Low-tech bitcoin scam managed to steal hundreds of dollars from investors by using a simple technique which we are discussing more in the latest cryptocurrency news today.
Many scammers will choose more extreme lengths to steal the investors’ hard-earned crypto funds but this Canadian crypto fraudster came up with a low-tech bitcoin scam that turned out to be very lucrative for him. This scam involves a piece of paper and a Bitcoin ATM. Usually, most of the Bitcoin ATMs around the world have a poster hung up next to them warning the traders and investors to vary of falling prey to scams. However, this scammer who is operating out of Manitoba is using other tricks to trick the inexperienced users into depositing newly-purchased BTC straight into his wallet.
At first, the customers are instructed to take a photo of the QR code that is actually in property of the thief’s wallet and then they have to scan it when the ATM asks where they would like to send their funds. Following the transaction, the users are later advised to send the receipt and their actual BTC wallet address to an special email address which is belonging to the ATM manufacturer supposedly. The scammers then are assuring the user that they will get the BTC that they purchased in just under a few minutes but of course this turns out not to be the case.
According to the police reports, the fraudster has been hanging such signs on multiple Bitcoin ATMs around Winnipeg. Winnipeg has about 31 bitcoin ATM machines and on a per capita basis, this represents a bigger concentration that the national average in the United States or in Canada. The city has a population of more than 700,000 which translates into roughly ‘’one crypto vending machine’’ for every 23,000 people. Maybe because of the relatively high Bitcoin AMT concentration, the scams that involve low-tech devices have become a nuisance in Canada. Just two months ago, the mayor of Vancouver proposed banning the crypto ATMs in the city after there was a surge in criminal activity that was related to the machines as we read in the reports in the altcoin news previously.
How To Avoid The Dangerous Adobe Flash Malware Named “Shlayer”
Chinese Exchange Fcoin Closes, Still Owes Users $125 Million
“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome.”The Chinese exchange Fcoin is now in the cryptonews. After its launch in May, the reported trading volumes became some of the biggest in the world overnight thanks to a new business model called "transaction mining." Later on, one Reddit user reported that this volume was actually fake - which is when the problems started. The exchange was later on described as a scam by many and the suspicions about its business model turned out true. There was no airdrop nor ICO at launch and the Chinese exchange Fcoin distributed 51% of its native tokens to users for reimbursing transaction fees. The CEO of Binance, Changpeng Zhao, has publicly called FCoin a Ponzi scheme since the middle of 2018, commenting on Zhang's post in a tweet which read:
“I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid-2018. Their founder calls his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? Except scammers.”https://twitter.com/cz_binance/status/1229446449152348161 To this, Zhang replied saying that there have been some errors which the Chinese exchange FCoin detected - but did not explain why it failed to address such problems before it is too late.
‘With the deepening of the investigation, we found a large number of existing data problems of dividends and mining returns, and these problems have existed for many days. As a result, a large number of users have already been through operations such as buying and selling various currencies and withdrawing cash, causing the pollution of assets.”The platform was suspended a few days ago by its own account for risk control, which caused a lot of speculation that the project was shutting down and the operators are vanishing. In the last few sentences on his blog post, however, Zhang said that he will do everything to give back the money to users via email personally - and compensate FCoin user losses with the profits he would make from other projects.
Bitcoin Robbery: 5 Biggest BTC Scams In History
Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds
‘’Unfortunately, we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.’’From the announcement, it seems that Altbits had almost all of the funds on the hot wallets despite their major vulnerability to malicious cyber intrusions. The Italian crypto exchange will provide a full report on the lost funds soon and we will be able to see exactly how big of damage the theft made. In the follow-up tweets of the exchange, however, can be seen that the hackers stole 1,066 Komodo tokens and 283,375 Verus coins. This combined the value of both stolen cryptos stands at about $27,000. At press time, Altsbit had a 24-hour trading volume of $14.8 million with 98% of its trading activity coming from the ARRR/BTC pair which is the native token of the pirate Chain. Reacting to the news of the hack, some of the supporters of decentralized exchanges noted the vulnerabilities of the platforms that are centralized. However, centralized platforms still command the grater trading volume as the DEX services have a notoriously hard way of navigating the user interfaces. As for the security situation with centralized crypto exchange platforms, the 2020 crypto crime reports by Chainlink show that the exchanges seem to be better equipped to deal with the hackers. Despite the increase in the number of hack attacks, the blockchain analysis firm explained that the total amount of stolen funds in the hacks declined dramatically from the previous year. One of the important strategies that exchanges use is to limit their hot wallet holdings and this will show any inside involvement since the hackers are less sable to drain the vast crypto sums from vulnerable hot wallets. The North Korean hack group Lazarus, is suspected of being behind most of the crypto exchanges in the Asian Pacific and now it seems that it is changing its attack vectors. The group utilizes phishing malware on popular messaging platforms such as Telegram.
Retail Crypto Sentiment Flips Bearish For 1st Time In 2020
Tim Draper Left Stocks For Bitcoin 6 Months Ago
Binance UK News Show Buying BTC Is Now Easier Than Before
CommerceBlock ICO Review: Should You Invest In It?
Where To Buy Monero XMR As A New Investor
Dash Partners With Simplex, Offering A Fiat On-Ramp To Its Users
BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year
Litecoin Prints Many Buying Signals Which Could Prove Bullish
This Coin Saw Major Growth But Has Strange Downside Potential
Ripple And Coinbase Are Among 10 Biggest Companies In 2020
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum News6 days ago
Enjin Goes Live On The Ethereum Mainnet: Report
- Bitcoin News6 days ago
Crazy Analysis Puts BTC At $400,000 By 2021 Based On One Pattern
- Vechain News5 days ago
VeChain Announces Schedule And Election Of New Members
- Bitcoin News5 days ago
Bitcoin Just Signaled “Sell” While Falling To $9,600 Levels
- Bitcoin News6 days ago
Where And How To Spend BTC In 2020: The Ultimate List
- Libra News5 days ago
EU Does Not Know What To Do With Facebook’s Libra Coin
- Binance Coin News5 days ago
Binance Coin Declines To $22 After Bouncing Back
- Altcoin News5 days ago
Buy Top Products From Taiwanese Brands With Gifto (GTO)