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The hacking of exchanges and relentless attacks from financial powers have, in the short run, adversely affected the price of Bitcoin. However, once the news about these adverse effects fades, investors will be able to turn their focus to several bright ongoing developments. What Doesn’t Kill Bitcoin Makes It Stronger The recent spate of crypto exchange hacks, ongoing regulatory issues, and reports of an investigation into possible price manipulation have sent the price of Bitcoin
The Coinrail hack of June 10, 2018, led to the theft of more than $40 million in cryptocurrency. Although not one of the more prominent exchange platforms, the Coinrail hack is yet another reminder of the tenuous nature of the emerging digital currency landscape. More Hacking Incidents in 2018 According to CryptoAware, more than $670 million was lost due to cryptocurrency hacks in the first quarter of 2018. This figure has risen to $1.1 billion
Some PoW currencies are using the same mining algorithms as their larger counterparts, making it much easier to hack the smaller networks with a 51% attack. Network Security Blockchain technology is revered as being a completely secure system, but that isn’t necessarily the case. The tech is still relatively new. Also, as the price of popular cryptocurrencies increase and there’s more of a reward for attacking it, more and more people will look for inventive
A joint force, comprised of regulatory bodies from the U.S. and Canada, has announced that they will be facing cryptocurrency scams head-on and will investigate companies which do not practice the best principles. Coming Together to Form ‘Operation Cryptosweep’ The Texas State Securities Board has just announced that they have joined a joint American and Canadian force to help combat fraudulent cryptocurrency-related operations. The TSB will be one of the force’s 40 organizations, which originate from
Researchers were able to detect malicious Chrome extensions that could be used for secret cryptocurrency mining. Hackers Targeting Cryptocurrency Users With the recent rise of digital asset traders and investors, many hackers and other cybercriminals are targeting cryptocurrency users. Many major cryptocurrency exchanges have also advised their users to enable certain security features like 2-factor-authentication and SMS authentication. Most cryptocurrency and cybersecurity experts advise digital asset investors to store their cryptocurrencies on hardware wallets like the
Law enforcement officials in Greece have reportedly prevented an assassination attempt on Alexander Vinnik. The Russian National, Vinnik was arrested while holidaying in Greece in 2017 on charges of crypto fraud and money laundering. Both the United States and Russia have laid claims against the suspected hacker. Details of the Assassination Attempt According to media reports, law enforcement agencies in the country received credible intelligence of a plot to eliminate Vinnik via poisoning. In response,
In a recent case, the London police were able to seize $700,000 worth of Bitcoin from Grant West, a notorious hacker. Cryptocurrency Seized A recent article from USA Today reports that the London Metropolitan Police managed to seize cryptocurrencies from a prolific hacker. According to the report, Grant West was arrested last year on a train by British police, who were working with Scotland Yard. The British police force was able to seize cryptocurrencies worth
A duo dubbed the “Discount Bitcoin Bandits” have been charged with stealing thousands of dollars from individuals intending to purchase cryptocurrency in the Los Angeles Area. Bitcoin Bonnie and Clyde? Precious Lanay Fitzgerald and Lawillie Joshua Hall, the man and woman known as the “Discount Bitcoin Bandits,” each face multiple charges after they are accused of stealing approximately $90,000 in a fraudulent Bitcoin scheme. According to a report released by the LA District Attorney’s Office, the pair allegedly posted
The Dubai police have arrested a 10-man gang that stole AED7 million (about $1.9 million USD) from a prospective bitcoin buyer. The arrest comes less than 48 hours after the police received a report of the robbery incident. Police authorities say recently integrated artificial intelligence (AI) technology in the police force helped with the timely arrest of the gang. How the Alleged Bitcoin Robbery Occurred According to the details released by the police, the gang
The Leominster Public Schools District has become the latest victim of a Bitcoin ransomware cyberattack. The school district was forced to pay $10,000 in Bitcoin to unlock their system. Details of the Cyberattack On April 14th, suspected hackers took over the computer system of the Leominster Public Schools District in Massachusetts, shutting it down. According to Paula Deacon, the superintendent of the school district, a lock was placed on the computer system and a ransom
The rise of cryptocurrency has brought many opportunities for investment, but such wealth potential has also attracted criminals. A recent example is of a Bitcoin robbery in Singapore, in which the victim was robbed of over $278,000 USD. The Singaporean police force has recently announced a robbery case involving a Bitcoin transaction. Pang Joon Hau, a Malaysian man, traveled to Singapore on April 8th in search of Bitcoin sellers. Carrying Lots of Cash Not a
A group of police officers in India have been arrested for an alleged Bitcoin extortion plot where they kidnapped and beat a businessman for his cryptocurrency. It seems that crimes associated with cryptocurrency just continues to rise. Each week brings new media reports of ransomware attacks and cryptojacking. There have also been quite a few incidents of face-to-face criminal attacks over cryptocurrency, which usually ends in the police being called in. However, what to do
Mark Karpeles, the former CEO of Mt. Gox, recently made comments about his distaste for Bitcoin, admitting that he no longer has any bitcoin or other cryptocurrencies. No Longer a Fan It has become apparent that Mark Karpeles, former owner and CEO of the now defunct Mt. Gox exchange, has lost faith in the appeal of Bitcoin and other cryptocurrencies. He recently expressed some negative comments concerning the cryptocurrency space on a recent Reddit post.
