Connect with us

Blockchain

Blockchain Data Suggests UCSF Was Ransomed For $1.8 Million

UCSF reportedly paid $1.14 million to hackers in June 2020 as a ransom payment—but there might have been a second transfer.

Republished by Plato

Published

on

In brief

  • The University of California San Fransisco paid over $1 million in ransomware to hackers on June 12, 2020.
  • New research suggests there may have been a second payment made a day earlier.
  • If true, the total payment made by UCSF would be $1.8 million.

Researchers at keyless wallet provider ZenGo suspect the University of California San Francisco made not one, but two ransom payments to The Netwalker hacker group earlier this year.  

As reported by Decrypt, transcripts showed that a payment of $1.14 million was made in Bitcoin on June 12, 2020. But having looked at the transaction on the blockchain, ZenGo’s researchers noticed that a second, very similar transaction was made around the same time, worth $700,000—and it was likely a further ransom payment.

“The previously unknown payment was chronologically the first. Media missed it as they just relied on the leaked correspondence between attackers and negotiators, and did not use Bitcoin analytics,” Tal Be’ery, co-founder at ZenGo told Decrypt.

We have reached out to UCSF and will update this article if we hear back.

How did they find the payment?

The researchers at ZenGo tracked down the original payment on the Bitcoin blockchain; as a very large transaction, it was hard to miss. They knew the paid ransom sum was 116.4 BTC and they also knew the payment date of June 12, 2020. Using this information, the researchers queried the Bitcoin blockchain for reported transactions fitting the description until they found the correct data.

During the investigation, the researchers discovered a similar payment made 19 hours before the reported UCSF payment. The money trail was very similar, with the funds originating from the same Binance address, and going to the same Netwalker affiliate. 

This payment may have been unrelated, but Be’ery was told it was more likely to be related to the original ransomware attack. “Ransomware negotiators I talked to said they often try to pay in a tranched manner in return to some “milestones” (.e.g. Data about how attackers were able to penetrate the network) to build rapport between the parties,” Be’ery said.

“Additionally, the alternative explanation, that connects the first payment to another unrelated ransomware incident by the same Netwalker affiliate happening in parallel, is unlikely,” Be’ery added in a blog post.

Another lesson learned here is how much information can be found on the blockchain. “Our story makes a point that is bigger than the specific case itself. It shows that Bitcoin blockchain research can reveal vital information on ransomware incidents,” Be’ery said.

It’s no wonder that blockchain analytics services are becoming increasingly more valuable.

Source: https://decrypt.co/40754/blockchain-data-suggests-ucsf-was-ransomed-for-1-8-million

Blockchain

Grayscale Now Owns More Than 3% of Total 21 Million Bitcoins That Will Ever Exist

Republished by Plato

Published

on

The leading digital asset manager Grayscale continues to tighten its grip on the bitcoin supply. According to recent estimations, the company now owns over 3% of all the 21 million BTC that will ever exist.

Grayscale’s BTC Domination

Launched in 2013, Grayscale is the largest cryptocurrency asset manager with over $27 billion in assets under management.

Somewhat expectedly, the company’s Bitcoin Trust (GBTC) is the most popular product that enables institutions to receive BTC exposure through a publicly-traded trust that reports to the US Securities and Exchange Commission (SEC).

Investors typically pay a premium to avoid worrying about storing and managing the assets.

GBTC’s popularity exploded in the past year as institutions have been more eager to join the space. Grayscale reported that its AUM skyrocketed by 10x in 2020. Moreover, the firm garnered more inflows in Q4 2020 alone than in 2013-2019 combined, and BTC has been on the forefront.

Investors allocating funds in GBTC buy shares in a trust, which Grayscale backs by owning bitcoins. And, the company has been purchasing massive amounts of BTC in the past year to keep up with the skyrocketing demand.

The asset manager wrote in its Q4 2020 report that “while the supply of newly-created Bitcoin has slowed as a result of the halving in May 2020, the inflows into Grayscale have accelerated meaningfully.” In fact, the firm said it bought nearly two times as many bitcoins as mined since the halving.

How Much Bitcoin Is In Grayscale’s Hands

Recent reports exemplified Grayscale’s BTC shopping spree. The monitoring resource Bloqport said that the asset manager had bought 16,244 BTC in the span of 24 hours. To put this considerable amount in USD perspective – it’s nearly $600 million.

Ultimately, Bloqport noted that Grayscale’s bitcoins under management is 3% of all BTC ever to exist. Company data confirmed this.

According to Grayscale’s website, GBTC has 666,675,200 outstanding shares with 0.00094919 BTC per share. Simple math shows that this amount equals 643,801 bitcoins – this is 3.013% of the total supply of 21 million. Moreover, it’s actually 3.40% of all 18,604,000 bitcoins in circulation as of writing these lines.

How Crucial Is GBTC For Bitcoin’s Price

Analysts from the giant US multinational investment bank, JPMorgan Chase & Co, have repeatedly emphasized the significance of the Grayscale Bitcoin Trust on the asset’s performance and adoption.

In its latest report, the strategists said that the cryptocurrency needs to overcome $40,000 to avoid a correction, which could drive institutions away from investing in GBTC.

