In what could be one of the biggest data breaches in history, a hacker who claims to have stolen the personal details of 1 billion Chinese citizens from a Shanghai police database is offering to sell the information for a mere 10 bitcoin – worth about US$200,000.
The anonymous hacker, identified only as “ChinaDan”, posted the following message on hacker site Breach Forums last week:
“In 2022, the Shanghai National Police (SHGA) database was leaked. This database contains many TB [terabytes] of data and information on billions of Chinese citizens. [These include] several billion case records including names, addresses, birthplaces, national ID numbers, mobile numbers, [plus] all crime/case details.”
‘CZ’ Corroborates Intelligence Threat
In a July 4 tweet, Binance CEO Changpeng ‘CZ’ Zhao said the exchange had stepped up its user-verification processes after Binance’s threat intelligence detected the sale of records belonging to “one billion residents of an Asian country” on the dark web:
Our threat intelligence detected 1 billion resident records for sell in the dark web, including name, address, national id, mobile, police and medical records from one asian country. Likely due to a bug in an Elastic Search deployment by a gov agency. This has impact on …
CZ blamed the leak on “a bug in an Elastic search deployment by a [government] agency”, without specifically mentioning the Shanghai police case.
Implications for Greater Crypto Industry
Kenny Li, co-founder of Web3 privacy project Manta Network – in which Binance Labs is an investor – warned the breach might have widespread implications for the crypto industry:
The stolen data could be used to exploit users and do things like [launch] phishing attacks to steal keys or [gain] unauthorised access to applications like centralised exchanges.
Kenny Li, co-founder, Manta Network
The Shanghai Police data hack claim comes as China has vowed to tighten protection of online user data privacy, instructing its tech giants to ensure safer storage after multiple public complaints about mismanagement and misuse.
China has recorded a number of data leak incidents in recent years. In 2016, sensitive information about powerful Chinese individuals, including Alibaba founder Jack Ma, was posted on Twitter.
Filecoin Foundation and the aerospace corporation Lockheed Martin (LMT) announced on May 24 that they’re working together to deploy Filecoin’s Interplanetary File System (IPFS) in space.
The companies claim existing networking protocols that are adequate for terrestrial communication, such as HTTP, will not be suitable for space-based services due to their centralisation and significant latency when transferring data over vast distances.
— Filecoin Foundation (@FilFoundation) May 23, 2022
Following the announcement, Filecoin’s (FIL) price briefly spiked about 10 percent before retracing the gains and returning to its pre-announcement price range.
Modern Problems Require Modern Solutions
According to Lockheed Martin’s vice president of advanced programs development, Joe Landon, the space economy is rapidly developing and requires new communications and data storage infrastructure to allow businesses and governments to take full advantage.
Landon says Lockheed Martin’s collaboration with Filecoin will be an important next step in creating this new space-based infrastructure:
Soon, space will no longer just be a destination. It will be home to the new space economy, independent of Earth, [and] the work we’re doing with Filecoin reinforces an investment in building space infrastructure. We need to develop the technology to support a long-term presence in space.
Joe Landon, vice president, advanced programs development, Lockheed Martin
Collaboration Begins with Pilot Study
The Filecoin-Lockheed Martin collaboration starts with a study, to be completed by the end of August, which has three primary goals:
identify a spacecraft platform that can house the first space-based IPFS node;
define “mutual compatibility requirements” for the spacecraft and the IPFS node; and
identify demonstration missions to show off IPFS’s utility in space.
The early demonstration missions are planned to be low-Earth orbit missions, with long-term plans to conduct missions on the moon and eventually other planets.
IPFS Always Intended for Space Use
As its name suggests, Filecoin’s Interplanetary File System was always intended to be used in space. IPFS is a decentralised protocol for storing and sharing data, which uses content-addressing to uniquely identify files and then access them from the nearest available source, rather than from a centralised server.
IPFS to reduce latency. Source: Filecoin Foundation
According to Filecoin Foundation’s president, Marta Belcher, IPFS has the potential to drastically reduce loading times and latency when used over the vast distances of space:
Today’s centralised internet model doesn’t work in space. On today’s internet, every time you click something, that data has to be retrieved from a centralised server; if you’re on the Moon, there will be a multi-second delay with every click, as content is retrieved from Earth. Using IPFS, data does not need to go back and forth from Earth with every click; instead, when you put in an IPFS ‘content ID’, that content is retrieved from wherever is closest, rather than being retrieved from a particular server in a particular place. That means if someone else nearby on the Moon has already retrieved that data, the data only has to travel a short distance and can get to you quickly instead of travelling back and forth from Earth with every click.
