Reshape Blockchain Security With BlockSafe Technologies – [BTC Media Sponsor]

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In today’s rapidly advancing world of blockchain innovation, it’s no secret that cryptocurrency wallets, exchanges and enterprise platforms are targets for nefarious activity. Underscoring this threat are three notable hacks and accompanying losses for investors in recent history: Mt. Gox (650,000 BTC lost), Bitfinex (120,000 BTC lost) and DAO Ethereum ($50 million lost). 

At the epicenter of efforts to thwart the proliferation of these intrusions is BlockSafe Technologies. A U.S. company with headquarters in Edison, New Jersey, BlockSafe is a subsidiary company of StrikeForce Technologies, Inc., a leading cybersecurity solutions provider for corporations, government agencies and consumers that has been in business over 18 years. 

According to BlockSafe, most hacks involve wallets compromised by malware, where keyloggers are used to obtain secret codes and clipboard information is used to redirect destination addresses. Once a wallet has been hacked, getting money returned or even the prospect of legal recourse has always proven next to impossible. 

BlockSafe employs a multipronged approach that locks down the decentralized ecosystem along the three primary exposure points of wallets, exchanges and private blockchains. Through a comprehensive set of solutions, BlockSafe provides a stable approach for today’s topsy-turvy blockchain ecosystem at its two highest on-ramps of vulnerability: user authentication and interaction. 

1.     Wallet Security

BlockSafe’s CryptoDefender product includes two versions, one for desktop and one for mobile, to ensure device protection. It accomplishes this by proactively mitigating keylogging malware, which is often the source of crypto wallet credential theft. Available on both Android and iOS devices, it also includes a password vault, secure browser, two-factor authentication and strong password generator.

2.     Exchange Security

BlockSafe’s ExchangeDefender consists of two product features — CryptoDefender, as well as ProtectID, which protects the computers and mobile devices involved in the exchange.

3.     Blockchain Security

BlockSafe’s BlockchainDefender serves as an interchange between applications and private blockchains. Data fields are scanned for malware, and transactions are authenticated via ProtectID.

According to BlockSafe CEO George Waller, $9 million is stolen from crypto wallets every day.

“They are an easy target for hackers,” he said. “When money is stolen from a user’s wallet, it’s gone. There is no one to call because there’s no one regulating it.” 

Because of the skyrocketing growth of blockchains and cryptocurrencies, Waller said that the team at BlockSafe began looking at vulnerabilities across the ecosystem. It was here where they began to realize that three areas (wallets, exchanges and blockchains) all have major vulnerabilities. 

“That’s what led us to open up and dedicate a company exclusively to the security concerns facing crypto wallets, exchanges and private blockchains,” Waller said. “We’re dedicated 100 percent to just protecting this ecosystem.”  

He also noted that if you look at the non-crypto world in the last seven years, over 90 percent of attacks throughout the world are malware and spyware related. 

“Thieves just don’t decide they want to be in a network and get in,” he said. “Rather, they have to use brute force and steal credentials and stuff like that.” 

This, said Waller, is where malware comes in.

“They use it to steal your credentials and to log themselves in,” he explained. “About 95 percent of the time with that malware, a keylogger was at least one of the components used to facilitate the breach —what we call a ‘malware cocktail.’ So, as cryptocurrency started to grow quickly over the past few years, the hackers started turning their attention to using this same malware with other components, to steal from user wallets and their phones.”   

The good news, according to Waller, is that BlockSafe Technologies’ parent company, StrikeForce Technologies, has dedicated the past 18 years to helping people protect what they do.

“We live, eat and breathe cyber,” Waller said. “That is all we do; we do cyber and nothing else.” 

Dean Anastos, founder and CEO of blockchaindevelopers.org, a company specializing in token creation, smart contracts and crowdsale services on the Ethereum blockchain, is adding his own expertise to the efforts of BlockSafe Technologies.

“We have been assisting George and his group over the past year or so in getting his

STO [security token offering] project off the ground,” Anastos said. “They have a very interesting technology that seeks to basically protect individuals from getting their crypto stolen. It is a genius idea, and they have a patent on it.”

With help from blockchaindevelopers.org, BlockSafe is conducting a security token offering and creating a revenue-generation token.

