regulations to combat hackers.
  • Hackers received millions of dollars’ worth of bitcoins in attacks against Colonial Pipeline and JBS.
  • Two-thirds of Americans want more government intervention to combat attacks that use malware.
  • Check out Insider’s business page for more stories.

A majority of American cryptocurrency owners surveyed wanted the government to step up oversight of the $ 1.6 trillion crypto market to combat ransomware after hackers were using it to sell millions of dollars in bitcoins from Colonial Pipeline and JBS, the world’s largest meat processor. had warned.

57% of crypto owners support additional US regulation of cryptocurrency to combat the rising use of ransomware, according to the results of a survey by The Harris Poll, a market research and analysis company, published on Wednesday.

The Harris Poll used an online panel methodology for their survey, which was conducted June 4-6. 2,014 respondents aged 18 and over took part in the survey. Surveys of this size typically have an error rate of around 2.2%.

The survey came after it became known that hackers used malicious software to disrupt the operations of Colonial Pipeline, a petroleum products processor, and JBS, and requested a ransom. The Justice Department announced this week that it had recovered $ 2.3 million worth of Bitcoin from the $ 4.4 million ransom that Colonial paid to DarkSide, the group that last month had ceased operations at Colonial, which led to enormous fuel shortages and price increases.

JBS, whose products include Pilgrim’s Chicken and Swift Pork and Beef, said Wednesday it paid $ 11 million to hackers whose attack on May 31 forced JBS to suspend some production. The payment was made in Bitcoin, according to The Wall Street Journal.

Overall, 66% of Americans, including crypto owners, are in favor of additional regulation. The Harris poll found that 79% of so-called boomers who are 57 or over and 56% of millennials wanted more supervision.

Meanwhile, 82% of respondents agree that government should be involved in solving ransomware attacks, even if the target is private companies rather than government agencies.

In the case of Colonial Pipeline, the FBI recovered part of the bitcoin because it had the password for a bitcoin wallet that DarkSide sent the ransom to. Analysts said the FBI’s move to steal Bitcoin from its wallet raises questions about how free the cryptocurrency is from government oversight.

“Ransom payments are the fuel that powers the digital extortion machine,” said Lisa Monaco, assistant attorney general for the Justice Department, in a statement Monday about the attack on the Colonial Pipeline. The “US will use all available instruments to make these attacks more costly and less profitable for criminal companies.”

Cryptocurrency

bitcoin price: Top cryptocurrency prices today: Bitcoin, Polkadot, Ethereum surge up to 16%

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NEW DELHI: Major cryptocurrencies traded higher on Tuesday after investor confidence was boosted by Tesla CEO Elon Musk’s tweet over the weekend. Led by Bitcoin and Polkadot, all of the top 10 digital tokens saw an increase of up to 16 percent.

After another weekend of wild price swings, the crypto market got its mojo back after Musk pared criticism of its market influence, saying Tesla had sold Bitcoin but may have resumed transactions with it. Investors eagerly await Tesla’s next earnings update – due next month – for any disclosure of changes in its position.

The crypto market rose sharply as Tesla announced purchases in digital Numero Uno tokens, while the virtual currency market collapsed

to use. Tesla’s U-turn on cryptos wasn’t the only trigger, however. Around the same time, the Chinese government took action against institutions dealing with cryptocurrencies.

“Bitcoin is the market leader and the dominant asset. It has managed to keep the crypto community, financial institutions and banks interested in the asset as the volume has held the position and has not decreased much. This is the result of banks, MNCs and, in some cases, even governments seeing the potential of the asset, “ZebPay told Trade Desk.

“A highly anticipated event, the Ethereum Protocol Upgrade Proposal (EIP-1559), which promises us to provide an improved transaction process and streamline the user’s experience by reducing transaction costs and making the determination of fees much easier and simpler Being made less stressful and wasteful is also due very soon, “she added.

“We can see a consolidation in the markets. Trading volumes remained low. This consolidation was well anticipated and could continue for the whole month. The sell-off had very little trading volume, which is a positive sign for the crypto market, ”said Edul Patel. CEO and co-founder of Mudrex.

