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Bitcoin Scams

Angry Crypto Investors From Africa Burn Down Scammer’s House

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Angry Crypto

Angry crypto investors from South Africa went after the person behind the Bitcoin Wallet Ponzi scheme as we previously reported here in our latest cryptocurrency news.

Many of the investors put their money into the Bitcoin Wallet scam hoping to double their money so they decided to burn down the house of the operator of the cryptocurrency scheme, Sphelele Sgumza Mbatha.

According to the Times, the angry crypto investors set Sgumza’s house on fire and other properties as well that belonged to Mbatha who reportedly was the operator of the scam which was based in Kwa-Zulu Natal’s town of Ladysmith. Among the many items that got destroyed in the fire, including a very luxury vehicle that belonged to Sgumza. Before setting the house on fire, his house also got looted with furniture and electronic items getting stolen and driven away in a light truck. It was not clear whether the looting had something to do with the angry crypto investors or just opportunists.

The people that invested in the scam have previously gone after Sgumza to no avail. The hunt started on Tuesday night when the investors tried to get into the Bitcoin Wallet’s premises in a bid to try and get their money back after the news emerged that the investment scheme had collapsed. In the process, the staff of the company was assaulted by the angry investors before they were taken away to the local police station. The fake reports noted that Sgumza has been arrested which led to a massive group of people to go to the police station.

Just a few weeks ago, Sgumza earned the nickname ‘’Lord of Ladysmith’’ because of his luxurious lifestyle. On the streets, he became very popular as the Bitcoin Wallet’s popularity grew. The trigger for the bad turn came over the weekend after the reports stated that the Ponzi scheme has closed the shop after running out of money to pay the investors. Bitcoin wallet, of course, denied the reports saying that they are only moving operations online in order to cater to the massive demand.

As noted in the altcoin news, Sgumza disclosed that the Bitcoin Wallet website has been hacked. He also later claimed that he was not the CEO of the company but only an employee.

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Bitcoin Scams

Crypto Hacker Steals 30,000 EOS Through Gambling Dapps

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Crypto hacker managed to steal 30,000 EOS tokens by exploiting gambling dapps on the network by simply congesting the network and he managed to create a winning outcome every time as we are about to read more in the latest cryptocurrency news. As pointed out by the community members on Twitter, the crypto hacker managed to steal more than 30k EOS by simply manipulating some winning conditions in gambling Dapps. They first started renting a massive amount of CPU and NET at EOS’s REX resource exchange. By staking the CPU and NET for themselves, the crypto hacker was able to price out a huge part of the user transactions. When the network got congested, the hacker started some contracts to the gambling dapps and because these dapps rely on transactions to determine winning conditions, they are easily manipulated. The congestion means that only the hacker and the app that gets attack have enough CPU to operate. This prevents the developers from stopping the attack right away when they discover it. EOS overtook Ethereum as a platform preferred by the users of the dApps and now the vast majority of the traffic comes from gambling applications. However, some of the reports suggest that a lot of this could be because of the bots and dapps are also struggling to attract genuine users. The crypto critics also attack the network for its level of centralization as the prompting founder Dan Larimar stated about Ethereum and Bitcoin earlier this year. Larimar claimed that he wants to take down the two biggest cryptocurrency networks. Most recently we read in the previous altcoin news, EOS suffered a huge blow to its credibility when the co-founder of Wikipedia Larry Sanger explained that the network was ‘’de-facto centralized’’ and that it was operated by the hands of the Chinese authorities. Sanger also explained that he is unable to continue to build his dapps on the EOS platform. He could have a point since the Chinese government continues to rank EOS as the number one asset among the top ten cryptocurrencies while Bitcoin is struggling to even make to the top 10.
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Bitcoin Scams

US Treasury Sanctioned Major North Korean Hacker Groups For Cyberattacks

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The United States Treasury Department is in the coming altcoin news again. This time, the updates show that the US Treasury sanctioned three cyber attack hacker groups from North Korea for their "malicious cyber activity on the critical infrastructure." It was all concluded on September 13. As the latest cryptocurrency news show, the US Department of Treasury announced sanctions against the North Korean hacking groups - more specifically the famous Lazarus group - and two lesser known entities known as Bluenoroff and Andariel. According to the US Treasury Under Secretary for Terrorism and Financial Intelligence named Sigal Mandelker:
“Treasury is taking action against North Korean hacking groups that have been perpetrating cyber attacks to support illicit weapon and missile programs. [...] We will continue to enforce existing U.S. and UN sanctions against North Korea and work with the international community to improve cybersecurity of financial networks.”
In August this year, many best cryptocurrency news sites talked about the US Treasury and its attempts to sanction hacker groups. The news also reported that the United Nations claimed that North Korea had netted around $2 billion by hacking banks and cryptocurrency exchanges. The UN Security Council North Korea Sanctions Committee also came up with a statement, saying that these hackers formed an essential part of the government's funding, reporting the following:
“Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programs, with total proceeds to date estimated at up to two billion US dollars.”
On September 1 this year, we also reported that the North Korea official state media denied allegations of massive theft by North Korean agents. The KCNA cited a statement from the National Coordination Committee of the DRPK which accused the US and other hostile forces of spreading slanderous rumors. The statement read:
“Such a fabrication by the hostile forces is nothing but a sort of a nasty game aimed at tarnishing the image of our Republic and finding justification for sanctions and pressure campaign against the DPRK.”
The statement also added that the UN is "re-enacting the same old trick as the fascist propagandists of Hitler used to use."
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Bitcoin Scams

