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Bitcoin Scams

New $59 Million Hack: Japanese Crypto Exchange Zaif Got Breached

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Yet again hackers are in the center of attention in the latest cryptocurrency news where the Japanese crypto exchange was hacked and hackers managed to take $59 million worth of crypto.

It’s interesting that the actual security breach happened 6 days ago, on September 14th when hackers reportedly stole about 4.5 billion yen from users’ wallets and also 2.2 billion yen in company assets. The total losses come up to 6.7 billion yen or as we said, $59.7 million. In a press release, Tech Bureau that operates the exchange Zaif stated that the exchange did detect an error on the server on September 17 and Zaif quickly suspended all deposits and withdrawals. The very next day, the exchange came up to a conclusion that the error was actually a hack and hurried to report the breach to the Japanese financial regulator.

The Financial Services Agency determined that the hackers stole 5,966 bitcoins and also some Bitcoin Cash. They didn’t stop there and took what’s left of MonaCoin. Zaif is now cooperating with Fisco Digital Asset Group in order to cover all the lost assets by providing 5 billion yen. Tech Bureau also agreed to dismiss half of the company’s directors and let Fisco be the main stakeholder in the company.

According to CoinMarketCap, Zaif is the 101st crypto exchange in terms of trading volume. Just as the exchange started working fine, earlier this year there was a system glitch that allowed all the users to acquire trillions of dollar worth of bitcoin for free. This incident, followed by the latest one, could potentially have major implications for this company in Japan since regulations are tightening up the belt and request for even stricter rules.

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Bitcoin Scams

U.S. Government Confirms The Existence Of Bomb Threat Emails Demanding Bitcoin From Organizations

The government of United States is the bitcoin news today - this time for the emergence of a new trend that is focused around 'fake' bomb threat emails that demand Bitcoin from organizations within the country. The US Government suggested the best steps to take in this scenario, led by the National Cybersecurity and Communications Integration Center (NCCIC) which is part of the Cybersecurity and Infrastructure Agency. As the organizations announced this Thursday, they are aware of such an email campaign worldwide.
“The emails claim that a device will detonate unless a ransom in bitcoin is paid,” the NCCIC said.
So far, there have been several reports stating that the scammers are demanding hefty sums paid in Bitcoin with the subject line "I advise you not to call the police." The emails, on the other hand, included the following in their body:
“My man carried a bomb (Hexogen) into the building where your company is located. … I can withdraw my mercenary if you pay. You pay me 20.000 $ in Bitcoin and the bomb will not explode, but don’t try to cheat – I warrant you that I will withdraw my mercenary only after 3 confirmations in blockchain network.”
The NCCIC advised citizens that if they receive one of the bomb threat emails, they should not try to contact the sender or pay the ransom. Furthermore, the agency also asked people to report emails to the FBI's Internet Crime Complaint Center or to a local FBI field office. The mayor of Washington DC, Muriel Bowser, has also released an official statement confirming that she has been briefed by the Metropolitan Police Department (MPD). As she said:
“Each of the threats was received via email, requesting bitcoin ransom, but we have no knowledge that anyone has complied with the transaction demands. MPD is investigating these threats with our federal law enforcement partners. This is an issue being reported in other cities nationwide and is not considered credible at this time. If you receive a threat or observe suspicious activity, please call 911.”
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Bitcoin Scams

Former Mt. Gox CEO Mark Karpeles Could Face 10 Years In Prison

In today's crypto news, we are going to Japan where a group of prosecutors are seeking a 10-year sentence for Mark Karpeles who is the former chief and executive officer of the now-bankrupt Bitcoin exchange Mt. Gox. As a report from The Mainichi on Wednesday noted, the prosecutors claimed that Karpeles used customers' funds for his own personal use while speaking to the Tokyo District Court. According to the details, Karpeles reportedly transferred 341 million yen (approximately $3 million) of his customers' money kept in a bank account to his personal account from September to December 2013, as a court indictment stated. The cash was taken for uses such as "investing in software development business for personal interest." On top of this, the authorities are accusing Karpeles of manipulating the data on the Mt. Gox trading system, fabricating fake balances and playing a great role in the destroyance of the market and "the confidence of Bitcoin users." In 2017, Karpeles pleaded not guilty in the court to the charges of embezzlement and data manipulation and denied all the allegations. Later in April this year, he apologised for the company's bankruptcy and stated:
“I never imagined things would end this way and I am forever sorry for everything that’s taken place and all the effect it had on everyone involved.”
Mt. Gox filed for liquidation in April 2014 after claiming to have been hacked for around 850,000 Bitcoin, some of which was later found.
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Analysis

End Of Year Analysis: $930 Million Dollars Worth Of Cryptocurrency Stolen In 2018

The new Anti-Money Laundering report done by CipherTrace crypto intelligence company is what we are reading about in today’s crypto news where you can see that almost a billion dollars are stolen this year in various hack attacks. Currently, about $930 million worth of cryptocurrency is reported to be stolen via hack attacks but the value is expected to reach over a billion until the end of 2018. The company conducting the investigation noted that the protective layers on multiple exchange platforms to be a major problem. In the Q2 report, CipherTrace noted that there were multiple thefts in the first half of 2018 compared to 2017 in general. One of the biggest hack attacks were more than $730 million worth of cryptocurrency was stolen including the hack of the Japanese exchange Coincheck and BitGrail which were one the exchanges who got hit the hardest. According to the Q3 report, the things don’t stand optimistic as well. CipherTrace predicts that this trend will go, unfortunately. The company also claims that there are plenty of phishing attempts and scams that are not reported and haven’t made it to the public. One of the main thefts for 2018 was the hack attack on Bithumb where the exchange lost more than $30 million in a so-called ‘’cyber intrusion’’, and Bancor that lost $24 million due to a smart contract breach. Another exchange Coinrail also lost more than $40 million. If you take a look at the report, you will see that the US is one of the most vulnerable countries to crypto thefts and hack attacks with more than 55% of the attacks happening in the US. The report only shows how important is the storing of your cryptocurrency in a hardware wallet and that users should not leave their assets on an exchange exposed.
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Bitcoin Scams

Bitcoin Scams: Singapore Investors Lost $78,000 In 3 Months

In the latest Bitcoin news, we are covering Singapore's market where a total sum of $78,000 was lost to cryptocurrency scammers in the country. After using a series of strategies involving spreading false information about fake investments in order to attract investors, the Bitcoin scammers managed to get away with $78,000 which were lost in these types of fake investments. First published in a Straits Times report, the news reveals that the scams were specifically designed to appeal to the Singaporean residents by using well-known local personalities endorsing the scams - without their knowledge or approval. The local police spoke to the media recently and stated that the basic format of the scam involves the use of online articles which main function is to be a recruitment material for investors who don't carry enough due diligence. From glowing endorsements to almost-real testimonials, these scams promoted investment programs from prominent Singaporean public figures and celebrities, attracting several low-level investors who wanted to imitate the success of the individuals featured in the scams. Singapore is currently one of the friendliest crypto and blockchain jurisdictions - and there are many moves towards government-level blockchain adoption. Despite all of this, putting money into any crypto investment schemes run from outside Singapore is still a risk for many investors - mostly because it is difficult to ascertain their authenticity and identify the individuals behind the schemes.  
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