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Chinese Ponzi Scheme Caused The Latest Bitcoin Sell-Off

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Chinese Ponzi

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.

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Bitcoin Scams

New Linux Malware Mines Crypto, Remaining Undetectable

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New Linux Malware
A new virus is in the latest cryptocurrency news. According to two threat analysts, there is a new Linux malware which keeps its cryptocurrency mining operations hidden. It all started yesterday, when two guys named Augusto Remillano II and Jakub Urbanec published a post on Trend Micro (security intelligence blog) that they found a new Linux malware. As their analysis outlines, the malware is particularly notable because of the way that it loads malicious kernel modules to hide its cryptocurrency mining operations.
"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.
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Bitcoin Scams

Philippine Police Makes A Raid On China-Focused Cryptocurrency Scam

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The Philippine police is in the latest cryptocurrency news, for reportedly raiding the offices of an alleged crypto scam which was targeting investors from China. As a report on September 15 by the local news outlet Inquirer.net showed, agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group raided the offices of Grapefruit Services Inc. in Pasig City on September 11. According to authorities, there was apparently a secret tip from the Chinese Embassy which claimed that the firm already defrauded thousands of investors in China. However, the Immigration Commissioner Jaime Morente told the news that the government in China cancelled the passports of all of the employees, which made them illegal workers in the country (Phillippines). As many best cryptocurrency news sites reported, the Philippine police arrested 277 employees of the firm, all of whom were Chinese nationals. According to one unnamed source who spoke to Inquirer.net, Grapefruit is the name of an authorized service provider of Golden Millennial Quickpay Inc. Ltd. which operates under a special license from the Cagayan Economic Zone Authority (CEZA). Meanwhile, CEZA is a government-owned corporation which oversees the Cagayan Special Economic Zone and Freeport. This is a special economic area in the north of the country. This is also known as the Cagayan Freeport, a zone that aims to attract foreign and local investments. Inquirer.net stated that the firm was operating outside of the designated zone and has run afoul of the Philippine financial regulations. At the start of this year, the Philippine Securities and Exchange Commission (PSEC) postponed the issuance of final regulations for initial coin offerings (ICO), having introduced a draft version in August 2018. The Philippine police helped the PSEC write a draft, stating that the tokens emitted during an ICO should be classified as securities.
“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.
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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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