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Crypto & Blockchain Recap: 5th December, 2018

Developments are being made in this nascent world of crypto and blockchain day in and day out. Here are some of the recent happenings of the crypto world that you probably need to know about.

The Blacklist Mania!

Recently, U.S. Treasury Department’s Office of Foreign Assets Control added two suspicious bitcoin addresses into its sanctions list. The bitcoin addresses were tied to two Iranian citizens which allegedly helped in laundering money sent by the SamSam ransomware attack victims.

Now, one of the Iranian residents who were flagged, Mohammad Ghorbaniyan, has stated that he was accused by the authority wrongfully. He claimed that he did not actually know where the bitcoins that were involved in the attack originated from.

Although Ghorbaniyan has claimed that he converted bitcoins into Iranian rials for two people who are accused by the Federal Bureau of Investigation of fabricating SamSam.

It will be very interesting to see how things pan out for this case as we move forward from here on.

Conflux With the Influx?

As reported by a news source, the Singapore-resgistered network known as Conflux recently raised $35 million from renowned firms like F2Pool, IMO Ventures, Baidu Ventures, and some others to develop a solution to the problems of scalability faced by the world of blockchain.

Talking to a news source, the founder of Conflux suggested that the linear design of the blockchain that is currently employed can cause a bottleneck.

Conflux is proposing the design of concurrent block formation using the directed acyclic graphs (DAG) to form the network and prevent forks from happening.

Let’s see what Conflux cooks up regarding this severe problems of scalability.

Small Coins, Big Crimes?

The U.S. Department of Homeland Security might now be looking into the transactions made by the privacy-focused cryptocurrencies like zcash, monero etc. owing to their involvement in criminal activities.

Privacy coins make it very difficult to determine the origin point of a transaction and as a result of this, these currencies are largely favored by the criminals to carry out their malicious activities.

In a pre-solicitation that was published on Friday, the Small Business Innovation Research wing of Homeland Security highlighted that the malicious use of such small coins is an issue.

The document suggests that although privacy is desirable, interest is naturally developed regarding the trace of illegal and malicious transactions taking place on such networks.

The document is up for questioning and commenting right now but after December 18th, the document will be published as an actual solicitation by the Department of Homeland Security.

SEE ALSO: Crypto & Blockchain Recap: 4rd December, 2018

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Ahsan Khalid

News editor of BlockPublisher, an Electrical Engineer with majors in software development. I present forward my insight on the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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