Crypto shopping cart: Quick Glance (Source: coinmarketcap.com, data as of 9.30 a.m., ACTUAL on June 15, 2021)

  • Bitcoin: $ 40,518.56, up 4.32 percent
  • Ethereum: $ 2,595.23, up 4.82 percent
  • Tether: $ 1.00, up 0.07 percent
  • Binance Coin: $ 373.65, up 4.22 percent
  • Cardano: $ 1.58, up 2.54 percent
  • Dogecoin: $ 0.33, up 1.74 percent
  • XRP: $ 0.89, up 2.16 percent
  • Polkadot: $ 25.26, up 16.785 percent
  • USD coin: $ 1, up 0.04 percent
  • HEX: $ 0.092, up 6.09 percent

Note: price change in the last 24 hours

Tech View of Giottus Cryptocurrency Exchange


Cardano (ADA)


Everyone is talking about Cardano at crypto town and has gained incredible amounts after one of the founders discussed its roadmap through 2025. Cardano will grow into one of the most sophisticated ecosystems in the crypto space in the coming years. This news is very bullish for Cardano and the market has reflected it on its charts.

ETMarkets.com

Cardano recently broke trendline resistance of a falling wedge pattern. It is expected to test the trendline resistance of a huge ascending channel, a short-term bullish pattern. ADA remains bullish and will remain so until it is on the channel. Once broken down, it can hit multiple lows. But when ADA breaks and exceeds $ 2.45, new highs can be formed.

All of these moves remain dependent on the movement of Bitcoin, which broke out of its downtrendline this week and appears to be targeting $ 43,000 as the next resistance.

Main stages

Support: $ 1.25, $ 1.16, $ 0.96

Resistance: $ 1.87, $ 2.0, $ 2.45

Binance Coin (BNB)

Binance Coin (BNB) has risen parabolically since late 2020 and recorded a more than 60 percent correction after the crypto crash in May 2021. It is the native coin of the Binance exchange.

BNB is currently forming a rising wedge that can still grow until the first week of July. It will be interesting to see how BNB performs as it broke a large technical and psychological resistance ($ 350) and is being tested

100 (100 day exponential moving average). Breaking the EMA 200 and the trend line resistance of the rising wedge will be extremely bullish for the NBB.
Giottus_BNB_analysisETMarkets.com

Since the ascending wedge is inherently bearish, we cannot rule out the possibility of a bearish reversal. But it will likely bounce off the first ($ 350) or second ($ 275) big support after collapsing. Failure to bounce back from the second big support, the NBB could fall to the USD 210 level.

Main stages

Support: $ 305, $ 290, $ 275

Resistance: $ 410, $ 430, $ 475

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 ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)

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‘Banks should be scared’ of cryptocurrency-based DeFi

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Billionaire investor Mark Cuban is very optimistic about the future of DeFi or decentralized finance and DAOs or decentralized autonomous organizations.

“There are many financial institutions that should be concerned,” Cuban wrote in a blog post on Sunday. For one thing, “banks should be afraid,” he wrote.

DeFi applications aim to emulate traditional financial systems with cryptocurrency, while DAOs can control and monitor DeFi applications and other projects.

DAOs are similar to traditional companies or organizations, instead control is democratized within DAOs. Instead of having a centralized leader, DAOs have members who vote on decisions and rules, which are then coded into smart contracts on the blockchain.

For example, DeFi loans allow users to lend cryptocurrencies like a traditional bank does with fiat currency and earn interest as a lender. DeFi loan applications like Aave, Compound and Maker are regulated by DAOs.

The structure of these decentralized protocols is one of the things that piqued Kuban’s interest and made him think that DeFi could be a serious competitor to traditional banks.

He uses Aave as an example to explain why. (A Shark Tank star and owner of the NBA’s Dallas Mavericks, Cuba invested in Aave, which he announced during a Reddit “Ask Me Anything” in February.)

“Aave looks like a bank like its competitor Compound. But it’s not. Nowhere around,” said Cuban. “Aave is a fully automated, permissionless platform with no bankers, no buildings, no toasters, no safes, no cash, no money custody, no forms to fill out, no credit ratings.”

“Everything is controlled by smart contracts. It’s fully automated. You don’t have to get approval from anyone and it takes minutes to get a loan.”

This, of course, is part of what makes DeFi so risky. Unlike a traditional bank, there is no regulation or insurance for your money when you use DeFi. Although DeFi loans are collateralized with other crypto assets, borrowers who use DeFi protocols cannot otherwise be held responsible if they cannot effectively repay a loan.

“The old crypto adage ‘don’t put in more than you can afford to lose’ applies twice to DeFi,” reported CoinDesk. “This stuff is overly complex and a lot can go wrong.”

DeFi-related hacks stole $ 156 million between January and April, according to CipherTrace.

Another feature that draws Cubans to DeFi exchanges is the fact that they don’t necessarily have to raise a lot of capital to scale, he says. “Rather than the company’s owners, investors and their creditors raising capital for all transactions that take place, the liquidity providers (LPs) do it for them,” he wrote.

Liquidity providers are users who fund pools that enable DeFi loans or loans, among other things.

