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The Treasury Department may start publishing wallet addresses along with the names of people and organizations with whom it forbids doing business.
The Treasury Department may start publishing wallet addresses along with the names of people and organizations with whom it forbids doing business.
Each year, IBM showcases “5 in 5” technologies coming out of IBM Research’s global labs — five technologies that the company expects to fundamentally reshape business and society in the next five years.This year,…
Each year, IBM showcases “5 in 5” technologies coming out of IBM Research’s global labs — five technologies that the company expects to fundamentally reshape business and society in the next five years.
This year, a “5 in 5 at a Science Slam” was held at Think 2018 in Las Vegas.
One of the 5 in 5 breakthrough technologies presented in Las Vegas is ultra-miniaturized cryptographic anchors.
Lead developer Andreas Kind heads the “Industry Platform and Blockchain” team at IBM Research Zurich, which contributes to the Hyperledger Blockchain Project and develops privacy and cloud security technologies.
According to IBM, the new cryptographic anchors are the world’s smallest computers to date. The devices are smaller than a grain of salt; contain several hundred thousand transistors; will cost less than 10 cents to manufacture; and can monitor, analyze, communicate and even act on data. IBM stated that the first models could be made available to clients in the next 18 months.
“They’ll be used in tandem with blockchain’s distributed ledger technology to ensure an object’s authenticity from its point of origin to when it reaches the hands of the customer,” said Arvind Krishna, head of IBM Research. “These technologies pave the way for new solutions that tackle food safety, authenticity of manufactured components, genetically modified products, identification of counterfeit objects and provenance of luxury goods.”
“Crypto-anchors extend blockchain’s value into the physical realm,” claims IBM. The devices have an embedded security code that can be used to authenticate a product with a cryptographically secure, tamper-proof signature.
The cryptographic anchors project is considered a starting point for developing technologies complementary to the Internet of Things (IoT) and blockchain solutions for medical devices and pharmaceutical products, able to provide scalable end-to-end security across a supply chain — from the manufacturers right down to consumers and patients.
A typical application envisioned by IBM is fighting product fraud. IBM’s crypto-anchors can authenticate a product’s origin and contents, ensuring it matches the record stored in the blockchain.
According to data provided by the company, counterfeit products in complex global supply chains, which extend across multiple countries with a large number of actors, cost the global economy more than $600 billion a year.
The risks of counterfeit products extend beyond finance. For example, in some countries, nearly 70 percent of certain life-saving drugs are counterfeit. But crypto-anchors can be embedded, for example, into an edible shade of magnetic ink, which can be used to dye a pill. “The code could become active and visible from a drop of water letting a consumer know it is authentic and safe to consume,” notes IBM.
In another science-fictional demonstrator developed by IBM scientists, a crypto-anchor is combined with an optical sensor and Artificial Intelligence (AI) algorithms are able to rapidly identify materials and detect the presence of DNA sequences.
“[Within] the next five years, advances in microfluidics, packaging platforms, cryptography, non-volatile memory and design will take all of these systems from the lab to the marketplace,” states IBM.
A video recording of all presentations is available here.
This article originally appeared on Bitcoin Magazine.
Users of Coinbase had a month to steal all its Ethereum via a smart contract bug, according to a report. #NEWS
Users of Coinbase had a month to steal all its Ethereum via a smart contract bug, according to a report. #NEWS
Five students from the University of Manchester who sold more than £800,000 ($1.12 million) worth of drugs on the dark web using Bitcoin have been sentenced and jailed — the ringleader, Basil Assaf, has received 15 years and three months. Assaf and his accomplice James Roden were arrested at their Manchester city centre flat on the day the FBI … Continue reading Judge Sentences Five University of Manchester Students Who Sold Millions of Dollars of Drugs on the Dark Web
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Five students from the University of Manchester who sold more than £800,000 ($1.12 million) worth of drugs on the dark web using Bitcoin have been sentenced and jailed — the ringleader, Basil Assaf, has received 15 years and three months.
Assaf and his accomplice James Roden were arrested at their Manchester city centre flat on the day the FBI shut down Silk Road in October 2013. Agents found laptops used to access the dark web, thousands of pounds in cash, and drugs including LSD, ecstasy, ketamine, and diazepam. The value of their sales was at least £812,000, the court heard, but their profits are likely to have grown exponentially due to the rise in the value of Bitcoin over the past few years. Prosecutors have so far been unable to trace Assaf’s Bitcoin.