“Right now, what we are very concerned about from the perspective of crypto is minimizing the barriers of mass adoption into this industry,” Waller said. “Because if malware really starts to reap the benefits of what malware does, it is going to prevent mass adoption. We see the value of blockchain technology, but we also know from 18 years of experience how hackers steal. So, we want to protect the wallets, protect the exchanges and protect private blockchains. That’s where we are laser-focused at the moment.”

Note: Trading and investing in digital assets is speculative and can be high risk. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.

This promoted article originally appeared on Bitcoin Magazine.

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Spread between BTC/USD and BTC/USDT Crosses $300

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50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Fifty traders who use Indian crypto exchange Instashift have shared their thoughts on the current crypto environment in India. Most of them said that they “hodl” and would continue to invest in crypto despite regulatory uncertainty.

Also read: RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision

Most Respondents Are Hodlers

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaA survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Launched in March, Instashift offers the buying and selling of over 80 cryptocurrencies.

Fifty active traders in India participated. The goal of the survey was to find out what they think about various crypto-related issues including their investment concerns, the crypto banking ban by the Reserve Bank of India (RBI), and whether they will keep investing in crypto despite regulatory uncertainty.

Among the 50 traders who responded, 43 said that they hodl while seven revealed that they invest short-term.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Furthermore, 40 traders believe bitcoin is a safe haven against rupee inflation while 10 traders disagree.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Crypto Investing Despite RBI Ban

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaIndia is currently drafting crypto regulations which were supposed to be ready in September but have been delayed. Meanwhile, RBI, the country’s central bank, has banned financial institutions under its jurisdiction from providing services to crypto businesses. A number of petitions have been filed against the ban. The country’s supreme court has been trying to hear them since Sept. 11, but the hearing has continually been postponed.

The banking ban by the central bank has adversely impacted some exchanges. One of the country’s largest crypto trading platforms, Zebpay, recently shut down its exchange operations due to the banking problem.

Despite the ban, 32 Instashift traders said that they would continue to invest in crypto even if the RBI intensifies its crackdown such as freezing crypto accounts. Another 12 traders noted that they are also likely to continue trading while six respondents said they would discontinue crypto trading.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

In addition, 36 traders believe that the Indian government will amend existing laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictions on crypto. However, only four traders believe that crypto will be legalized and regulated in India.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Preferred Cash-Out Methods

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in IndiaA number of crypto exchanges in India have come up with their own solutions to the RBI ban. Some have introduced exchange-escrowed peer-to-peer trading services, which they claim have gained much popularity.

Respondents were asked about their preferred methods of cashing out cryptocurrencies into rupees. Forty-eight traders said they prefer to cash out using peer-to-peer sites. Five traders prefer to use local cash deals, four prefer to use gift cards and online deals, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

On Sunday, another cash-out method was introduced by one of India’s largest crypto exchanges, Unocoin. The company has launched crypto ATMs to bypass the RBI ban and allow its users to deposit and withdraw rupees. This option was announced after the Instashift survey had concluded, so it was not included in the survey.

As for where to keep their funds, 24 traders prefer to keep them in BTC, 14 prefer altcoins, and 12 specifically prefer stablecoins. Recently, an increasing number of crypto exchanges in India have started listing stablecoins such as tether (USDT) and trueusd (TUSD).

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Future Prospects of Crypto Ecosystem in India

Amid the banking ban, 35 respondents believe that the fear of regulatory uncertainty is the biggest hurdle stopping the Indian crypto economy from flourishing. Twenty-six traders believe that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of understanding of the crypto industry as the most important factor, while 18 traders attributed the lack of liquidity in the market as the top reason.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

Despite all the hurdles, 41 traders said that they are long-term investors and will continue to invest in crypto. Seventeen traders admitted that they are apprehensive but expect the government to eventually create a positive environment for cryptocurrencies. However, four respondents are entertaining the idea of exiting the crypto space altogether.

50 Indian Traders Share Thoughts on Investing, RBI Ban, Future of Crypto in India

What do you think of the current crypto environment in India? Let us know in the comments section below.


Images courtesy of Shutterstock and Instashift.


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