Hong Kong Government to Educate the Public on Cryptocurrency

Hong Kong’s Financial Services and Treasury Bureau and Investor Education Center have launched a public campaign to educate the public
01 February 2018   427

Hong Kong’s Financial Services and Treasury Bureau and Investor Education Center have launched a public campaign to educate the public

Due to the aroused public interest and hype around cryptocurrencies Hong Kong’s Financial Services and Treasury Bureau (FSTB), and Investor Education Center (IEC) have launched the educational campaign in order to provide a comprehensive understanding of the potential risks of cryptocurrency transactions.

The campaign includes educational videos which will be posted on social media, television and radio advertisements, advertisements throughout Hong Kong’s public transport.

Under Secretary for the FSTB, Joseph Chan believes that the aim of the program is to provide a correct and comprehensive understanding of ICOs and cryptocurrencies. The campaign will help people have a better idea of digital currency and investing in it.

This campaign is not the first attempt of developed countries to launch an educational program on cryptocurrencies. A few months ago Russian government suggested educating the public on their financial literacy.

The main reason for launching such educational programs supported by governments is the dangerous volatility of the cryptocurrency markets which many traditional investors are not prepared for.

Unlike the hostilities faced in China, Hong Kong is focused on protecting and informing traders and investors.

Bitcoin Gold hit by Malicious Miner`s Double Spend Attack

An evil-minded miner efficiently made a double spend attack on the Bitcoin Gold network, making BTG at least the third altcoin to succumb to a network attack
23 May 2018   123

Edward Iskra, Bitcoin Gold director of communications first admonished clients about the attack on May 18, reporting that an evil-minded miner was using the exploit to steal means from cryptocurrency exchanges.The miner bought at least 51 percent of the network’s total hashpower, which provided them with temporary control of the blockchain. Gaining this much hashpower is extremely expensive — even on a smaller network like bitcoin gold — but it may be monetized in tandem with a double spend attack.

The attacker, after getting the control of the network, started depositing BTG at crypto  exchanges while also intending to send those same coins to a wallet under their control. Generally, the blockchain would resolve this by including only the first transaction in the block, but the attacker managed to reverse transactions as they had majority control of the network.

As a result, they were able to invest funds on exchanges and withdraw them again soon, after which they repealed the initial transaction. This way they could send the coins they had primarily deposited to another wallet. 

An address of bitcoin gold connected with the attack has got more than 388,200 BTG since May 16 (basically from transactions it sent to itself). All of those transactions were associated with the double spend exploit, the attacker could have stolen as much as $18.6 million worth of funds from exchanges. The last transaction was sent on May 18, but the attacker could resume it if they still have access to enough hashpower to reach the control of the blockchain.

Bitcoin gold’s developers recommended exchanges to resist the attack by reaching the number of confirmations acquired before they lended deposits to client accounts. Blockchain data displays that the attacker reversed transactions as far back as 22 blocks, allowing developers to advise raising confirmation requirements to 50 blocks.