According to reports, the men partied in the Bahamas, Jamaica, and Amsterdam before being intercepted. The group, who likened themselves to Breaking Bad’s Walter White, included undergraduates studying pharmacology, computer science, petrochemical engineering, geology, and marketing.
Throughout the trial the Manchester crown court heard how the group originally sold drugs to fellow students to fund their own habits, then expanding their operation, selling ecstasy, LSD, and ketamine across Europe, the US, Australia, and New Zealand on the now-defunct online drug marketplace Silk Road.
At one point the group was nominated for “drug dealer of the year” on the site, leading Assaf to brag to his accomplice Jaikishen Patel:
“Nominated for shotter of the year haha on SR. Someone posted a thread and prof nominated us. TBF if they knew what we did IRL we do deserve it.”
Between May 2011 and October 2013 — though 6,300 transactions with buyers across the world — the group sold 16.7kg of ecstasy worth $750,000, as well as 1.23kg of 2CB, a drug that mimics the effects of ecstasy, and 1.46kg of ketamine. Sentencing the group, Judge Michael Leeming said use of the dark web was an aggravating factor and that the harmful and dangerous class A drugs wrought misery on society.
“As intelligent men, you will each appreciate the misery that is caused and contributed to by people like you,” he said. “My duty is threefold: firstly, to protect the public from people like you. Second, to punish you, and third, to deter those who may be similarly minded to act this way in the future.” Leeming added: “These offenses are so serious that only immediate custody and sentences of some length can be considered.”
The ringleader, Basil Assaf, 26, was sentenced to 15 years and three months in prison. Family members of Assaf, a petrochemical engineering student who had no previous convictions, cried and hugged each other as he was led to the cells.
James Roden, 25, who studied computer science, and Jaikishen Patel, 26, who studied pharmacology, were both involved with the Silk Road account and the buying and supplying of drugs. Roden received a 12-year prison sentence and Patel was jailed for 11 years and two months.
Elliot Hyams, 26 — a geology student who had been at Dr Challoner’s grammar school in Amersham, Buckinghamshire with Assaf — was involved in the underworld startup but was thrown out after Assaf “lost patience” with him, according to the judge. Hyams was jailed for 11 years and three months.
Joshua Morgan, 28, who studied marketing, played the smallest role in the group — packaging the drugs for sale. He was jailed for seven years and two months.
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As blockchain-based digital innovation continues to flourish globally, existing models for collaborative decision-making are slowly becoming obsolete. Democracy as a whole is being questioned since public trust in the system has been eroding for some time now. Horizon State is an all-new blockchain-based voting platform. It makes use of a native token to facilitate decision-making protocols as well as trust mechanisms that ensure fair and just outcomes. Since the core AI is entirely decentralized, Horizon State is able to deliver trustworthy attributes for voting procedures. This platform deploys “digital ballot boxes” that are transparent yet secure. Each and every voter is
As blockchain-based digital innovation continues to flourish globally, existing models for collaborative decision-making are slowly becoming obsolete. Democracy as a whole is being questioned since public trust in the system has been eroding for some time now.
Horizon State is an all-new blockchain-based voting platform. It makes use of a native token to facilitate decision-making protocols as well as trust mechanisms that ensure fair and just outcomes. Since the core AI is entirely decentralized, Horizon State is able to deliver trustworthy attributes for voting procedures.
This platform deploys “digital ballot boxes” that are transparent yet secure. Each and every voter is registered within the system, and their activities can be clearly viewed by authorized participants, thereby allowing for clean and unbiased voting.
In terms of its structural framework, Horizon State makes use of three core components, namely:
Using the aforementioned technology, this system has the potential to be implemented and used not only for electoral purposes, but also to administer business operations for various companies, organizations and other conglomerates.
Horizon State makes use of a foundational ledger that is unforgeable. All results are recorded immutably so as to ensure completely fair outcomes. In addition, the vote casting mechanism is highly efficient and does not take up too much of one’s personal time.
Overview of features delivered by Horizon State
The platform employs native Decision Tokens (HST) for running all internal voting processes. Horizon State is also in the process of creating an all-new engagement and deliberation platform meant to increase voter engagement and opinion solicitation.
This platform can be accessed not only via computers but also through smartphones and other handheld devices. Some of the other core technologies that have been incorporated into this system include:
Visual representation of the platform interface
Through the use of these services, Horizon State is able to foster an immersive experience around the decision-making process.
