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Cryptocurrency Seizure In London Is First For Scotland Yard

Cryptocurrency Seizure In London Is First For Scotland Yard

To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Bitcoin: London police make first cryptocurrency seizure from prolific hacker Kim Hjelmgaard , USA TODAY Published 10:33 a.m. ET May 2, 2018 A cell phone screen showing the digital bitcoin symbol and the word HACKED. LONDON When Grant West was arrested on a train last year by undercover British police,surveillance footage showed passengers clappingat what looked like the quick captureof another petty criminal. But West's arrest was a milestone for Scotland Yard: The 25-year-old was the first cybercriminal taken into custodyand had his Bitcoin currency, worth about $700,000, seized by London Metropolitan Police. "These people generally feel they can operate with impunity, that they can't be touched. We have now debunked that," saidMick Gallagher,the police investigator who led the two-year covert operation. A British courtsaid Wednesday that West would be sentenced on May 25. His girlfriend, Rachael Brookes, an accomplice, was sentenced to two years community service. West, who used the online name Courvoisier, pleaded guilty in December to a cyberattack on a fast-food firm plus multiple other offenses.Investigators said he was behind cyberattacks on more than 100 companies, including supermarkets, gambling shops and cellphone companies between July and December 2015. He used phishing emails to lure people into revealing personal information, including passwords and credit card numbers,police said. West then sold thedata to vendors on hidden websites known as the Dark Web. He converted his proceeds into Bitcoin and stored it across several virtual currency accounts. More: Bitcoin plunges on regulator caution to investors about 'potentially unlawful' platforms "When it comes to tr Continue reading >>

North Korea Hacking War On Bitcoin Exchanges Is Part Of Biggest Global Sting

North Korea Hacking War On Bitcoin Exchanges Is Part Of Biggest Global Sting

North Korea Hacking War on Bitcoin Exchanges Is Part of Biggest Global Sting A visual representation of the digital cryptocurrency bitcoin alongside U.S. dollars, in London, on December 7. The bankruptcy of a bitcoin exchange has been blamed on North Korean hackers, prompting concerns for the cryptocurrencys future. Dan Kitwood/Getty Images The bankruptcy of a bitcoin exchange has been blamed on North Korean hackers, prompting concerns for the cryptocurrencys future. Around $72 million worth of bitcoins were stolen from the South Korean exchange Youbit in April, before a second more recent cyber heist forced the exchange to shut down on Tuesday. Cryptocurrency exchanges from neighboring South Koreawhich account for 15 to 25 percent of world bitcoin tradingappear to be the main target of the hackers, with the countrys largest exchange platform, Bithumb, hacked in July. Other Seoul-based bitcoin exchanges, including Yapizon and Coinis, have also been the target of cyber thieves suspected of being from North Korea this year. In Pictures: The 50 Most Powerful Military Forces in the World Cybersecurity researchers tell Newsweek that the activity is part of a worrying trend relating to hackers from Bluenoroff, a subgroup of the North Korean hacking group Lazarus, famous for the Sony Pictures hack in November 2014 . The first time I saw them target a bitcoin company was in May this yearthe same month they unleashed WannaCry , says Chris Doman from the cybersecurity firm AlienVault. Theyve also used related malware to opportunistically mine Monero coins on compromised servers. Clearly they have a large interest in cryptocurrencies as an easy method for economic gain, as well as an opportunity to economically weaken their enemies. Keep up with this story and more by subscribing Continue reading >>

John Mcafee Stands By His Bitcoin [btc] Prediction For 2020 Says Fiat Will Devalue!

John Mcafee Stands By His Bitcoin [btc] Prediction For 2020 Says Fiat Will Devalue!

