Sagun Seewa, Author at BitMala

Trump Promises Pro-Crypto Policies if Re-Elected in 2024

Former President, of the USA, Donald Trump is willing to support crypto if he gets elected as the president again in 2024. Trump has started to incorporate digital currencies into the American financial systems, positioning America as a global leader in blockchain.

It seems quite shocking that despite constant criticism of bitcoins and other cryptocurrencies, Trump has shifted to a new position. Earlier, he made comments like Bitcoin and other cryptocurrencies as ‘not money’. However, due to the increasing demand for blockchain and digital assets, it seems like he has changed his mind. In the latest address, Trump recognized the importance of cryptocurrencies in global finances and decided to promote the sector’s development.

Trump outlined a vision for a pro-crypto administration to encourage more innovation along with providing clarity. He said that he would make America the best place in the world to invest and innovate in crypto. He also advocated for a modern American financial system that embraces the future.

Trump’s plan also involves creating a national task force to come up with a unified regulation framework for cryptocurrencies. The aim is to protect the consumers and maintain operations stability while keeping on supporting technological advancements. Trump also discussed tax incentives for crypto businesses and investors, to attract more talents and investments to the U.S.

The statement has received a mixed reaction. To some, Trump’s pledge could be a political advantage for the industry, to others, given his past criticism of its lack of clarity regarding the regulation of cryptocurrencies in the U.S.

Many known figures in the crypto have provided their response to Trump’s announcement. CEO of MicroStrategy, an advocate of Bitcoin, Michael Saylor found the promise encouraging as well as unsure. He stated that if he supports cryptocurrencies, it can bring stability to the industry.

Critics also argue that Trump’s sudden willingness towards crypto is for political expediency. Some criticize that his promise comes at a time when other countries like El Salvador are already making progress in initiating crypto assets into their economies.

Trump will probably support crypto encountering challenges during the execution of his plan. The overall legal framework of cryptocurrencies in the USA is still incoherent and fragmented with the overlaps of the federal agencies’ jurisdictions on the cryptocurrency market. Also, Trump’s previous positions such as on CBDCs and the Federal Reserve, may mean that achieving a clear strategy on cryptocurrency policy will be challenging.

Trump is keen to become president again in the forthcoming 2024 election and his assurance to advocate for cryptocurrency has breathed new life into the fight for the future of digital currencies in the United States of America. Only time will tell whether what Trump has said will translate into a reality for the bookings of his hotel.

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Kaspa and Polkadot Falter as RollBlock Thrives Amid Bitcoin Crash

In the latest time, Kaspa and Polkadot have been dealing with a setback by the Bitcoin crash. The crash in Bitcoin significantly affected various kinds of cryptocurrencies and stirred up the market, which influenced projects such as Kaspa and Polka Dot.

Kaspa was believed to be a breath of fresh air when it was endorsing new blockchain technology solutions. The features like speedy transactions and adaptive ability has lost its direction. Similarly, the Polkadot has declined as well. It’s main idea is to let multiple blockchains work in harmony, but it has declined as well. These environments were negative due to the general downturn in the cryptocurrency markets. This exerted pressure on projects to make incremental investments and continue their upward trajectory.

Nonetheless, RollBlock has managed to stand out with the problems faced by Kaspa and Polkadot. RollBlock is a promising token in the blockchain sector that indicates stable growth and high resistance to market fluctuations. It has sustained its position successfully in the market employing such solutions and strategies for its workings while other cryptocurrencies are struggling.

This is an appropriate time to address the risks involved, owing to the instability of the market seen in the current cryptocurrency market. Since Bitcoin and significant crypto-assets come with volatility, Kaspa, Polkadot and others are endeavouring to overcome such adversities. These blockchains needs to stabilize and start their upward journey again.

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Cthulhu Stealer Targets Mac User’s Crypto Wallets

26th August, 2024

Users of Apple Macs are alerted about a new strain of malware called ‘Cthulhu Stealer’ that steals users’ details including cryptocurrency wallets. The malware targets cryptocurrency wallets including MetaMask, Coinbase, and Binance and operates explicitly on macOS devices. Apple devices were known to be less vulnerable to these viruses than Windows. However, this new malware proves that Mac users are no longer immune to the malware.

MacOS Malware on the Rise

The macOS system has always been considered one of the most secure systems and it was believed that it was not affected by viruses at all. However, this perception has been changing in a few years. On August 22, Cado Security identified a malware-as-a-service (MaaS) targeting macOS named ‘Cthulhu Stealer’. For several years, MacOS was prominent for being secure, but macOS malware has been trending in recent years.

The Cthulhu Stealer disguises itself as being a useful application that users might need, CleanMyMac and Adobe GenP. When downloaded, it presents itself as an Apple disk image (DMG) file. Once the file is opened, the users are taken to enter the system password using macOS’s command line, running AppleScript and JavaScript

How Cthulhu Stealer Works

If the user inputs the password of the system, another window pops up to enter the password to many popular cryptocurrency wallets beginning with MetaMask. Apart from the MetaMask, it targets wallets from Coinbase, Wasabi, Electrum, Atomic, Binance, and Blockchain Wallet.

When the credentials are obtained the malware saves the stolen data in text files and it continues to collect more details about the target’s system including their IP address and the version of macOS the system is running.

