Connect with us
CLOSE

Bitcoin Scams

Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds

Published

on

Altsbit

The Altsbit crypto exchange based in Italy was the latest to suffer a bitcoin robbery or a hack attack with its hot wallet being completely emptied by cybercriminals. In our latest crypto news, we take a closer look at what exactly happened.

Altsbit announced the news of the hack in a tweet that was published on Thursday and the announcement read:

‘’Unfortunately, we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.’’

From the announcement, it seems that Altbits had almost all of the funds on the hot wallets despite their major vulnerability to malicious cyber intrusions. The Italian crypto exchange will provide a full report on the lost funds soon and we will be able to see exactly how big of damage the theft made. In the follow-up tweets of the exchange, however, can be seen that the hackers stole 1,066 Komodo tokens and 283,375 Verus coins. This combined the value of both stolen cryptos stands at about $27,000.

At press time, Altsbit had a 24-hour trading volume of $14.8 million with 98% of its trading activity coming from the ARRR/BTC pair which is the native token of the pirate Chain. Reacting to the news of the hack, some of the supporters of decentralized exchanges noted the vulnerabilities of the platforms that are centralized. However, centralized platforms still command the grater trading volume as the DEX services have a notoriously hard way of navigating the user interfaces.

As for the security situation with centralized crypto exchange platforms, the 2020 crypto crime reports by Chainlink show that the exchanges seem to be better equipped to deal with the hackers. Despite the increase in the number of hack attacks, the blockchain analysis firm explained that the total amount of stolen funds in the hacks declined dramatically from the previous year.

One of the important strategies that exchanges use is to limit their hot wallet holdings and this will show any inside involvement since the hackers are less sable to drain the vast crypto sums from vulnerable hot wallets. The North Korean hack group Lazarus, is suspected of being behind most of the crypto exchanges in the Asian Pacific and now it seems that it is changing its attack vectors. The group utilizes phishing malware on popular messaging platforms such as Telegram.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Bitcoin Scams

US Court Postpones OneCoin Crypto Scam Sentencing

Published

on

By

us court postpones
The sentencing for the co-founder of the major crypto scam OneCoin has been postponed for a further three months by the US Court, as we can see in the crypto news updates today. On April 7, the New York Southern District Court approved a motion to adjourn the sentencing control date for Konstantin Ignatov, brother and accomplice of the OneCoin co-founder and current fugitive, Ruja Ignatova (known as the "Cryptoqueen"). Ignatov's sentencing date will now take place on July 8, 2020. It was originally set for April 8 but the new update shows a new data. As reported in our Bitcoin scams before, the US Court postpones the crypto scam - being one of the industry's most infamous exit scams. Founded in 2014, the Bulgaria-based firm remained fully operational until late November 2019, despite the ongoing criminal proceedings in the wake of the allegations that it had raised (with frauds) - totalling to 4 billion euro ($4.4 billion) in a Ponzi scheme. Following the arrest of Ignatov at the Los Angeles International Airport in March 2019, we could see how he pled guilty to participating in the multi-billion dollar fraud in fall 2019. He now faces up to 90 years in jail. Meanwhile, the Bitcoin scams news show that as the US Court postpones the OneCoin sentencing, the sister of Konstantin known as the "Cryptoqueen" is still on the run. However, Konstantin has served as a cooperating witness in the trial against Mark Scott, a lawyer who allegedly helped launder around $400 million via the scam. In a letter from April 6, the US government claimed that Ignatov's cooperation was "not yet complete" and with requesting adjournment, the government sought to unseal a series of documents. They also noted that the defence had consented to its application. As we reported before, Ignatov has previously testified that after his sister had fled, the security personnel that accompanied her told him that she had met with Russian speakers. According to one investigative journalist, Ignatova claims to have the support and protection of an unnamed "rich and powerful" Russian individual. However, the US Court ruled out many accomplices to Ignatova. Besides her brother, another individual named Mark Scott was found guilty of helping her launder the ill-gotten OneCoin funds via a wide network of fake companies, offshore bank accounts as well as sham investment schemes.
`
Continue Reading

Bitcoin Scams

QR Bitcoin Scammers Stole $45,000 In March

Published

on

By

qr bitcoin scammers
One network of QR Bitcoin scammers using code generators has stolen more than $40,000 from Bitcoin (BTC) users in one month only, the latest cryptocurrencies news show. The network included at least nine fake Bitcoin-to-QR generators which have been spotted in recent weeks. The security researcher named Harry Denley first tweeted about this in the Bitcoin scam news, saying that he identified two domains related to the QR Bitcoin scammers which hosted fake code applications. Later on, the researcher identified seven other domains sharing the same interface. With it, he suggested that they are all created by the same developer. https://twitter.com/sniko_/status/1241364008927666178 As you may not know, the QR Bitcoin scammers work with a malicious program which promises users to convert their BTC address into a QR code, therefore claiming to eliminate the risk of the user losing their funds as a result of typos when entering or sharing their address. This service is offered by every popular block explorer and the most mobile wallet applications. However, the QR code generated by the programs is always the same address which diverts the victims' funds to the malicious program and its developers. The supposed QR generators correspond to five different wallets, absorbing more than seven BTC (likely from the apps' victims). The malicious website domains linked to the QR Bitcoin scammers include the following:
  • bitcoin-barcode-generator.com,
  • bitcoinaddresstoqrcode.com,
  • bitcoins-qr-code.com,
  • btc-to-qr.com,
  • create-bitcoin-qr-code.com,
  • free-bitcoin-qr-codes.com,
  • freebitcoinqrcodes.com,
  • qr-code-bitcoin.com, and
  • qrcodebtc.com.
These websites are all hosted by three different servers which collectively host around 450 other websites that appear sketchy in a way. The sites feature keywords related to coronavirus, Gmail and various other cryptocurrencies. Among the sites, there are also a couple of purported "Bitcoin transaction accelerators," which claim to speed up BTC transfers in exchange for a 0.001 BTC. The addresses associated with the supposed 'accelerators' have so far absorbed more than 17.6 BTC which is roughly $110,000 at press time. The QR Bitcoin scammers are kind of a new thing in the Bitcoin scam news. Recent scams have also impersonated the World Health Organization (WHO) in an attempt to siphon donations and took the form of apps purporting to track the spread of the coronavirus.
`
Continue Reading

