Tag Archives: UK news

Bitcoin price plunges after cryptocurrency exchange is hacked

Security fears rise as South Koreas Coinrail loses about 28m of virtual currency There has been a sharp drop in the price of bitcoin and other virtual currencies after South Korean cryptocurrency exchange Coinrail was hacked over the weekend. The worlds best-known cryptocurrency lost $500 (372) in an hour, dropping to $6,627 on the Luxembourg exchange Bitstamp, while most other digital currencies also recorded large losses. The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets. Coinrail later said in a statement […]

More info

UK dealer charged in US over multimillion-dollar fake Bitcoin site scam

Renwick Haddow created trendy companies and duped investors into thinking they were big successes, authorities in New York allege US authorities on Friday charged a British businessman with securities fraud, accusing him of deceiving investors over what turned out to be a fake trading platform for the cryptocurrency Bitcoin. The Securities and Exchange Commission (SEC) alleged the clandestine Renwick Haddow, a UK citizen living in New York, diverted funds invested in a phoney Bitcoin site as well as from a flexible workspace firm Bar Works into accounts […]

More info

Is block power about to revolutionise banking? | John Naughton

Blockchain technology has the potential to bring the world of finance into the modern world. And it cant come soon enough Science advances, said the great German physicist Max Planck, one funeral at a time. Actually, this is a paraphrase of what he really said, which was: A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die, and a new generation grows up that is familiar with it. But you get the drift. […]

More info

NHS seeks to recover from global cyber-attack as security concerns resurface

Cybersecurity centre says teams working round the clock to fix systems rendered inaccessible by international ransomware attack The NHS is working to bring its systems back online after it became the highest-profile victim of a global ransomware attack and faced renewed concern about the strength of its infrastructure. The National Cyber Security Centre (NCSC) said teams were working round the clock in response to the attack, which resulted in operations being cancelled, ambulances being diverted and documents such as patient records made unavailable in England and Scotland. […]

More info

Australian Craig Wright claims he is bitcoin founder Satoshi Nakamoto

The 45-year-old IT and security consultant has reportedly provided evidence to the BBC supporting his claim that he is the inventor of the cryptocurrency Australian entrepreneur Craig Wright has identified himself as Satoshi Nakamato, the pseudonymous creator of the digital currency bitcoin. Wright, who was named as the cryptocurrencys founder by two separate media investigations in December, made the admission in a blog post on Monday, providing what he says is technical proof of his claim. He also provided evidence to the BBC, reportedly including the use […]

More info

Why we should fear a cashless world | Dominic Frisby

Poor people and small businesses rely on cash. A contactless system will likely entrench poverty and pave the way for terrifying levels of surveillance The health food chain Tossed has just opened the UKs first cashless cafe. Its another step towards the death of cash. This is nothing new. Money is tech. The casting of coins made shells, whales teeth and other such primitive forms of money redundant. The printing press did the same for precious metals: we started using paper notes instead. Electronic banking put paid […]

More info

Bitcoin price soars above $5,000 to record high

Rising price of the cryptocurrency, now worth four times as much as an ounce of gold, has led to warnings of a bubble The price of bitcoin has smashed through $5,000 to an all-time high. The cryptocurrency rose by more than 8% to $5,243 having started the year at $966. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold. But the price has been volatile. The digital currency plunged below $3,000 in mid-September […]

More info

Wikipedia founder to fight fake news with new Wikitribune site

Crowdfunded online publication from Jimmy Wales will pair paid journalists with army of volunteer contributors Jimmy Wales, the co-founder of Wikipedia, is launching a new online publication which will aim to fight fake news by pairing professional journalists with an army of volunteer community contributors. Wikitribune plans to pay for the reporters by raising money from a crowdfunding campaign. Wales intends to cover general issues, such as US and UK politics, through to specialist science and technology. Those who donate will become supporters, who in turn will […]

More info

Don’t dismiss bankers’ predictions of a bitcoin bubble – they should know

The virtual currencys success reflects the continuing lack of trust in traditional banking following the credit crunch When the boss of Wall Street’s biggest bank calls a bubble, the world inevitably sits up and listens, albeit with a sense of historically weighted irony: of course an investment bank boss would spot disaster after his industry presided over the last one. Jamie Dimon, the chief executive of JP Morgan, said last week that the ascendancy of the virtual currency bitcoin – which has risen in price from just […]

More info