IT Specialist Forgets Password For $ 240 Million Bitcoin Wallet

Programmer Stefan Thomas from San Francisco made a video explaining the essence of bitcoin in 2011. One of the cryptocurrency enthusiasts paid Stefan 7,002 bitcoins as a reward for popularizing the topic. Then the crypt costs next to nothing, and the IT specialist wrote down the password for the IronKey secure storage on plain paper. At one point, he lost that sheet, reports The New York Times.

Today, Stephen Thomas potentially owns over $ 240 million but does not have access to it. The young man tries to remember the password, but so far attempts have failed. Also, IronKey only gives ten attempts to enter the password, after which the information will be permanently destroyed. Stefan only had two chances to remember the password.

According to the publication, of the 18.5 million bitcoins in existence, around 20% is lost forever - in monetary terms, that's about $ 140 billion.

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Malicious apps stealing cryptocurrencies for users | Your Bitcoin is in danger!

Researchers at Intezer Labs revealed that a recently detected malware called ElectroRAT, has been stealing cryptocurrencies from users' digital wallets since last year and has the ability to target multiple operating systems, as it was designed to target the following operating systems: Windows, Linux, and macOS, according to the investigation, it appears that it has already targeted thousands of victims since early 2020, as stated in the Intezer Labs report released this week 

The cybercriminals behind this process are spreading a series of domain registrations, websites, Trojan horse apps, and fake social media accounts to target victims and their digital wallets, says Avigil Metchtenger, a security researcher at Intezer Labs, "It's common to find many information thieves. They try to collect private keys to access victims' wallets, however, it is also rare to uncover tools developed from the start to use to target multiple operating systems for the same purpose

Campaign start

In the advertising campaign that Intezer's security team discovered, cybercriminals began advertising Trojanized malicious applications on social media platforms that include permission to access their Twitter and Telegram network accounts which are in fact fake as they are modified according to social engineering techniques and written in a programming language. Golang, as well as hosting forums for discussions and news about cryptocurrencies, and malicious apps have been designed to look like safe apps for people who trade in the purchase and sale of virtual currencies, and the report indicated that the campaign operators have created fake apps called Jamm and eTrade, Which appeared to be legitimate applications to manage cryptocurrency trading, and another DaoPoker app is dedicated to poker games and uses cryptocurrency in the payments involved in the game

The report notes that as soon as the victim launches the application, a normal graphical user interface opens while the ElectroRAT malware is running on the background as "mdworker", and three copies of these Trojan applications have been released to run on Windows, Linux, and macOS, Kyung Kim, Chief Administrative Officer and Head of Cybersecurity for Asia and the Pacific at FTI Consulting, said previously that many of the parties who are averse to stealing user data are using the Golang programming language to help them create malware that can target operating systems other than Windows, and added:Golang software language is popular with hackers as it is multi-type, allowing to compile a single database on all targeted operating systems, and instead of attacking users only, Golang software focuses its efforts on penetrating application servers, frameworks and web applications of users, and this is partly the reason for its ability to penetrate Systems easily without being detected, in addition to their ability to seize digital wallets from cryptocurrencies. ”The ElectroRAT malicious program works as a Logger that enables it to capture device screenshots and download files from disk and download them to the infected device to execute malicious commands 

The report indicates that the famous Pastebin page has been infected with this electronic virus, and the number of times it has exceeded the limits of 6,500 visits between January and December of the year 2020, which means that it is very likely that there will be thousands of victims who have downloaded the malicious program, the reason for that All according to the security team, is the great development witnessed by the value of the digital process "Bitcoin (BTC)", where frauds related to this cryptocurrency appear to take advantage of the situation

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A good idea? India wants to introduce a tax on bitcoin

 

Indian financial regulators are looking for a way to curb the cryptocurrency market and are proposing a tax on all Bitcoin transactions. It is not yet clear whether the rule will affect other popular cryptocurrencies and, in particular, “the ether”. According to preliminary estimates, an 18% Bitcoin tax will bring the country's economy an additional $ 1 billion per year.


