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$7.5M Monero Demanded as Hackers Attack Telecom Argentina S.A Systems

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News of the criminal demand of $7.5 million worth of Monero following major ransom ware attacks on Telecom Argentina S.A have hit the media just a week after the most brazen twitter hack of the century. 

The twitter hack saw over a $100 thousand worth of cryptocurrencies donation turn out to be one of the most audacious brazen online scam ever.

The employees of Telecom Argentina S.A have revealed that these ransomware attacks have been on since last week Wednesday. Initially they did not avert their minds to the fact that these may be an online systems attack.  

source: Finance Magnates

They swept the unusual situation aside as one of those insignificant IT glitches, but to their surprise the criminals have damaged the company’s IT systems and continue to have it on lock.

During their interview with a Spanish site, elperiodista.com, unnamed workers at Telecom Argentina S.A revealed that they had been warned not to open their electronic emails or their files. This move backfired as one Twitter user, Alex Cruger, disclosed that the criminals hit them with further threats.

It appears that the criminals have demanded a ransom of $7.5 million in Monero (XMR) which they declared must be paid before the 21st day of July. The criminals promised not to unlock the company’s system until the ransom is paid. 

Worse still, they warned that if the requested sum is not paid before the date communicated, the company will have to pay double the requested ransom.

Following this unusual ask for a huge sum in Monero, intelligent stakeholders have taken it upon themselves to understand the rationale behind why the sum of money has to be in Monero and not any other type of currency.

The CEO and Founder of Mana Security, Tim Ismilyaev, explained that:

“It’s especially strange to ask for $7.5M in monero – it’s about 13% of daily trading volumes and would significantly impact the price.”

He maintained that there could be more than meets the eyes with this brazen systems attack followed by a major Monero (XMR) ransom ask.

Monero happens to be privacy-centric; because of this, a number of trading platforms have delisted the crypto coin for that reason. 

 Ismilyaev highlighted that because the coin has lower liquidity on trading platforms, many investors will rather not use it for large cash outs. He continued that “99% of ransomware attacks use bitcoin for this reason.”

He believed that “attackers don’t expect Telecom Argentina to pay such a big check, but they probably already have Monero and want to sell it for a better price after the price pump.”

What remains at large is whether or not Telecom Argentina will negotiate with these terrorists.

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Dapper Labs raises $12M from Blockchain firms and NBA players

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Dapper Labs Says it has raised $12 million from its latest investors for its flow blockchain. Dapper Labs are the masterminds behind the CryptoKitties and the NBA Top Shot project. Pro NBA players as well as notable blockchain companies were part of the investors that raised the $12 million fund.

The NBA players Andre Iguodala of Miami Heat, Spencer Dinwiddlie and Garrett Temple of the Brooklyn nets, JaVale McGee of Los Angeles Lakers, and Aaron Gordon of the Orlando magic were one of the new investors. Coinbase ventures and BlackTower capital were as well part of the investors.


Dapper Labs has now raised an approximate of $38 million dollars all together. Roham Gharegozlou, Dapper’s founder and Chief Executive officer has said that the funds secured will be monitored to make “sure Flow can scale to the size of projects appealing to fan bases as big as NBA.”

$1.2M in token sales
Dapper also stated that it has sold crypto-collectibles worth $1.2 million dollars to a number of early users on the two-month old experimental version of its NBA Top Shot platform. Top Shot players can buy non-fungible tokens (NFTs) used to depict certain moments in basketball history. Over 22,000 packs of these NFTs worth $1.2 million dollars have been sold on the beta platform.


Each NFT token represent a significant moment and they offer players an experience to see data and videos that each token depicts in multimedia form.


The CEO, Roham noted Flow blockchain can host tokens that feature 3DI animation. He stated it was built to ensure any of the token (NFT) has access to topnotch environments wile talking to Cointelegraph – “to make sure that any NFT has a chance to be able to access a high-throughput environment, have people build applications for them, [and] scale to billions of users”.

Notable raise in Blockchain gaming firms
Blockchaingamer.biz data together with the recent fund raise of Dapper, a total whooping sum of $550 million dollars have been raised by Crypto gaming firms. This total comes from $336 million in sale of tokens, Initial Coin offerings (ICOs), $189 million from stocks and capital offerings in form of traditional investments and other fundraising techniques.


Last month, about $18 million was raised in total. Sorare, a fantansy soccer game raised $4 million in seed fund raise and Animoca Brands got $4.1 million from specific investors. DMarket was able to raise $6.5 million in June. Other companies like Horizen Blockchain Games and SuperTree raised $5 million and $2.5 million respectively in the first quarter of the year.


However, CEO of Animoca, Yat Siu has said the $550 million mark is just the inception as it is quite small compared to the current worth of gaming which is a $150 billion industry. He said while speaking to cointelegraph – “Gaming today is a $150 million industry and $500 million invested today is still a small amount, given both the potential in games as well as, we belive, the most viable path to mass adoption of blockchain, we think this will only grow more significantly”.

