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2009: Bitcoin Network Was Created, Land Rover Ad Informs

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Bitcoin recently received a notable acknowledgment from a massive global automotive brand. In a celebratory video for the 50th birthday of one of its most prominent models, the British car manufacturer Land Rover included the creation of the BTC network as a significant event in the past 50 years.

Land Rover Acknowledges Bitcoin

Headquartered in Coventry, the UK, Land Rover has become a globally recognizable car manufacturer with its premium and luxury sport utility vehicles. One of the most esteemed models coming from the British company in the past 50 years has been the Range Rover.

To celebrate this momentous anniversary, Land Rover recently published a dedicated video. Aside from including how the SUV has developed and improved within those 50 years, the video also mentioned several meaningful global events that had occurred in the same period.

Range Rover Models. Source: LandyOnline
Range Rover Models. Source: LandyOnline

Those events ranged from Mark Spitz winning seven gold medals in the 1972 Summer Olympics in Munich to the launch of MTV in 1981 and the tearing down of the Berlin Wall in 1989. As the video advanced, it also touched upon a significant year for every cryptocurrency proponent – 2009 – the year when Bitcoin’s network was launched.

Although the whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System, was introduced in late 2008, the network came into existence in January 2009.

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This is another mainstream exposure coming from globally known brands. Earlier this year, the popular TV show, The Simpsons, ran a whole segment about cryptocurrencies and blockchain. What was particularly flattering for digital assets came in the middle of the video when the narrator described them as the “cash of the future.”

Jaguar Land Rover Wants To Reward Iota

Mentioning Bitcoin in its latest ad is not the only time Land Rover has been involved with anything related to cryptocurrencies. The holding company, Jaguar Land Rover, which is part of Tata Motors, announced in April 2019 that it was testing software to allow drivers of its cars to earn the IOTA digital asset as a reward for sharing data.

The firm began development stages to implement a smart wallet into its vehicles. Upon launching it, drivers would be awarded IOTA coins to enable their automobiles to automatically report useful data such as traffic congestion or potholes to navigation providers or local authorities.

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Source: https://cryptopotato.com/2009-bitcoin-network-was-created-land-rover-ad-informs/

Blockchain

Kraken Security Labs Identifies Ledger Nano X Vulnerabilities: Funds Not at Risk, Ledger CTO Says

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Kraken Security Labs found some vulnerabilities in the hardware wallet Ledger Nano X. The wallet is regarded by many as one of the most secure storage devices.

Attackers Can Tamper Wallet Devices to Steal Crypto Funds

On Wednesday, Kraken Security Labs – the exchange’s team that checks the security of crypto products – announced that it had detected two new potential attacks that could be executed against Ledger Nano X. If conducted successfully, Kraken claims that the attacks might put the wallet’s security at risk.

The attacks might permit malicious actors to get control over the victims’ computers connected to the wallets and install malware capable of stealing crypto funds.

Kraken Security Labs explained all the technical details of the two attacks, dubbed Bad Ledger and Blind Ledger.

In the first attack, the Ledger Nano X has to be tampered before reaching the victim. The firmware of the wallet’s process is modified with a debugging protocol that behaves like a keyboard. It can send malicious keystrokes to the victim’s computer. Kraken demonstrated a video that displays an infected Ledger Nano X that has control over the host computer by acting as a keyboard. It opens a browser and enters the exchange’s website by using keyboard shortcuts.

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Kraken says that the device and the Ledger Live software application identify the wallet as genuine and don’t realize the tampering.

In the second potential attack referred to as Blind Ledger, the wallet’s tampered processor can turn off the display. Mixed with a thorough social engineering attack, the display is shutting off while malware on the computer convinces the victim to press several buttons that trigger malicious transactions.

Given that the display is disabled, the victim would not be able to check the transaction on the wallet.

Kraken recommends users to buy Ledger wallets from trusted stores only. Also, users have to be cautious if the display turns off.

Ledger Says the Stored Funds Cannot Be Accessed Despite Potential Vulnerability

CryptoPotato reached Ledger for comment. The company’s CTO, Charles Guillemet, explained:

“We are grateful to the Kraken team for bringing this vulnerability to our attention. While we have addressed this issue at length on Ledger, we want to assure our users that funds stored on their Ledger Nano X could never be accessed, since the Ledger Nano X’s security relies on the Secure Element – not on the MCU chip. The issue could allow an attacker who intercepted the device during the supply chain to install malware on the user’s PC, though the funds would still be safe.”

He added that it was extremely unlikely that this kind of attack might be performed successfully. So far, there has been no loss of funds caused by the vulnerability.

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Source: https://cryptopotato.com/kraken-security-labs-identifies-ledger-nano-x-vulnerabilities-funds-not-at-risk-ledger-cto-says/

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China’s CBDC Project to Collaborate With More Domestic Enterprises

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Development of China’s central bank digital currency, or CBDC, continues to show signs of progress. On July 8, a major domestic e-commerce platform and a video sharing site both joined the CBDC project, according to local news. 

Companies Meituan and Bilibilibili have apparently both begun to cooperate with a number of banks involved in the digital Yuan project. Meituan is a major service platform with over 240 million consumers and five million local merchants, and Bilibilibili is known as China’s largest video sharing website.

In addition, Chinese multinational tech group, ByteDance, is also said to be in close discussion with the banks about CBDC collaboration. 

Cointelegraph reported previously that the ride-sharing giant, Didi, has entered into “a strategic partnership” with the Digital Currency Research Institute of the PBoC.

Source: https://cointelegraph.com/news/chinas-cbdc-project-to-collaborate-with-more-domestic-enterprises

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Researcher: Exchanges Could Fight Hackers By Renting Mining Power

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Speaking at Unitize virtual event, Coin Metrics researcher Lucas Nuzzi suggested that one way for exchanges to fight back against the hackers is by renting mining power from online marketplaces.

6 confirmations ticking countdown

Nuzzi conjectured that an exchange which has been hacked could rent enough hashpower through an online marketplace to force a favorable network reorganization:

“So it is essentially a technique to try and reorg yourself by renting mining power and doing that work where if you’re an exchange and you’ve been hacked, within those six work confirmations that the network is expecting to be considered final …> But through mining, you could potentially, within those six blocks alter a transaction where your hot wallet has been drained. So that’s one of the approaches through mining.”

Nuzzi alluded to the fact that Bitcoin (BTC) transactions are not necessarily final prior to confirmation. It is generally assumed that they become final after six block confirmations, which typically take an hour. Thus, an exchange, either by renting the majority of hashpower or in coalition with mining pools could choose to accept a version of the chain where the hack did not happen. 

CZ wanted to rollback Bitcoin after Binance hack

This scenario may sound unrealistic to most, at least, when it comes to Bitcoin. However, it was something that Binance (BNB) CEO Changpeng Zhao, or CZ, was seriously considering after an infamous Binance hack, which cost the exchange 7,000 BTC. Later, under the heavy criticism from the crypto community, CZ reconsidered the plan.

Nuzzi confirmed to Cointelegraph that this solution is impractical for bigger coins like Bitcoin, but could be used for smaller ones:

“It’d actually be impossible for exchanges, or any entity really to reorg BTC via NiceHash. This could, however, be an effective counterattack on smaller chains with more niche hashing algos, like lyra, or equihash.”

Nuzzi also pointed to the attack on Bitcoin Gold (BTG), where the community was able to repel the attacker to support his theory.

Source: https://cointelegraph.com/news/researcher-exchanges-could-fight-hackers-by-renting-mining-power

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