Cryptocurrency Exchange Binance Gets Spoofed | Pymnts.com
Fake landing pages are spoofing websites for popular cryptocurrency exchange desks, TheNextWeb reports. The pages, which are meant to look like legitimate websites for exchanges such as Binance , actually only contain affiliate links programmed to forward visitors to the real exchange websites. While the Binance spoof doesnt appear to steal users credentials, websites that use affiliate links can make money for business referrals. Affiliates of Binance, for example, receive 50 percent of the trading fees of any signees theyve brought to the exchange desk. The commission you receive from the referral program will initially be set at a rate of 50 percent. This will then be adjusted after a certain period of time based on the situation, the exchanges affiliate terms read. There are some ways to tell a genuine exchange website apart from an illegitimate one. To spot fake pages, users should check the certificates in the upper-left corner of their web browsers. Users should also look to see if a website purporting to be legitimate updates exchange rates in real-time the real Binance site does, for example. Copycat websites also may show a poorly placed sign up first button. Binance is hardly the only cryptocurrency site to be the subject of copycats. Last September, Bitfinex warned users that attackers had made a phishing website designed to look like the companys legitimate site, the blog reported. Of course, other industries have fallen prey to spoof websites. In September, Equifax linked to a page on a fake version of its website created by an software engineer who was trying to demonstrate vulnerability of the credit rating agencys site. The news of the Binance spoof comes after two high-profile cryptocurrency thefts that netted tens of millions of dollars for schemers. Continue reading >>
Problems And Risks For Cryptocurrency Users Kaspersky Lab Official Blog
Cryptocurrencies are basically the same as e-money like WebMoney or PayPal. That means they also have the same problems as classic e-payment systems. However, the operating principles specific to cryptocurrencies sometimes make the problems more likely to occur, and thus more disturbing. In addition, the same principles are responsible for a certain number of risks unique to cryptocurrencies. Spoofing payment information and phishing Well start with common problems such as plain old theft. Lets say youre transferring money to a friend. You copy his wallet address accurately, but malware replaces the address in the clipboard with another one . Not every user is vigilant and double checks an address after copying it. Especially if the address is a long jumble of characters. Or take phishing, for another example. As with ordinary e-money, users can be tricked into going to a phishing website where they upload their cryptowallets and enter a password. Of course, users of a traditional bank or payment system can also run into trouble with cyberthieves. However, with a traditional system there is always a fairly good chance of canceling the transfer. In the case of cryptocurrencies, you might as well try to complain to the United Nations. What happens in blockchain stays in blockchain. On top of that, even using a genuine payment gateway with the correct address can result in a loss of money. In June 2017, the most popular Web wallet for the Ethereum Classic cryptocurrency, with the original address , suddenly started stealing money from users wallets. Turned out, hackers had used social-engineering methods to convince the hosting provider that they were the real domain owners. After gaining access, they started intercepting cash flows. Luckily, the strategy those hackers us Continue reading >>
Fake It Till You Make It: When Bitfinex Themselves Used To Spoof Their Entire Orderbook.
Blog for @Bitfinexed on Twitter. Exposing fraud by largest Bitcoin exchange, Bitfinex/Tether Fake It Till You Make It: When Bitfinex themselves used to spoof their entire orderbook. In this post Im going to explain how Bitfinex themselves ran arbitrage with other exchanges, and displayed orders from other exchanges as their own, as if it was their own order book. This is not spoofing in the traditional sense of my previous post, where a trader places an order he has no intent on executing. Instead, this spoofing is displaying orders on your exchange which in reality are foreign orders to buy or sell Bitcoin, in an attempt to claim that your exchange has more liquidity than your competition. Essentially, the exchange is being less than truthful about the real depth of their order books. The Chief Strategy Officer of Bitfinex, Phil Potter runs a Bitcoin arbitrage hedge fund. So its very likely that this was his doing. This bitcoin arbitrage hedge fund, performed arbitrage between Bitfinex, and Bitstamp. (and this is a conflict of interest, running a bitcoin arbitrage hedge fund while also working for one of the exchanges) Bitfinex Chief Financial Officer, Giancarlo Devasini So, its now well established that this is a FACT: Bitfinex imported order books from other exchanges. If you still dont believe me, this website is for you . The goal of this program was to make their exchange look like it was larger than it really was and they had the best liquidity. The reality is a significant amount of orders displayed to traders on their exchange, were in fact Bitstamp orders. Not Bitfinex. Well, it creates a large problem. Chances are the imported orders on their books, were not actual orders for real on their exchange made by private traders. Instead, they were orders from the Continue reading >>
Single Trader With Enormous Bankroll Is Manipulating Bitcoin Price, But To What End?
