India Won’t Pay Venezuela for Oil with ‘Petro’

Although being proposed a 30% discount for payment in petro in crude oil imports from Venezuela, India won`t use the South American cryptocurrency
31 May 2018   943

This week Indian foreign minister Sushma Swaraj was interviewed by the reporters during a news conference about a Venezuelan trade deal involving crude oil and a reported discount of 30 percent contingent on the acquiring being made with the Venezuela’s state cryptocurrency - petro. The Indian foreign minister declared that the country has no plans to use the petro in buying oil, referring a directive from India’s central bank which does not admit trade using cryptocurrency.

We cannot have any trade in cryptocurrency as it is banned by the Reserve Bank of India. We will see which medium we can use for trade. India follows only UN sanctions, and not unilateral sanctions by any country.
Sushma Swaraj
Foreign Minister, India

RBI (The Reserve Bank of India), India’s central bank, claimed about a harmful policy in April mandating RBI-regulated financial establishments ban their customers and users from buying cryptocurrencies like Bitcoin. Banks were also prohibited from providing services “dealing with or settling” cryptocurrencies. Though it isn’t directly stated that the ban extends to transactions settled in cryptocurrency, there is no surprise in the Indian government choosing not make a trade deal in the petro despite the significant discount suggested.

Developed as an instrument for payments in order to contend the economic sanctions and a US-led financial blockade, Venezuela’s petro has faced a lot of criticism from within the country. In March, the National Assembly of Venezuela claimed the ‘unconstitutional’ petro ‘a fraud’.

India isn’t concerned about US sanctions facing Venezuela and Iran, the latter which has now become India’s top crude oil supplier. Indian Foreign Minister also affirmed that the country would continue trading with Venezuela in spite of oil imports from the South American nation being at their lowest levels in over five years.

Chinese Miners to Fall Victims of Ransomware

Looks like ransomware came together with "improved" firmware, that should "overclock" device
21 January 2019   79

In China, a ransomware spreads, victims of which are Bitcoin miners. The damage from its activities is measured in tens of thousands of dollars. This is reported by Trustnodes.

The virus infects miners, released by Bitmain, and requires you to send 10 bitcoins, otherwise threatening to cause overheating of the device.

The problem is solved by formatting the SD card of the infected device, however, as Trustnodes notes, the whole process can take up to four days, while malicious software rapidly spreads to the other miners.

Compromised device
Compromised device

Probably, the virus comes with an "improved" firmware for miners. Some owners install such firmware to “overclock” their ASIC devices and improve their performance.

The first messages about the virus refer to August last year. In particular, Antminer S9, T9 and even L3 + for Litecoin were attacked. Over time, the malware has been improved. Now its distributor himself can decide when to display a message requesting a ransom. One miner also said that one night the address to which the 4,000 devices belonging to him sent the mined cryptocurrency was changed to the address of the hacker, which brought him $ 8,000.