Chinese Ponzi scheme was the reason for the latest Bitcoin-sell off according to the Primitive founder Dovey Wan as we are reading in the latest cryptocurrency news today.
The PlusToken Ponzi scheme scammed more than 200K BTC and 800K ETH and are now hitting hard on the exchanges. What started in the middle of 2018, PlusToken was a classic Chinese Ponzi scheme offering high-yield investment returns. There four about four layers of membership structure offering some increasing dividends. By the start of 2019, there were more than 10 million members. The entire team of the scheme was caught by the police two months ago and will now stay in jail for many years according to Wan. However, the $3 billion of cryptocurrency they scammed out of members has not been recovered yet. Many of the Bitcoin wallet addresses which were used are not believed to be multi-sig which leads to speculation that some of the key holders remain at large.
The security audit company Peckshield has been monitoring some money-flow activities from the PlusToken wallets and has found that since early-July, more than 1000 BTC has gone into Bittrex and Huobi and some of the funds were moved into small batches of 50 and 100 bitcoins per batch. Some reports even claim that the Chinese traders noticed that someone was also consistently dumping 100BTC batches into Binance and they believe they are related to PlusToken.
According to Wan as we have red in the altcoin news previously, there are three reasons why the exchanges didn’t pay attention. One of the main reasons is that the scam has not been known outside China and maybe South Korea. The Chinese exchanges did not act because the case has been closed officially by the Chinese police. The police also didn’t work with the exchanges because the exchanges are officially banned in China. Now, both Chainalysis and Peckshield are monitoring the coins involved in the scam but the exchanges now also got involved. There is little that can be done about the tokens that were already cashed out but the exchanges are able to freeze the income tokens relating to known scams.
New Linux Malware Mines Crypto, Remaining Undetectable
"Skidmap, a Linux malware that we recently stumbled upon, demonstrates the increasing complexity of recent cryptocurrency-mining threats. This malware is notable because of the way it loads malicious kernel modules to keep its cryptocurrency mining operations under the radar," their post describing the new Linux malware noted.The analysts also revealed that Skidmap masks its cryptocurrency mining by using a root kit, which is basically a program that installs and executes code on a system without the end user consent on knowledge. This is how the new Linux malware makes its components undetectable by the infected system and its monitoring tools. Aside from running a cryptojacking campaign on the infected machine, the new Linux malware gives attackers "unfettered access" to the affected system. As the analysts describe it:
“Skidmap also sets up a way to gain backdoor access to the machine, and also replaces the system’s pam_unix.so file with its own malicious version. This malicious file accepts a specific password for any users, thus allowing the attackers to log in as any user in the machine.”Many best cryptocurrency news sites have posted about the rise of cryptojacking so far, and how hackers use their victim's computers to steal crypto through stealth mining attacks which work by installing malware or gaining access to a computer's processing power to mine crypto. Well, new threat reports by McAfee Labs showed that cryptojacking campaigns and ransomware attacks are on the rise. The reports unveil that there is a 29% increase in cryptojacking campaigns this year. This is why it goes a long way to be informed about the latest cryptocurrency attacks and threats.
Philippine Police Makes A Raid On China-Focused Cryptocurrency Scam
“Therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public," the draft notes.In February this year, CEZA announced a new set of rules governing digital asset token offerings, designed to regulate the industry and protect investors against acquisition of utility and security tokens.
Crypto Hacker Steals 30,000 EOS Through Gambling Dapps
US Treasury Sanctioned Major North Korean Hacker Groups For Cyberattacks
“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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