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Bitcoin Worth $1.2M Seized From Arrested Indian Hacker

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An anonymous Bitcoin user is claiming to have lost $16,000,000 (1400 Bitcoins) due to installing an old Electrum wallet version that is running malicious servers.

The user created an issue and explained what happened on the official Electrum’s github page.

It seems the victim was using an infected version of Electrum wallet that asked him to install some sort of malicious updates that triggered the transfer of hist entire Bitcoin balance to a scammers address.

According to bitcoin blockchain the transfer of the stolen funds happened yesterday.

Electrum is a light client, which means it must connect to the blockchain through a server, which by default is chosen from a list of public Electrum servers. Anyone can operate such a public server and some users will be randomly connected to it.

When broadcasting a transaction on Electrum, it gets sent to the Electrum Server you are connected to for propagation to the network. The server should try to add the transaction to its mempool and further propagate it to other Bitcoin nodes.

it seems the attackers have set up a public Electrum Server targeting the old wallets’ users, which was tweaked so that instead of propagating the user’s transaction as it should, it always returns a malicious error message directing the Electrum clients to a phishing website to “upgrade” their Electrum version.

The only way to keep your Bitcoin and other digital currencies safe is to either use an offline wallet or a trusted hardware wallet.

Source: https://www.thecoinspost.com/bitcoin-worth-1-2m-seized-from-arrested-indian-hacker/

Blockchain

Ternoa Blockchain’s NFT-based data transmission project gets LVT Capital as a partner

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Ternoa Blockchain has found a new partner as it introduces its NFT-based data transmission service to the market.

The company received an investment from Australia-based private equity firm LVT Capital to form a strategic partnership aimed at enhancing the sustainability, innovation, competitiveness, and dependability of Ternoa’s services that allow users to build time capsules for safely transmitting their memories and important data to their descendants even after death.

Building on LVT’s Expertise

With its focus on blockchain, crypto, and tech projects, LVT Capital has already proven its expertise in these areas with its numerous collaborations and investments. The company has already made investments in more than 40 top-caliber crypto, real estate, finance, education, and cybersecurity firms with 200 more under evaluation for potential collaborations.

LVT Capital has the market and technology expertise as well as the resources to enhance Ternoa’s unique service and promote it to boost the company’s competitiveness. For instance, LVT Capital has its own media & marketing services and an online publishing arm focused on blockchain, technology, and business, which makes the firm a perfect fit for Ternoa.

Ternoa Blockchain Offers Customizable Time Capsules

Ternoa Blockchain found a new way to use NFT and blockchain technologies to help people handle their data storage and transmission needs, which is one of the reasons for LVT Capital’s decision to invest in its business. With its Polkadot-powered, NFT-based customizable time capsules, people can securely transmit their memories such as photos, videos, and other important data to future generations or simply use the platform as a secure storage solution.

Ternoa’s platform is flexible enough and gives users several options on how they wish their data to be retrieved by their intended recipients. The available transmission protocols are Safe Protocol, Consent Protocol, Death Protocol, D-day Protocol, and Countdown Protocol.

  • Safe Protocol – Data owners can retrieve data at any time, which makes use of Ternoa as a secure and portable storage solution.
  • Consent Protocol – Recipients can access the time capsule as long as the original owner does not use his veto option.
  • Death Protocol – The time capsule will be delivered to the beneficiaries upon the death of the creator based on local death registries APIs.
  • Countdown Protocol – Introduces a countdown feature which can be set to1 month, 1 year, or 10 years. The time capsule will be delivered to the recipient if the countdown reaches the limit. The creator can reset the countdown at any time.
  • D-day Protocol – Time capsule can only be accessed on a specific date, which is set by the creator.

While the loss of data is always an issue for other data storage solutions, Ternoa eliminated this risk by making copies of the files inside the time capsule, which are stored in other dex storage blockchains. At the moment, Ternoa sends these copies to Aerweave, Sia, and Storj while keeping the original version in its network. To learn more about the project, click here.

IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/ternoa-blockchains-nft-based-data-transmission-project-gets-lvt-capital-as-a-partner/

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Blockchain

Bitfinex hacker will need 114 years to launder $7 billion worth of stolen Bitcoin

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Only 4% of nearly 120,000 Bitcoin (around $7 billion today) stolen by a hacker from crypto exchange Bitfinex in 2016 have been laundered so far—and it will take the thieves over a century to cash out their bounty in full, according to blockchain intelligence firm Elliptic.

According to the report published on Thursday, 79% of the stolen funds hadn’t moved to this day and still reside in the hacker(s) wallet. While another 21% have been moved around over the past five years, the malicious actors managed to launder or exchange “only” approximately $270 million of their cache.

This is because the evolution of crypto tracking tools, regulation, and law enforcement methodologies have made illicitly gained digital assets extremely hard to cash out today, Elliptic pointed out.

Peeling off your BTC

For example, the hacker used so-called “peel chains” to launder and exchange their funds. Using this method, crypto tokens are usually moved around a lot, rapidly migrating from wallet to wallet, while just small portions of BTC are being “peeled off” to their actual destination along the way.