After the poor first quarter performance of Bitcoin [BTC], analysts say many weak hands have left the market and only the ones truly interested in the technology and believe in the future of this revolution remain. John McAfee had earlier said that he will eat his di*k if Bitcoin didnt hit $1 Million by December 2020. After the dismal performance of crypto, 3 days ago the market gave a glimpse of what Bitcoin was capable of when it shot up by $1000 in a span of 30 minutes and started trading at $8000. John McAfees recent tweet and still standing by his December 2020 Bitcoin prediction John McAfee, founded McAfee Associates from which he later resigned. He is the most prominent ambassador for the cryptocurrency world, with his Twitter bio stating Urging true believers to stand firm against the onslaught of banks and governments He in his tweet yesterday talks about the possibility of devaluation of current fiat currencies like USD, EUR, JPY, INR, etc. He says, .No one who understands crypto doubts that the U.S. dollar will have zero value in 10 years. Why then not accept a 500% devaluation in 2 and a half years? Although there were a lot of Twiterratis questioning his math skills, the majority of the community understood and stand by what Bitcoins future is going to look like. A Twitterati, with the handle, CRYPTO 99 says, Just to let you know John, you cant have a 500% devaluation. I think you mean 50%, since anything over a 100% devaluation would put you in the negative. Math is hard. Zachary Jahnigen, Director of Sales at a company agrees with John and says, This is the exact reason why Im buffering my crypto with physical gold and silver. Fiat will be (and in a way already is) worthless. Crypto, precious metals and land all the way! Over the past three days, post-Bi Continue reading >>

Tom Lee: Bitcoin Could Reach $91,000 In 2020, Based On Metcalfe's Law

Tom Lee: Bitcoin Could Reach $91,000 In 2020, Based On Metcalfe's Law

An evaluation of bitcoins trajectory using Metcalfes Law leads to a price-per-coin of $91,000 in just two years, according to long-term crypto bull andFundstrat founder Tom Lee. Bitcoins Bull Market Has Only Just Begun Just when many in the crypto world have turned their back on bitcoin, Wall Street fund manager Tom Lee has maintained a strongly bullish outlook. In a recent note to clients, he argued that the cryptocurrency was still in a long-term bullish phase despite multiple corrections over the last two months. Lee has repeatedly appealed to Metcalfes Law in explaining bitcoins price movements. Basically, Metcalfes Law states that the value of a network is proportionate to the square of the number of users. For example, a telephone is completely useless if you are the only one who owns one, but its utility rises exponentially as other people buy telephones. Using this same principle, Lee argues that bitcoin could reach a valuation of $91,000 per unit in 2020. This analysis factors in such variables as the crypto markets growing money supply, the ratio of alternative assets to that money supply and bitcoins share of the that pie. Lee used a similar approach back in October to predict $25,000 bitcoin in five years. He also said Metcalfes Law could be used to explain the vast majority of bitcoins price movement. If you build a very simple model valuing bitcoin as the square function number of users times the average transaction value. Ninety-four percent of the bitcoin moves over the past four years is explained by that equation, he said. Bitcoin traded around $8,200 on Friday. Using Lees forecast, the currency would rise another 1,000% by 2020. Lee has maintained his remarkably bullish tone even as bitcoin dropped 70% from its all-time record. He said the percentage Continue reading >>

After The Biggest Cryptocurrency Hack Ever, Bitcoin, Ethereum, And Ripple Are All Up -- Why?

After The Biggest Cryptocurrency Hack Ever, Bitcoin, Ethereum, And Ripple Are All Up -- Why?

After the Biggest Cryptocurrency Hack Ever, Bitcoin, Ethereum, and Ripple Are All Up -- Why? The $500 million hack doesnt seem to be scaring investors too much. On Friday, Jan. 26, news broke that a Tokyo-based cryptocurrency exchange had been hacked, and hundreds of millions of dollars' worth of cryptocurrency had been taken. While you may think this could scare investors and send the cryptocurrency market plunging, that hasn't been the case. In fact, most major cryptocurrencies are up since the news of the hack. Most cryptocurrencies are down today, but gained over the weekend Bitcoin (BTC-USD), Ethereum (ETH-USD), bitcoin cash (BCH-USD), and Cardano (ADA-USD) are all down slightly on Monday, with Ripple (XRP-USD) being the only gainer in the top five. However, the prices of most cryptocurrencies jumped sharply over the weekend, and while they seem to be giving back some of their gains on Monday, most are still in the green. Here's a look at the five largest cryptocurrencies by market capitalization, and how much each has changed over the past 24 hours. Data Source: investing.com. Prices and daily changes as of Jan. 29, 2018 at 1:30 p.m. EST, and prices are rounded to the nearest cent where appropriate. Japan-based cryptocurrency exchange Coincheck said that hackers stole around 523 million of NEM (XEM-USD) coins , which is currently the 10th-largest cryptocurrency by market cap. At the time of the theft, the value of the stolen coins was approximately $535 million, although unsurprisingly, the market price of NEM (XEM-USD) coins has dropped a bit since the hack. This makes the hack the largest ever in the cryptocurrency markets, in terms of dollar value, surpassing even the infamous Mt. Gox exchange bitcoin hack . In 2014, the now-defunct exchange lost 850,000 bitco Continue reading >>