Coinbase UK Settles A Phishing Attack Lawsuit Where Victim Lost 80 BTC

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An arm of the popular cryptocurrency exchange Coinbase recently settled an ongoing legal battle with a man who lost 80 Bitcoins (BTC) in an email phishing attack. Coinbase UK is the United Kingdom arm which had reached an undisclosed settlement with the person who lost a substantial amount of Bitcoin (BTC). The latest cryptocurrency news on this topic were brought by the legal news site Law360 which reported that Coinbase UK reached the settlement with Liam Robertson, exiting a London-launched litigation after Roberston was a victim to hackers stealing the Bitcoins which amounted to $815,744 in the attack. The reports also show that Robertson lost his Bitcoin in a spear phishing attack. His work-related email account was hacked and 60 of the stolen Bitcoins were diverted to a digital wallet held by Coinbase UK, while another 20 were sent to local exchanges. Robertson then received a Bankers Trust order to reveal the identity of the wallet holder and see whether it was the same person who made the transfer. Robertson hired attorneys for this case. However, they were featured on many best cryptocurrency news sites for stating that the case could help victims of fraud reclaim stolen cryptocurrency only by classifying the Bitcoin as a specific asset or sum of money. As Law360 also reported in July, a court ordered Coinbase UK to not dissipate or transfer stolen cryptocurrencies, which could potentially open the door for courts across the UK to treat Bitcoin as a property. In May this year, the UK government led Jurisdiction Taskforce launched a public consultation that will determine the status of crypto assets under English private law. The taskforce at the time said that the uncertain legal status of cryptocurrency in the UK is a major deterrent for potential investors. As Law360 reported, the courts are still waiting for a determination by the official task force. According to the blockchain security company CipherTrace, outright thefts, scams and other types of misappropriation of funds from cryptocurrency holders and trading platforms have resulted in more than $4.3 billion in losses throughout the past year. Meanwhile, the latest Bitcoin and altcoin news show that the market is still vulnerable but stable over the past couple of days.
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Bitcoin Scams

North Korea Accused Of Stealing $2 Billion Via Bitcoin Exchanges

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North Korea accused of siphoning more than $2 billion from banks and bitcoin exchanges by the United Nations officials and US representatives as we can read in the coming altcoin news below. The dictatorship country denied that it had any connections with the high-profile thefts and its state-run news agency KCNA stated that the United States and their allies are spreading lies and the media company cited a statement from the National Coordination Committee spokesperson of the DPRK stating:
 “Such a fabrication by the hostile forces is nothing but a sort of a nasty game aimed at tarnishing the image of our Republic and finding justification for sanctions and pressure campaign against the DPRK."
The United Nations report that was issued last month stated that Pyongyang had launched ‘’widespread and increasingly’’ sophisticated online attacks on crypto exchanges and banks. North Korea accused to have stolen more than $2 billion in order to a weapon of mass destruction programs and the report added that the intelligence agency of the country the Reconnaissance General Bureau had supervised the said cyber attacks. North Korea’s denial came only two weeks after the country criticized the US and South Korea for making too many military threats against the communist state. Last August, Pentagon tested the ground-launched missile for the first time since the United States retraced from the Intermediate-Range Nuclear Forces Treaty. On the other hand, North Korea has carried out a missile as well and weapons tests since Donald Trump met with the leader of the country indicating that the summits have not reached a resolution. The concerns for the US are the ways North Korea receives its funds to fund the missile programs despite being subjected to heavy sanctions. The UN also believes North Korea initiated more than 3 attacks across 17 countries with a particular focus on bitcoin which flows across nations via financial pipelines as we can read in the latest cryptocurrency news reports. The additional evidence that was gathered by cybersecurity company FireEye provided the same data. As per the cyber investigation company stated that the criminal outfit is known as ‘’Lazarus Group’’ has spied the affected banks and exchanges if not hacked them:
 "North Korea works through small “front” companies some owned by private foreign trading partners to move currency and bartered goods.’’
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