Marta Belcher, president and chair, Filecoin Foundation
Ocean Protocol (OCEAN) has seen its price soar this month on the back of its anticipated Ocean v4 update, as well as a growing partner list and a thriving grant program.
With many industry leaders claiming that data is becoming the new oil, Ocean Protocol is building infrastructure that enables individuals and businesses to monetise and exchange data on the blockchain.
The protocol has seen its token make some considerable gains this month. According to CoinMarketCap, OCEAN has rallied nearly 70 per cent in March. The coin was trading at a low of US$0.40 on March 7 and from March 18 the price started to rally to a high of around US$0.69. The coin has since stabilised at around US$0.59. On March 21, the cryptocurrency saw a massive 562 percent surge in its 24-hour trading volume, which was responsible for the price spike.
OCEAN/USD price. Source: CoinMarketCap
Upgrades to Ocean Protocol
Some of the main reasons for the rally have been pinned to a few key events happening for Ocean this month. The launch of Ocean v4 is a major upgrade to the protocol and is expected to go into production in Q2 2022:
.@oceanprotocol is launching Version4 in the next weeks and it will get really interesting for data management and monetization.
Data X Defi =💥 💥 💥
Data IP: managed by NFTs (ERC721) Data consumption: managed by datatokens (ERC20)
According to the project, Ocean v4 will include several upgrades including a mechanism that aims to solve rug pulls, one of the NFT industry’s biggest problems. The new protocol upgrade will also see the introduction of data NFTs, which add non-fungible token capabilities to base intellectual property (IP) as a way to help increase revenue streams, as well as providing new means for the community to monetise data.
OceanDAO Breeds TalentDAO
The second factor making OCEAN look more attractive to investors can be the OceanDAO, which serves as a launchpad for new projects. The US$140 million reserve announced in late 2021 was earmarked for grants and is now starting to see some of the fruits. A month ago, the Ocean Shipyard grants program was launched, giving builders their allocation of US$2 million to develop crypto and AI solutions.
More recently, though, TalentDAO has emerged as the winner of OceanDAO’s 15th round of grant rewards. The 16th round of OceanDAO is now under way, offering a pool of 200,000 OCEAN tokens for funding:
We continue with introducing the winning projects of the recently concluded @OceanDAO_ Round 15 to the Ocean Community 🌊@talentDAO_ is the latest grantee to have joined the Ocean ecosystem! pic.twitter.com/Qe9YHjRFgY
Ocean Protocol has also raised awareness of its mission by having its data power a real-world use case that positively affects those in the food production industry:
"Millions of smallholder farmers barely produce enough"
How does Ocean partner @dimitratech's connected farmer platform leverage blockchain to mitigate this global issue?👀
Explore how Dimitra empowers 100 million small farmers through actionable data. https://t.co/DY0r1P9wO2
In this partnership, Ocean’s Web3 capabilities will be employed to enable data sharing and monetisation so that small farmers can benefit from an extra layer of revenue.
The combined positive sentiment and creation of real value are factors that have contributed to the token’s rally. Recently, crypto companies have been branching out with projects such as IoTeX and Avalanche making various partnerships.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Chainlink (LINK)
The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
LINK Price Analysis
At the time of writing, LINK is ranked the 15th cryptocurrency globally and the current price is A$43.79. Let’s take a look at the chart below for price analysis:
LINK‘s massive late-July spike retraced near A$28.46 into the consolidation that began the impulse before bouncing to A$32.77.
This consolidation could provide support again, although bears would first have to push the price through possible support near A$38.65. The market’s structure may be shifting bearish, with A$35.12 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near A$30.44 before finding support near A$29.91.
However, the bullish higher-timeframe trend might prevail, with relatively equal highs near A$49.09 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the August wick near A$53.58.
2. Internet Computer (ICP)
The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.
ICP Price Analysis
At the time of writing, ICP is ranked the 24th cryptocurrency globally and the current price is A$68.41. Let’s take a look at the chart below for price analysis:
In mid-August, ICP also turned the corner, breaking a key swing high in early September. This move could suggest a longer-term bullish trend.
The swing high near A$78.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near A$85.35.
Even if the bullish trend continues, a stop run at the recent swing low near A$57.30 into possible support beginning near A$53.87 is reasonable. If the price reaches further down, the swing low and possible support near A$49.27 might provide another downside target.
The area near A$47.75 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near A$43.18 into possible support beginning around A$41.73.