Indian Crypto Exchange Coinsecure Reports $3m Stolen In Bitcoin Hack | Bank Innovation | Bank Innovation

Indian Crypto Exchange Coinsecure Reports $3m Stolen In Bitcoin Hack | Bank Innovation | Bank Innovation

Indian Crypto Exchange Coinsecure Reports $3M Stolen in Bitcoin Hack Coinsecure reported the loss of about 438 bitcoins, or about $3 million worth of the cryptocurrency, the Indian cryptocurrency platform reported. The hack was attributed to an employee who was extracting bitcoin for the platforms customers, the company said in a statement last week, when the bitcoins were siphoned away during the process. The company is assuring customers on the platform that its fiat funds, in rupees, are 100% safe, and has promised full refunds for users should we be able to recover all of our BTC, the company wrote in a statement posted on its blog this weekend. Coinsecure said on its blog that, if recovery of siphoned BTC is not possible, then we will apply the lock in rates as of the 9th of April, 2018. The hack comes as regulators in India, as well as other countries, are growing more concerned about cryptocurrency trade; the Reserve Bank of India recently banned regulated institutions from providing services to holders or users of cryptocurrency. The hack also comes as bitcoin continues its slump; the currency is down 4% as of 9am ET, hovering at just under $8,000 in value. Continue reading >>

Bitcoin Demanded When Hackers Shut Down Atlanta Gov't Computers | Fortune

Bitcoin Demanded When Hackers Shut Down Atlanta Gov't Computers | Fortune

Hackers have shut down key systems across computers in Atlanta, preventing the city from processing payments or accessing courthouse information in one of the boldest ransomware attacks to date. Mayor Keisha Lance Bottoms, announcing the attack in a press conference Thursday afternoon, said officials dont know the extent of the attack, but that anyone who has done business with the cityboth consumers and businessesis potentially at risk . We dont know the extent or if anyones personal data or bank accounts will be compromised , she said. All of us are subject to this attack. The city has not yet given any updates on Friday. Not affected, apparently, are public safety, water, and airport operations, noted Atlanta COO Richard Cox. City officials are working with the FBI and U.S. Department of Homeland Security, along with Microsoft , to determine the depth of the breach and how to resolve it. A screenshot shows a WannaCry ransomware demand, provided by cyber security firm [f500link]Symantec[/f500link], in Mountain View, California on May 15, 2017. Continue reading >>

Thousands Of Iot Devices Can Be Hacked To Mine Cryptocurrency: Avast

Thousands Of Iot Devices Can Be Hacked To Mine Cryptocurrency: Avast

Digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin. Vulnerable internet-connected devices from security cameras to smartphones can be hijacked by hackers and turned into tools to mine cryptocurrencies, a cybersecurity company has demonstrated. Avast, which is based in the Czech Republic, ran a demonstration on Wednesday at Mobile World Congress in Barcelona, Spain, which had a number of devices running on a network powering a cryptocurrency mining software. Mining is the process of verifying transactions on a cryptocurrency network by solving complex mathematical problems with high-powered computers. Bitcoin is very difficult to mine without having a super computer, but another cryptocurrency called monero can be done with a network of internet-connected devices. Avast couldn't get 15,000 devices onto its hacked network, but based on the tests it did run, it said that it would need that number of internet-connected gadgets to mine $1,000 of cryptocurrency in four days. A theoretical real-world attack would begin with hackers taking over a network of devices. They would use the combined computing power of those devices to then mine some monero. While the $1,000 might not sound like a lot of profit, the potential is huge because in 2020, there will be over 20 billion internet-connected devices, according to a forecast by research firm Gartner, meaning the number of devices that could be attacked would be much higher. The was an estimated 8.4 billion of these devices in 2017. "This ubiquity of devices combined with the fact they are so easy to attack makes them an attractive target," Ondrej Vlcek, the chief technology officer at Avast, told CNBC Wednesday. Both crypto-mining and hacking of so-called internet of things devices are two rising tre Continue reading >>

