News
Ecuador Data Breach: Records of Over 20 Million Users Exposed
Following the outbreak of a number of cybersecurity mishaps in recent times. Ecuador as at Monday, 16th September, experienced a major data breach baring the personal information of almost all the population of Ecuador to unlicensed third-party agents. The leaked 18Gigabyte-sized data contained research documents and statistics on over 20 million individuals.
The leaked data encompasses such information as names, addresses, employment status, phone numbers, and national identity numbers. Derived from about 7.5 million personage financial and banking records, 2.5 million car ownership logs as well as detailed information on infant demography in the region, to the tune of 6.7 million children data.
According to the report released by ZDNet, this data infringement is believed to be as a result of carelessness on the part of the administrators of the IT consulting firm who allowed entry to the Elasticsearch server unchecked and without a password. Otherwise granting access to these records to anyone on the Internet.
In a statement issued by the Ministry of Telecommunications and Information Society on Monday. The Minister of telecommunications – Andrés Michelena Ayala announced that Novaestrat – the data analytics and IT consulting firm directly involved with the leaked data, and its employees are been placed under investigation upon the charges of privacy violation and distribution of private information to the general public without due authorization.
Subsequently, the Ecuadorian authorities swooped down on Williams Roberto G. – Director of Novaestrat. As the management at Novaestrat is been slapped with the allegations of accumulating these data illegally. Although a government-endorsed data analytics firm, since Novaestrat boasts of a number of contracts been awarded by the Ecuadorian government between 2015 to 2017. What is not actually known is whether the employees at Novaestrat intentionally broadcasted this data or perhaps it was a glitch on the company’s server-side handling.
However, one certainty stands to be that these data are originally not supposed to be in the possession of the company who might have come across such data while working extensively with the government in the past. Inclined by the gravity of the data breach, the Ecuadorian government is set to take a giant leap towards implementing a stricter data privacy law with plans to pass this new law to the parliament within the next three days.
Bitcoin
Central African Republic Becomes First African Country To Adopt Bitcoin As Legal Tender
The new bill provides a framework for use of cryptocurrencies in smart contracts, payments systems, online trade, and all electronic transactions alongside the CFA franc currency.
Bitcoin continued to garner attention globally as a national legal tender with Central African Republic becoming the latest suitor. President Faustin-Archange Touadéra signed the bill into law on Wednesday and his chief of staff Obed Namsio hailed the move as one that could forever change the economic fabric of a country that has been embroiled in rebel violence for many years now.
Namsio said the bill was supported by the president because it would improve the citizens’ status. He added it would open up new economic opportunities for the landlocked country. The new bill provides a framework for use of cryptocurrencies in smart contracts, payments systems, online trade, and all electronic transactions alongside the CFA franc currency.
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he said.
Traders will also be capable of paying taxes with crypto and the finance minister Gourna Zacko who introduced the bill, believes it will ease cross-border transfers that have become increasingly difficult to do. These transfers will now become very cheap. Citizens will also be capable of undertaking legal financial transactions in the mainstream financial realms using crypto, and without necessarily going through middlemen banks. Cryptocurrency exchanges will not be taxed.
The bill has clauses that prescribe up to 20 years of imprisonment and a fine of between 100 million to 1 billion CFA francs for anyone who breaks the crypto law.
With a per capita income of only 750 USD per year, the country is one of the poorest in the region and world as a result of years of conflicts and war. This is despite having a vast amount of gold and diamond reserves.
The country would, however, have to pursue an aggressive Internet coverage agenda to make this plan effective. It currently has an Internet penetration rate of just 7.1 percent and 355,000 Internet users out of a total population of 4.97 million people.
It is not clear if and how the new move would help alleviate the country’s ailing inflation or GDP. Inflation has increased from 2.7 percent in 2019 to 3.3 in 2021. The country’s GDP also flipped to the negative last year at -0.6 from a 3.1 in 2019. Despite relying heavily on agriculture and mining, illegal gold and diamond exports undermine government revenue. The country is also embroiled in bad political and economic decisions, conflicts, and insecurity.
The bill that governs use of cryptocurrency as legal tender in the country was unanimously adopted by the parliament last week. However, the move was not approved by the Bank of Central African States (BEAC) which governs the Central African CFA franc regional currency used by the country and about 14 others. The franc is tied to the Euro and largely controlled by the West. Two ministers said the move to adopt Bitcoin as a national currency was a serious offense.
The move was also criticized by former Prime Minister Martin Ziguele who said it was not a priority for the country, and that it was undermining the CFA franc. The decision could also be challenged in court by some legislators.
Cryptocurrency
Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform
The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.
The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.
Free speech advocate
Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.
To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter.
Hoskinson’s offer to Elon Musk
Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:
“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”
This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.
Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.
-
Cryptocurrency5 years ago
Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price
-
Cryptocurrency5 years ago
China Is Set To Launch A Legal Cryptocurrency In The Second Half Of 2019
-
Cryptocurrency5 years ago
HODLers Plead With Ripple Inc. Not To Dump XRP Tokens Anymore
-
Blockchain5 years ago
The Future Of Publishing With Blockchain, Steemit vs. Publish0x
-
Cryptocurrency5 years ago
Intel’s 10th Generation Processors: A Hard Pick From a Buyer’s Point of View
-
Cryptocurrency6 years ago
How to Exchange and Withdraw Digibyte to Bitcoin/Ethereum on any exchange platform
-
Cryptocurrency6 years ago
Why Bitcoin Is Better Than Other Cryptocurrencies
-
Cryptocurrency5 years ago
40% Of Bitcoins Are Stored On Wallets With A Balance Of Over 1000 BTC