Venezuela: 49 Retail Stores Start Accepting Crypto Payments Using Pundix’s PoS Devices

One of the largest chains of department stores in Venezuela, Traki, is set to start accepting cryptocurrency payments at its 49 retail stores thanks to PundiX’s point-of-sale (PoS) device XPOS.

According to a press release, the Singapore-based blockchain firm’s devices are helping Traki’s 49 stores accept ten cryptocurrencies, including BTC, ETH, BNB, DAI, and NEM. The stores will also accept lesser known cryptocurrencies like KuCoin Shares (KCS), Kyber Network (KNC), and Digix Gold Token (DGX), as well as PundiX’s own NPXS and NPXSXEM tokens.

Zac Cheah, co-founder and CEO of the Singapore-based startup, was quoted as saying:

Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system. We hope the XPOS further expands the crypto use cases that customers have come to expect from Traki.

Michael Gomez, Traki’s chief of cryptoasset, noted the company is always looking to offer its customers the “most convenient options,” and added cryptocurrencies have proven to be an effective payment solution.

Venezuela’s economy has been suffering from hyperinflation in the last few years, which has been seeing the country’s situation worsen as time goes by. Per Bloomberg’s Café Con Leche Index, Venezuela’s annual inflation ration over the past 12 months was of 35,900%. PundiX notes the situation makes cryptos “a necessary form of commercial trade.”

Bitcoin trading volumes on the peer-to-peer crypto exchange LocalBitcoins have hit an all-time high earlier this year in Venezuela, seemingly as a result of the country’s situation. While some tout Dash is the most widely-used crypto in the country, the assertion has been questioned.

PundiX’s XPOS device is being used in over 30 countries, the press release adds, and the company is said to be planning to roll out an addition 100,000 to the market by 2021.

Rng Security Camera Hackers Start Demanding Bitcoin Payments From Victims

The owners of a Ring doorbell security camera in Texas have been targeted by a bitcoin extortion attempt, which they managed to thwart simply by removing the device’s batteries to shut it off. The case, nevertheless, shows Ring security camera hackers are now demanding cryptocurrency payments.

According to a report published by WFAA, spotted by Gizmodo, 28-year-old Tania Amador revealed her Ring security system was hacked by hackers looking to cash in on their access to the device, by demanding a ransom of 50 bitcoin, equivalent to around $360,000.

Speaking to WFAA Amador stated:

I was asleep and our Ring alarm was going off like an intruder had entered our home. Then we heard a voice coming from our camera.

The voice initially started claiming to be from Ring’s support team, notifying the homeowner her account had been terminated by a hacker. It soon added that if the didn’t pay the 50 bitcoin ransom, she would be terminated as well.

The situation appeared to turn worse for Amador and her partners, as the hackers managed to make it look like they were just outside her door after compromising the security camera, adding to the pressure of the situation. Their response was to reach the device and remove its batteries.

Without their batteries, the hijacked cameras simply went off and the bitcoin extortion attempt ended. Ring has notably been at the center of a controversy after various reports pf its doorbell cameras being hacked started emerging. A report by Motherboard showed that on hacking forums, software used to hack these devices is being sold for as little as $6.

This type of software is often sold on the dark web, where vendors even list Black Friday deals to appeal to their customers. Speaking to WFAA, a home security firm claimed that these security breaches were a result of third-party data breaches that include Ring account details, and not a security flaw within Ring’s security system itself.

Featured image via Unsplash.