Single Trader with Enormous Bankroll is Manipulating Bitcoin Price, But to What End? Single trader on Bitfinex engaging in illegal activity to manipulate the price of Bitcoin to suit his own ends Rumors are swirling about a trader with nearly unlimited funds who is manipulating the Bitcoin markets. This trader, nicknamed "Spoofy,"received his nom de guerre because of his efforts to spoof the market, primarily on Bitfinex. According to the Dodd-Frank act, spoofing is the practice of: "Bidding or offering with the intent to cancel the bid or offer before execution" In other words, spoofers place a large buy order just below other buy orders, or a large sell order just above other sell orders. The idea is to make traders think that somebody with deep pockets is getting ready to buy or sell, in hopes of moving the market. If traders see a sell order of 2000 Bitcoin, for instance, they may rush to panic sell before the whale crashes the price. The catch is this: If the price approaches the spoofers order, he immediately cancels it. Spoofing is actually illegal , but as Bitcoin markets are largely unregulated, its quite common. What is unusual in this case is the enormous bankroll that Spoofy has at his disposal. He regularly places orders approaching $60 mln. Even more unusual is that most of Spoofys activity occurs on a single exchange: Bitfinex. This exchange came under fire earlier this spring when Wells Fargo cut off their banking ties. As a result, its virtually impossible to deposit fiat on Bitfinex without going through intermediaries. Spoofy has massive sums of both fiat and Bitcoin on that exchange, and is likely one of the only traders who does. Spoofy has a number of weapons in his arsenal, including spoofing and wash trading. As BitCryptoed points out in a recen Continue reading >>
Cryptocurrency And Spoofing
Cryptocurrency Investing Cryptocurrency and Spoofing Do you like our content? Or, do you want to test out a new wallet? Feel free to send some coins to one of our wallets public addresses. All donated funds will go toward improving the site. Attention New Cryptocurrency Investor, Dont Let a Correction Shake You What Will Futures Trading Do to Bitcoin and Altcoins? Suggestions on What to Do if You Bought Bitcoin at the Top Bitcoin TIP: Set Stops, Average, Buy the Dips, and Hold Beware the Bitcoin FOMO (Fear of Missing Out on Bitcoin) Coinone Added Litecoin; Spurring on a Price Bump GBTC Isnt Doing Itself a Favor Being Unclear on the Forks The Risks and Rewards of Being in BitCoin For the Fork Is Bitconnect a Scam? Watch Out For Cryptocurrency Scams The content of this website is provided for informational purposes only and cant be used as investment advice, legal advice, tax advice, medical advice, advice on operating heavy machinery, etc. Our site is not officially associated with any brand or government entity. Any mention of a brand or other trademarked entity is for the purposes of education, entertainment, or parody. Neither CryptocurrencyFacts.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from CryptocurrencyFacts.com. In other words, this is a website on the internet offering free information about cryptocurrency, this is not your accountant, lawyer, or fiduciary offering you professional tax, legal, or investment advice. See our about page for more disclaimers and information. Understanding Cryptocurrency and Spoofing; Plus Advice on How to Avoid Getting Spoofed By Spoofers Spoofing is when traders create the illusion of pessimism (or optimism) in Continue reading >>
Mining Theory - Rewriting The Entire Blockchain: Is It Possible To Spoof Block Timestamps Of A Privately Mined Chain? - Bitcoin Stack Exchange
Rewriting the entire blockchain: is it possible to spoof block timestamps of a privately mined chain? According to fork.lol and Pieter's bitcoin.sipa , it would currently take ~200 days for an attacker with 100% of the current hashpower to rewrite the entire btc blockchain. My question pertains to how an attack like this could actually play out: Lets assume that 100% of the hashpower is in an attackers hands, and the btc chain has stopped progressing. The attacker points 100% of the hashpower towards mining on the genesis block, so they will generate the first 2016 blocks SUPER fast, and then the difficulty will increase by a factor of 4. This will continue until the difficulty reaches it's current levels, and after ~200 days the attacker's chain will have a higher cumulative difficulty, despite having a much lower block height. But I don't think that is very interesting, the rest of the network will realize there is a problem well before 200 days have passed, and probably code up a solution of some sort to keep things running smoothly. So how possible is a more covert attack? Could an attacker with a modest amount of hashpower mine a private chain, and spoof the timestamps to keep the difficulty lower than it should be? Thus allowing the creation of a 'replica' chain with a few txs changed for the attackers benefit? This could be done while the honest chain is still operating, and the attacker would slowly catch up to the honest chain. The further along the attacker makes it, the more hash power they will need to dedicate to the attack to keep outrunning any honest miners. But if a modest amount of hashpower can privately rewrite a good chunk of the early history, it seems like the current 200 day window might actually be a slight overestimate. Note: In this scenario, Continue reading >>
Meet Picasso, The Painter Ongdax.