Hancock Regional Hospital in Greenfield, Indiana, was hit hard with a ransomware attack in January 2018. To protect patients the hospital decided to pay the hackers, its CEO Steve Long is now educating others. The Attack on Hancock Regional Hospital Though prepared for such an attack, the hospital systems were targeted during a flu outbreak and a snowstorm. To protect patients, CEO Long decided to pay the attackers the cryptocurrency ransom equivalent to $55,000 USD.
The FBI’s Internet Crime Complaint Center has noted a drastic increase in online crime, with crypto holders being targeted by dodgy helplines and tech support centers. Most companies want to keep the customers happy. Satisfied clients are more likely to be loyal and to refer the given company to their friends and family. One way that businesses try to keep their clientele happy is through support contact centers. However, criminals are looking at these helplines
Atlanta is the latest local government to have its computer system attacked by hackers. The criminals are demanding $51,000 in Bitcoin to remove their ransomware. It’s been a quiet few months on the ransomware front. The last notable attack targeted a hospital in Indiana back in January, but now a new target has been hit. The city government of Atlanta, Georgia, reports that their computer system was targeted by hackers in a ransomware attack. The
Hackers involved in the high-profile Coincheck heist earlier this year may have successfully converted half of the stolen NEM tokens into other digital currencies. Hung out to Dry As reported by Japan Today, hackers involved in the large-scale Coincheck heist may have utilized the anonymous “dark web” — which has proved troublesome to investigators trying to track the stolen cryptocurrency then valued at roughly $547 million. According to a cybersecurity expert, hackers created a website
If you are the average cryptocurrency enthusiast, chances are that the majority of your portfolio is sitting in the wallets of a crypto-exchange. While it does seem safe, your hard earned money is just a hack away from becoming the victim of a Mt.Gox-like hack in no time. Scams. Scams Everywhere. Fake Vitaliks. Fake McAfees. The twitter handles you are commenting on, are they even authentic? Is the blue tick even real? In an average
Apple co-founder Steve Wozniak has long been a fan of Bitcoin and cryptocurrency, citing their purity as attractive in a manipulative world. In fact, he’s added to his already sizable fortune with some shrewd Bitcoin trades. He too, however, has fallen victim to fraud. ‘It Was That Easy!’ Apple co-founder Steve Wozniak is a big fan of Bitcoin — or, at least, he used to be. Wozniak first bought into Bitcoin when it was worth $700,
Japan is one of the world’s most crypto-friendly nations at the moment. It made digital currencies legal tender in April last year and enjoys a free and unfettered crypto trading environment. The drive behind this adoption of virtual currencies is an efficient and structured framework of regulation. This is about to be improved with the merger of two of the country’s leading cryptocurrency groups. According to reports the Japan Blockchain Association and the Japan Cryptocurrency
The Coincheck exchange hack sent shockwaves through the crypto community, and analyst Nicholas Colas says to expect more such hacks in the future. The hack of the Japan-based Coincheck crypto exchange last week was huge. Roughly 523 million of its NEM coins were stolen, causing the exchange to shut down all withdrawals, except for Bitcoin. The overall value of the stolen coins is around $534 million. However, the crypto market stabilized pretty quickly, but more
The cryptocurrency market is at an all-time high as coins recover from a brief holiday bear season into a bullish New Year. But could this unprecedented growth in value attract cybercriminals? Currently, there is a huge bullish run by Bitcoin and other alternate coins on the cryptocurrency market even with the recent correction that saw Bitcoin slightly drop in value over the holidays. However, now that the New Year has kicked off, cryptocurrencies are going
As Bitcoin and other cryptocurrencies gain popularity as a mode of payment transfer, it has become common for the average Bitcoin user to be scammed by an anonymous identity who requests payment for some work is then never heard from again. The decentralized nature of cryptos certainly has a tradeoff – unlike a credit card or bank transaction that can be reverted, a cryptocurrency transfer once confirmed is permanently recorded on the Blockchain. This is
