$ 1.7 billion was stolen from cryptocurrency exchanges, custodial services, and in ICO exit scams in 2018. That’s a dramatic rise from the year before, despite the shrinking market. And according to the Q4 CipherTrace Cryptocurrency Anti-Money Laundering Report, that money needs to be laundered. But here’s the kicker: with a global wave of regulations going into effect later this year, laundering cryptos will be increasingly harder to do. CCN caught up with Dave Jevans, CEO of CipherTrace and co-chair of the Cryptocurrency Working Group at the APWG.org to find out what this means. Like Taking Candy from a Baby Of
A report from Chainalysis, a blockchain analytics firm based in the U.S. and Denmark, has revealed that just two groups have stolen more than $ 1 billion worth of crypto in the past several years. Based on the transactions and addresses traced by the firm, the hackers obtained around $ 90 million per hack on average, running a lucrative criminal operation spanning out many major crypto markets. How are Stolen Funds Cashed Out? Blockchain analytics companies like Chainalysis work with major cryptocurrency exchanges to stop suspicious transactions from entering the system of trading platforms. Binance, for instance, the world’s largest crypto exchange
By CCN.com: Crypto thieves have shown that theft can sometimes be a piece of cake. Taking the phrase “get the dough” to the next level, a cryptocurrency ATM machine was audaciously jacked from a bakery in California last week. The theft took place at the Belwood Bakery in Brentwood Village, Los Angeles, and is the latest
The post Piece of Cake: Cryptocurrency ATM Stolen in Bakery Break-In appeared first on CCN
Binance has frozen some of the funds that were stolen from crypto exchange Cryptopia during the high-profile hack that occurred earlier this week. Binance Puzzled Why Hackers Keep Sending Funds to its Exchange Binance CEO Changpeng Zhao announced the news in an early morning tweet on Wednesday. Just checked, we were able to freeze some of
The post Binance Foils Cryptopia Hacker by Freezing Stolen Crypto appeared first on CCN
Michael Williams, a state Senator from Georgia, has turned himself over to authorities after he was accused of insurance fraud. Williams, who co-introduced the Senate Bill 464—which aimed to compel the state’s revenue authority to receive cryptocurrency as payments for taxes—was charged by a Hall County grand jury on December 18 after an investigation
The post Georgia State Senator Arrested for Lying about ‘Stolen’ Crypto Mining Equipment appeared first on CCN
A bitcoin miner in Taiwan was arrested and charged for mining 100 million yuan (roughly $ 14.5 million) in crypto using NT$ 100 million (or $ 3.2 million) in stolen electricity. The man, whose surname is Yang, is accused of operating 17 illegal cryptocurrency mining centers using fake storefronts across Taiwan. The bootleg mines were located in the
The post Bitcoin Miner Raked in $ 14.5 Million in Crypto Using $ 3 Million in Stolen Electricity: Police appeared first on CCN
According to a Cluj, Romania-based newspaper, the case of bitcoin exchange executive Vlad Nistor is much deeper than the simple illegal operation of a cryptocurrency firm. Their most recent report on the case speaks to some much more serious allegations as to the behavior of Vlad Nistor. More Details Emerge in Bitcoin Exchange CoinFlux CEO’s
The post Romanian Bitcoin Exchange CEO Helped Launder Stolen Funds: Report appeared first on CCN
According to cryptocurrency intelligence firm CipherTrace’s Q3 Cryptocurrency Anti-Money Laundering report, as of quarter-three, 2018, cryptocurrency thefts had already reached $ 927 million. The blockchain cybersecurity professionals identified theft and hacks at platform layers and exchanges to be a major problem, evolving further from its Q2 findings. In the CipherTrace second-quarter report, the company identified that … Continued
The post $ 1 Billion Dollar’s Worth of Cryptocurrency Stolen in 2018 appeared first on CCN
Chinese crypto mining giant Bitmain has reportedly filed a lawsuit in Seattle with the U.S. District Court for the Western District of Washington on November 7 against an anonymous hacker for an alleged $ 5.5 million theft from the company’s Binance account in April. According to court documents, the unknown hacker, referred to as “John Doe,” was able to take over Bitmain’s […]
A lawyer for early bitcoin adopter Charlie Shrem is biting back at claims that his client stole 5,000 bitcoins from Cameron and Tyler Winklevoss, founders of crypto exchange Gemini and the “first bitcoin billionaires.” In a filing dated Nov. 5, lawyer Brian Klein claims that the 5,000 BTC in question, which the Winklevoss twins allege
The post Lawyer: 5,000 Allegedly Stolen Bitcoins Belonged to ‘Mr. X’ — Not Winklevoss Twins appeared first on CCN
Cameron and Tyler Winklevoss, the founders of Gemini Trust, are reportedly suing Charlie Shrem, who notably went to prison for his role in the online black market, Silk Road, for $ 32 million in stolen Bitcoin (BTC). According to a recent report by the New York Times, the Winklevoss brothers went into business with Shrem back in 2012 […]
Intrigue abounds around the allegedly Singapore-based WEX exchange, whose ownership and activities have both been called into question in recent months. Particularly of interest was the exchange listing a much higher market price for BTC and weirdly overcharging for USDT. CCN previously gave our readers an overly interesting report on the exchange in which writer
The post Binance Freezes WEX Accounts Caught Moving Possibly Stolen Funds appeared first on CCN
If you’re ever so unfortunate as to become the victim of a bitcoin theft, there’s very little chance that you will ever see your cryptocurrency assets again. For this reason, security experts have suggested that only a fraction of these cases ever get reported, as victims believe they are not likely to retrieve stolen cryptocurrency.
