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Bitcoin Scams

Israeli Brothers Arrested For Bitfinex Exchange Hack

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The latest altcoin news show that two Israeli brothers have been finally arrested as the suspects for the Bitfinex cryptocurrency exchange hack. However, this is not the only case that these Israeli brothers are involved in, according to the finance news outlet Finance Magnates and its recent reports from June 23.

A police spokesperson reportedly spoke with Finance Magnates, telling the news site that Eli Gigi as well as his younger brother Assaf Gigi netted tens of millions of dollars. According to it, the two are suspected of being responsible for long-term systematic theft of cryptocurrencies. The Israeli brothers, as news show, managed to obtain access to other users’ accounts in a malicious way.

Their work began when they started creating credential-stealing clones of major online cryptocurrency exchanges and wallets – sending links to those phishing sites on Telegram groups and many other crypto related communities. As many best cryptocurrency news sites reported, the two are also accused of being responsible for the Bitfinex exchange hack which occurred in 2016 and saw multiple accounts being compromised.

The coming altcoin news at the beginning of this month showed that the funds stolen in the attack above have been recently moved. The police noted that the victims were mostly based out of the European Union and the United States – which resulted in the matter being investigated by many law enforcement agencies – and how it led to the Israeli brothers.

The site also noted that one of the brothers, eli Gigi, is a graduate of an elite technological unit of the Israeli Defence Forces which selects youth with outstanding academic capabilities.

Meanwhile, a recent Firefox zero-day security flaw was unveiled, showing that it was used in attacks against the major crypto exchange and wallet service Coinbase. The flaw was apparently merged with another zero-day flaw targeting Coinbase employees, meaning that there were two separate attacks.

Even though Coinbase was affected, the exchange’s security researcher Philip Martin stated that the exchange was not the only crypto-related company targeted in the campaign – and that there was no evidence of the campaign targeting exchange customers.

All in all, the two Israeli brothers who were arrested for the Bitfinex hack have been definitely one of the biggest scammers out there.

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Bitcoin Scams

US Marshals Warn That One Bitcoin ATM Scam Is Popular Again

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The US Marshals Service along with the FBI recently updated an earlier warning against scammers in which they were impersonating law enforcement officers. The agencies say that the people behind the scams accuse a potential victim of a crime and demand payments via Bitcoin ATMs or other obscure payment methods.As the Bitcoin scams news show, it is unclear how effective scams like these actually are. The requested payment method should be enough of a red flag but still the US Marshals feel that they should reissue their warning.For those of you who don't know, the US Marshals is a branch of the United States Department of Justice which has reissued a warning that it first made in late 2018. This details a series of scams in which individuals call potential victims and impersonate government law enforcement officers.In short, scammers call and tell the potential victim that they have an arrest warrant out for them. They also give some insignificant charge such as skipping jury duty and demand a fine. The receiver of the call is then informed that failure to pay this will result in a jail sentence.https://twitter.com/USMarshalsHQ/status/1203013258569035778"Spoofers" is the word that they used for the victims for the people which gave some instantly suspicious payment options. They can top up the pre-pay debit cards or buy gift cards and read the unique numbers to the caller. Also, they can buy Bitcoin using an ATM and send it to a wallet address provided over the phone.Despite the red flag which would make anyone suspicious about receiving such call, the scammers appear to be persisting. This has prompted the US Marshals to update their warning today that it first issued late last year.People who know this and are aware of it know that such scams seem outright ridiculous. Still, they must either be prevalent enough or effective enough for US Federal agencies to feel the need and warn the public against them. After all, scammers are always looking to dupe the most vulnerable people - and it seems that people like this are very commonly falling to their methods. This is again why the US Marshals office reissued the warning.
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Bitcoin Scams