3. Streamr (DATA)
Streamr DATA is an open-source project and decentralised platform that relies on cryptography instead of trust. It is a P2P, real-time data infrastructure that houses a platform and tools for a new data economy. The technology stack includes a scalable real-time messaging network (pub/sub) hosted on computers worldwide, a marketplace for trading/selling data, and a set of tools for working with real-time data.
DATA Price Analysis
At the time of writing, DATA is ranked the 440th cryptocurrency globally and the current price is A$0.1979. Let’s take a look at the chart below for price analysis:
Since August’s high, DATA‘s 57% drop marks the current range as a reasonable area to expect accumulation.
The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near A$0.1722 and A$0.1670 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce.
Long-term consolidation suggests that the areas near A$0.2264 and A$0.2560 may be more likely to cause a longer-term trend reversal.
Bears are likely to add to their shorts at probable resistance beginning near A$0.1815, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near A$0.1720, the start of the bearish move.
If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near A$0.2190 might provide a ceiling for this impulse.
Where to Buy or Trade Altcoins?
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
New York-based Chainalysis, best-known as the on-chain data analysis platform, has recently announced its partnership with the Commonwealth Bank of Australia (CBA), opening its new office in Canberra due to increased mainstream adoption and demand for their product.
The new Chainalysis office aims to strengthen its presence in the Pacific region, supporting the local cryptocurrency market, public sector agencies, and financial institutions. The leading blockchain analytics firm also plans to offer crypto trading services to 6.5 million app users.
The crypto exchange and custody service, designed by CBA, will offer a new feature to its clients using its Commbank app. The bank plans to provide customers with access to up to 10 crypto assets including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
New partnerhship: Together with @Gemini we're proudly supporting @CommBank's plans to become Australia’s first retail bank to offer customers the ability to buy, sell and hold crypto assets through the CommBank App. https://t.co/ICx6aJt10Wpic.twitter.com/LtrVqDm6Mm
Last year, Chainalysis struck up partnerships with leading Australia-based payments provider Assembly Payments and cryptocurrency exchanges CoinSpot and CoinJar to improve compliance standards. During that time the company has more than doubled the number of cryptocurrency customers.
Global Crypto Adoption Index
With the official opening of the Canberra presence, I’m excited to see how we can work even closer together with the Chainalysis team to allow Australia to fully embrace cryptocurrency and reap the benefits.
Caroline Bowler, CEO, BTC Markets
Partnerships to Strengthen Compliance
With Australia ranking 38th in terms of global cryptocurrency adoption, Chainalysis’s new Canberra office will enable continued, compliant validation of cryptocurrency. Australia also currently ranks 12th in DeFi adoption.
From working with Chainalysis, we have the confidence that our business is compliant with local regulations, enabling us to continue to build and maintain client trust,
Caroline Bowler, CEO, BTC Markets
Ulisse Dell’Orto, the company’s managing director for the Asia-Pacific region, added: “Chainalysis’s data platform will strengthen the trust necessary to further legitimise cryptocurrency as an everyday asset for retail and institutional investors alike.”
The transparency provided by Chainalysis means that as an industry we can begin to truly build a trusted and compliant foundation for cryptocurrency, giving the reassurance and confidence to our customers that they need.
Alex McCorkindale, head of compliance, Easy Crypto
Crypto Usage Increases in CSAO Region
According to its 2021 Geography of Cryptocurrency Report, Chainalysis found Central & Southern Asia and Oceania (CSAO) to be the fourth-largest cryptocurrency market, accounting for 14 percent of all cryptocurrency value transacted between July 2020 and June 2021. CSAO’s transaction activity grew by 706 percent compared to last year in terms of raw value.
Global Crypto Adoption Index
“The Pacific region is quickly becoming a centre for cryptocurrency innovation,” said Todd Lenfield, country manager for ANZ at Chainalysis. “Our increased investment in the region will ensure businesses and governments can explore digital asset ecosystems in a safe, compliant manner.”
In June, Chainalysis announced its Series E funding round, raising US$100 million and bringing its valuation to over US$4 billion. Chainalysis will use the funding to build out its vision as the blockchain data platform.
Australia’s data regulator has found that US multinational tech company Uber compromised the privacy of 1.2 million of its customers as a result of a 2016 global data breach.
The Office of the Australian Information Commissioner (OAIC) adjudged that Uber violated several principles that form part of the Privacy Act 1988, the country’s federal privacy legislation.
On July 23, the OAIC released a report about its investigation of Uber’s highly controversial 2016 breach that it kept under wraps for more than a year.