For Cuban, this makes automated financial markets like DeFi “so much more capital and operational than comparable traditional companies”.

Cuban acknowledges the risks and admits that with all of this technology there are technical details to be clarified, but still says that “this approach is the future of private banking”.

And despite the risks, DeFi has been particularly buoyant lately. DeFi Pulse currently has more than $ 60 billion locked in DeFi logs, according to DeFi Pulse.

Cuban is a liquidity provider for a decentralized exchange, he wrote in his blog post. He is also invested in a number of companies in the crypto space, including DeFi companies, and has a portfolio of multiple cryptocurrencies, including Bitcoin and Ethereum.

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Do not miss: This is the fintech that Mark Cuban says you should get to know now

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Nvidia CEO Jensen Huang talked about the value of ethereum, advances in crypto mining and the global semiconductor shortage in a recent interview. Here are the 10 best quotes. | Currency News | Financial and Business News

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Nvidia boss Jensen Huang

  • Nvidia CEO Jensen Huang spoke to a group of journalists at the Computex IT conference.
  • He said Ethereum will be valuable in areas like DeFi because of its scalability and credibility.
  • He also spoke about Nvidia’s role in the future of crypto mining, saying he believes a metaverse is imminent.
  • Check out Insider’s business page for more stories.

Jensen Huang, CEO of chip and graphics card maker Nvidia, recently spoke to a group of journalists at the Computex IT fair about his views on the value of Ethereum, how Nvidia’s products fit into the crypto ecosystem, and why he thinks we are at the There is a threshold to create a metaverse in an interview published by VentureBeat.

Nvidia’s graphics processors are top of the range graphics cards that also have crypto mining capabilities. Huang, a big proponent of artificial intelligence, introduced a lower-resolution graphics card at the conference that was specifically designed for crypto mining. He also addressed the global chip shortage, Nvidia’s role in it and whether he believes the Chinese government will intervene in the development of artificial intelligence.

Here are the ten best quotes from Huang from the interview, which have been slightly edited and condensed for clarity.

  1. “Am I looking forward to the Proof of Stake? The answer is yes … Ethereum has established itself. It now has the opportunity to implement a second generation that will continue the platform approach and all services based on it. It is legitimate. It is Established. There’s a lot of credibility. It works well. Lots of people rely on it for DeFi and other things. This is a great time to prove its worth. ” – about the opportunities that Ethereum offers and the value of the network for blockchain and crypto.
  2. “We purposely reduced the performance of our GPU so that when you want to buy a GPU for gaming you can do so. If you want to buy a GPU for crypto mining you can either buy the CMP version or if you would like to use the GeForce for that, unfortunately the performance will be reduced “- how Nvidia tries to lower the prices of graphics cards and why they developed CMP.
  3. “We’ll just continue to work with our supply chain to keep them informed of the changing world of IT so they are better prepared for future demand. But I believe that the areas we are in, the markets we are in, because we have very specific reasons, will be in great demand for some time “- to deal with the ongoing global shortage of semiconductors.
  4. “It is now clear that Ethereum will be very valuable. There is a future in which these transactions can be processed much faster, and with so many people building on it now, Ethereum will be valuable.” – on the prospects for the Ethereum network due to its scalability.
  5. “I think we’re about to do it. […] There will be many types of metaverse, and video games are one of them. […] We’re going to see this overlay, a metaverse overlay, if you will, into our physical world. “- about when and how a metaverse becomes real.
  6. “You need this blockchain to have fundamental value, and that fundamental value could be mined. Cryptocurrency is here to stay to stay. Ethereum might not be as hot as it is now. It could cool down a bit in a year. But I think crypto mining is here to stay “- on the future of crypto mining and blockchain networks.
  7. “I believe there will be a bigger market, a bigger industry, more designers and creators designing digital things in virtual reality and metaverse than designing things in the physical world. […] The economy in the metaverse, the economy of the omniverse, will be larger than the economy in the physical world. Digital currency, cryptocurrency, could be used in the world of Metaverse “- about his vision for the omniverse that Nvidia is developing.
  8. “I have a feeling that we are welcome in China and will continue to work hard to deserve to be welcomed in China and in every other country.” – Whether the Chinese government will intervene and regulate Nvidia’s work on artificial intelligence.
  9. “One of the most important technologies that we need to develop, for several of them – in the case of the consumer, one of the most important technologies is AR, and it is coming.” – for the development and accessibility of augmented reality.
  10. “This is the biggest market opportunity the IT industry has ever seen. I can understand why it inspires so many competitors. We just have to keep doing our best and act as quickly as possible. ”- on the future of the graphics processing industry and its competition.
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