Blog for @Bitfinexed on Twitter. Exposing possible fraud by largest Bitcoin exchange, Bitfinex/Tether For a while now, I have been monitoring activity on Coinbase/GDAX, along with Bitfinex. I originally watched GDAX off and on during suspicious activity back in May, and have been recording GDAX activity along with Bitfinex for the past several months. Picasso is a trading bot that I believe is painting the tape on Coinbase, this bot may in fact be working with, or is Spoofy, but because hes using a different strategy, I decided to give him another name. The name Picasso is because hes essentially, painting the charts for Bitcoin however he damn well pleases. This is why I believe TA is pointless with Bitcoin, and crypto-currencies in general. Take note though, while this is a bot on Coinbase/GDAX, this does not necessarily mean the bot is being ran by Coinbase/GDAX. I do believe this bot may be associated with, or may be Spoofy. Perhaps shifting his strategy after I exposed Spoofy. Painting the tape is an age old tactic by traders to artificially manipulate prices. Since I exposed the activity of Spoofy, spoofing has gone down considerably. This is another method to manipulate prices that is usually a little harder to see from the outside. A form of market manipulation whereby market players attempt to influence the price of a security by buying and/orwww.investopedia.com Painting the tape is a form of market manipulation whereby market players attempt to influence the price of a security by buying and/or selling it among themselves so as to create the appearance of substantial trading activity in the security. Painting the tape is an illegal activity that is prohibited by the Securities and Exchange Commission because it creates an artificial price for a security. The Continue reading >>
Mysterious Trader With "nearly Unlimited Bankroll" Said To Manipulate, Dominate Price Of Bitcoin
Mysterious Trader With "Nearly Unlimited Bankroll" Said To Manipulate, Dominate Price Of Bitcoin It was over three years ago, back in May 2014, when we wrote " How Bots Manipulated The Price Of Bitcoin Through "Massive Fraudulent Trading Activity" At MtGox " in which we first demonstrated one of the more striking observed "bot-driven" bitcoin manipulation schemes, in this case related to the infamous collapse of the now defunct Mt.Gox bitcoin exchnage. As we wrote at the time, a number of traders began noticing suspicious behavior on Mt. Gox. Basically, a random number between 10 and 20 bitcoin would be bought every 5-10 minutes, non-stop, for at least a month on end until the end of January, by what appeared to be two algos, named later as "Willy" and "Markis." Each time, (1) an account was created, (2) the account spent some very exact amount of USD to market-buy coins ($2.5mm was most common), (3) a new account was created very shortly after. Repeat. In total, a staggering ~$112 million was spent to buy close to 270,000 BTC the bulk of which was bought in November. "So if you were wondering how Bitcoin suddenly appreciated in value by a factor of 10 within the span of one month, well, this is why. Not Chinese investors, not the Silkroad bust these events may have contributed, but they certainly were not the main reason. But who did it? and why?" Of course, in the end this alleged manipulation did not help Mt.Gox which eventually collapsed in what has been the biggest case of cryptocoin fraud in history. We bring up this particular blast from the past, because in the latest case of bitcoin market abuse - with Bitcoin trading at all time highs above $3,000 - Cointelegraph reports of rumors swirling about a trader "with nearly unlimited funds who is manipulating the Bi Continue reading >>
Why Is Bitcoin Surging? Ask Spoofy, The Trader Whos Reportedly Manipulating Prices
Why is bitcoin surging? Ask Spoofy, the trader whos reportedly manipulating prices Spoofy makes the price go up when he wants it to go up, and Spoofy makes the price go down when he wants it to go down MarketWatch photo illustration/iStockphoto Whos behind the recent rally in bitcoin? Bitcoin BTCUSD, +3.74% caught fire this weekend, taking out yet another record high and pushing above $50 billion in market capitalization for the first time ever. This after selling off in the wake of the split last week . Apparently, a deep-pocketed trader (or group of traders), nicknamed Spoofy, is rumored to be manipulating the bitcoin market by employing his namesake tactic on the Bitfinex cryptocurrency exchange, according to Cointelegraph . Read: 10 things you need to know about bitcoin . Spoofing is when a trader makes a deceptive bid or offer with the intent of canceling it before execution, thus giving the illusion that somebody is getting ready to buy or sell and potentially triggering a notable move in price. For example, if Spoofy places a large buy order that entices smaller traders to hop aboard, he can turn around and instead use the uptick to execute a sell order. Weve seen it before in other markets, like when Navinder Sarao, the British trader accused of contributing to the 2010 stock market flash crash, pleaded guilty to using the shady tactic. So yes, spoofing is illegal, but since bitcoin markets are mostly unregulated, its quite common, Cointelegraph reports. The difference in Spoofys case is that hes got a massive bankroll that allows him to regular place orders upward of $60 million. The BitCryptoed blog described the impact hes had on bitcoin. Spoofy makes the price go up when he wants it to go up, and Spoofy makes the price go down when he wants it to go down, t Continue reading >>
Forkgen.tech Automated Bitcoin Cryptocurrency Hard Fork Generator Spoof