The OAIC says that the company’s transgressions include failing to:
take reasonable steps to protect personal information against unauthorised access
delete or de-identify data that is no longer needed
take steps to comply with Australian Privacy Principles (APPs)
Uber, whose services include ride-sharing, food delivery, couriers, freight transportation and electric bicycle/scooter rentals, will be required to create an information security program that identifies data risks. It also must conduct regular testing and monitoring, appoint a coordinator for its information security program, and create an incident response plan that complies with specified APPs.
Approximately 1.2 million Australian accounts were affected in the 2016 breach. Of these, some 960,000 were used only as rider accounts and the remaining 240,000-odd accounts were driver accounts (or both driver and rider accounts).
US$100,000 in Bitcoin Paid to Hackers in 2016 Data Breach
In 2019, two US hackers pleaded guilty in connection with a global extortion campaign tied to the theft of data on about 57 million Uber customers and drivers, which took place from October 2016 to January 2017.
The hackers admitted to using the stolen data to extort bitcoin ransom payments from Uber in exchange for permanent deletion of the records. Uber paid the hackers US$100,000 in bitcoin in an attempt to muzzle the issue and did not reveal the breach until November 2017.
Uber Has Three Months to Engage Third Party Data Experts
Uber has been given three months to prepare the following policies, programs and plans to comply with specified APPs:
a data retention and destruction policy
an information security program
an incident response plan
Within another two months, Uber must engage an independent third party (or third parties) to prepare a written report that specifies whether its amended policies and programs have been prepared in accordance with OAIC directions.
In April this year, Ledger and Shopify were hit with a class-action lawsuit over a 2020 data breach. And almost a year ago, Crypto News reported that Australia was subject to almost three significant data breaches every day, with leading cybersecurity and blockchain experts fingering China as the source.
A new report from the Australian Competition and Consumer Commission (ACCC) published on June 7, 2021, shows scammers are now commonly receiving money from victims via crypto.
Bank transfer remained the most common payment method used in scams, with just over $97 million lost (a 40 percent increase). Bitcoin was the second-highest payment method, with $26.5 million lost.
Targeting Scams Report (page 14)
The Targeting Scams Report reveals that Australians lost over $850 million to scams in 2020. The figure is based on combined data from Scamwatch, ReportCyber, government agencies, banks, and payment platforms.
Targeting Scams Report (Page 19)
According to the report, it’s not surprising non-traditional payment methods are seen as ideal pickings by scammers. It states: “The perceived anonymity of unregulated cryptocurrencies can impede the ability to recover funds or identify scammers.”
Scammers Take Advantage of Rising Interest in Crypto
Scams resulting in the highest losses in 2020 included investment scams, romance scams, and business email compromises.
Many scammers used the COVID-19 pandemic as a ruse to separate people from their hard-earned cash. But Bitcoin and other cryptocurrencies were also a popular way to lure victims via various types of scams.
As financial analyst Martin North has previously warned crypto enthusiasts, the increasing value of crypto also brings out more ‘bad actors’ seeking naive investors.
Report Findings Explained
Scams relating to Bitcoin feature in multiple case studies included in the ACCC report, including:
Investment scams: Featuring sophisticated fake trading sites. ACCC says it’s increasingly difficult for people to identify legitimate investment opportunities – this type of scam resulted in record losses of $328 million in 2020.
Celebrity endorsements: Where images of public figures such as TV host David “Kochie” Koch promote fake websites and trading bots. For instance, Dick Smith’s likeness was used to defraud would-be cryptocurrency investors via ads on The Guardian website.
Romance baiting scams: Striking up a connection via dating apps and then convincing the target to invest money, often in cryptocurrency. ACCC’s report found that people aged 25-34 lost the most money ($7.3 million) to romance baiting in 2020.
Government impersonation scams: Where the scammer contacts a victim over the phone claiming to be from a government agency investigating fraud, and demanding victims deposit money via a Bitcoin ATM.
Bitcoin investment scams were also one of the most common types of scams reported that occurred on social media sites, according to the report, which shows losses to social networking scams increased more than 22 percent in 2020.
Other scams Crypto News Australia has reported on previously that investors should be wary of include fake invoice scams that targeted Tesla buyers, and dusting attacks – where very small amounts of crypto are added to a person’s wallet in an attempt to de-anonymise it.
A report tracking dollar gains for 2020 shows that Australia is ranked among the top 20 countries that made gains from Bitcoin last year.
According to the report by Chainalysis, 2020 was a massive year for institutional investors, pushing up the price to new all-time highs. For example, the US made over three times more gains on its investments than China, which placed second in the list.
