Global AML Watchdog to Release Crypto Regulations By Next June
A global money-laundering watchdog has said it will begin publishing rules for international cryptocurrency regulation by next summer. The Financial Action Task Force (FATF) said that global jurisdictions will have to bring into force licensing schemes or regulations for crypto exchanges and possibly digital wallet providers under the new rules. Companies offering financial services for initial coin offerings will also be included. The news comes after the FATF plenary meeting this week with officials from 204 global jurisdictions to discuss crypto regulations and other matters.
Ethereum Devs Reach Consensus to Delay Constantinople Hard Fork Until January 2019
Ethereum (ETH) core developers have reached a consensus to delay a planned hard fork of the protocol until January 2019. The fork, dubbed “Constantinople,” was first trialed on Ethereum public testnet Ropsten on Oct. 13, and had been slated to be activated on the main Ethereum blockchain by the end of Oct.-Nov. this year. A testnet is essentially a simulated version of the primary network that allows developers to try out smart contracts or upgrades without having to pay “gas” (computation fees) for their execution. The Constantinople hard fork is is a system-wide Ethereum update designed to increase the network’s efficiency, and notably includes plans to reduce block rewards for miners, as well as to introduce changes to the network’s consensus mechanism that would make it more resistant to ASIC miners.
North Korea-Sponsored Hacks Comprise 65 Percent of Total Crypto Stolen
Hacker group “Lazarus,” reportedly funded by North Korea, has stolen a staggering $571 million in cryptocurrencies since early 2017, a study conducted by cybercrime company Group-IB reveals. The report, dedicated to hacks in 2017 and 2018, identifies the allegedly state-sponsored hacker group Lazarus as responsible for $571 million of the $882 million total in crypto that was stolen from online exchanges during the studied time period; almost 65 percent of the total sum. Out of fourteen separate exchange breaches, five have been attributed to the group, among them the industry record-breaking $532 million NEM hack of Japan’s Coincheck this January. The report states that hackers target cryptocurrency exchanges using mostly “traditional” methods, including spear phishing, social engineering, and malware.