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Bitcoin Scams

Bitcoin’s Ability To Bypass Banks Is A Major Issue According To Traders

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Bitcoin’s ability to bypass banks is a major issue for the financial institutions since crazy sums of money were laundered over the years with the help of the number one cryptocurrency. In the latest cryptocurrency news below we read more on the nature of bitcoin and how can this issue be resolved.

The recent reports show that money laundering scandals are on the rise since $2 trillion was laundered only via banks each year which is ten times more than the entire market cap of bitcoin. The United States President Donald Trump, showed no signs of resolving the trade war with China nor with all other countries around the world but according to the First Lady Melania Trump, China, and Europe are the ones that pour the money into their systems in order to compete with the United States. According to this statement, the United States can only compete by doing the exact same thing but this could devaluate the dollar. Alex Kruger, the popular crypto trader noted that some of these actions will increase the interest rates and could cause the stock market to soar:

“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”

Bitcoin has been on an incredible journey over the past recent months which has also correlated with the failing dollar during the on-going trade war between China and the United States. Gold also reached a six-year high and now traders don’t really see it as a reliable asset because it could be easily manipulated by the government and the government leaders. As noted in the altcoin news previously, a public blockchain-based banking system would unveil hundreds of shady transactions that are still going on, unfortunately. However, the world is dominated by banking scandals, money manipulation, and trade wars so bitcoin’s ability to bypass banks is another issue that the companies and traders should be aware of. Despite the nature of bitcoin, many still prefer it to fiat.

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Bitcoin Scams

BTC Extortionists Demand 560 BTC From Mexican Oil Giant Pemex

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BTC extortionists attacked the oil giant Pemex in Mexico and demanded more than 560 bitcoins in a ransomware attack in order to provide the decryption software. Let’s read further in the bitcoin news now.Pemex now has to pay the Bitcoin ransom in less than two weeks or wait and pay double after. More than five percent of the computers were affected by the doppelpaymer software and the billing system of the company is the most heavily impacted and could even lead to delays in paying the salaries to its employees.The BTC extortionists who hit Mexico’s oil giant Pemex are demanding about 560 bitcoins to provide the decryption software. According to Bleeping Computer, the ransomware attacked targeted the Fortune 500 company by the DoppelPaymer malware. Pemex wrote a tweet stating that the supply and distribution of petroleum and other products will remain unaffected.According to the ransom note, the hackers pegged the price of their decryption at 565 and at current bitcoin prices this amounts to $4,928,455 but they even promised a discount if contracted in less than 48 hours. Failure to make contact with the BTC Extortionists within two weeks will see the ransom increase to 1130 bitcoin. Additionally, the hackers have threatened to disclose the company’s private sensitive data if Pemex decides not to pay the ransom.According to the cybersecurity company CrowrdStrike, the malware came to the public first in June but there are a few other builds of the ransomware dating back to April. By July, the cybersecurity company estimated that three victims of the ransomware attack paid up to 142 bitcoin. This was worth about $1.5 million at the prices at that time.DoppelPaymer can spread very fast owing to the threaded-file encryption mechanism and the ransomware uses the communication TOR browser for payments. DopplePaymer is considered to be a fork of the BitPaymer ransomware which usually targets medium to large organizations such as corporations and local governments. Another one of the malware’s features is that the recovery of the backups is basically impossible. This is mainly because it encrypts and deletes the backup data. DoppelPaymer has the capacity to format backup disks as well.
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Bitcoin Scams

Co-Creator Of League Of Legends Lost $5 Million In Crypto Scam

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Co-creator of league of legends and co-founder of Riot Games reportedly lost about $5 million in a major cryptocurrency scam. The Singaporean national Matthew Ho allegedly used Marc Merill’s credit card information to purchase Amazon cloud computing technology so let’s find out more in the crypto news today.It turns out that a fraudster used Merill’s credentials to purchase Amazon computing serves and it took about four years for the fraud to be discovered. Beginning in November 2014, Ho used the credit card information from the co-creator of League of legends and purchased cloud computing technology from Google, Amazon and other providers. More than $5 million was spent on Amazon’s cloud computing technology but the court didn’t say if the whole bill was paid. This cloud computing technology was then used to mine cryptocurrencies such as bitcoin. The cryptocurrencies were later sold on localbitcoins.net but it is still unclear how much money Ho made by operating the scam.As it was recently discovered unsealed indictment in the United States, shows more information about how the Singaporean national was able to get away with this crypto scam until January 2018. H o used Merill’s real home address and a fake Californian driver’s license and a Gmail email address that looked similar to the one Merill had in order to prove to Amazon that he was the real Merill.Riot games are known to use the Amazon cloud computing technology and Merill was a customer for a long time since his American Express credit card had been used to purchase these services before. This allowed Ho to access the substantially high levels of cloud computing services according to the investigators.Merill was not the only person to be targeted in the crypto scam. Two other people from Texas and the United States and India are also alleged to have been defrauded by the same man. It is unclear how the scammer knew Merill’s address and Credit card information but Ho remains under arrest in Singapore and he is being investigated for a number of charges. These kinds of scams were extremely popular in 2018 and it seems like they are still preferred with the crypto scammers.
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Bitcoin Scams