Furthermore, they noted that the Trust has to sustain at least $100 million per day pace over the next few weeks to prevent such retracement.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/grayscale-now-owns-more-than-3-of-total-21-million-bitcoins-that-will-ever-exist/

Continue Reading

Blockchain

New ‘market fear’ index lets traders bet on crypto volatility

Republished by Plato

Published

on

COTI, a blockchain-powered fintech startup, has launched a new cryptocurrency index enabling traders to profit from the market volatility.

The new Crypto Volatility Index, or CVI, brings the traditional “market fear index” to the crypto market, allowing users to deposit and open positions with Tether (UDST).

Gibraltar-based COTI explained that the new index allows traders to open CVI positions for high and low volatility. “Users who expect volatility to increase can open a CVI position. If correct, they can take profit by selling their position once the index has risen,” COTI wrote.

In contrast, traders who expect volatility to remain low can provide liquidity to the platform. If correct, traders will profit by collecting fees paid by traders who have opened CVI positions.

CVI liquidity providers are required to deposit USDT for a minimum of 72 hours, while CVI traders must maintain an open position for at least 6 hours before selling or closing it. 

Users can link their accounts to major wallets including MetaMask or Trust Wallet. COTI plans to add Ether (ETH) and COTI token (COTI) as deposit tokens in the near future.

With the CVI mainnet launch, users can also stake and unstake GOVI, which is the native governance token of the CVI index. The token enables users to earn platform fees and participate in voting.

Source: https://cointelegraph.com/news/new-trading-index-lets-traders-bet-on-crypto-volatility

Continue Reading

Blockchain

UK hospitals use blockchain technology to track the temperature of COVID vaccines.

Republished by Plato

Published

on

According to the CNBC report, the National Health Service facilities in South Warwickshire, England, are using tech developed by U.K. firm Everyware and U.S. organization Hedera Hashgraph. Everyware uses sensors to monitor equipment in real-time, while Hedera is a blockchain consortium backed by the likes of Google and IBM. Originally intended as the digital ledger underpinning bitcoin, blockchain has since been adopted by various industries for applications outside the realm of finance.

Blockchain would help keep a tamper-proof digital record of temperature-sensitive vaccines.

These hospitals are using blockchain to keep a tamper-proof digital record of temperature-sensitive vaccines, like the ones developed by Pfizer and BioNTech. The U.K. hospitals would, in theory, be able to pick up on any irregularities in the storage of the vaccines before administering them to patients. Pfizer’s vaccine must be stored at subzero temperatures (-70 degrees Celsius). It can only last at two-to-eight degree Celsius conditions for up to five days, creating big hurdles for the logistics in distributing it. However, vaccines developed by Moderna and Oxford-AstraZeneca, however, can be stored at temperatures that are within reach of the average home refrigerator for longer.

Regulators around the world acknowledge the potential of blockchain tech. 

Singapore had reported that it witnessed a 30% growth in its blockchain sector. Not just Singapore, many other countries witnessed substantial growth in the blockchain industry. Regulators across countries have acknowledged blockchain tech’s potential, and many are onboard with its mass adoption. Blockchain tech, which was launched as a technology to underpin the leading cryptocurrency, bitcoin, is now being used in many sectors. The technology is currently being used in fields, including healthcare and logistics. South Korea recently revealed its plan to use blockchain in the healthcare sector. 

Source: https://chaintimes.com/uk-hospitals-use-blockchain-technology-to-track-the-temperature-of-covid-vaccines/

Continue Reading
Blockchain3 days ago

Will exchanges run out of Ethereum?

Blockchain4 days ago

Consob Blocks 6 New Illegal FX Websites

Blockchain2 days ago

Bitcoin Cash, Zcash, Decred Price Analysis: 17 January

Blockchain1 day ago

Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

Blockchain4 days ago

Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

Blockchain2 days ago

Decred co-founder explains the possible effects of a CBDC takeover

Blockchain4 days ago

Bitcoin Reserves Of Block.one Stands As Twice The Worth Of EOS

Blockchain4 days ago

Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

Blockchain2 days ago

Ethereum, Monero, Algorand Price Analysis: 17 January

Blockchain4 days ago

Six-Figure Bitcoin Price Predictions Back on The Table

Blockchain2 days ago

Cardano “Working On Something” That Could Solve Twitter’s Decentralization Dilemma

Blockchain2 days ago

Healthcare Jobs of the Future

Blockchain4 days ago

Fintech’s Hottest Trends in 2021? Privacy, Control, & Customization

Blockchain4 days ago

FinCEN Extends Comment Window on Proposed Crypto Regulations

Blockchain4 days ago

Exchanges See 27% Drop In ETH Supply In Just 48 Hours

Blockchain2 days ago

Will Bitcoin see another trend reversal in 2021?

Blockchain4 days ago

Federal Reserve’s Powell Says Stablecoins Risk “High-Level Focus”

Blockchain2 days ago

Top 5 cryptocurrencies to watch this week: BTC, LINK, UNI, XTZ, ATOM

Blockchain1 day ago

Analyst: Hodlers will be this year’s biggest Bitcoin gainers

Blockchain3 days ago

Michael Novogratz’s Galaxy Digital to Jump Into BTC Mining

Trending