WannaCry On the Move? Bitcoin Crime Evolves in a Multi-Blockchain World

WannaCry On the Move? Bitcoin Crime Evolves in a Multi-Blockchain World

admin Monero, Ransomware, WannaCry 0 Comments

First, there was the theft – then the coins stood still. For the past 10 weeks, three bitcoin address containing more than $140,000-worth of the cryptocurrency has been given more scrutiny than possibly any others on the blockchain. Now held by the hacker or hackers behind the WannaCry ransomware attack, the funds were sent by victims from more than 150 countries in an attempt to unlock their computers from the malicious encryption software. But last week, something stirred – and increments of $20,000-worth of bitcoin began moving into seven new addresses. Slowly, the three addresses that had held the attention of the world began to empty. The question was, where were the coins headed? That the subject would gain such attention perhaps isn’t surprising. At the time of the incident in May, WannaCry attracted global headlines, and bitcoin got a share of the blame. As bitcoin’s value grew over the course of the year, and as it attracted a new class of investors, the incident emerged as a black mark – the latest reminder of how the technology can be used to nefarious ends. “There’s an implication that [blockchains] are well-suited for criminal activity,” said Andrew Poelstra, a mathematician at Blockstream. “Because blockchains make it cheaper to …


San Francisco Subway Is Free To Use After Ransomware Attack, Hackers Sought Bitcoins

admin bitcoin scams, Cyber Crime & Cyber Terrorism, Hacking, Ransomware, Ransomware 0 Comments

The holiday season is a time for shopping for gifts, spending time with family and for some, hacking into the San Francisco subway system. In fact, many, many computer systems in San Francisco were hacked this past weekend. So many, in fact, that the entire subway system has been left free to use until the computer problem is resolved. The answer will come in the form of Bitcoin, as this is what the culprits have demanded in return for putting the computer system back online. Over 2000 local computer systems affected A strain of a computer malware, known as HDDCryptor, hit 2,112 computers within the San Francisco Municipal Transportation Agency, according to correspondence with the ransomware’s masters. This has affected the railway system starting on Friday evening, continuing throughout Saturday, and as of Sunday night, there has been no news of a resolution. CBS affiliate KPIX in San Francisco, says sources inside of the city’s transit agency told them on Saturday that the system was hacked days ago. Payment kiosks are out of service and cards can not be purchased. “There’s no impact to the transit service, but we have opened the fare gates as a precaution to minimize customer …

Ransomware May Threaten the Future of Bitcoin

admin Hacking, Ransomware, Ransomware, Security 0 Comments

Bitcoin has jumped in price again. Following a near two-week excursion down south, bitcoin has hit a detour and is now hovering at $581 as of press time. That’s a near $10 rise since our previous price piece. However, the price is still down overall. Although many factors may be contributing to bitcoin’s slight slump, many seem to believe that ransomware poses a particularly nasty threat to the currency’s future.   Bitcoin-Related Ransomware on the Rise In one of our more recent articles, bitcoin’s competition with the U.S. dollar was presented as a potential reason behind the coin’s continual stoop. A recent analyst says that bitcoin is now holding its ground, and is “poised for more gains” in the coming weeks. The source states: “Bitcoin price earlier this past week traded a few points lower against the US Dollar. Later, it started trading in a range. While trading in a range, there was a crucial contracting triangle pattern formed on the 4-hours chart of BTC/USD. Once the range pattern completed, there was an upside move. The BTC bulls managed to break the highlighted contracting triangle pattern and took the price higher. The recent upside move looks convincing due to two reasons. …

How is Bitcoin Actually Stolen? Theft Prevention

admin Bitcoin News, Ransomware, Security, The Deep Web & Dark Net 0 Comments

The successful US$65 million dollar hacking attack launched on the Bitfinex trading platform left the community to question the security measures of the multi-signature technology implemented by the exchange. It also triggered a relatively simple yet important argument; how is Bitcoin actually stolen? To begin with, let’s tackle the fundamentals of the security breach of Bitfinex. As demonstrated by the infographic provided by Bloomberg below, the major factor behind the Bitfinex trading platform’s vulnerability was its improper implementation of the multi-signature technology and of the BitGo software. In theory, BitGo is the second authenticator behind Bitfinex to sign and approve each transaction initiated in the Bitfinex trading platform. Thus, when a user sends or broadcasts the transaction to the Bitcoin Blockchain, Bitfinex first approves it with their version of the private key and BitGo then provides a second authentication to approve the transaction. Bitcoin is stolen when private keys are compromised However, after the hackers managed to get hold of the private keys held by Bitfinex, BitGo automatically signed all suspicious transactions, due to the weak and vulnerable implementation of Bitfinex. Considering this fact, Bitcoin is actually stolen from users when the private keys of user funds are compromised. Private …


admin Bitcoin Law, Bitcoin News, Bitcoin Regulations, Cyber Crime & Cyber Terrorism, Ransomware, ScamCoins / Fraudsters, US Securities and Exchange Commission (SEC) 0 Comments

Two Florida men are facing some serious felony charges that intersect both Bitcoin and the money transfer business. According to federal authorities, Anthony R. Murgio and Yuri Lebedev never bothered to get a Money Services Business license for Coin.mx, a Bitcoin exchange. The FBI’s statement on the matter calls Coin.mx / Collectables Club a “phony front business” and mentions that the men also utilized a federal credit union that they bought solely for the purpose of washing dirty money. In doing so, they knowingly exchanged cash for people whom they believed may be engaging in criminal activity. MURGIO and his co-conspirators have also knowingly exchanged cash for Bitcoins for victims of “ransomware” attacks, that is, cyberattacks in which criminals (here, distributors of the ransomware known as “Cryptowall”) electronically block access to a victim’s computer system until a sum of “ransom” money, typically in Bitcoins, is paid to them. In doing so, MURGIO, and his co-conspirators knowingly enabled the criminals responsible for those attacks to receive the proceeds of their crimes, yet, in violation of federal anti-money laundering laws, MURGIO never filed any suspicious activity reports regarding any of the transactions. It goes on to allege that they willfully hid their …

4 Nasty Programs that Will Hijack Your Files for Bitcoins

admin Ransomware 2 Comments

In the past year Bitcoin started to act as the preferred form of currency to a new type of malicious software. It’s called Ransomware in general and it takes your computer files as hostage until you pay the hacker who created it his ransom. And it’s evolving, fast… The first and most notorious form of ransomware requesting Bitcoin was called “CryptoLocker”. It sneaks up to your computer through innocent looking SPAM emails like this one. Attached to the email was a ZIP archive containing a small executable  file (a program that runs on a Windows computer, usually ends with “.exe”). To make things even harder to detect the “.exe” file was using a document extension (i.e. “.pdf”) in the filename and displaying an Adobe Reader icon. If you chose to open the malicious file, it would download and execute Gameover ZeuS, which in turn downloads and installs other malware families including CryptoLocker. CryptoLocker will then go ahead and encrypt your computer files so you won’t have access to them without a specific private key (just like the one used in a Bitcoin wallet).  Of course in order to get the private key, you’ll need to pay. This is what you’ll see on …