Australian Gold Refiner to Launch Cryptocurrency

The aim is to provide a transparent offering that would allow investors to buy and sell gold  with confidence, knowing the products they were buying were completely traceable
24 January 2018   367

The Perth Mint, Australian gold refiner announced that it is developing its own cryptocurrency backed by physical precious metals to make it easier for consumers to buy gold.

For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity, according to chief executive Richard Hayes.

With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it. So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.


Richard Hayes

CEO, The Perth Mint

According to the company, the aim is to provide a transparent offering that would allow investors to buy and sell with confidence, knowing the products they were buying were completely traceable. The desire to trace gold from mine site to processing and end consumer fitted well with the blockchain principles, the company added.

A date for a launch of the blockchain-allied products had not been set, it is expected the next 12 to 18 months would result in significant movement in that direction, the company said.

Recently, we have reported that Swiss-based commodities fund Tiberius Group announced its plans to launch cryptocurrency the Tiberius coin, or tcoin, underpinned by physically deliverable metals including industrials such as aluminum and copper in July.

Tesla's cloud account hacked to mine cryptocurrency

Independent security group discovered Tesla's cloud account being hacked and infected with a miner-virus
21 February 2018   23

Cryptocurrencies are on the rise and all sorts of shady characters are trying to get in with dubious methods. Recent string of hacking attacks is a perfect example. And now not only exchanges and users with their hard-earned coins are in danger, but also companies with large cloud infrastructure face the same threat.

RedLock, a security research firm, reports that electric car manufacturer Tesla's cloud account information has been leaked to the internet, which allowed hackers to access the company's cloud. It has been hacked and hardware infected with a miner virus called Stratum. The mining protocol masks itself with low CPU usage and obscuring the IP of the mining server.

Of course, RedLock immediately contacted Tesla with this information and the company quickly got to fixing the breach. Tesla's spokesperson assured us that customer personal information hasn't been compromised, and that the vulnerability was patched in a matter of hours. Only small test park of internally-used engineering sample cars has been impacted and no indication whatsoever discovered that actual customer cars have been compromised in any way.

It certanly looks possible, because according to the same RedLock Cloud Security Intelligence group mining profitability of Tesla's cloud is worth a lot more that all the customer data available could be sold for on the black market. This also isn't the first instance of such a hack with no data being stolen. In fact, hacks with intention of hijacking mining capacity has already targeted Gemalto, a world's largest SIM-card manufacturer, and Aviva, a British insurance company, just to name a few.