Political thought games of the crypto trader

It is not a question of assessing the current political situation or responsibility. Rather, the examples are intended to illustrate that crypto currencies, and thus Bitcoin first and foremost, can be used as a political negotiating tool. Although Bitcoin’s relevance on the global foreign exchange market may seem tiny, the decentralised and nationless form of money brings with it new scope for action.

In theory, Bitcoin can lead to a formal depoliticization of foreign exchange transactions, since institutions such as central banks or financial supervisory authorities cannot exert an institutionally regulated influence on Bitcoin. This does not mean that crypto bans or even attacks, such as a 51 percent attack, cannot influence the ecosystem and the corresponding crypto adaptation.

Music of the future crypto trader

So far, crypto trader, companies and governments have not made full use of this alternative. There is a lack of trading partners and an infrastructure, especially since the still high volatility would make trading transactions even more difficult. So if an oil company, whether state-owned or private, were to attempt to conduct its oil business in Bitcoin, it would fail miserably and bounce off too many technical and above all political hurdles and also crypto trader scam.

So far, Bitcoin is primarily a currency for private individuals and not for companies or public institutions. Over time, however, a rethink is to be expected, especially from politically excluded countries or countries struggling with inflation.

And it doesn’t even have to be the sanctioned countries that can benefit from Bitcoin payments. Even medium-sized companies that supply exports such as machines and cars all over the world could benefit from fast and unbureaucratic transactions. Instead of having to own several foreign currency accounts, a corporate bitcoin wallet could bring additional flexibility to the export and import business by, for example, shortening payment periods through faster international payments.

All Theory

These are, of course, all theoretical ideas that will not be put into practice in the short or medium term. But this is exactly what it is all about with a view to major technologies such as blockchain, artificial intelligence or the Internet of Things. Not only to have the next weeks or the next two years in sight, but also the next five years. Even if crypto currencies will not be used in the near future for large commercial transactions, especially by corporations or state-owned companies such as institutions, it is important to think through various scenarios.

To what extent can states influence the crypto-economy regionally? Will there be a need for separate agreements in future if conflicts of interest are no longer only to be dealt with on the Fiat currency exchanges, but also on the crypto exchanges? What could state Bitcoin sanctions look like? How can the decentralised logic of the crypto economy be brought together with the often central organisational logic of the regulatory authorities?

Many questions, few answers. This is precisely what makes the crypto-economy so exciting and should encourage anyone interested in cryptography to conduct thought experiments.

Clipboard Hijacker: Malware Empties Bitcoin Wallets

A rather new malware called Clipboard Hijacker is intended to manipulate the clipboard of Windows computers. As soon as the user stores a Bitcoin address known to the system in the clipboard, the address is automatically changed. The crypto currency then ends up in the wallet of the cybercriminals instead of on the desired account. This new variant is part of the recently released “All-Radio 4.27 Portable” malware package. It automatically monitors around 2.3 million Bitcoin addresses.

The Bleeping Computer team has identified a particularly sophisticated malicious software for Windows computers

The Clipboard Hijacker contains 2.3 million Bitcoin addresses that are worth cash to cybercriminals. Many users of online trading places copy & paste the destination address of the wallet. However, as soon as one of the 2.3 million known addresses appears in the clipboard, the Trojan changes the clipboard. Instead of the desired wallet address, the cybercriminal’s address is automatically entered. The number of stored wallets is record-breaking. Previously known Clipboard Hijackers had only 400,000 to 600,000 addresses of different crypto currencies (mostly Bitcoin) in their portfolio.

The malware installs itself quickly, silently and easily. After downloading the file d3dx11_31.dll, the virus creates an executable file called “DirectX 11”, which is not noticed by outsiders due to its name. This file becomes active as soon as the user logs on to Windows. Later, two more files are stored on the target computer. Nothing happens afterwards. The malware should not interfere with normal operation and is not noticeable in any other way. The infected computer waits for the moment until you insert a wallet address into the clipboard. This will then be changed if necessary. The problem: If the user does not carefully check the wallet’s target address, he will not detect the fraud. When the coins are sent, they end up on the account of the cybercriminals and are therefore lost forever.

How can I protect myself from the Clipboard Hijacker?

If you want to protect yourself against manipulation of your Bitcoin transfers, you should update your anti-virus software. The antivirus software should then check the PC completely. In addition, it always makes sense to manually synchronize the target address with the original several times during transfers. Even with new types of malware, you can prevent money from being redirected to the accounts of third parties, even if your computer is infected. Clipboard hijackers were reported to have been infected more than ten years ago, when Mac OS X users were also affected. New is the change of the clipboard to redirect crypto currencies. The earlier malware was immediately noticeable because the clipboard was no longer usable. The new variant is particularly insidious because it only becomes noticeable when it is too late and at the same time has an extensive database of Bitcoin addresses.