Crypto Wallets in the Crosshairs

Tara Gould, the Cado Security researcher, pointed out that the primary use of Cthulhu Stealer is to steal credentials, mainly crypto wallets. Gould also said that the primary objective of the Cthulhu Stealer is to steal the credentials and the wallets including game accounts and various stores.

Cthulhu Stealer is also similar to Atomic Stealer, which was identified in 2023, aiming to target Apple devices. According to Gould, the developer behind Cthulhu Stealer probably rewrote Atomic Stealer’s code to build this new variant.

Malware-as-a-Service

Cthulhu Stealer can be rented, making it more dangerous. A cyber security report reveals that the malware is only being rented out at $500 monthly through the Telegram. These affiliates then use the malware to attack, with the developer taking shares of the profits from the deployments. However, issues concerning payment have also been raised leading to accusations of an exit scam by affiliates.

A Growing Threat to Mac Users

This is just one of the new threats that Mac users are experiencing as Cthulhu Stealer enters. On August 23rd, Cointelegraph published another malware called AMOS, capable of copying the Ledger Live software. This an application for managing Ledger hardware wallets. This means that the distinction is even harder to notice for the user and points to increasing complexity of macOS malware.

Apple has acknowledged to this increasing threat. Earlier, the tech giant has released a new version of the next-generation macOS with the purpose of making difficult for users to bypass the Gatekeeper protections. Gatekeeper is a security measure that helps to prevent unauthorised programs from launching on Mac system.

Conclusion

With the upsurge of malware attacks specifically on macOS, users should be wary of the programs that they install. To deal with increasing cyber attackers, digital assets on Macs need to be up-to-date with the latest in security fixes. As hacking continues to advance Mac users are also at risk from the threat of malware and must tackle the issue head on.

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Sony Group Enters Web3 with Ethereum Layer-2 Solution Soneium

Sony Group has revealed a major play in the Web3 industry with Soneium, an Ethereum Layer-two solution. This step underpins Sony’s increased focus on Blockchain technology and its possible applications in multiple sectors, including entertainment, gaming and digital content generation.

New Beginning for Sony

Joining Web3 means that Sony will continue maintaining its stance as one of the leaders of technological advancement. Sony has established itself in the entertainment products sector, where it deals in items such as games, music, and movie production. By establishing Soneium, Sony is gearing up for the purpose of new and promising niches in the sphere of blockchain.

Another key aspect of the project, Soneium, lays down the foundation to eradicate some of the common problems that currently exist in blockchain technology, like scalability and high transaction fees. Ethereum Layer-2 gives Soneium the perfect opportunity to offer faster and cheaper transactions, which remains attractive to developers and users.

Ethereum Layer-2: What Is Its Role?

Compact Layer-2 solutions have attracted much interest in the last year since these solutions have the potential to augment Ethereum. Such solutions seek to perform and authenticate transactions outside the Ethereum network, thus cutting down on the total load to the decentralized blockchain network. This leads to the shortening of time taken in transactions and the reduction of other costs which if tackled is partly an influential driver for the expansion of blockchain technology.

Soneium will be based on the Optimism framework, an Ethereum Layer 2 solution familiar to many and developed by the Optimism Foundation. This decision points to the company’s focus on applying tested technology in its Web3 efforts. Optimism has been applauded for enhancing Ethereum’s security and decentralization while boosting scalability.

Potential Applications

Soneium is expected to be widely used especially in the entertainment and gaming industry since Sony has the largest market share in these fields. Such utility could be employed to launch decentralized gaming networks thereby allowing players to own and sell in-game assets seamlessly. They may also help open up markets regarding digital content that are more democratic and thus enable artists and other creators to make money from their work more easily.

However, Soneium’s competencies could also lie in other sectors of the economy including; supply chain, identity, or decentralized finance (DeFi). The structure of the network opens up the possibilities of applying it to a wide range of scenarios and may redefine how organizations function in the context of the context of the fourth industrial revolution.

Sony’s Broader Web3 Strategy

Soneium is one of the Web3 projects that Sony is gradually deploying as part of the company’s strategic integration of decentralised technologies into its operations. The company has been researching the application of blockchain, other prior undertakings include creating blockchain-based platforms for music royalties and digital assets.

Another reason to look to Web3 is to point at Sony’s investment in blockchain startups and cooperation with other tech firms. Sony has, therefore, decided to layer its own Layer-2 network with ambitions of long-lasting support for numerous Web-3 solutions.

Challenges and Opportunities

Although Sony seems to be on the right track regarding the new Web3 opportunities, it also has its risks. The blockchain industry is still in its formative stage and the technology has potential and challenges in terms of technical and legal framework. For instance, aspects such as security and network size of Soneium will be very significant for the success of this business. Also, Sony will face several legal challenges associated with the application of blockchain technology that differs from country to country.

However, Web3 has a lot of potential, which can be seen considering the challenges mentioned above. The demand for a blockchain architecture like Soneium is likely to grow as more companies and developers say the same for blockchain adoption. Technological advancement and entertainment are the areas in which Sony has most of its strengths, as well as, the firm aims at innovativeness in its operations.

Conclusion

The Soneium Ethereum Layer-2 network is an important part of Sony’s Web3 strategy Sony has already launched the Soneium Ethereum Layer-2 network. Here, Sony is not only enhancing its technological skills but is also preparing for the further new opportunities provided by the blockchain in entertainment video games, and others. With the growth of Web 3. 0, the possibility of Soneium having a significant influence on the advancement of decentralized applications and online content creation remains high.

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