The post If Your Bitcoin is Stolen, There’s Only a 20% Chance You’ll Ever Get it Back appeared first on CCN
Even though blockchain technology has all sorts of security applications, one thing is for sure: cryptocurrency exchanges are vulnerable to cybersecurity attacks, and hackers have exploited these flaws for massive gains. However, no hacker crew has been quite as successful as the infamous North Korean group of hackers, dubbed “Lazarus,” which is responsible for the
The post $ 571 Million: Notorious North Korean Hacker Group Has Stolen a Fortune in Cryptocurrency appeared first on CCN
The hacker who stole nearly $ 40,000 in ethereum from adult entertainment startup SpankChain has returned the stolen cryptocurrency, the company announced last night. According to messages posted on the company’s official Twitter account, SpankChain CEO Ameen Soleimani reached an agreement with the anonymous hacker after speaking to them on the phone. Following that conversation, the
The post SpankChain Hacker Returns Stolen Ethereum, Earns $ 9,000 Reward appeared first on CCN
Hackers have stolen $ 60 million worth of digital coins from Tech Bureau Corp.’s Japanese cryptocurrency exchange Zaif, according to documents seen by Reuters. The theft of Bitcoin (BTC), Monacoin (MONA) and Bitcoin Cash (BCH) occurred during a two-hour time frame on September 14. Three days later, Zaif began experiencing server issues, and upon investigation, became […]
Barely before the ink had dried on the news that Japanese cryptocurrency exchange Zaif had been hacked and slightly less than US$ 60 million stolen, the National Police Agency (NPA) of Japan has released a report highlighting the vulnerability of Japan’s crypto space. According to the NPA, the number of incidents involving the theft of funds
The post Japan Cryptocurrency Theft Cases Tripled in H1 2018, $ 530 Million Stolen: Police appeared first on CCN
The U.S. FBI and law enforcement in South Korea and Japan have arrested two people in connection to phishing scam that stole $ 800,000 worth of Ripple (CRYPTO: XRP) tokens in a joint operation reported last week. A Japanese suspect is still at large.
The suspects victimized 24 Korean and 37 Japanese investors by replicating a cryptocurrency exchange website. They created a fake but resembling email account and warned users that their money had been frozen.
Decentralised cryptocurrencies like bitcoin are anathema to traditional banking. Bitcoin allows people to trade directly with each other, bypassing banks, the conventional middlemen. Banks make money by charging fees for the services they provide, including keeping one’s money in a bank. It is no surprise, therefore, that they hate cryptocurrency. But banks aren’t guiltless, they have facilitated some of the most egregious financial crimes of our time.
‘Return Our Stolen Assets’
President Muhammad Buhari has demanded HSBC Bank returns up to $ 100 million it allegedly helped former dictator Sani Abacha launder from the Nigerian economy.
Seattle-based cryptocurrency exchange Bittrex has reportedly delisted Bitcoin Gold (BTG), an ASIC-resistant hard fork that allows you to mine Bitcoin with GPUs, because of a 51% attack back in May that resulted in the loss of $ 18 million. According to a statement released by the Bitcoin Gold team, Bittrex allegedly requested that Bitcoin Gold “take responsibility […]