The police in China recently arrested three suspected hackers who have apparently stolen Bitcoin as well as other cryptocurrencies in a combined worth of $87 million.
As the report in a state-owned press agency Xinhua says, the Chinese police initially began investigating this case after a victim alleged hackers who stole 100 million yuan ($15 million) from his crypto account which included Bitcoin, Ethereum, and other altcoins.
The Chinese police had set up a task force which later revealed that hackers used many hijacking techniques to gain access and control of cryptocurrency accounts which belonged to the victim, identified as Zhang.
Even though there were nearly no footprints of the crime, the police managed to track the hacker (named Zhou) and his activities for two months before identifying two other accomplices by snooping in Zhou’s communication.
Zhou, along with his accomplices, managed to steal more than 600 million yuan (approximately $87 million) by simply targeting corporate and personal network systems through a number of illegal means such as cyber intrusion and hacking. Currently, Zhou and his alleged accomplices are in custody. The investigation, however, is still ongoing as police are trying to track the path of the (stolen) money.
During the past few months, the number of cyber crimes in China has multiplied. Still, the police are working hard to investigate every case and put every hacker behind the bars.
Bitcoin Reaches The Second Inning As Bakkt Launch Nears
“Bakkt’s launch is expected late in the current quarter.” “Bakkt could be a huge catalyst for institutional participation in the crypto market.”Bakkt hosted a summit this week at the NYSE and the company behind it-ICE stated that the things are looking quite bullish for the bitcoin cryptocurrency in the latter part of the year. According to the Fundstrat note, there is a robust turnout at the conference of more than 100 investors. The Commodity Futures Trading Commission which is the most important agency in the launch of Bakkt’s bitcoin futures contracts also had representation. Fundstrat’s reports show that the CFTC is seeing massive growth in demand and interest for Bitcoin futures from the Public. The bitcoin futures contracts by the CME and CBOE are still considered as the mark of the beginning of the crypto bull market. This is why bitcoin reaches the second inning since soon it will be clear whether the history will repeat itself again. As the latest cryptocurrency news report, Ari Paul, the CIO of BlockTowerCapital participates in the Bakkt event and he is helping with the new addition of users into space. The report also shows that Paul believes that retail adoption will be massive once the app and UI make crypto on-ramps safe and easy to use as PayPal.
Australian Couple Loses $900,000 In A Crypto Scam
“That was the whole of our superannuation – that’s now gone.”They didn’t explain how the scheme actually worked but Taylor commented that it was during a crypto trading scam website that promised high returns. He added that they decided to invest because the site ‘’looked legitimate.’’ The couple decided during a trip around the country to invest in the scam. They stated that the money basically disappeared and left the couple and many other Australians in the bankruptcy. Taylor told 7News that he had to go back to work and sell his old 1965 Pontiac in order to make the ends meet. This is not an isolated case according to the reports. On the contrary to what people think, crypto scams have increased massively since 2017 according to the reports issued by the Australian Competition and Consumer Commission since 2018 that the losses generated by the crypto scams reached about $6.11 million which shows a massive 190 percent increase over 2017. With the new addition of the $990,000 already gone, 2019 sets a new trend for crypto scams and the Australian Securities and Investments Commission is aware of this happening. There is a 32 percent increase in fraud since 2018 with more than 2,400 reported cases. The Australian watchdog announced the new corporate action plan for 2018 that the crypto sectors and ICOs are the number one priority. If the new policies become a success the country will be able to reduce the crypto scam phenomenon. One strategy that showed to be successful among the scammers is to usurp the identity of celebrities to deceive users. The most popular case was the one of High Jackman which guaranteed returns of more than 10,000 percent. The cryptocurrencies have characteristics that could complicate the protection of users in times of fraud mainly because the transactions are irreversible which makes it impossible for any entity to return funds to a scam victim. Also, the network is decentralized and removes the control from the bank but also there is a high level of anonymity which makes it difficult to know who owns a particular wallet as noted in the altcoin news reports.
Hacked Bitpoint Exchange Finds $2.3 Million In Stolen Crypto
Angry Crypto Investors From Africa Burn Down Scammer’s House
Join us on Facebook
- Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
- Activist Groups Are Urging 27 Libra Partners To Ditch The Project
- Libra Is Trending On Both Google And Weibo In China
- Japan Will Create International Crypto Infrastructure Better Than SWIFT
- BitMEX Pulled $73M From Exchange After Probe Report
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Altcoin News4 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Press Releases5 days ago
Liechtenstein Financial Market Authority Approves State-of-the-Art Tokenized Real Estate Investment Product
Bitcoin News5 days ago
Possible Bear Trap Leads Market To New Gains, BTC Eyes $11,000
Regulation3 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Regulation3 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Bitcoin News3 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Press Releases4 days ago
Sorry Mr President, cryptocurrency has a bright future