Bitcoin Scams

Crypto Scammers In Jail Beg To Be Released To Avoid Coronavirus

Published

on

By

crypto scammers
Crypto scammers held in jails demand to be released from prison because they are afraid they will catch the new Coronavirus or COVID-19 that is spreading fast around the globe. As the state of New Jersey aims to prevent a new wave of invections during the lockdown, the crypto scammers in jail, beg the courts to release them and to avoid infections as we are reading in the following crypto news. Two men that were accused of scamming investors out of more than $722 million through a Ponzi scheme, were found begging the New Jersey federal court to allow them a temporary release during the coronavirus outbreak. Jobadiah Sinclair and Matthew Brent filed multiple motions over the past four days citing concerns about their health during the COVID19 pandemic. According to the news, their attorneys claim that the Essex County Correctional Facility has ‘’exceptionally poor record of maintaining detainee health’’ and one of the attorneys even commented that:
‘’It is not a matter of ‘if,’ but ‘when’ the DOC has its own COVID-19 outbreak… Once the virus is introduced, it will be nearly impossible to stop its spread… The risk to Mr. Goettsche’s health and safety grows with each day that he remains incarcerated at the DOC.’’
Other attorneys cited the same claims. They say that this facility is being at risk mainly because of the many health and safety-related issues which includes leaks that cause molds on the walls and poorly maintained food equipment and even expired foods as well:
‘’Given the noted risks of illness through inadequate food service and environmental safety at the Essex County Correctional Facility, a swift outbreak of COVID-19 at the facility is virtually inevitable.’’
The attorneys even pointed out the fact that if they remain behind bars, they will not be able to meet with their legal counsel which would seriously endanger the clients from being able to prepare for their defense cases. The new guidelines include ‘’severe limitation’’ of attorney visits to the facility:
‘’This means we will only learn whether we can or cannot have a contact visit with Mr. Goettsche on site, upon physically appearing at the DOC.’’
Both crypto scammers now can meet with their attorneys in closed quarters to review electronic material in order to reduce the risk of infection. The correctional facility in question also considers a 23-hour lockdown to avoid the spread of the virus but one of the lawyers pointed out:
‘’Mr. Weeks cannot access this information electronically; he cannot participate in an online/virtual meeting with counsel… In short, continued detention of Mr. Weeks during this pandemic cripples his ability to participate in the development of his defense.’’
`
Continue Reading

Bitcoin Scams

How To Avoid The Dangerous Adobe Flash Malware Named “Shlayer”

Published

on

By

how to avoid
A recent investigation by the Kaspersky team focused on the Adobe Flash malware known as "Shlayer" outlining steps on how to avoid it. As you may know if you read our Bitcoin scam news before, the malware deploys an "Any Search" bar on a victim's computer through fake Adobe Flash updates and is the most popular Mac malware out there. Ars Technica is another company which came with a detailed breakdown of the investigation which is worth a read, but you should know the easy way to keep your Mac safe from this Shlayer malware and how to avoid it as well as other similar viruses. Simply put, the easiest way to learn how to avoid the dangerous Adobe Flash malware is the be smarter about what you are clicking on. Even though you can circumvent ads like these with an adblocking browser or content-blocking extension or an antivirus or anti-malware program, the best way to avoid them is common sense. The truth is, you should not rely on extra software to spot potential malware attacks masquerading as Flash Player updates, video plugins or pirated content at this point. The Adobe Flash malware "Shlayer" might be a few years old but the classic malware setup is using fake Flash Player downloads to install things you don't want. So, the obvious way is to learn how to avoid it. Besides, lash has been largely abandoned by web developers and will soon lose legacy support on Chrome and other browsers. That said, you should know how to avoid this malware but also avoid focusing on programs like these. There is absolutely no reason to install, update or use Flash Player to access online content in 2020 except for rare cases. But none of those exceptions includes watching illegal streams of sports events, leaked movies and more. And if you need to download Flash, you should get it directly from Adobe's official website. The Shlayer Adobe Flash malware made a lot of waves in the crypto news earlier this year for apparently affecting 1 in 10 Mac devices. Whether you are  trying to download the app for crypto-related purposes or not, you should always be 100% careful and know the risks.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





NEWS CATEGORIES

ADVERTISEMENT

cryptocurrency review
FO5F93F47156 - Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds

ADVERTISEMENT

Medium Rectangle 300 200 2 Animated - Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds

ADVERTISEMENT

oasistrade banner

ADVERTISEMENT

300 250 - Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds
FO710FC3F2305 1 - Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds

ADVERTISEMENT

300 600 3 - Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds

Trending Worldwide