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Bitcoin Scams

OneCoin Scam Boss Faces Jail Trial While In Custody

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The CEO of the popular cryptocurrency scam named OneCoin is in the latest cryptocurrency news again. As the titles show, the OneCoin scam boss Konstantin Ignatov will have to undergo trial while he is still in custody.

The news were made official after the New York Southern District Court and its Judge Edgardo Ramos denied a bond application that was filed by Ignatov – despite him being the top leader of the cryptocurrency scam. The OneCoin scam boss has proposed attractive release conditions (as reported by Finance Feeds) but is now accused of conspiracy to commit wire fraud – a crime which could see him serve the maximum of 20 years in jail.

The best cryptocurrency news sites showed that Ignatov’s defense team had proposed a $20 million personal recognizance bond. Ignatov also agreed to wear GPS tags as well as foot the bill to hire a round-the-clock armed bodyguard service who would ensure that he doesn’t flee.

The access to the OneCoin scam boss’ residence is also only allowed to those with pre-authorized permission. On top of this, Ignatov agreed to avoid using computers or cellphones other than for taking notes and reviewing discovery.

The altcoin news, however, show that the OneCoin scam is still operating. At the time of Ignatov’s arrest in March in California, he was scheduled to attend OneCoin events in the US.

“He simply cannot be trusted to comply with any conditions set by the Court, having already lied to U.S. border agents, investigating case agents, and even the very Pretrial Services Officers tasked with evaluating appropriate bail in this case,” government officials noted.

The US authorities also noted that the OneCoin scam founder and the sister of Konstantin Ignatov, Ruja Ignatova, had disappeared after charges were filed against her. Right now, a lot of sites report that the OneCoin boss could flee to some of the countries with no US extradition treaty which are actually many.

In such case, he would not be in danger of being apprehended and flown back to the US. One of them could be Samoa, as well as his native Bulgaria or the neighbouring countries of Serbia and North Macedonia.

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Bitcoin Scams

BTC Extortionists Demand 560 BTC From Mexican Oil Giant Pemex

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BTC extortionists attacked the oil giant Pemex in Mexico and demanded more than 560 bitcoins in a ransomware attack in order to provide the decryption software. Let’s read further in the bitcoin news now.Pemex now has to pay the Bitcoin ransom in less than two weeks or wait and pay double after. More than five percent of the computers were affected by the doppelpaymer software and the billing system of the company is the most heavily impacted and could even lead to delays in paying the salaries to its employees.The BTC extortionists who hit Mexico’s oil giant Pemex are demanding about 560 bitcoins to provide the decryption software. According to Bleeping Computer, the ransomware attacked targeted the Fortune 500 company by the DoppelPaymer malware. Pemex wrote a tweet stating that the supply and distribution of petroleum and other products will remain unaffected.According to the ransom note, the hackers pegged the price of their decryption at 565 and at current bitcoin prices this amounts to $4,928,455 but they even promised a discount if contracted in less than 48 hours. Failure to make contact with the BTC Extortionists within two weeks will see the ransom increase to 1130 bitcoin. Additionally, the hackers have threatened to disclose the company’s private sensitive data if Pemex decides not to pay the ransom.According to the cybersecurity company CrowrdStrike, the malware came to the public first in June but there are a few other builds of the ransomware dating back to April. By July, the cybersecurity company estimated that three victims of the ransomware attack paid up to 142 bitcoin. This was worth about $1.5 million at the prices at that time.DoppelPaymer can spread very fast owing to the threaded-file encryption mechanism and the ransomware uses the communication TOR browser for payments. DopplePaymer is considered to be a fork of the BitPaymer ransomware which usually targets medium to large organizations such as corporations and local governments. Another one of the malware’s features is that the recovery of the backups is basically impossible. This is mainly because it encrypts and deletes the backup data. DoppelPaymer has the capacity to format backup disks as well.
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Bitcoin Scams