Users who are eligible to vote in a particular democratic process have the option to cast their votes directly via the platform. These votes are recorded onto the Ethereum public blockchain, and there is a small processing fee that is paid to the developers for conducting verification checks for each participant.
An overview of how the system works
Also, each vote is sent directly to a specific campaign ID, without any identifiable data being involved in the transaction. This basically means that the system does not carry any details about its participants, thereby boosting user privacy.
The interface is highly visual and requires no knowledge or understanding of the blockchain in order for users to participate. For added accessibility, there is also a mobile app that can be used to streamline the entire process.
Lastly, it should be mentioned that different organizations will be given permission to use their own filter mechanisms to identify eligible voters. For example, matters pertaining to national politics will require authorities to check user backgrounds against the official electoral roll. Similarly, for small-scale elections, eligibility criteria can be defined by the granting of access to specific individuals or common domains.
Horizon State’s core dev and admin team consists largely of professionals who hail from various domains including IT consultancy, blockchain dev, and foresight strategy.
Jamie Skella is the founder and chief executive of the entire operation. He is also the person responsible for creating MiVote, the world’s first blockchain voting MVP. Jamie has previously served as a director at Tatts Group as well as the Australian Football League.
Dan Crane is the financial head of Horizon State. Dan has previously worked as the chief online officer for an Australian Stock Exchange top 100 company. On his LinkedIn page, he describes himself as a “crypto asset researcher, investor and ICO advisor”.
Lastly, Nimo Naamani is one of the main technological brains behind this project. Nimo is the former chief technology officer at iPayroll and has been in the software development domain for over 20 years.
The Horizon State platform makes use of a native currency called Decision Token (HST) to execute all internal transactions. Since HST has only been on the market since last November, it is difficult to assess its future investment potential.
HST token lifetime performance chart (courtesy of CoinMarketCap)
Upon its introduction, the price of a single token was around US$0.29. However, during the crypto boom of last December and January, the price of a single coin scaled up to an impressive US$5.50.
What’s even more noteworthy is that the value of HST has remained quite steady since the start of this February, and the price of a single coin currently stands at US$0.886.
With unfair voting and biased elections being reported all across the globe, Horizon State is offering the public a highly useful platform that can reinvigorate the democratic process.
Owing to its simplicity and overall usability, it will be interesting to see how Horizon State fares this year. With its native token (HST) doing fairly well on the market, this may actually be the year when this technology takes off and enters the mainstream.
If you would like to start investing in Horizon State, HST token pairs are currently being traded on online exchange platforms such as Kucoin, Cryptopia and Livecoin.
In a unanimous vote, Chelan County’s Public Utility District commissioners agreed to put a moratorium on new bitcoin mining applications.
In a unanimous vote, Chelan County’s Public Utility District commissioners agreed to put a moratorium on new bitcoin mining applications.
Our highlight of the day is EOS. Even if most altcoins as NEO, LTC, Lumens and IOTA didn’t record impressive gains, that surge and close above the middle BB is important. Because of that and the fact that momentum is generally positive for most altcoins including EOS, bulls may as well look for buying opportunities … Continue reading NEO, EOS, LTC, IOTA, Lumens: Technical Analysis March 22, 2018
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Our highlight of the day is EOS. Even if most altcoins as NEO, LTC, Lumens and IOTA didn’t record impressive gains, that surge and close above the middle BB is important.
Because of that and the fact that momentum is generally positive for most altcoins including EOS, bulls may as well look for buying opportunities in lower time frames.
Let’s have a look at these charts:
In a trending market, stochastics often provide a clear picture when it comes to the strength of underlying bears or bulls.
In this case, Lumens are obviously in a bull trend and even though recent gains have been low, it looks like buyers are pushing for higher prices. Indicative of this projection is the diverging %k and %d stochastics signals which already have a buy signal. Then again, from yesterday’s analysis there is a stochastics buy signal in place.
As it is, buyers are finding resistance at the middle BB which from the chart looks to have been a huge obstacle for bulls in the recent past.
Nevertheless, I still recommend buys with targets at $0.40 with possibilities of further gains if there is a convincing break and close above the middle BB.
In the mean time, buyers should fine tune their entries in the 4HR chart and look to enter long when a stochastic buy signal prints or if prices explode past March 20 highs at $0.28-whatever happens first.
