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Bitcoin Scams

Chinese Student Held At Ransom For 80 Bitcoin In Australia

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Chinese student is held at ransom as kidnappers took him and are now demanding over 80 bitcoins for his release. In the coming altcoin news, we read more about this shocking news.

The Chinese student was kidnapped in Australia where he is studying and according to the Southern Metropolis Daily, the father of the student was contacted by the kidnappers back on August 24th. The kidnappers demanded more than 80 bitcoin in less than 24 hours and at the current price, this is more than about $AU1.2 million or $810,000 USD. Besides the Bitcoin demand, the kidnappers are also threatening to hurt the student if the funds are not sent:

 “We have your son, if you don’t want him to have an accident, if you want him to return soon, then meet our demands.”

The kidnappers did not provide a bitcoin wallet address as they indicated that they would only reveal it once the father was ready to pay the ransom. One day before the alleged message from the kidnappers, Jingwang had talked to his father via SMS asking for his email address because he wanted to send him some documents from the University of Technology in Sydney where he is a freshman. The attempts by his father to inquire about how he was faring were not answered to. Alongside the threatening message, the kidnappers also linked a video of the Chinese student laying blindfolded with parts of his face looking bloody. The father was unable to raise the demanded ransom and is currently looking for a visa to travel to Australia. The suspicion is now high that this could also be fake kidnapping.

Cases of fake kidnappings have involved many students across the world and have been on the rise and even the Australian Federal Police was warning about it in 2018. Allegedly, the fake kidnapping scams mostly target international students in the country who are forced into participating in the scam and the victims are later informed by the scammers who pose as the Chinese government officials that they have been implicated in serious crimes back in China and will face severe consequences unless they cooperate. The scammers also force victims by giving them fake evidence that they have been kidnapped and this includes filming videos and pictures or they simply ask the victims to stay offline completely and hide as we read about it in other reports in some of the best cryptocurrency news sites.

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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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Bitcoin Scams

Coinbase UK Settles A Phishing Attack Lawsuit Where Victim Lost 80 BTC

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An arm of the popular cryptocurrency exchange Coinbase recently settled an ongoing legal battle with a man who lost 80 Bitcoins (BTC) in an email phishing attack. Coinbase UK is the United Kingdom arm which had reached an undisclosed settlement with the person who lost a substantial amount of Bitcoin (BTC). The latest cryptocurrency news on this topic were brought by the legal news site Law360 which reported that Coinbase UK reached the settlement with Liam Robertson, exiting a London-launched litigation after Roberston was a victim to hackers stealing the Bitcoins which amounted to $815,744 in the attack. The reports also show that Robertson lost his Bitcoin in a spear phishing attack. His work-related email account was hacked and 60 of the stolen Bitcoins were diverted to a digital wallet held by Coinbase UK, while another 20 were sent to local exchanges. Robertson then received a Bankers Trust order to reveal the identity of the wallet holder and see whether it was the same person who made the transfer. Robertson hired attorneys for this case. However, they were featured on many best cryptocurrency news sites for stating that the case could help victims of fraud reclaim stolen cryptocurrency only by classifying the Bitcoin as a specific asset or sum of money. As Law360 also reported in July, a court ordered Coinbase UK to not dissipate or transfer stolen cryptocurrencies, which could potentially open the door for courts across the UK to treat Bitcoin as a property. In May this year, the UK government led Jurisdiction Taskforce launched a public consultation that will determine the status of crypto assets under English private law. The taskforce at the time said that the uncertain legal status of cryptocurrency in the UK is a major deterrent for potential investors. As Law360 reported, the courts are still waiting for a determination by the official task force. According to the blockchain security company CipherTrace, outright thefts, scams and other types of misappropriation of funds from cryptocurrency holders and trading platforms have resulted in more than $4.3 billion in losses throughout the past year. Meanwhile, the latest Bitcoin and altcoin news show that the market is still vulnerable but stable over the past couple of days.
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