Thai Police Arrests 24 Chinese Nationals For New Bitcoin Scam

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The latest cryptocurrency news show that the Thai Police recently arrested 24 Chinese nationals who were running an alleged cryptocurrency scam call center in the Rama III neighbourhood of Bangkok.The police in Thailand came out with an official announcement on December 2, where the Immigration Bureau of the Royal Thai Police arrested 24 individuals, seized 61 laptops and 424 mobile phones. There were a couple of routers seized as well.In the report, we can also see that the head of operation would hire employees on three month contracts, and all of there expenses were paid including a 5,000 yuan ($710) monthly salary. After they arrived, the workers would surrender their passports to the head of the operation and would work shifts from 9am to 10pm. This is how the latest Bitcoin scams news describe this scam.More details show that the alleged scammers lured Chinese investors to buy Bitcoin (BTC) and fudged rates in order to make a profit. The local news daily Chiang Rai Times stated that the Immigration Bureau has busted many call center scams operated by Chinese nationals. Aside from the Thai police arresting this group in Bangkok,even 54 minors were also arrested at a Thai resort hotel for duping Chinese-based investors into investing in fake stocks.The scammers from Bangkok, as the Thai police noted, had a target to raise 5 million Thai baht ($165,000) from investors that they met in Internet chat rooms. The police is still in pursuit of the operation's main organizer who just like the head of the purported Bitcoin scam, is in active possession of the employees' passports.Even though trading cryptocurrencies in Thailand is legal, the Thai police adheres to the regulatory framework and compliance standards for the industry. A series of decrees are ruling both the issuance of tokens and the trading of cryptocurrencies in a secondary market. The acceptable trading pairs run either in the country's fiat currency - the baht - or cryptocurrencies which have been approved by the Thai Securities and Exchange Commission.As we previously reported, the main idea for lawmakers in Thailand is to reform cryptocurrency laws amid concerns that such regulations make the country uncompetitive.
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Bitcoin Scams

Australian Police Busts Over $1 Million In Crypto During Drug Bust

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The Australian Police is in the Bitcoin scam news today for their successful drug bust which saw that more than $1 million US dollars (AUD 1.52 million) in cryptocurrency were used by drug dealers.Aside from seizing illegal substances, the police seized the $1.04 million worth of unspecifed cryptocurrency on an electronic device. As the Detective Senior Sergeant Paul Matthews who was in charge of the bust said:
“Using the latest technologies and digital forensic techniques we thoroughly investigate all possible methods of holding financial assets.”
This cryptocurrency seizure is believed to be the largest ever made by the police in West Australia, according to the Sydney Morning Herald. A search of a property in northern Perth also led to the arrest of a 27-year old man and a 25-year old woman by the Australian police who are now said to be involved in a scheme involving the traffic of MDMA, ecstasy tablets and powder in children's toys sent from the UK to Australia.The Australian Police's report for the 2018-2019 period shows that the seizure of cryptocurrency could prove to generate major returns for the authorities - but is also how the country's police have developed their IT capabilities and accelerated their procedures to confiscate cryptocurrency from criminals.In January 2016, a man was charged and convicted with the illegal importation of three firearms for which he paid in Bitcoin (BTC). The cryptocurrency was then worth approximately $7,300 (and has a same value now) was seized at the time of his arrest.
“In November 2018, following protracted negotiations, the man agreed to the forfeiture of the bitcoin. By that time it had increased in value to approximately $154,000,” the report says.
The bitcoins, as the cryptonews show, were subsequently deposited into the Confiscated Assets Account which is managed by the country and its financial regulator - the Australian Financial Security Authority.This is obviously not the first time Bitcoin is used for selling and distribution of drugs. The Australian police prides itself on the latest bust but there are many more to come in other countries too. Criminals and drug dealers see Bitcoin (BTC) as an ideal method to sell drugs through because of its anonymity and no chance of traceability.
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Bitcoin Scams

New Crypto Stealing Malware Infected More Than 80k Users: Microsoft

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A new crypto stealing malware is in the latest Bitcoin scam news, showing that it managed to infect close to 80,000 computers. According to the Microsoft Defender ATP research team, the malware called Dexphot had already infected more than 80,000 devices since October 2018.With this, the malware managed to reach its peak again - after the peak month of June this year. How it works is through a malicious code which reportedly hijacks legitimate system processes in order to disguise its nefarious activity.The ultimate goal of the new crypto stealing malware is to run a cryptocurrency miner on the infected device and use it to mine crypto. When the infected users attempt to remove the malware, the monitoring services and scheduled tasks trigger a re-infection.
“Dexphot is not the type of attack that generates mainstream media attention; it’s one of the countless malware campaigns that are active at any given time. Its goal is a very common one in cybercriminal circles — to install a coin miner that silently steals computer resources and generates revenue for the attackers," a section from the report by Microsoft Defender ATP reads.
The Dexphot malware is very similar to the recently discovered malicious code in WAV audio files. This type of malware campaign basically allows hackers to deploy CPU miners onto the victim's device and use it to steal processing resources and generate thousands of dollars a month from mining cryptocurrency.The new crypto stealing malware is also part of a trend for hackers who see it as an easy option to gain access to devices. The malware payloads are increasingly popular among hackers because of their benefit to operate without the actual user's knowledge. If you have been following the cryptonews, you probably know that this attack is commonly known as cryptojacking.Aside from the new case identified by Microsoft, there have been a bunch of similar cases so far. In October this year, the major antivirus software supplier ESET discovered a trojanized Tor Browser which was designed to steal Bitcoin (BTC) from buyers on the darknet. The fake Tor browser was targeting users in Russia where since 2017, it has been stealing crypto from darknet shoppers by swapping their addresses.
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