From the chart, it’s obvious that IOTA buyers are finding resistance at the middle BB and the 78.6% Fibonacci retracement level at $1.45.
Even though we are net bullish at least in the short term, any bearish confirmation below $1 will most likely cancel signal bear trend resumption as per the weekly chart trend.
In my view, the best way to fine tune long entries is to wait until prices close above $1.45.
Alternatively, short term traders can wait for stochastic buy signals to print from the oversold territory in the 4HR chart because the daily chart stochastics is turning from the oversold territory.
After all, zooming in you can see bears are in charge and no wonder yesterday’s bearish close. Anyway, if our bullish conditions are met and today ends up bullish, March 21 forecast will remain valid.
For the first time since the bearish trend on January 30, EOS buyers are trending above the middle BB. Furthermore, with March 21 bullish candlestick, there is confirmation of the Morning Star bullish reversal pattern meaning there might be further gains in days to come.
Evidently, this line remains a strong resistance line and with yesterday’s breach, we can as well look for entries in the 4HR chart.
I will remain net long and advocate bull targets at $9.5 especially if prices continue to trade above last week’s highs of $6.2 or thereabout. Any pullback will be a loading opportunity as buyers recover previous losses.
Yesterday’s candlestick looks like a doji meaning buy and sell pressures are equally matched. However, considering price set up, chances of LTC supporters edging higher as per our plan remains high.
Because of this skew-and with complementing stochastic buy signal-I will recommend longs with first targets at $190. That’s slightly above the 61.8% Fibonacci retracement level as visible in the daily technical chart.
Further appreciation may see prices testing $230 and that’s where conservative positional traders may enter with tight stops just below $200.
Prices are stalling but regardless, as long as they are still held within March 20 high lows, chances of higher highs is elevated.
Remember, stochastics are generally bullish and with change of fundamental fortunes, there might be something nice in the offing for NEO. Our view remains constant and the moment buyers place their heads above $90, positional traders can enter with stops below $80.
All BitFinex, Bittrex and CoinBase charts courtesy of Trading View
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Bitcoin prices are retreating from the high of USD 9,000 reached today across BTC/USD markets. The slightly bullish market sentiment that started from Bitcoin and continued to rule crypto markets throughout the day was halted with an instance of mass selling. The Day’s Signals Traders appear to be fearful of yet another breach with prices …
The post Bitcoin Price Analysis, 21 March 2018: Resistance at $9,000 as Prices Rise appeared first on BitcoinNews.com.
Bitcoin prices are retreating from the high of USD 9,000 reached today across BTC/USD markets. The slightly bullish market sentiment that started from Bitcoin and continued to rule crypto markets throughout the day was halted with an instance of mass selling.
The price rise that led BTC/USD markets to a high appeared to be heading closer to $9200 price levels. However, a selloff triggered a panic reaction among markets. The activity of traders goes to show that the market sentiment is still fragile after weeks of decline. Bitstamp BTC/USD charts showcase the fear traders bear for yet another breach of Bitcoin’s price. It’s worth pointing out that not too long ago, prices had fallen to price levels below USD 7,500 on March 18.
OKCoin BTC/USD weekly futures charts are quite indicative of the uncertainty that’s plaguing traders amid the current market sentiment. Futures prices appear to be following the live price in close proximity in the more recent hours. And yet, the bottom price futures reached deviated from live prices by a decently positive margin. Futures traders are uncertain as to how Bitcoin would be priced and hence, no clear path can be predicted.
One thing to take out of the events in today’s trading session would be that traders are prone to panic as Bitcoin’s price recovers. Today’s price movements, however, don’t seem to be deterring futures traders and if so, it shouldn’t be priced in through panicky moves from those believing in the positivity tide of today’s session. Bitcoin’s recovery could have some ways to go for as long as selling pressure remains in the overall market.
Trading volumes across BTC/USD markets today reached levels close to the ones when the bitcoin price went below USD 7,500 recently. Notably, the market’s ability to recover from a wave of selling pressure is something noteworthy. Under such indicative support against sell0ffs, the market could be sensing a new feeling of hope for a potential upcoming recovery.
