Singapore banks bans crypto companies accounts

Singapore banks have banned accounts of several companies which work in field of cryptocurrency and payments services
27 September 2017   779

Over the past few weeks, banks in Singapore have closed accounts of about ten cryptocurrency companies. the head of Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, Anson Zeall already called the situation "inexplicable" and asked the country's authorities to intervene in the problem. This is reported by the Blooberg.

From our analysis, it appears to be common among leading FinTech hubs. If this is the case, we would urge Singapore to take a leadership role and demonstrate how to come to an effective resolution among all parties.

Anson Zeall

Chairman, Access

The Monetary Authority of Singapore, the country’s central bank, said in a statement that it doesn’t interfere with commercial decisions taken by banks “including those in relation to the establishment and termination of business relationships. 

In particular, the Singapore currency exchange CoinHako announced the closure of its account with DBS Bank.

The closure of our bank account might be due to matters pertaining to anti-money laundering rules and know-your-customer requirements. That’s why we go the extra mile to meet compliance standards set by the MAS.

Yusho Liu
Co-Founder, CoinHako

CoinHako has already notified its customers that it will suspend trading in pairs to the Singapore dollar for several weeks before opening a new bank account.

It is worth noting that the closing of accounts occurred soon after the publication of the MAS warning that digital tokens that differ from digital currencies can be classified as securities. Later, MAS warned clients against investing in ICO, since it considers such transactions risky.

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.