Partner, head of group counseling on prospective technologies KPMG in the CIS Nikolai Legkodimov told Delo.UA the status of cryptocurrencies, the possible ways of fraud with them about the prospects of bitcoin in the global market
Ukrainian regulators warn about possible fraud with cryptocurrency. What kind of fraud you have encountered in your practice?
For example, there are case when the company goes on ICO. One of the important steps here is a marketing campaign â€” you for all of the communication channels start address information of the smart contact that you need to dump bitcoins. In response, smart contact will give you a token with some of your rights. This is essentially the same address as the wallet. There are people who are embedded in this marketing campaign, but indicate another address of the wallet. Inconsiderate people can throw money on the “left” purse. The situation is no different from that when, for example, is a major tragic event and people are starting to collect money to help and there is always 1-2 people that have the same agenda, but specify a different account number.
There are comical things. In the Russian media recently was the case when the man came home and showed his wife that he bought bitcoin, as he has promised that they will grow. In fact it was just a stamped coin.
There are also serious fraud, with targeted attacks on the exchange. Cryptocurrency exchange is a website, software package, attached to the Bank through which calculations are carried out. This website, like any such system, subject to some attacks, depending on how it administrireba, as it is written, how it is managed. On the Internet described several cases with exchanges have gotten a lot of money. Is the risk not even for exchange (for it is a reputation history), and for specific individuals, the exchange will not be responsible for the risk holders wallets.
How to protect yourself from such fraud on the stock exchange? There are some ways?
Here methods of protection are the same as with your money in the Bank. There is online access, you log in to your account and conduct operations. If the code is written badly, if the administrator of this online Bank game, there are a certain set of vulnerabilities, which can be used to put your money somewhere and then pick up cash from the Bank. Similar situation with cryptocurrencies and, therefore, cryptomeria and cryptobranchidae â€” deficiencies in the work or competence of technical specialists help transfer funds into the attacker need a purse. There is, however, the features in bitcoin, for example, transactions on the wallet visible to all the participants and you always see what the chain went your money â€” another thing that is a chain of anonymous, in the General case, wallet while in the traditional currency of the whole chain you need to construct yourself â€” you put the money in the Bank, and then between accounts, payments… This chain is not shown by default, it needs to build. But if you ordered the money and went to cash, then immediately lost.
If companies have started to transfer money into bitcoins, ethers â€” it would help to fight corruption? Because all transactions are visible.
Yes, if it was a trusted registry stating which wallet belongs to whom. Ukraine is a pretty big state, so it was a matter of months or a few years, but hypothetically, if the bulk of the calculations to transfer the bitcoin or similar cryptocurrency tracked, it would be possible to reduce the risks that money appear from nowhere and go nowhere. But you need to create a separate tool. Wallet in bitcoin is not tied specifically to you, there is no database in which the default would be spelled out a bunch. When it is important to comply with the legislation, this bunch need to do specifically for a exchange. You are recorded there as in the Bank â€” identification through SMS, please send scan of the passport, some data. The technology allows the wallet was anonymous.
Tell me, how does cryptocurrency exchange and what patterns of fraud (except for output) there can be? With the same value of cryptocurrencies â€” could she fraudulently influence or in any way?
This is not a fully efficient market. Different cryptocurrencies on exchanges to be traded at different prices. It’s okay with the goods too. There is an element associated with the technology of the blockchain, the delay element of how one transaction is confirmed by all participants. There is a case of game on such delay. And if anything, it’s just the exchanger. The website linked to the Bank account. there is a sub-account users (in some currency or currency pair which he has), it’s a mutual clearing â€” the money the firm has in the Bank, ensure that the oncoming debts to each other. The same risks that are on the exchange, to manipulate the cost of traditional (paper or commodity) exist here too. There is a mechanism of “glass” to implement the basic exchange rules â€” and counter-flow of requests for purchase and ready for sale. As soon as they meet the deal.
Once a person who is willing to buy at a minimum price, and the man who is ready to sell, meet â€” they have a “bow”.
Here the same principle, the exchange exists to manage the average price of some asset.
Is it possible to fake cryptocurrency?
No, there are certain attacks that allow you to break some properties of the blockchain. But in General, due to distribution, due to the fact that the participants in the chain must have the same database, the risk is minimal.
How protected those who invest in cryptocurrency?
How secure is the investor on forexoma market? You put money into Japanese yen, it may go up, may go down. This is the risk you take as a trader. Here volatility is much stronger than the yen, but there are traditional currency, which show too high volatility. How you are protected as an investor in equities? Yes, protected, the companies that went to IPO came consultants, banks and looked at them. But cases when something cost a lot of money at IPO, and then begin to cost as the cost of the paper on which it is printed â€” a lot. It’s just the risks you take. As in any trading activities â€” you can make money, can lose.
If to speak about the status of cryptocurrencies, given that they are not legalized in Ukraine â€” they can possess, they can mine?
It is not forbidden and punishable. For example, the case in the basin of the claim was not the actual fact of mining. There was a story using someone else’s electricity, it is worth something. The second, more serious case, with laundering. There was a claim, just the fact that people withdraw money from Ukraine, bypassing the foreign exchange and under.
How provable conclusion and laundering in the case of cryptocurrencies?
I think that sooner or later all the operations of the land Bank.
Coffee already be a bitcoin to pay, in some places you can buy a house. But for life you need traditional money. So it will be a long time.
In Russia there is another aspect. There is mandatory certification of cryptographic means. There are a set of cryptographic mechanisms that can be used, and all the other impossible. Cryptography, upon which all modern cryptocurrencies, it obviously does the FSB not certified. It may sound comical, but this gives rise to the state come and confiscate these cards are not for bitcoin and not for laundering, which is still necessary to prove, and in the absence of a certificate.