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Banking system has been sleeping at the wheel for decades, and it is now ripe for disruption. #EXPERT_TAKE
Banking system has been sleeping at the wheel for decades, and it is now ripe for disruption. #EXPERT_TAKE
Twitter and Square CEO, Jack Dorsey, makes no secret of his love for Bitcoin. The tech entrepreneur has recently launched Bitcoin buying and selling options on his company’s “Cash” application, invested personal money in the development of the Lightning Network, and now claims that one day in the not-too-distant-future, Bitcoin will be a single currency … Continue reading Twitter CEO Believes Bitcoin Will Emerge as a Single Currency for the Whole World
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Twitter and Square CEO, Jack Dorsey, makes no secret of his love for Bitcoin. The tech entrepreneur has recently launched Bitcoin buying and selling options on his company’s “Cash” application, invested personal money in the development of the Lightning Network, and now claims that one day in the not-too-distant-future, Bitcoin will be a single currency for the entire planet.
Dorsey believes that within the decade Bitcoin will emerge as a globally accepted “single currency”. The Twitter executive told The Times on Wednesday:
“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”
When pressed for a time frame with which this would happen, Dorsey responded with: “probably over ten years, but it could go faster.”
Although Dorsey recognises that the technology underpinning Bitcoin isn’t quite ready for such global usage, he does believe that sufficient improvements will be made to it to ensure that it can scale to world-wide use. Such innovations will allow for cheap, instant payments for small items such as the often cited example of buying a cup of coffee with Bitcoin. He told The Times:
“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”
Just last week, we reported that Dorsey had donated personal funds to the development of such improvements. The Twitter CEO was one of several parties who recently provided a $2.5 million investment in Lightning Labs to continue their work on the Bitcoin scaling proposal known as Lightning Network. The funding coincided with the first launch of the software upgrade that was suitable for use on the Bitcoin main net.
Dorsey’s other company, Square, are doing their part to promote the adoption of cryptocurrency too. Last November, they began the introduction of Bitcoin buying and selling options on their “Cash” app for a small section of their users. Since then, the global payments processing firm have rolled out the features for even more customers. In addition, they have added additional functionality to the software. Users can now transfer their Bitcoin off the application to more secure storage methods such as hardware or paper wallets. Such developments make it easier than ever before for the average person to get involved and gain experience in using cryptocurrency.
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Bitcoin is allegedly entering a recovery phase, and is now trading for just under $9,000. Following two harsh weeks of negative sentiment from both Google and Twitter, bitcoin is once again showing an ability to surpass the latest resistance levels and spike through new territory. Many allege that a positive response to this year’s recent G20 summit has a lot to do with bitcoin’s recent “high.” While $9,000 doesn’t seem like much – especially in comparison to last year’s December figures – it remains strong when compared with bitcoin’s low point of roughly $7,600 witnessed earlier this week. The 2018
Bitcoin is allegedly entering a recovery phase, and is now trading for just under $9,000. Following two harsh weeks of negative sentiment from both Google and Twitter, bitcoin is once again showing an ability to surpass the latest resistance levels and spike through new territory.
Many allege that a positive response to this year’s recent G20 summit has a lot to do with bitcoin’s recent “high.” While $9,000 doesn’t seem like much – especially in comparison to last year’s December figures – it remains strong when compared with bitcoin’s low point of roughly $7,600 witnessed earlier this week. The 2018 event – which took place in Buenos Aires – and its aftermath likely have much to do with bitcoin’s gradual, but noticeable rise.
Figures like Mark Carney, who were long-term, cautionary opponents of bitcoin and cryptocurrency, arrived at the conclusion that bitcoin and virtual money were not presently in need of global regulation. Though popular, they still account for a very small percentage of the modern financial infrastructure, and thus didn’t present serious threats to the industry’s status.
Sentiment remains that the financial arena is bound to change and alter with time, particularly as more is known about cryptocurrencies and their overall effects on the global economy, but for now, not much will be done. This has led to many bitcoin advocates breathing a huge sigh of relief – one that was likely heard around the world, and wherever cryptocurrencies are traded.
While discussing the summit with reporters, governor of the Central Bank of Argentina Federico Sturzenegger commented that the “spirit of the discussion was very productive.” He stated that everyone left “very pleased,” and that overall, it was a “very good meeting.” Ultimately, G20 members are likely to speculate on how to regulate cryptocurrencies without completely banning them through early July, but strong proponents of bitcoin probably shouldn’t expect anything until then.
Positive reinforcement was also witnessed in the altcoin world, as per one source, currencies like ether and even Cardano are performing at a higher level. Thus far, the entire market has managed to regain nearly all its losses from early March, suggesting that the “altcoin war” may finally be over. Fundstrat’s Thomas Lee had previously mentioned that while bitcoin may have been affected, the recent price corrections and drops witnessed in the virtual currency arena were predominantly aimed at altcoins and their respective counterparts.