An example of peeling chains used by the Bitfinex hacker
An example of peeling chains used by the Bitfinex hacker. Image: Elliptic

Back in 2016, coins laundered via peel chains were extremely hard to trace manually, the firm explained, but there are now many automatic tracing systems that have been developed since then. For example, the “Elliptic Forensics” software ostensibly allows to “determine within milliseconds the ultimate source or destination of funds in an address, regardless of the number or complexity of the transactions used by a launderer.”

Still, after stealing 119,756 BTC in 2016, the hacker reportedly conducted a “flurry of transactions” in 2017, but their activity nearly ceased by 2020.

However, when the price of Bitcoin began exploding in early 2021, the temptation apparently became too much for the hacker, prompting them to move 12,241 BTC in April—worth $774 million at the time.

Elliptic also identified the three main venues the hacker used to move his stash: darknet markets (84%), privacy wallets (12%), and exchanges (4%).

Not so many options anymore

The laundering process first began in 2017 on Alphabay, the largest darknet market at the time. After it was shut down by law enforcement later that year, the operation moved to Hydra, which is the biggest illegal marketplace today.

“After a hiatus in 2019, the launderers returned to Hydra in 2020, and are currently depositing $3 million of the stolen bitcoins every month. In total, approximately $72 million-worth of the stolen bitcoins have been sent to Hydra to date,” Elliptic revealed.

The hacker also actively used privacy-focused wallets that allow users to hide their coins from blockchain trackers. Initially, some portions of BTC were sent to JoinMarket, but the hacker later switched to Wasabi as their primary wallet.

In total, the attacker has laundered roughly $10 million and keeps sending another $1 million worth of the stolen Bitcoin to Wasabi Wallet every month.

Finally, crypto exchanges account for just 4% of the hacker’s transactions—and this is because most of them are using strict know-your-customer and anti-money laundering procedures today, making it extremely hard to cash out stolen funds without revealing your identity.

“At that rate, it will take another 114 years to work through the rest of the stolen funds. As well as shedding light on criminal activity such as that suffered by Bitfinex, blockchain analytics has made it increasingly difficult to make crime pay when using crypto for illicit purposes,” Elliptic concluded.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptoslate.com/bitfinex-hacker-will-need-114-years-to-launder-7-billion-worth-of-stolen-bitcoin/

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Blockchain

Pompliano Explains Elon’s Bitcoin Bombshell As A Tesla Marketing Ploy

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As the dust settles on Tesla withdrawing Bitcoin as a payment option, the community is awash with speculation over what happened.

On that, Bitcoin-bull Anthony Pompliano chimes in with a theory that yesterday’s bombshell was the beginning of an elaborate ruse to usher in new technology from Tesla.

Pompliano Gives His Take On The Bitcoin FUD

Markets tanked on the FUD, with over $400 billion wiped off the total market cap during the height of the sell-off.

A day on, and buyers have shown up, leading to a bounce-back of sorts. Standout performances from Dogecoin and Polygon lead the way today. But Bitcoin posts a modest 2% gain at the time of writing.

The entire incident triggered as a result of Elon Musk releasing a statement saying his firm has concerns with the increasing use of fossil fuels, particularly coal, in Bitcoin mining. Due to this, they decided to stop accepting BTC as payment for their vehicles.

Many observers point out that Musk’s actions make no sense. Mainly because he must have already been aware of Bitcoin’s high energy consumption and purported use of coal in the mining process. As such, why greenlight a $1.5 billion BTC purchase earlier this year?

In explaining this, Pompliano said, despite the FUD, Elon Musk is still long Bitcoin to the tune of billions of dollars.

He also dismissed claims that BTC mining is environmentally damaging, saying three-quarters of miners use renewable energy sources. This is because renewables sources are the cheapest form of power, meaning miners are incentivized to go this route.

“The facts are overwhelming 75% of miners use some form of renewable energy. And the reason is because the financial incentive is for miners to go around the world and find the cheapest power.”

Is Tesla Moving Into BTC Mining?

Pompliano states that Musk is aware of the research on Bitcoin running primarily on renewable power.

In explaining the FUD, he speculates that the entire event was the prelude to introducing some form of new renewable technology, adding that this could be mining equipment.

“And I think what we’re going to see here, this is going to be a launching pad for Tesla to eventually launch a renewable power mining rig. Or some sort of mining equipment. So I think this is some sort of a market ploy by Tesla, draw attention to the issue and come up with a solution and kind of save the day.”

However, others are not convinced. The closing statement on Musk’s FUD tweet mentioned looking at alternative, less power-hungry cryptocurrencies.

Significant Proof-of-Stake (PoS) projects, including Cardano, bucked yesterday’s market downtrend. As most tokens fell in price, ADA went the opposite direction, even managing to post a new all-time of $1.97.

PoS projects operate by a random selection process that skews preference towards the biggest stakeholders. This contrasts with intense Proof-of-Work mechanisms that rely on competing to solve cryptographic hashes.

Bitcoin daily chart YTD

Source: BTCUSD on TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/pompliano-explains-elons-bitcoin-bombshell-as-a-tesla-marketing-ploy/?utm_source=rss&utm_medium=rss&utm_campaign=pompliano-explains-elons-bitcoin-bombshell-as-a-tesla-marketing-ploy

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