The Ridiculous Amount Of Energy It Takes To Run Bitcoin

The Ridiculous Amount Of Energy It Takes To Run Bitcoin

The Ridiculous Amount of Energy It Takes to Run Bitcoin Running Bitcoin uses a small citys worth of electricity. Intel and others want to make a more sustainable blockchain Blockchains: How They Work and Why Theyll Change the World Bitcoin miners are electromagnetic alchemists, effectively turning megawatt-hours of electricity into the worlds fastest-growing currency. Their intensive computational activity cryptographically secures the virtual currency, approves transactions, and, in the process, creates new bitcoins for the miners, as payment. And it does another thing, too: It uses an absolutely stunning amount of power. The ever-expanding racks of processors used by miners already consume as much electricity as a small city. Its a problem that experts say is bad and getting worse. The concern that people continue to debate is, where does this end? says Michael Reed, head of blockchain technology for Intel. The Bitcoin leech sucking on the worlds power grids has been held in check, so far, by rapid gains in the energy efficiency of mining hardware. But energy and blockchain analysts are worried about the possibility of a perfect storm: Those efficiency gains are slowing while bitcoin value is rising fastand its potential transaction growth is immense. Theres a silver lining, though: This troubling energy picture is inspiring innovators such as Reed to come up with energy-saving approaches that would unleash the technology behind Bitcoin, allowing it to expand into applications for which it was never intended [see Blockchains: How They Work and Why Theyll Change the World , in this issue]. Developers of blockchains for such disparate applications as health care management and solar-power trading see Bitcoins energy-intensive design as a nonstarter and are now crafting Continue reading >>

Cybercrime Damages $6 Trillion By 2021

Cybercrime Damages $6 Trillion By 2021

Posted at 12:57h in Reports , Research by cybercrimemag Cybercriminal activity is one of the biggest challenges that humanity will face in the next two decades. The 2017 Official Annual Cybercrime Report is sponsored by Herjavec Group ,a leading global information security advisory firm and Managed Security Services Provider (MSSP) with offices across the United States, Canada, and the United Kingdom. Cybercrime is the greatest threat to every company in the world, and one of the biggest problems with mankind . The impact on society is reflected in the numbers. Last year, Cybersecurity Ventures predicted that cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015 . This represents the greatest transfer of economic wealth in history , risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined. The cybercrime prediction stands, and over the past year it has been corroborated by hundreds of major media outlets, universities and colleges, senior government officials, associations, industry experts, the largest technology and cybersecurity companies, and cybercrime fighters globally. The damage cost projections are based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in hostile nation state sponsored and organized crime gang hacking activities, and a cyber attack surface which will be an order of magnitude greater in 2021 than it is today. Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and delet Continue reading >>