Cryptocurrency ForkGen.Tech Automated Bitcoin Cryptocurrency Hard Fork Generator Spoof ForkGen.Tech Automated Bitcoin Cryptocurrency Hard Fork Generator Spoof Forkgen Tech provides uses with a generator service for a Bitcoin fork. A fork coin is a coin split in Bitcoin, which is created deliberately via hard forks on the blockchain. It allows information sharing regarding Bitcoin transactions. Forkgen Tech warns its users right off that the generator should be used at user risk. Forkgen Tech believes that its been far too difficult for forks to be created within Bitcoin blockchain . This impasse has resulted in the need to alter source code and to use compilers. All of this takes time and technical knowledge that stumps even some of the most foremost developers in the industry. Because of this challenge, Forgen Tech aims to capitalize on the need for reliable and easy to use fork coin generation. The company is founded on the principles that innovation should be free from the planning systems of ChainCodeLombroBlockstreamMIT Core. It lauds the past successes of companies such as Bitcoin Gold along with the management of Craig Wright as influencers of its platform. Forkgen Tech believes its generator service to be in line with Satoshis True vision, which states that if big blocks are ideal for cryptocurrency scaling, then small chains are even more beneficial for the industry. Forkgen Tech is clearly concerned about quality. Its the foremost reason why the service offers is not a fork of BCash. Forks provide users with the entire Bitcoin database immediately. That means that if its real Bitcoin, its going to be of value to many people all over the world. Forks allow casual investors of Bitcoin the opportunity to rely on the expertise of others involved in cryptocurrency Continue reading >>
6 Answers - If I Have Sufficient Access To Bitcoin Ledgers, Can I Spoof Transactions? - Quora
If I have sufficient access to bitcoin ledgers, can I spoof transactions? Get my free professional trader cheat sheet. Trading isn't about predicting what happens next. It's about having a system with an edge. Transaction validation is crowd sourced by peer consensus. Therefore, successful spoofing requires a conspiracy involving more than half of all miners. In theory, they could create a Bitcoin fork that represents their lie and strips value from everyone who has a stake in the original blockchain. During the past year, this has been a major community concern--because of collaboration of a large number of miners in a mining pool. But such an attack, if successful, would result in an immediate loss of trust from the rest of the Bitcoin community, leaving the thieves with only themselves to value their booty. One way to thwart such an attack is to constantly monitor the quality, age, and history of miners, and the fraction under control or influence of a single group. With China hosting so many miners, this is a difficult heuristic to measure with confidence. In my opinion, a more realistic and practical approach is: 1. Devise heuristics that measure the social and economic "separation" of miners and groups of miners. There are precedents for diversity analysis. Surprisingly, this effort may be easier than it sounds. 2. Incentivize fat wallets: I.e. wallets that can also mine -- at least a fraction of the transaction activity generated by the wallet user. I am not suggesting that every mobile user burn through thousands of MIPS with their smartphone. Simply incorporate mining into every single wallet platform and then incentive users to validate at least one transaction for every 8 or 10 transactions of his own. The mining credit can be transferred by proxy. That is, Continue reading >>
Bitcoin: Evidence Of Spoofing, Wash Trading, And A Scheme Known As Tether | Hacker News
The title and the sensationalist wording of the article is complete nonsense. Yes, placing a large order might be interpreted as a signal by some traders and it might be possible to take advantage of that. But that does not mean somebody dominates the price of Bitcoin. By the same logic you could say that HN posts dominate the price of Bitcoin because some traders might use them as a signal. Not only that, he has zero evidence that it's one entity. He has zero evidence that he doesn't let these orders execute. Bitfinex is the second largest bitcoin exchange, their daily volume is $130 million . $2-4M trades are not anything out of the ordinary. Why exactly is spoofing illegal? How do you differentiate legitimate order canceling from spoofing? Trading is very emotional process. You place order, 5 minutes later you decide to cancel it, 10 minutes later you decide to place another order. I think it doesn't make any sense for this kind of activity to be illegal, and I don't see much wrong with it. It would be impossible for exchanges to differentiate between spoofing or legitimate trading anyway. Intent. How do you differentiate hacking from legitimate access? You're just sending byte streams to the server and it decided to give you access to something, after all. The reason it's illegal or banned on normal exchanges is because it drives out legitimate customers and you end up with a den of thieves. Everybody looks at the order book to gauge liquidity and make decisions, not just bots. Users want prices to be relatively stable and tied to fundamental values. An exchange where manipulators spoof or wipe the order book in a high stakes game of chicken is unstable. Imagine an eBay with no protections against counterfeit goods, or a StubHub full of fraudulent tickets. And s Continue reading >>
Meet Spoofy. How A Single Entity Dominates The Price Ofbitcoin.
