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Dark Web Criminals Create Tool For Checking Dirty Bitcoin: Report

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Dark web criminals created a new tool that will allow them to check for dirty bitcoin and their level of risk before trying to cash out the coins earned from crimes so let’s read more in our bitcoin news today.

The Antinalysis tool makes all crime-related blockchain analytics available to the public as the Dark web criminals launched it. However, according to Tom Robinson, the co-founder of Elliptic this tool is not effective. The new tool on the dark web allows criminals to check how clean their BTC is and the tool was likely built by the administrator of the darknet market to help their merchants launder BTC according to the analysis by Tom Robinson who is the co-founder of Elliptic. After the wallet is linked to Antinalysis the tool breaks down from where the BTC originated and how risky it is to hold it. BTC earned from the darknet markets, ransomware, and theft are considered to be a major risk while BTC from the exchange and newly mined coins are classified as no-risk assets.

crypto criminals made, revenue, scam, chainalysis

The assessment allows criminals to work out how likely it is that crypto exchanges will flag their crypto as proceeds of crime as Robinson noted. Elliptic provides the tools to crypto exchanges and the Antinalysis runs on tor which is a privacy-oriented web browser that allows access to the dark web and costs about $3 to generate the report. Elliptic tested the tool and found that it is poor at linking to major dark web markets and Robinson stated:

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“This is perhaps not surprising—providing accurate blockchain analytics requires significant investment in technology and data collection, over long periods of time.”

The analysis of the tool by security expert Brian Krebs shows the results provided by the Analysis to be the same as the ones provided by AMLBot as an anti-money laundering detection software which suggests the criminals created the tool on the AMLBot API. Robinson identified the creator of the tool to be one of the developers of Incognito Market which is a dark web marketplace that specializes in narcotics. Incognito Market was launched in late 2020 and it accepts payments in BTC and privacy-focused Monero.

darknet

The launch of the analysis shows how hard it is for criminals to cash out their BTC proceeds but it also makes the crime-oriented blockchain analytics available to the public for the first time ever.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: https://www.dcforecasts.com/bitcoin-news/dark-web-criminals-create-tool-for-checking-dirty-bitcoin-report/

Blockchain

TIME100: Why Ethereum’s Vitalik Buterin Deserves The Spot

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TIME100: Why Ethereum's Vitalik Buterin Deserves The Spot

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The annual ultra-prestigious Time 100 Most Influential List is out featuring everyone from Apple’s Tim Cook to Tesla’s Elon Musk and the World Trade Organization’s first female boss Ngozi Okonjo-Iweala. The cryptocurrency industry had just one slot and 27-year-old billionaire and Ethereum co-founder, Vitalik Buterin clinched the spot.

Nominated by Reddit’s co-founder, Alexis Ohanian, Vitalik made his debut on the influential list under the innovators’ category for his magnificent strides in the world of blockchain through the creation of Ethereum. Ohanian, who has been an ardent follower of Buterin from the infant stages of his career, was quick to add:

“No other person could have possibly come up with all of the uses of Ethereum, but it did take one person’s idea to get it started. From there a new world has opened up, and given rise to new ways of leveraging blockchain technology — some of which I’ve invested in.” Ohanian said in response to the global strides of Ethereum. “Whether it is start ups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”

Why Buterin? Well, here are the top reasons we think.

A builder of builders

In one of Ohanian’s remarks, he referred to Vitalik as a builder’s builder and it’s not so hard to see. With a solid $400 billion community harboring a plethora of life-changing DeFi’s and pleasure-giving NFTs, the Ethereum blockchain has successfully set the ball rolling for one of the most ingenious use cases for blockchain.

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Beyond payment solutions and cryptocurrencies, newer startups are developing tools that leverage blockchain technology in areas of real estate, supply chain management, voting, user privacy and security, statistics, etc. There are now close to a 3.5 million registered DeFis and over 2000 registered DApps fully operational and domiciled on the Ethereum mainnet.

A hub for all

Bitcoin may have the magic of low transaction fees and more popularity but Ethereum has the record for the largest number of innovative developers on a single platform. There are over 40 million unique addresses with over 250,000 developers working out close to half a million daily transactions amounting to approximately $1.5 billion per day in volume. This makes Vitalik’s Ethereum the busiest tree for many birds in the crypto ecosystem. 

Bitcoin’s Satoshi Nakamoto and Cardano’s Charles Hoskinson may have earned premium accolades within the community for bringing up the first crypto and becoming the first to deploy its technology to Africa on a significant scale respectively, but Vitalik’s achievement stands true. It’s been a phenomenal year for the 27-year-old, first stepping into the Forbes billionaire club back in March and now cementing his place as an undeniably global person of influence — and he’s only 27 yet.