The data was calculated from US dollars gains and shows US-centred exchanges with huge inflows towards the end of 2020, which could be a factor accounting for the country’s large gains, placing it in top spot.
Australia Places 19th Position
Australia’s favourable outlook on cryptocurrency may be one of the reasons it placed so high on the chart. Australians seem to be excited about Bitcoin, with one poll showing a quarter of employees would accept their remuneration in BTC if possible.
Not only did Binance Australia break records recently, but the government has stated it will not stand in the way of cryptocurrency development in the country. Jane Hume, an Australian Senator and Minister for Superannuation, Financial Services and the Digital Economy, said that people and organisations needed to make their own decisions regarding crypto as long as they follow the law.
Small Countries, Big Gains
Various countries are investing a lot more in Bitcoin relative to traditional economic metrics such as gross domestic product (GDP). Vietnam is one of those countries, with a GDP of $262 billion and categorised as a lower-middle-income country by the World Bank. Yet it has a high level of basic cryptocurrency adoption, ranking 13th in Bitcoin investment gains at $351 million, outperforming countries that rank higher in GDP including Australia, Saudi Arabia and Belgium.
Other countries that displayed a similar phenomenon:
The Czech Republic ranks 54th in GDP at $251 billion but is 18th in realised Bitcoin investment gains at $281 million
Turkey ranks 25th in GDP at $761 billion but 16th in realised Bitcoin investment gains at $300 million
Spain ranks 19th in GDP at $1.4 trillion but 9th in realised Bitcoin gains at $554 million.
We also recently saw El Salvador become the first country to adopt Bitcoin as legal tender. Big plays like this could really factor in the Bitcoin gains list for 2021; could we see other countries challenge the US for top spot?
As Australians become increasingly interested in alternative investments, a recent survey by international cryptocurrency exchange Kraken has found that 40 percent of millennials prefer investing in digital assets over real estate.
More Than a Million Millennials Will Buy Crypto in the Coming Year
40% of millennials and 31% of Gen Zs believe crypto is a good alternative to property
20% of crypto investors view crypto holdings as being useful in saving for a home or investment property deposit
On average, Australian crypto investors have 12.5% of total assets in cryptocurrencies
10% hold more than 25% of total assets in digital currencies
Just under 25% of investors are long-term HODLers
As real estate investment becomes increasingly elusive, the report notes that up to 4 million Australians will be buying cryptocurrency in the coming 12 months, a third of whom are millennials. Up to 67 per cent of this group were found to believe that digital assets are a good alternative to an investment property. We also saw recent survey results that 49% of Money Invested into Bitcoin Would Have Gone into Stocks with over 62,000 answers, shows the percentage breakdown of investor capital by markets that was invested into cryptocurrencies..
Kraken Optimistic About APAC
Jonathon Miller, Kraken’s Australia-based managing director, says that cryptocurrency adoption in Australia is growing at a rapid pace with the bulk of demand rather unsurprisingly stemming from millennials and other younger generations. Miller notes:
Australians maintain some conservative attitudes towards investment. Property has been a cultural norm and high on the wish list for most investors, but as affordability continues to be an issue we’re seeing more young people look for other options to grow wealth.
Jonathon Miller
Jonathon Miller, Kraken Australia MD
Miller maintains a positive outlook for the broader Asia-Pacific region and confirms what many have long suspected, that youth is undoubtedly leading the way in crypto adoption:
We’re confident that as more investors look to diversify their portfolios and seek investment opportunities outside of the traditional offerings, we’ll see cryptocurrency come into its own in APAC.
A recent report by Nine News claims as much as 26% of Aussies are trading cryptocurrencies.
“Ca$h is King” has been replaced with “Bitcoin is King”, as more and more average people jump on to ride the new wave of digital gold and seek financial freedom.
Market volatility and wild fluctuations in Bitcoin’s price are proving no deterrent for newcommers looking to get into the cryptocurrency space. The industry continues to thrive, despite governments and major corporations around the world continuing their attempts to stifle the innovation of decentralised finance, through rules and regulations; with discussion of some countries even wanting to ban cryptocurrency altogether.
Aussie Crypto Entrepreneur Sergei Has Made Over $100 Million in Bitcoin
The Nine News story also covers Russian born Sergei Sergienko and his Bitcoin fortune. The popular Clubhouse speaker invested into Bitcoin when it was as low as $6 and has been accumulating and trading it ever since, taking his profits into the millions.
Breaking new records and hitting all time highs, Cryptocurrency Market Capitalization has surpassed $2 trillion. There is now more money circulating in cryptocurrency in this quarter alone, than in the entire preceding year of 2020.
