Forex-News has been the world leading economy news website since 2005. It has been a joyful path full of changing variables in this changing world. During the last three years we have also covered some of the most important news regarding Bitcoin and other cryptocurrencies. Wherever the news are, we are there.
Ethereum Classic

Caught for mining cryptocurrencies with Baidu servers


Cryptocurrencies are one of the most important technological advances in recent decades. They serve to create decentralized applications or smart contracts, also as a financial asset. However, there are extremes to benefit from them, as the Baidu employee did, locked up for stealing computing power to mine.

The value of cryptocurrencies

Very few today can deny the value of cryptocurrencies in the modern world. Recognized as a novel technology with dozens of different uses. Also as virtual currencies with their own value, which can be used to acquire goods and services, or to be exchanged for Fiat money.

This is the reason why, in recent years, the number of cryptocurrency exchanges has proliferated. As well as that of cryptocurrency traders, in search of profit from the sale and purchase of financial products related to the crypto world. Either with the direct acquisition of virtual currencies, or the use of instruments such as future contracts.

Furthermore, and beyond this, cryptocurrencies have turned out to be extremely useful in recent years. Above all, as a means to carry out international financial transactions, without having to carry the heavy mechanisms to make cross-border transfers from traditional banks.

Therefore allowing the foundation of companies, the location of capital, and of course, the realization of international donations, practically instantaneously and with low commissions. Something that the traditional financial system can not boast, slow and expensive by the standards of the modern world.

Theft in Baidu

Looking at all the utilities that cryptocurrencies have, it is not surprising the attempt of an employee of Baidu, the Chinese search engine equivalent to Google, to mine cryptocurrencies using the company’s servers. Managing to mine Monero worth $ 14,300, using at least 200 company servers.

, Caught for mining cryptocurrencies with Baidu servers, Forex-News, Forex-News
Baidu is one of the largest companies in China, with enough servers to mine large amounts of cryptocurrencies.

This employee’s name is An Bang, a Senior Search Engine Maintenance Engineer. Who took advantage of his position to install, between April and June, Monero mining scripts on the company’s servers. Which was detected by Baidu, the company contacting the police, who eventually arrested Bang.

Because of his criminal actions, Bang was fined $ 1,570 and sentenced to three years in prison, on charges of illegally taking control of computer systems.

Thus showing that some people would be willing to do to make a profit from cryptocurrencies. In addition, the terrible consequences that a bad decision in this regard can have. Making this our Today’s Data here at CryptoTrend.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More