Connect with us

News

Ecuador Data Breach: Records of Over 20 Million Users Exposed

Published

on

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.

Cryptocurrency

AMC Theatres to Start Accepting Ethereum, Litecoin, And Bitcoin Cash In Addition To Bitcoin By Year-End

Published

on

AMC Theatres to Start Accepting Ethereum, Litecoin, And Bitcoin Cash In Addition To Bitcoin By Year-End

The world’s leading movie theatre chain will be accepting Litecoin, Ethereum, and Bitcoin Cash in addition to Bitcoin as payments for confectionaries and movie tickets at all its U.S. outlets before December 31.

This is according to a Twitter announcement made by the Company’s C.E.O Adam Aron on Thursday morning sending out a wave of bullish sentiments on the three cryptocurrencies by crypto enthusiasts.

“Cryptocurrency enthusiasts: you likely know AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash.” 

Last month, the C.E.O in an early morning earnings call had disclosed that AMC was actively engaged in setting up payment systems that would allow movie enthusiasts to pay for various services and purchases using Bitcoin. He had also acknowledged receiving a lot of inquiries from users and shareholders on the possibility of the company accepting payments in crypto which could have largely informed Thursday’s announcement.

Although Litecoin foundation did not respond to the statement in writing, Litecoin’s news page and Charlie Lee, the founder of Litecoin retweeted AMCs announcement gesturing their affirmation.

Broadening the crypto payments net

Litecoin has been making inroads in institutional halls thanks to its long-term persistence and reliability. Its completed MWEB upgrade project which allows the network to become much more scalable and make transaction amounts un-viewable to the public makes Litecoin the ideal choice for payments while protecting users’ data.

According to the Litecoin Foundations Q1 report, various companies have already announced that they’re integrating Litecoin including Paypal, Vaultoro, Flare Network, Moon among others. Its successful payment integrations have also attracted a fair share of challenges with a recent false report that Walmart was integrating Litecoin in its payment network.

Bitcoin cash which fulfills the original promise of Bitcoin as “Peer-to-peer electronic cash” could also see mass use given its fast transactions, low fees, and reliable confirmation. It also allows use on a large list of wallets including Ledger and Trezor among others, which are synonymous with most U.S. crypto owners. Its discounts on payments due to the elimination of credit cards are likely to attract most AMC movie enthusiasts looking to pay using this method.

On the other hand, Ethereum payments to the company could be fulfilled through Ethereum-Pay,  a decentralized ERC-1363 payable token built on the secure Ethereum network specifically tailored to be integrated with E-commerce transactions. 

EthereumPay creates a universal payment platform that allows merchants & users around the world to do business with each other instantly and cheaper than ever. Ethereum payments are accepted by companies including Sotheby, Overstock, Gipsybee,  Shopify CheapAir, Tripio among others.

Continue Reading

Cryptocurrency

Crypto Researchers Concerned About The ‘Centralized Structure’ Of The Binance Smart Chain

Published

on

Crypto Researchers Concerned About The 'Centralized Structure' Of The Binance Smart Chain

Binance Smart Chain has been rising in popularity as interest rates from different parts of the world, including South Korea, sent the network’s transaction records to new highs. However, this has not deterred analysts’ from pointing out the increasing level of centralization within the network. Ryan Watkins, a Messari analyst recently addressed the influence that Binance has on the entire Binance Smart Chain, explaining that most of the commendable progress made on the network is not the result of the implementation of innovative concepts. Rather, it is a product of Binance’s control over the BSC network.

“The reason why BSC is faster and more scalable is not because of some magical technological innovation. No, it’s instead the magic of centralization. BSC is an Ethereum fork with a centralized validator set. That’s it. Nothing more.” He wrote on Twitter.

Unlike some other networks, the Binance Smart Chain has a total of 21 validators (people who verify the transactions and confirm their legitimacy, before adding them to the Blockchain). These validators are handpicked by the Binance Chain, further strengthening the notion that the network may be more centralized than it shows itself to be. 

Wilson Withiam rolls out some points to consider, starting with the pattern of resetting active validators, which is determined by the voting power of each validator. He notes that BNB staking and delegation is carried out on the Binance Chain, by Binance Chain validators as well.

In essence, Withiam argues that the pattern of validator distribution across the Binance Smart Chain is questionable as the identities of those behind the nodes in the validator sets are not made transparent. As he puts it “BSC now supports several third-party validators, although at least 5-6 others have close ties to Binance. The distribution of validator accounts is far less clear for Binance Chain.”

To dispute that Binance’s user experience is not ahead of other networks is false, and Withiam agrees with this. Even Watkins acknowledges this as he noted that BSC has fueled mainstream adoption of DeFi “Binance has incredible reach and influence and has used that to funnel a boatload of new users in DeFi. Binance executes period. That’s why BSC is winning.” He asserted. 

However, he argues that speed and scalability outside Ethereum without sharding or a centralization can only be legitimately found on the Solana Blockchain. Conclusively, Withiam urges BSC users to poke into the network, enough to understand where the loopholes are. 

“For those using BSC, take the time to understand the topology of the network. Sure, the fees and speed (both UX factors) are undoubtedly preferable. But strong censorship resistance and fault tolerance are not part of the package.” He wrote in conclusion.

Continue Reading

Trending