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Japan’s FSA Commissioner advises to develop Digital currency

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One of the Japan’s high-ranked financial regulators, Ryozo Himino, advised the nation to develop a Central Bank Digital Currency according to Reuters report. The pandemic might make states of the world adopt digital currency economy. Himino noted that Japan should have a plan to create a digital currency first before worrying about challenges that a digital currency might encounter.

He stated that Japan should weigh the benefits and demerits of a digital currency issued by the government and make sure all essentials for building a CBDC are available when it’s time to develop one-


“in the end, Japan must think really hard about whether to issue CBDCs because there are merits and demerits in doing so”.


It was said that Coinfomania reported last year that research on digital currency has started in Japan. A group of researchers from Apex bank were said to have released a paper on the benefits and shortcomings of issuing a CBDC according to the report.


The commissioner stated that the country’s stance on making cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) illegal might backfire on technical innovation –


“Deregulating bitcoins and other cryptocurrencies may not necessarily promote technical innovation. If doing so simply increases speculative trading, we are not taking special steps to promote cryptocurrencies”.


The effect of the Covid-19 pandemic has seen to financial institutions globally finding solutions to ease the economic wreck. Research are being made also to cushion any economic problems that might arise in the future.


Himino has a track record of heading different notable financial organizations globally including the Basel Community on Banking Supervision and Japan’s Financial Service Agency. He is currently the Japan’s Financial Service Agency Commissioner. He was also the secretary-General of the Basel committee on Banking Supervision.

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Japan’s FSA Commissioner advises to develop Digital currency

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One of the Japan’s high-ranked financial regulators, Ryozo Himino, advised the nation to develop a Central Bank Digital Currency according to Reuters report. The pandemic might make states of the world adopt digital currency economy. Himino noted that Japan should have a plan to create a digital currency first before worrying about challenges that a digital currency might encounter.

He stated that Japan should weigh the benefits and demerits of a digital currency issued by the government and make sure all essentials for building a CBDC are available when it’s time to develop one-


“in the end, Japan must think really hard about whether to issue CBDCs because there are merits and demerits in doing so”.


It was said that Coinfomania reported last year that research on digital currency has started in Japan. A group of researchers from Apex bank were said to have released a paper on the benefits and shortcomings of issuing a CBDC according to the report.


The commissioner stated that the country’s stance on making cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) illegal might backfire on technical innovation –


“Deregulating bitcoins and other cryptocurrencies may not necessarily promote technical innovation. If doing so simply increases speculative trading, we are not taking special steps to promote cryptocurrencies”.


The effect of the Covid-19 pandemic has seen to financial institutions globally finding solutions to ease the economic wreck. Research are being made also to cushion any economic problems that might arise in the future.


Himino has a track record of heading different notable financial organizations globally including the Basel Community on Banking Supervision and Japan’s Financial Service Agency. He is currently the Japan’s Financial Service Agency Commissioner. He was also the secretary-General of the Basel committee on Banking Supervision.

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Millennials Opt for Tech Securities while Generation X Investors Go for Gold

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JPMorgan Chase & Co. discovered interesting distinctions in trading patterns between two markedly different generations. It appears that the older generation X Investors would rather go for less volatile securities like bonds while millennials or the generation Y explore tech securities like Bitcoin, Ethereum and other digital assets.

The pandemic induced lockdown revealed the behavioral pattern of investors across different generations and age groups although leaving a few exceptions. The lockdown showed that investors are seeing the need for substitute securities. A team of strategists led by Nikolaos Panigirtzoglou discovered that while the younger investors are exploring the world of Bitcoin and other Altcoins,the older generations are purchasing gold.

It appears that the Generation Y is crazy about tech shares by buying into testnets and what have you, whereas the older investors are still very much on selling traditional equities.

The strategists stressed in an Investment Analysis Report on August 4 that:

“The older cohorts continued to deploy their excess liquidity into bond funds, the buying of which remained strong during both June and July,” 

A 46% global surge in stocks shows an increased retail investor demand this year. This is a sharp contrast against March’s lows. 

The global gold-backed exchange-traded funds is experiencing a positive turn of events. The Blockchain space is also undergoing  augmented rallies in cryptocurrencies due to the activities of enthusiastic Millennial investors. Many of these investors understandably show amateurish moves in trading which is obvious in their smoothed trading choices and increasingly volatile  options.

Nevertheless,  Bitcoin has been compared and contrasted with gold. The team of strategists made a point of highlighting that both the older and younger generation understand that there’s a gradual shift to alternative “currency” and this has impacted positively in investments in Gold and Bitcoin Exchange Traded Fund over the last 5 months. Meanwhile the Dollar appears to be going south as the Bloomberg Dollar Spot Index has plunged by approximately 1.7% over the same 5 months. This has instigated controversies as to whether the Dollar is going to experience a continual downturn.

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