California Bitcoin Bandit Is Facing 10 Years For Crypto Armed Robbery

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California Bitcoin Bandit, or more specifically a woman from East Hollywood in California, has been convicted of robbery relating to the peer-to-peer bitcoin trades. Lanay Fitzgerald was one of the two people involved in incidents that earned them the moniker ‘discount bitcoin bandits’ as we previously reported in the Bitcoin news.The 29-year old could face a prison sentence up to 10 years for the crypto robbery and getting the maximum possible sentence is mainly because she used a firearm when carrying out the robberies.  The one California Bitcoin Bandit negotiated an agreement and submitted a plea of no contest to the charges relating to five 2017-2018 robberies. According to reports, Fitzgerald and her accomplice the 23-year old Lawillie Joshua Hall arranged to meet prospective Bitcoin buyers at the height of the 2017 bull market.Both of them robbed the victims and sometimes even used a gun and never handed over any Bitcoin. Hall also entered a plea of no contest at an earlier hearing in April for his role in the two robberies. The District Attorney’s office spokesman Paul Eakins commented:
 “From October 2017 through February 2018, Fitzgerald stole money from five people by using online notices and communications advertising the sale of discount bitcoins, according to court testimony.. She met the victims in person and forcefully took the cash they had brought to purchase the cryptocurrency.”
Although they were originally charged with numerous other offenses, the court allowed them both to enter a plea of no contest against a single count of second-degree robbery and then dropped two additional charges against the California Bitcoin Bandit Fitzgerald on two counts of grand theft as well as three counts of child abuse which relates to the time she brought a child along during some of the robberies.Hall is expected to receive up to four years for his involvement and Fitzgerald could earn up to 10 years in prison. Both sentences have been increased since the defendants also pleaded no contest to using a firearm during the robberies. As the situation proposes, Hall will be sentenced on December 17 and will receive four years and a fine of $30,000 in restitution while Fitzgerald will have to serve 10 years in prison and $85,000 in restitution payments.
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Bitcoin Scams

Cryptocurrency Miner Steals $5M Worth Of Computing Power

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The cryptocurrency news today show that scams are getting more and more frequent in the industry. In the latest news, a millionaire game developer named Marc Merrill was the latest victim of the Singaporean cryptocurrency miner who stole identities in order to use the Amazon Web Services and Google cloud computing power for crypto mining.In an unsealed court filing on November 7, we could see that Forbes published that Marc Merrill is the co-founder of Riot Games who was the previous anonymous victim of the Singaporean national Matthew Ho's identity theft scheme. Meanwhile, Riot Games is most famous as a developer which stands behind the massively successful League of Legends game.Ho used Merrill's American Express credit card information and went on to buy cloud computing power from Amazon, Google and others. In October, Ho was indicted by the United States prosecutors who said that the total worth of computing services used by Ho was estimated to more than $5 million. The prosecutors also alleged that the cryptocurrency miner became the largest AWS data consumer and said:
"In the few months his scheme remained active, Ho consumed more than $5 million in unpaid cloud computing services with his mining operation and, for a brief period, was one of Amazon Web Services (AWS) largest consumers of data usage by volume. Some of the bills were paid by the California game developer’s financial staff before the fraud was detected."
The investigators claim that Ho was able to use the social engineering knowledge in order to gain access to admin privileges and large amounts of cloud computing power on Amazon and Google servers - mining various cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).Ho also managed to trick Amazon into believing that he was the president of Riot Games - and created a fake Californian driving license that carried the Riot Games and the co-chairman's name. Even though the Department of Justice charged Ho in early October, the identity of this developer became public only now.The cryptocurrency miner who stole the mining power is now charged with eight counts of wire fraud, four counts of access device fraud and two counts of aggravated identity theft.
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