The cryptocurrency market has since added about $70 billion onto its overall market cap, jumping from $250 billion to $350 billion in just a matter of days.
Furthermore, analysts explain that while bitcoin’s present status still seems a little scary, users should not be too concerned. It’s true that bitcoin suffered its third worst correction in history last January. It’s also true that the crypto market cap dropped by insurmountable figures, but unlike its two previous events, bitcoin has managed to endure several rebounds. Though they haven’t necessarily brought the currency back to its original state, they have nonetheless offered evidence of bitcoin’s speed and promise, especially when compared to its behavior during past corrections.
The founders of Payza, which allows customers to trade in cryptocurrencies, have been charged with running an unlicensed money transmitting business.
The founders of Payza, which allows customers to trade in cryptocurrencies, have been charged with running an unlicensed money transmitting business.
Could the reason be that the country’s largest internet conglomerate wants to integrate cryptocurrencies? #FOLLOW_UP
Could the reason be that the country’s largest internet conglomerate wants to integrate cryptocurrencies? #FOLLOW_UP
Blockchain company EverMarkets is developing a peer-to-peer futures trading platform based on blockchain technology.
Blockchain company EverMarkets is developing a peer-to-peer futures trading platform based on blockchain technology.
Time has discovered evidence to suggest that the Venezuelan oil-backed digital currency, “El Petro”, was helped into existence by Russian officials, bankers, and businessmen. It’s believed that Russia wants to use the currency as an experiment in dodging US sanctions placed against the Eastern power. Digital Currency Cannot be Controlled Like Traditional Cash Can The … Continue reading Is Venezuela’s “Petro” Digital Currency a Russian-Backed Move Against the US?
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Time has discovered evidence to suggest that the Venezuelan oil-backed digital currency, “El Petro”, was helped into existence by Russian officials, bankers, and businessmen. It’s believed that Russia wants to use the currency as an experiment in dodging US sanctions placed against the Eastern power.
The Russian involvement in the setting up of the Petro has been largely kept a secret until the Time exposé was published yesterday. However, various clues left by the Russian backers have led the publication to report on the connection.
During the ceremony in which the Petro was launched by the Socialist leader of Venezuela, Nicolas Maduro, two of the nation’s advisers on Moscow were sat in the front row. They were thanked for their role in helping the fight against American “imperialism”.
The two advisers have close ties to Russian billionaires, banking interests, and the Kremlin. However, Time report that even more senior Russians were involved in the launch of the currency. According to the article, an executive at one of Russia’s state banks said there were high-level advisers to the Kremlin involved and President Putin himself signed off on the proposal last year. The anonymous whistle blower told the publication of the Eastern power’s motives:
“People close to Putin, they told him this is how to avoid the sanctions… This is how the whole thing started.”
The banker continued to tell the publication that Venezuela were encouraged by Russia to run the digital currency experiment themselves. With an economy already in ruins, the Latin American state had far less to lose than their Eastern ally and are themselves at the mercy of US sanctions against them.
Another factor that Time report as evidence of the Russian involvement in the experiment is that Maduro sent the Venezuelan finance minister, Simon Zerpa, to report to the Russian government about the launch of the Petro on February 21. The minister met with Russian officials in Moscow and posted images of the meeting on Twitter:
En esta reunión hemos pasado revista a la cooperacion económica y financiera entre ambos países, con énfasis en el nuevo criptoactivo de Venezuela: El Petro. Entregamos al Min. Siluánov información actualizada de nuestra criptomoneda. pic.twitter.com/BYSFZvIdaf
— Simón Zerpa Delgado (@SimonZerpaD) February 21, 2018
Whilst Time is convinced of the connection between the Russian elite and the Petro digital currency, their Finance Ministry explicitly denied any involvement of the nation’s financial authorities in the scheme. Neither the Kremlin themselves or Venezuelan government provided comment.
The case of the Petro isn’t the first time that a government have been accused of using digital currency to evade US sanctions against them. Previously, we reported of several hacker groups connected to the government of North Korea. Through various security compromises and malware attacks, it’s thought that the rogue state has been amassing cryptocurrency supplies to circumvent the trade embargoes against them. The lack of control any central authority can exert on cryptocurrency makes it ideal for such uses.
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