Bitcoin 

German Programmer ‘Hacks Back’ After Bitcoin Ransomware Attack

German programmer Tobias Frömel (aka “battleck”) has “hacked back” the perpetrators of the Muhstik ransomware who forced him to pay 0.09 Bitcoin (BTC) to recover access to his files. In a Bleeping Computer forum post on Oct. 7, Frömel revealed that he had hacked the attackers’ database, sharing almost 3,000 decryption keys and a free decryptor with fellow victims. An illegal but sweet revenge Bleeping Computer previously reported that publicly exposed QNAP NAS devices have been targeted by ransomware dubbed Muhstik. The attackers extorted a fixed “fee” of 0.09 Bitcoin…

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Blockchain 

CoinGecko Joins AMLT Network to Combat Exchange Fraud, Scams, Hacks

Crypto market aggregator CoinGecko has joined the network of blockchain analytics and anti-money laundering (AML) company Coinfirm. This partnership will reportedly allow CoinGecko to improve its exchange Trust Score algorithm, as well as provide users with a means to report scams and hacks. The companies shared a press release with Cointelegraph on Aug. 16. According to documentation from Coinfirm, the company runs the AMLT network that allows members to report cryptocurrency addresses tied to hacks, ransomware, scams and fraud. Coinfirm then blocks these users and funds across the AMLT network.…

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Bitcoin 

Komodo Hacks Itself and Saves Crypto Worth $13M After Learning of Security Vulnerability

Crypto wallet provider Komodo effectively hacked itself to prevent fraudsters from accessing its users’ funds, the company confirmed in a blog post on June 5. Security researchers had alerted the company to a vulnerability in its Agama wallet. Realizing that hackers could strike any moment, Komodo’s cybersecurity team decided to use the same exploit to move compromised crypto to safety. Explaining to users what happened, Komodo said: “We were able to sweep around 8 million KMD and 96 BTC from these vulnerable wallets, which otherwise would have been easy pickings for the…

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Blockchain 

South Korea’s Telecom Giant KT Launches DLT-Powered 5G Brand to Prevent Hacks

KT Corporation, South Korea’s largest telecom firm, has launched its blockchain-powered fifth-generation (5G) network brand, local news agency The Korea Times reports on April 16. Called “GiGA Chain,” the brand intends to boost the security of Internet-of-Things (IoT) devices and to protect them from cyberattacks, the report says. As a part of the new brand, KT developed GiGA Stealth technology that prevents hacking attacks by hiding the IP addresses of the connected devices. According to the report, the blockchain-enabled tech makes IP addresses virtually invisible to hackers. Lee Dong-myeon, president…

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Bitcoin 

Exchange Hacks, Darknet and Money Laundering

Two prominent research papers have shed light on the latest crime trends affecting the cryptocurrency community over the past two years. Crypto analytics companies Chainalysis and CipherTrace released reports at the end of January that unpack some interesting data on the methods that criminals have used to steal and defraud users within the cryptocurrency and blockchain space. These reports paint an interest picture of the ever-changing cryptocurrency landscape and provides some food for thought about the use of crypto in criminal activity around the world. Exchange hacks and darknet trading…

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Cryptocurrency 

Crypto Hacks Take $1.7 Billion in 2018

Yesterday, a rather shocking cryptocurrency anti-money laundering report was released by the crypto analytics company CipherTrace. This report states that around $1.7 billion worth of cryptocurrency was obtained illegally in 2018. What’s more surprising is that crypto hacks happened three times more than in 2017. No wonder institutional investors don’t want to put big money into the crypto industry yet. Crypto Hacks Worth $1.7 Billion Of the total stolen in 2018, over $950 million was from cryptocurrency exchanges. This is 3.6 times more than what was stolen from exchanges in 2017.…

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Ethereum 

Ethereum Hacks on the Rise Again as Price Remains Below $100

A fresh wave of hacks targeting Ethereum (ETH) holdings continues, despite the altcoin’s price trailing at 18-month lows, tech magazine ZDNet reported Dec. 10. Citing research by cybercrime monitoring company Bad Packets LLC, the publication revealed that the downturn in ETH/USD has failed to stop malicious parties attempting to steal funds from miners and investors. Scanning the network, hackers are trying to identify mining rigs and wallets with an exposed port 8545, which ultimately allows them to gain control and redirect ETH funds elsewhere. “Despite the price of cryptocurrency crashing…

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