Four scammers are in the latest Bitcoin news for allegedly stealing more than $200,000 from seven different Canadian cities. The heist was pulled off by substituting speed and convenience over security and fund safety – allowing the scammers to get away with the money from several Bitcoin ATMs across the Canadian cities.
Police are now on the trail. However, what’s more important is the fact that this theft is an indication of how malicious the elements are – and how sophisticated the Bitcoin scams are becoming. With new trends, it is easier to steal Bitcoin than ever before – especially from ATM machines which have always been vulnerable to attacks.
On a different note, this heist sends an alarm on ATM manufacturers such as Genesis and CoinSource, motivating them to step up and implement appropriate solutions which will tackle the risks associated with zero-confirmation transactions. Therefore, they will shield ordinary enthusiasts keen on exploring and even experimenting on Bitcoin.
Only a small percentage of people knows what Bitcoin actually is. The ones who know how BTC works is even lower. Even though zero-confirm transactions are fast and accepted by some merchants, it can also be disastrous for merchant if these transactions are reversed in a RBF or via double spending with higher fees.
The ease execution of this Bitcoin scam is what wonders many. In times when Bitcoin (BTC) is sitting below $4,000 and is in a stable position with no visible gains so far, the $200k worth of BTC that was stolen gave the scammers a bi of an advantage.
Australian Authorities Seize BTC Scammer’s Bitcoin Profit
“It was deposited into the Commonwealth’s Confiscated Assets Account. This was the first restraint and forfeiture of bitcoin by the AFP.”The man refused to hand over his private keys but it ultimately turned out to be a massive boon for the police and then they could easily be described as unwitting Bitcoin benefactors. The gains were so huge that one local report claims that Australia’s financial administrators may have to improve the skills of their staff in coin management and cryptocurrency trading. The prices do not go up in a straight line, of course, so the seizure was fortuitous in the light of the Bitcoin bull market in 2016 and 2017 in particular.Despite the cashing out, it is still very hard to tell which avenue would have been the most profitable for the authorities. The U.K police also recently auctioned more than $662,000 worth of confiscated Bitcoin which is the first time for the country. The smart money, however, should be hold on to. As Tim Draper did and successfully made a profit of about $89 million in the five years since buying Bitcoin in bulk from the 2014 auction.
Fake Tor Browser Packed With Malware Has Been Stealing BTC For Years
“Each such wallet contains relatively large numbers of small transactions; we consider this a confirmation that these wallets indeed were used by the trojanized Tor Browser,” Cherepanov explained.At the time this research was completed, the three wallets received 4.8 Bitcoin (worth $38,700 at press time). However, ESET said that the actual amount that was stolen would be higher as the wallets for the Russian payments service QIWI are also targeted.The hacking campaign has been targeting the Russian-speaking users of Tor - developing a network which was designed to keep the identities hidden to avoid tracking and surveillance. The cybercriminals who developed the fake Tor browser have been using fake forums and the website pastebin.com to distribute their offering as the official Russian language version of the app.
“Their goal was to lure language-specific targets to a pair of malicious – yet legitimate-looking – websites,” ESET claimed.On the first website, the fake Tor browser was designed to lure users by sending an alert that their browser is out of date, even though this was not true. Then, the users were apparently trying to update the browser and were redirected to a second website with an installer for the fake app.Once installed, the fake Tor browser full of malware enabled the creators of it (hackers) to know what websites users visit, change the data on the visited pages and grab their content and login information from the data forms.
CFTC Files Lawsuit Against $11M Ponzi-Like Crypto Scam
“Fraudulent schemes, like that alleged in this case, not only cheat innocent people out of their hard-earned money, but they threaten to undermine the responsible development of these new and innovative markets. America must be a leader in this space, and we will only succeed if these markets have integrity.”As the details show, the defendants are said to have duped at least 14 people into joining a pool operated by Circle Society, a fraudulent entity created by Saffron, which guaranteed returns up to 300%.Saffron is alleged to have retained the participants' funds in his own personal cryptocurrency wallet and used them to pay the new participants "in the manner of a Ponzi scheme." Right now, the CFTC is aiming to seek civil monetary penalties, restitution, rescission, disgorgement of ill-gotten gains as well as trading and registration bans. As CFTC files a lawsuit, it is also aware that there might not be sufficient funds or assets to cover all of its losses.Previously, the news showed that the CFTC sees Bitcoin as a commodity - but the new CFTC chairman said that he believes Ether (ETH) is a commodity and that ETH futures trading is becoming a reality. This shocked many because Ether was not mentioned before by the CFTC.
“We've been very clear on bitcoin: bitcoin is a commodity. We haven't said anything about ether—until now [...] It is my view as chairman of the CFTC that ether is a commodity,” Tarbert explained.
Cyber Thieves Are Harvesting Bitcoin With Low-Cost Software
“[Casbaneiro] can take screenshots and send them to its server, simulate mouse and keyboard actions and capture keystrokes, download and install updates to itself, restrict access to various websites, and download and execute other executables.”The company states that the Casbaneiro malware family is related to the Amavaldo another Trojan which targets Latin American online banking and cryptocurrency customers. The cyber thieves also use the on-going cyber-crime campaign named MasterMana Botnet which also targets the cryptocurrency wallets and the company stated that the campaign was first detected in December in 2018. Most importantly, the report claims that the cost to ‘’ deploy and maintain and the campaign was mostly nonexistent.’’ The previous versions included the Revenge Rat software and this Trojan is available online for free on multiple websites which brings the campaign operation price down to about $60. The company described the malware as ‘’old but still highly effective.’’
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