Twice Burned - How Mt. Goxs Bitcoin Customers Could Lose Again

Twice Burned - How Mt. Goxs Bitcoin Customers Could Lose Again

Twice burned - How Mt. Goxs bitcoin customers could lose again PAYDAY: Mark Karpeles, Mt. Gox's former chief executive, stands to benefit financially from the bitcoin exchange's liquidation. He says he doesn't want the money. REUTERS/Toru Hanai Twice burned - How Mt. Goxs bitcoin customers could lose again More than three years after the demise of the Mt. Gox exchange, its customers still havent received a crypto cent. Heres why. TOKYO When Mt. Gox, the worlds largest bitcoin trading exchange, collapsed in early 2014, more than 24,000 customers around the world lost access to hundreds of millions of dollars worth of cryptocurrency and cash. More than three years later, with the price of bitcoin skyrocketing to more than $7,000, not a single customer has recouped a single cent, crypto or otherwise. Its not clear when they will. The failed exchange has become stuck in a morass of litigation a Russian doll of bankruptcies in Japan and New Zealand, four in all, pluslawsuits in the United Statesand competing claims from creditors. And although the Mt. Gox bankruptcy trustee recovered digital currency now worth more than$1.6billion, under Japanese law the exchanges customers likely will recover only a fraction of that. Kim Nilsson, a Swedish software developer who had more than a dozen bitcoins atMt. Gox, isnt optimistic of a payout soon. Its a legal twilight zone, he says. I wouldnt be surprised if it took several years more. The court-appointed trustee in Mt. Goxs bankruptcy, Nobuaki Kobayashi, did not respond to questions from Reuters about the payout process. There arefew better examples of the dangers of investing in cryptocurrencies than Mt. Gox. As Reuters reported in September, cryptocurrency exchanges where digital coins are bought, sold and stored are largely unreg Continue reading >>

What Will Bitcoin Look Like In Twentyyears?

What Will Bitcoin Look Like In Twentyyears?

What Will Bitcoin Look Like in TwentyYears? Its so easy to be wrong and so hard to be right. But thats exactly what well do here. Since were rapidly approaching the ten year anniversary of Bitcoins whitepaper publication, Ill attempt to project out twenty years to see the evolution of Bitcoin, blockchain, alternative cryptocurrencies and decentralization. This is the type of article that will look unbelievably foolish or incredibly brilliant when Im old and gray. Im also going to go much, much deeper than Bitcoin will go to zero or Bitcoin will become the reserve currency and be worth $1,000,000. Thats not really saying all that much and anyone can do it. Instead well look at how the technology will transform and how society will transform with it. Ive got a decent track record of successfully predicting future trends and technology but nobody gets it 100% right. Arthur C. Clarke, one of the greatest sci-fi writers of all time, saw the coming of satellites and GPS , as well as the cloud, the Internet and telecommuting but by his own admission he overestimated the importance of rockets and failed to see the importance of a prototype laptop a company gifted to him to write his next novel. Magnum Chaos represented by Lorenzo Lotto , at the Basilica di Santa Maria Maggiore in Bergamo . Chaos theory tells us its impossible to predict the future. We can never see black swan events or completely unexpected technology (try explaining a computer and the Internet to an 18th century farmer) but we can do a kind of Monte Carlo analysis of tomorrow and see the major pathways spinning out into infinity. In fact, most people get the future laughably wrong so before we leap into our predictions, we need to understand why so we can try to avoid the same mistakes. The first reason peopl Continue reading >>

The Plot Thickens As Dao Attacker Trades Stolen Funds For Bitcoin

The Plot Thickens As Dao Attacker Trades Stolen Funds For Bitcoin

The Plot Thickens As DAO Attacker Trades Stolen Funds for Bitcoin Oct 27, 2016 at 22:56 UTC|UpdatedOct 28, 2016 at 19:57 UTC The DAO hacker is one step closer to turning areal-world profit. The saga that started in June with a high-profile hack on ethereum's most notable project , took another turn onWednesday when nearly $100,000 worth of digital currency associated with the incident was converted into bitcoin. Given the impact of the hack on the ethereum ecosystem (it sparked weeks of debate and led to a schism among the technology's supporters), the whereabouts of the funds have long been a matter of public interest . Funds first began moving in August and were reported to be in transit again in September . Now, analysis from Bok Consulting founder Bok Khoo indicates that a portion of the funds have reached at least one major exchange. Khoo,who has been tracking the theft for months,first determined that the hacker split the funds into 2,333 ETC chunks on Wednesday in an attempt to sidesteprestrictions imposed by digital currency exchange ShapeShift.Next, heused the ShapeShift API to determine that those funds were converted into bitcoin and are now stored at this address . Khoo's research would indicate that this is the first time the hacker may have tried tocash out of the digital currency. Notably, thesefunds represent only a small portion of what was stolen, as more than $3.5m ether classics associated with the original DAO balance are still currentlystoredat this address . However, Khoo's work may soon draw to a close. Thoughthe journey of the funds has so far been public, they might not be traceable forever if the hacker continues to move the funds between blockchains. Khoo mentioned that the attacker might have converted the funds into bitcoin as part of an e Continue reading >>