Co-Creator Of League Of Legends Lost $5 Million In Crypto Scam

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Co-creator of league of legends and co-founder of Riot Games reportedly lost about $5 million in a major cryptocurrency scam. The Singaporean national Matthew Ho allegedly used Marc Merill’s credit card information to purchase Amazon cloud computing technology so let’s find out more in the crypto news today.It turns out that a fraudster used Merill’s credentials to purchase Amazon computing serves and it took about four years for the fraud to be discovered. Beginning in November 2014, Ho used the credit card information from the co-creator of League of legends and purchased cloud computing technology from Google, Amazon and other providers. More than $5 million was spent on Amazon’s cloud computing technology but the court didn’t say if the whole bill was paid. This cloud computing technology was then used to mine cryptocurrencies such as bitcoin. The cryptocurrencies were later sold on localbitcoins.net but it is still unclear how much money Ho made by operating the scam.As it was recently discovered unsealed indictment in the United States, shows more information about how the Singaporean national was able to get away with this crypto scam until January 2018. H o used Merill’s real home address and a fake Californian driver’s license and a Gmail email address that looked similar to the one Merill had in order to prove to Amazon that he was the real Merill.Riot games are known to use the Amazon cloud computing technology and Merill was a customer for a long time since his American Express credit card had been used to purchase these services before. This allowed Ho to access the substantially high levels of cloud computing services according to the investigators.Merill was not the only person to be targeted in the crypto scam. Two other people from Texas and the United States and India are also alleged to have been defrauded by the same man. It is unclear how the scammer knew Merill’s address and Credit card information but Ho remains under arrest in Singapore and he is being investigated for a number of charges. These kinds of scams were extremely popular in 2018 and it seems like they are still preferred with the crypto scammers.
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Bitcoin Scams

California Bitcoin Bandit Is Facing 10 Years For Crypto Armed Robbery

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California Bitcoin Bandit, or more specifically a woman from East Hollywood in California, has been convicted of robbery relating to the peer-to-peer bitcoin trades. Lanay Fitzgerald was one of the two people involved in incidents that earned them the moniker ‘discount bitcoin bandits’ as we previously reported in the Bitcoin news.The 29-year old could face a prison sentence up to 10 years for the crypto robbery and getting the maximum possible sentence is mainly because she used a firearm when carrying out the robberies.  The one California Bitcoin Bandit negotiated an agreement and submitted a plea of no contest to the charges relating to five 2017-2018 robberies. According to reports, Fitzgerald and her accomplice the 23-year old Lawillie Joshua Hall arranged to meet prospective Bitcoin buyers at the height of the 2017 bull market.Both of them robbed the victims and sometimes even used a gun and never handed over any Bitcoin. Hall also entered a plea of no contest at an earlier hearing in April for his role in the two robberies. The District Attorney’s office spokesman Paul Eakins commented:
 “From October 2017 through February 2018, Fitzgerald stole money from five people by using online notices and communications advertising the sale of discount bitcoins, according to court testimony.. She met the victims in person and forcefully took the cash they had brought to purchase the cryptocurrency.”
Although they were originally charged with numerous other offenses, the court allowed them both to enter a plea of no contest against a single count of second-degree robbery and then dropped two additional charges against the California Bitcoin Bandit Fitzgerald on two counts of grand theft as well as three counts of child abuse which relates to the time she brought a child along during some of the robberies.Hall is expected to receive up to four years for his involvement and Fitzgerald could earn up to 10 years in prison. Both sentences have been increased since the defendants also pleaded no contest to using a firearm during the robberies. As the situation proposes, Hall will be sentenced on December 17 and will receive four years and a fine of $30,000 in restitution while Fitzgerald will have to serve 10 years in prison and $85,000 in restitution payments.
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Bitcoin Scams

Cryptocurrency Miner Steals $5M Worth Of Computing Power

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The cryptocurrency news today show that scams are getting more and more frequent in the industry. In the latest news, a millionaire game developer named Marc Merrill was the latest victim of the Singaporean cryptocurrency miner who stole identities in order to use the Amazon Web Services and Google cloud computing power for crypto mining.In an unsealed court filing on November 7, we could see that Forbes published that Marc Merrill is the co-founder of Riot Games who was the previous anonymous victim of the Singaporean national Matthew Ho's identity theft scheme. Meanwhile, Riot Games is most famous as a developer which stands behind the massively successful League of Legends game.Ho used Merrill's American Express credit card information and went on to buy cloud computing power from Amazon, Google and others. In October, Ho was indicted by the United States prosecutors who said that the total worth of computing services used by Ho was estimated to more than $5 million. The prosecutors also alleged that the cryptocurrency miner became the largest AWS data consumer and said:
"In the few months his scheme remained active, Ho consumed more than $5 million in unpaid cloud computing services with his mining operation and, for a brief period, was one of Amazon Web Services (AWS) largest consumers of data usage by volume. Some of the bills were paid by the California game developer’s financial staff before the fraud was detected."
The investigators claim that Ho was able to use the social engineering knowledge in order to gain access to admin privileges and large amounts of cloud computing power on Amazon and Google servers - mining various cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).Ho also managed to trick Amazon into believing that he was the president of Riot Games - and created a fake Californian driving license that carried the Riot Games and the co-chairman's name. Even though the Department of Justice charged Ho in early October, the identity of this developer became public only now.The cryptocurrency miner who stole the mining power is now charged with eight counts of wire fraud, four counts of access device fraud and two counts of aggravated identity theft.
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