US Senate Wants to Take Strict Action Against “Petro”

The US Senator calls for a crackdown on Petro coin
26 February 2018   112

Robert Menendez, the US Senator wants Washington to take serious actions against Venezuela’s national newly launched oil-backed cryptocurrency, Petro. In the past, Menendez was also against petro coin.

The president of Venezuela, Nicolas Maduro launched the oil-backed cryptocurrency, Petro on last week. It had a successful first day opening with $735 million. The crypto was launched in order to bypass the US sanctions and fight the hyperinflation rampant in Venezuela.

As a result, petro made senators really nervous. Last month, Senators Marco Rubio and Bob Menendez wrote a letter to Treasury department asking to monitor the progress of petro. They stated how this crypto can breach the US sanctions.

We are concerned that a cryptocurrency could provide Maduro a mechanism by which to make payments to foreign lenders and bondholders in the United States, actions that would clearly thwart the intent of US imposed sanctions.

Later, during the hearing of Senate Committee,  where chairman of CFTC Giancarlo and SEC chairman jay Clayton talked about cryptocurrency, senator Menendez raised this topic again in order to urge the officials to take actions against petro.

In response, CFTC Chairman Christopher Giancarlos stated that his agency would keep a careful watch on the petro currency.

US persons that deal with the prospective Venezuelan digital currency may be exposed to US sanctions risk.

U.S. Department of the Treasury

According to a spokesperson of Menendez, the Senate will continue to look for ways to prevent the Maduro regime from brazenly evading US sanctions and plan to follow up with the Department of Treasury following their issuing of these guidelines.

Atlanta's computer network infected with Bitcoin ransomware

Hackers breached the governmental computer network in Atlanta to infect with ransomware and demand payment in Bitcoin
23 March 2018   134

Cryptocurrency ransomware of different flavors has been around practically as long as cryptocurrencies themselves. And now the city of Atlanta, US has come under the attack.

The governmental computer system has been infected by the ransomware virus early in Thursday, and this has caused a massive disruption in several departments. In particular the bill payments and court information services has been affected. Later in the morning several city employees found a ransom letter on their computers with demands for $51,000 in Bitcoin.

In the afternoon of the same day officials held a press-conference, but were unable to provide any particular information about the attack since the investigation was just commenced and in the early stages. The question whether or not they were going to pay the ransom were also left unanswered.

Atlanta is one the major economics hubs in the Southern US with several large international companies and the world's busiest airport located in the city. Apparently, the city officials have no qualms about going for all the available help in such a high-resonance case, hence the US Department of Homeland Security, the FBI and even the Secret Service authorities are now on the ground.

Of course, there is little chance of systems being unlocked even if the ransom is paid, the security experts say. So, the city is probably in for a long road to full recovery of its computer facilities. The officials have even started making plans in preparation for long and tedious recovery process.