Bitcoin At $1 Million By 2020: Mcafee Doubles Down On Bullish Bet

Bitcoin At $1 Million By 2020: Mcafee Doubles Down On Bullish Bet

Bitcoin at $1 Million by 2020: McAfee Doubles Down on Bullish Bet Join our community of 10 000 traders on Hacked.com for just $39 per month. John McAfee, whose fame exists rather heavily due to the software company he founded in the late 1980s, took to Twitter yet again on February 2, 2018, to reaffirm that he was indeed bullish on bitcoin . In an attempt to predict bitcoins price at the end of this decade, McAfee had previously stated that it would reach $500,000 by the end of 2020. In November 2017, he tweeted that the cryptocurrency had accelerated much faster than expected, causing him to raise his prediction to $1 million instead. McAfees bitcoin prediction is not all that he has stated in his tweets though. He has claimed that if bitcoin does not reach his price target by the end of 2020, he will proceed to eat his d**k on national television. While it is obviously near impossible that any televised network will allow such a demonstration on air, McAfee is perhaps trying to instill greater confidence in his prediction. That said, most people, including some diehard cryptocurrency enthusiasts, have derided his bold claims. According to McAfee, his prediction model had only forecast bitcoin reaching $5000 by the end of 2017. The reality, however, panned out to be quite deviant from his model, with the digital currency finding itself at an all-time high peak of close to $20,000 in December 2017. Bitcoin, along with the entire cryptocurrency market, has been on a steady decline since reaching that peak, with the cumulative market cap at least 40% lower than what it was a month ago, at least as of the time of writing this article two months later. Naturally, this has prompted people to question McAfees prophecy for the future. If bitcoin were to hit $1 million by 2020 Continue reading >>

Coin Talk #7: Giancarlo 2020 (senate Hearings On Bitcoin) / Augurs First Prediction Market

Coin Talk #7: Giancarlo 2020 (senate Hearings On Bitcoin) / Augurs First Prediction Market

COIN TALK is produced in partnership with Medium and hosted by Aaron Lammer and Jay Caspian Kang . Press Listen to the story above to play the episode or read the transcript below. (You can also subscribe on Apple Podcasts , download the MP3 , or email us at [email protected] for our upcoming mailbag show.) On the official podcast of Bitcoin crashes, Aaron &Jay: Listen in on CFTC Chairman J. Christopher Giancarlos hero-making comments to the Senate Try to understand why exchanges like Binance are so opaque during downtime (even if they didnt actually get hacked) Consider the first prediction market on the Augur (REP) platform which is on whether Augur will get hacked Robot: This episode of Coin Talk was taped Thursday, February 8th at 9 a.m. Eastern Standard Time. The Bitcoin price index was $8,348. Aaron Lammer: Hey, welcome to Coin Talk. Im Aaron Lammer here with Jay Kang. Jay Kang on the road. Aaron Lammer: Youre a traveling man, always leaving on a jet plane. Jay Kang: Last few weeks have been a little rough, but, you know, the hotel is not so bad this time, so thats where Im recording right now. Aaron Lammer: Thats a beautiful thing. So this is the second time we recorded this week, but the last time was a guest appearance on LedgerCast, @LedgerStatus podcast, so I havent talked to you since then. When we taped that we were at the absolute rock bottom, and I mean emotionally rock bottom, of the crash. Three days have passed. Its not like were up that much since then, but I feel up. Jay Kang: Yeah, well, I do too, which is strange, because I remember panic selling at 8,500 and then it was going up. Aaron Lammer: Hey cheers to your panic sell. Cheers to your panic sell. Jay Kang: This is like four days ago or whenever it was at $8,500,and then it went up to like $8,9 Continue reading >>

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