Binance’s Investigations and Intelligence team plays a role in helping global law enforcement agencies identify and combat crypto-related crime.
Criminal use of crypto an ‘emerging threat’ — Australian police
Law enforcement will need to “continually evolve” in order to keep pace with criminals, Australia’s federal police said.
‘Dutiful son’ drugs dad’s tea to access BTC funds worth $400K
The 25-year old told his dad “it’s really good for you” as he poured white powder into his father’s drink.
$5 wrench attacks appear to be on the rise in the crypto community
Security expert warns that individuals known to work in crypto are susceptible to becoming targets of extortion-related crimes.
US officials recover $2.3M in crypto from Colonial Pipeline ransom
Government officials did not specify the exact method used to seize the funds from the ransomware group.
Powers On… Why Bernie Madoff should be a powerful lesson to stock and crypto memecoin investors
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How Blockchain Businesses And Crypto Companies Can Reduce Cyberthreats
Bitcoin and Ethereum are booming, altcoins are surging, and other crypto categories like DeFi and NFTs have taken off like never before. Money is being made on digital currencies and it is highly visible in the public eye due to mainstream media coverage of the cryptocurrency revolution.
With more eyes on the asset class, it also means that cyberthreats are rising. Here’s what the latest figures say about rising crypto crime, cyberthreats, and how businesses in the blockchain industry can do much more to protect customers – and themselves.
Crypto Scams Rise Year-Over-Year, What Can Blockchain Companies Do?
The 2018 bear market was plagued with high profile exchange hacks all over the world. It set the industry itself back years and while things have improved in terms of exchange operations and security, crypto-related crime and cyberthreats continue to rise year-over-year.
Related Reading | Bitcoin Searches Spike On Google After Twitter Scam Goes Viral
According to a breakdown of analytics company Bolster’s recent report from Alexander Vasiliev, the co-founder and CCO of the global payment network Mercuryo, crypto-related scams increased 40% year-over-year from 2019 to 2020, and is projected to increase another 70% in 2021.
“The attacks most of the time included fake prizes and giveaways, celebrity impersonations, and phishing attacks,” Vasiliev added.
The scams can even involve real, verified Twitter accounts that have been hijacked by cybercriminals. A particularly large hack last year involved several high profile Twitter accounts including politicians, CEOs like Elon Musk, and other celebrities like Kim Kardashian West.
Vasiliev highlights several critical ways that blockchain companies and crypto businesses can protect users and themselves. Tactics include multi-sig systems, advanced automated security protocols, and mandatory identity checks.
With the crypto market at $2 trillion, criminals are taking notice | Source: CRYPTOCAP-TOTAL on TradingView.com
Bitcoin, Ethereum, And Chainlink Are Top Targets For Cybercriminals
Vasiliev also revealed that Bolster’s report highlighted three primary cryptocurrencies being used in these types of scams: Bitcoin, Ethereum, and Chainlink. These coins tend to have some of the most vocal supporters behind them, making them a primary focus of cybercriminals when targeting unsuspecting social media users.
We now know how businesses can protect themselves and through that, its users, but how can users themselves bolster security? For one, always use two-factor authentication with Google Authenticator and not SMS-based 2FA. Man in the middle attacks and SIM-swap attacks can be eliminated.
Related Reading | The Most Common Bitcoin Scams And How To Avoid Them
Using a pseudonym whenever possible online, a PO box for ordering any hardware wallets, and relying on malware protection can avoid many easy ways cybercriminals can access crypto assets.
Never disclose to anyone that you hold crypto assets or how much, and use unique passwords that don’t end in nine or an exclamation point for all accounts. If that’s you, change them now.
There are almost endless ways to protect yourself, yet still the smartest criminals will still find a way. Keep your eyes peeled and follow as many safety measures as possible, and your chances for success can improve greatly.
Featured image from Pixabay, Charts from TradingView.com
New Jersey Crime Watchdog Says Crypto ATMs Need More Regulation
State regulation of crypto ATMs is poor and federal laws aren’t much better, the commission said in a report.
Kia Motors America Victim of Ransomware Attack Demanding $20M in Bitcoin, Report Claims
BleepingComputer claims to have evidence that the ransomware gang DoppelPaymer is demanding 404 BTC from the car firm.
Malaysian Bitcoin Mining Gang Stole Over $2M in Electricity, Say Police
Police seized 1,746 bitcoin mining machines across 21 premises in raids this week.
Central Bank Digital Currencies May Drive Cash ‘Shadow Economy’ to Crypto: Reuters
“Shadow economy” participants, those who use deal mostly in hard cash for anonymity’s sake, are unlikely to be drawn to using a CBDC, according to a Reuters column.
Alabama Man Charged Over SIM Swap Hacks That Stole $150K in Crypto
Joseph Chase Oaks allegedly used SIM-swap hacks to access victim’s online accounts between August 2018 and October 2019.
Mobile Firm Employee Charged for Aiding Crypto SIM Swap Attacks Targeting 19
Stephen Defiore was allegedly paid to transfer cellphone accounts to ones owned by a co-conspirator.
U.S. Woman Charged Over Attempted Dark Web Murder-for-Hire Paid With Bitcoin
The woman allegedly presented a sum of over $5,000 in bitcoin to a dark web admin as proof she could afford the hit.
KeepChange Foils Bitcoin Theft but Loses User Data in Sunday Breach
The bitcoin marketplace has halted withdrawal requests temporarily.
KeepChange Foils Bitcoin Theft but Loses User Data in Sunday Breach
The bitcoin marketplace has halted withdrawal requests temporarily.
Hacker Refuses to Hand Police Password for Seized Wallet With $6.5M in Bitcoin
Throughout a two-year prison term, the man repeatedly refused to give wallet access to German authorities.
Crypto Hedge Fund Founder Pleads Guilty to $90M Fraud
Virgil Capital founder Stefan Qin lied to investors and siphoned off millions to fund a lavish lifestyle.
Discord Scammers Lure Users to Fake Exchange With Promise of Free Bitcoin
The scammers may be trying to collect a database of crypto users for sale on the dark web, said Kaspersky.
US Navy Couple Charged With Selling 9,000 Stolen Identities for Bitcoin
Prosecutors allege the pair used their positions in the U.S. Navy to steal and sell personal information of 9,000 people.