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.
South Korea Crypto Criminals Stole Over $2 Billion In 2 Years: Report
Silk Road User Gets $19 Million Bitcoin (BTC) Confiscated By Government
“As alleged, Hugh Haney used Silk Road as a means to sell drugs to people all over the world. Then he allegedly laundered his profits – more than $19 million – through cryptocurrency. Today’s arrest should be a warning to dealers peddling their drugs on the dark web that they cannot remain anonymous forever, especially when attempting to legitimize their illicit proceeds."
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.
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