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Source: https://zycrypto.com/time100-why-ethereums-vitalik-buterin-deserves-the-spot/

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Ethereum’s Rival AVAX Hits ATH After $230M Token Sale

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Ethereum’s Rival AVAX token hit an all-time high after the recent $230 million token sales and it seems that the price only keeps on rising thanks to the Polychain and Three Arrows token sale so let’s read more in our latest altcoin news today.

Blockchain network Avalanche raised $230 million from a private token sale led by Polychain Capital and Three Arrows Capital and now, Ethereum’s rival AVAX token is setting new ATHs of $65 following the news and marking a 400% increase since the beginning of August. Avalanche became one of the most prominent so-called ETH killers over the past year and the blockchain networks designed for decentralized applications saw its native AVAX crypto rise to new highs. The price keeps increasing as the Avalanche Foundation announced an infusion of $230 million in a new token sale but after the news was revealed, AVAX hit a new ATH of $65 per coin according to CoinGecko. It is up by 22% over the past day and it is now the 12th biggest crypto by market cap with $14 billion at the time of writing.

avax token
AVAX 24-hour Price Chart (Source: Coingecko)

the private token sale was completed in June but only revealed today that was led by the Polychain Capital and Three Arrows Capital which provides a huge chunk of Capital for Avalanche as the ecosystem keeps on expanding to challenge the Ethereum dominance in teh space as well as to fight off the other Ethereum rivals. Teh foundation plans to support all Avalanche-based projects via grants, token purchases, tech support, and investments. Just like Ethereum, Avalanche is a blockchain that is designed for running smart contracts which are only bits of code that perform set instructions and are the backbone for dapps as well as decentralized finance protocols, NFTs, and more.

Ethereum leads the smart contract blockchain space by a huge margin but the platform is now hampered by the high congestion and the sizeable transaction fees. The upcoming ETH 2.0 upgrade could help with that while the layer-2 scaling solutions which work on top of ETH are also going to play a key role.  Alternative platforms are also surging lately like Solana for example. Solana was one of the biggest winners recently with a surging price amidst rising network activity but this week’s downtime could have put a hamper on its momentum and Cardano is another rival that only just yet rolled out smart contract capabilities. Algorand and Polkadot also saw the rising value and network activity lately.

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avax weekly
AVAX 7-Day Price Chart (Source: Coingecko)

Avalanche’s price saw more than 400% rise from the start of August to a new ATH set today according to CoinGecko and jumped from under $13 per coin to the current price near $65. DeFi Activity on the platform is also increasing with more than three times the amount of AVAX locked up compared to a month ago according to DeFiLlama. Avalanche has $2.6 billion worth of assets locked up in DeFi protocols and if you compare it to the $125 billion worth of Ethereum, the discrepancy is more than clear. However, Avalanche is much newer and rises in popularity faster.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: https://www.dcforecasts.com/altcoin-news/ethereums-rival-avax-hits-ath-after-230m-token-sale/

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Blockchain

SushiSwap Token Launchpad Gets Hacked For Over $3M In ETH

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A SushiSwap Token launchpad dubbed MISO, recently was hacked for more than $3 million worth of Ethereum but let’s find out more in our latest ethereum news today.

The sushiSwap token launchpad called Miso was attacked a day ago with the hacker stealing more than $3 million worth of ETH in current prices. Sushiswap is one of the biggest decentralized exchanges in the world and a rival to Uniswap with about $495 million in trading volume over the past day according to CoinGecko. As described on the project’s website, MISO is an open-source smart contract that is created to ease the process of launching a new project on the Sushiswap exchange.

According to SushiSwap’s CTO Joseph Delong, MISO was hacked in a so-called supply chain attack which saw the anonymous contractor going under the GitHub handle AristoK3 and injected a malicious code into the platform’s front end so he was able to replace the auction wallet with its own address and the exploited NFT auction in question is car-themed Jay Pegs Auto Mart which was already patched. According to the Ethereum blockchain explorer Etherscan, identified the address shared by Delong was one of the involved in the MISO exploit as the attack occurred at 12:04 Eastern time. This is not the first time that MISO encountered a similar problem as the platform’s team got away lightly during a previous occasion.

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Last month, Samczsun who is a researcher for venture capital company Paradigm, discovered a vulnerability while examining the smart contract code of the BitDAO Token sale on the MISO platform. The researcher said that the vulnerability could result in a loss of $350 million. The sale concluded without any incidents and raised $365 million in the process but required the BitDAO team to manually end the token auction and neutralize the potential threat. SushiSawp claims there are reasons to believe that the hacker is a Twitter user dubbed @erators1122 who did previous work with Yearn. Finance and approached other projects. However, the Twitter profile Delong linked to shows a different GitHub handle. Delong added that sushiswap asked FTX and Binance to share the attackers’ hackers’ KYC info but they have resisted on the matter:

“I recommend that you test your own user interface in order to identify exploits early on.”

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: https://www.dcforecasts.com/ethereum-news/sushiswap-token-launchpad-gets-hacked-for-over-3m-in-eth/

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