Australian authorities seized up to $4,995 after seizing the bitcoin to cash profits of a man who conducted crypto scams and used his earnings to purchase three weapons as we are reading further in the Bitcoin scams news.
The Australia Federal Police’s latest annual reports highlight the bust which granted them a total of 2000 percent profit and in it, the Australian authorities sized bitcoin worth approximately AUD7, 300. Despite claiming they had seized the Bitcoins three years ago, it seems that the officials had only secured the gunman’s public key. In other words, they had secured nothing more since the public keys by definition are available to anyone. In 2018, the AEP finally managed to access the wallet after ‘’protracted negotiations’’ saw the criminal forge his private keys. By that time, the man turned the bust into a hefty $105,500 investment.
The same year the Australian authorities published a confusing guide under the name ‘’Better practice on identifying, seized and restraining cryptocurrencies’’ where it was written:
“It was deposited into the Commonwealth’s Confiscated Assets Account. This was the first restraint and forfeiture of bitcoin by the AFP.”
The man refused to hand over his private keys but it ultimately turned out to be a massive boon for the police and then they could easily be described as unwitting Bitcoin benefactors. The gains were so huge that one local report claims that Australia’s financial administrators may have to improve the skills of their staff in coin management and cryptocurrency trading. The prices do not go up in a straight line, of course, so the seizure was fortuitous in the light of the Bitcoin bull market in 2016 and 2017 in particular.
Despite the cashing out, it is still very hard to tell which avenue would have been the most profitable for the authorities. The U.K police also recently auctioned more than $662,000 worth of confiscated Bitcoin which is the first time for the country. The smart money, however, should be hold on to. As Tim Draper did and successfully made a profit of about $89 million in the five years since buying Bitcoin in bulk from the 2014 auction.
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“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome.”The Chinese exchange Fcoin is now in the cryptonews. After its launch in May, the reported trading volumes became some of the biggest in the world overnight thanks to a new business model called "transaction mining." Later on, one Reddit user reported that this volume was actually fake - which is when the problems started. The exchange was later on described as a scam by many and the suspicions about its business model turned out true. There was no airdrop nor ICO at launch and the Chinese exchange Fcoin distributed 51% of its native tokens to users for reimbursing transaction fees. The CEO of Binance, Changpeng Zhao, has publicly called FCoin a Ponzi scheme since the middle of 2018, commenting on Zhang's post in a tweet which read:
“I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid-2018. Their founder calls his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? Except scammers.”https://twitter.com/cz_binance/status/1229446449152348161 To this, Zhang replied saying that there have been some errors which the Chinese exchange FCoin detected - but did not explain why it failed to address such problems before it is too late.
‘With the deepening of the investigation, we found a large number of existing data problems of dividends and mining returns, and these problems have existed for many days. As a result, a large number of users have already been through operations such as buying and selling various currencies and withdrawing cash, causing the pollution of assets.”The platform was suspended a few days ago by its own account for risk control, which caused a lot of speculation that the project was shutting down and the operators are vanishing. In the last few sentences on his blog post, however, Zhang said that he will do everything to give back the money to users via email personally - and compensate FCoin user losses with the profits he would make from other projects.
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Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds
‘’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.
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