Blog for @Bitfinexed on Twitter. Exposing fraud by largest Bitcoin exchange, Bitfinex/Tether Meet Spoofy. How a Single entity dominates the price ofBitcoin. This story is about a trader, or a group of traders, or possibly even Bitfinex themselves manipulates the price of Bitcoin. The past few months Ive slowly collected screenshots of a trader I like to call Spoofy. Youll see evidence of spoofing, wash trading, a sketchy scheme associated closely with Bitfinex known as Tether among other shenanigans. Spoofy makes the price go up when he wants it to go up, and Spoofy makes the price go down when he wants it to go down, and hes got the coin both USD, and Bitcoin of course to pull it off, and with impunity on Bitfinex. Phil Potter referred to me in an interview on August 6th, and claimed they have not seen the kind of activity Im talking about. This is a video showing activity on July 22nd, 2017 and contains Phil Potters comments along activity that he claims isnt happening. Spoofing & Trading manipulation on July 22nd. Since March 2017, Ive been warning people about the issues regarding Bitfinex and their disconnection from the traditional banking system. The issue regarding Bitfinexs banking woes is essentially on the backburner as prices have gone up significantly since then, but in my opinion, this is a very big driver of why the price of Bitcoin is exceedingly easy to manipulate. Spoofy is a regular trader (or a group of traders), that function primarily on Bitfinex, and in a limited fashion on some other exchanges who engages in the following practices: Places large bids ($2 million and up) for Bitcoin, usually just under a smaller bid order, only to remove them once someone starts to sell. These orders usually have a lifetime of minutes, or sometimes as short as 51 Continue reading >>
Bitcoin Analyst Identifies Clear Spoofing Pattern At Bitfinex
Bitcoin Analyst Identifies Clear Spoofing Pattern at Bitfinex Join our community of 10 000 traders on Hacked.com for just $39 per month. Spoofing is the act of placing an order on a market or exchange which you dont plan to actually execute. This is done to move the wheels of the market, to influence peer traders. A large bid will tell bots and people it might be time to close short positions, or the inverse. If you have coins for sale, you can manipulate the market into buying them from you at your preferred rate through spoofing, if done correctly. Spoofing is a high frequency trading tactic and in the regular stock market it is wholly illegal under the Dodd-Frank Act . A block of traders powered by a trading bot, or a single entity, or the exchange itself, must have a massive pile of cash in order to properly spoof. According to author Bitcryptod, there is a high likelihood that Bitfinex itself is spoofing the entire market place. Phil Potters , CSO of Bitfinex, responded to the article in audio in the following clip: Potters says that anti-spoofing measures are philosophically off-base anyway. Since Bitfinex is mostly unregulated, and since this is why they have trouble integrating with traditional banks, Potters and his team are the final authority. Meanwhile, the bitcoin market capitalization as a whole inches toward 100 billion on its own, and Bitfinex wields a mighty position of power and influence over the convertible value of bitcoins. Bitfinex continually has trouble maintaining bank accounts and this could lead to serious problems in the future if a bank run on it were to ensue in which people wanted to cash out their dollars and euros instead of bitcoins. Bitcryptod writes: Since March 2017, Ive been warning people about the issues regarding Bitfinex and t Continue reading >>
Gdax Spoof Site! Be Warned. Also, Please Help. : Bitcoin
Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>