A Freshman 51% Attack
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 24 October 2018
⏱️ 7 minutes
🧾️ Download transcript
Summary
- Police in the Indian city of Bangalore have seized an ATM just weeks after it was set up by local cryptocurrency exchange Unocoin.
- A college freshman is coming after your cryptocurrency – but not to steal your coins, just to prove that someone could do so pretty easily.
- The Financial Services Agency, also known as the FSA, Japan's finance regulator, has formally approved a cryptocurrency exchange association as a self-regulating industry body.
- Over a million dollars' worth of bitcoin has been hidden in a digital picture – and there's still some left to be found, despite attention from cyber-sleuths.
- The U.K.-based settlement infrastructure provider Setl has been granted a license from France's securities regulator to operate a central securities depository system using blockchain tech.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Police in India have arrested the co-founder of crypto exchange Uno Coin. |
| 0:06.5 | Good evening. I'm Bailey Reitzel, and this is late confirmation from CoinDesk, bringing you the top stories from October 24th. |
| 0:14.3 | Also on today's show, regulators in Japan have paved the way for a new era of self-regulation for cryptocurrency startups. |
| 0:22.2 | And a blockchain startup founded by an MIT professor has raised $62 million in new funding. |
| 0:29.1 | Stay tuned for more on these stories on today's show. |
| 0:34.1 | Police in the Indian city of Bangalore have seized an ATM just weeks after it was set up by local cryptocurrency exchange Unokoin. |
| 0:43.0 | In a news report on Wednesday, the Times of India said that Harish BV, co-founder and chief technology officer at the Unokoin Exchange, was arrested on Tuesday while attending to the crypto ATM installed in a |
| 0:55.7 | shopping mall that was unveiled on October 14th. According to the report, the central crime branch |
| 1:01.5 | of the local police force seized the ATM, two laptops, a mobile phone, three credit cards, |
| 1:07.7 | five debit cards, a passport, and Indian rupees worth about $2,500. |
| 1:13.3 | Uno Coin is one of several cryptocurrency exchanges in India that have so far survived a bank |
| 1:18.3 | ban issued earlier this year by the Reserve Bank of India, the country's central banking authority. |
| 1:23.6 | As domestic banks stopped offering financial services to crypto exchanges, Unokoin launched the ATM |
| 1:29.2 | to allow investors to directly deposit Indian rupees to their accounts with the exchange. |
| 1:34.2 | Yet police officials are said to have claimed that Unokoin is not authorized to operate this type of machine. |
| 1:42.0 | Next up, a college freshman is coming after your cryptocurrency, but not to steal your |
| 1:47.1 | coins, just to prove that someone could do so pretty easily. |
| 1:51.3 | According to the crypto enthusiast and security researcher, going by the handle GeoCold 51, |
| 1:57.6 | most small-scale cryptocurrencies are at risk from the industry's most feared vulnerability, |
| 2:02.6 | the 51% attack. |
| 2:04.4 | During this attack, a miner takes over more than half of the cryptocurrency's mining power, |
| 2:08.7 | which then allows them to erase a past transaction and replace it with another transaction, |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.