As part of the new tax plan, bitcoins will shift from “currency” to “intangible assets,” but this is unlikely to affect the perception of virtual currency in any way. By the way, Indian financial regulators are skeptical about them. For this reason, a ban on transactions with them was introduced in March, but this only led to the development of a black market for cryptocurrencies.


The question remains how to collect the taxes because you have to follow the transactions with them. However, in a number of parts of the world, they increasingly use schemes in which for certain volumes of transactions with cryptocurrency it is necessary to indicate personal data, and exchanges must store and store them. transfer at the request of the authorities concerned.


Bitcoin's rate for today is, according to Coindesk, $ 26.8 thousand per unit.

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7 common cryptocurrency scams : how to avoid them

How to avoid scams in the cryptocurrency world? The easiest way is to stay offline and forget that this blockchain-based technological revolution exists. But if you are determined to invest in BitCoin or other virtual currency, you should be aware of the most common scams and scams that are common in this industry. In this article, I suggest you present the 7 most common cryptocurrency scams and tips on how to avoid them. 

Scam 1: Untrusted Exchanges

The explosive popularity of Bitcoin and other altcoins has seen a huge increase in cryptocurrency trading. All exchange platforms want to attract your attention so that you can use them and above all earn money thanks to the transaction fees that accompany the processing of your purchases.

However, there aren't many completely trustworthy cryptocurrency trading and trading platforms. It is quite possible that one of them will disappear completely overnight, taking with it all the coins available in the wallets of its customers.

If you are completely new to crypto, you might not have heard of Mount Gox. It was the first major cryptocurrency exchange which at one point accounted for over 70 percent of all Bitcoin transactions globally. One morning in February 2014, Mount Gox suspended all negotiation possibilities. It was later revealed that over 850,000 bitcoins had been stolen with an estimated value of $ 450 million at the time. It still remains today as being one of the worst cryptocurrency hacks in the world.

Recommended platforms and those to avoid

Here is a non-exhaustive list of crypto exchange platforms to avoid, given by the bitcoin.com site :

01crypto, Btc-cap, Capital-coins, Coinquick, Cryptavenir, Crypto-Banque, Crypto-Infos, Cryptos.solutions, Cryptos-currency, Ether-invest, Eurocryptopro, Finance-mag, Game-crypto, Gmtcrypto, Good-crypto, Mycrypto24, Nettocrypto, Patrimoinecrypto, and Ydconsultant.

Rest assured there are indeed some excellent cryptocurrency trading platforms.

• Coinbase: The most famous platform to date that I describe in this article. It supports Bitcoin, Ethereum, and Litecoin and some of their forks.
• Kraken: Support for Bitcoin, Ethereum, Litecoin, Monero, and other popular altcoins. Some smaller corners too, like Augur and Stellar Lumens.
• Bittrex: Support for almost any corner you can think of, and more you've never heard of.
• Cryptopia: Supporting a ridiculously high number of cryptocurrency, also comes with extremely low transaction fees.
• Binance: There are many virtual currencies available on this secure exchange.
• Bitfinex: Platform for professionals, the entry ticket is very important with a minimum deposit requested of $ 10,000

Remember, do your own due diligence before placing any amount of Bitcoin or altcoins on an exchange.

My last advice is not to keep your cryptocurrency stored on an exchange. Transfer your coins to a physical and offline wallet after making your trading moves. It only takes a short time to send them back to an exchange for trading.

Scam 2: Ponzi scheme

In the spring of 2017, a Mumbai-based company OneCoin delivered a sales speech to an investor room. Indian financial law enforcement officers raided the meeting, ultimately jailing 18 OneCoin representatives for operating a Ponzi scheme. At the time of their arrest, OneCoin had already transferred over $ 350 million. More recently, the Bitconnect circus has also entered the history of the biggest cryptocurrency scams, I let you browse the video of the launch of the project which entered the annals after their exit scam:

Investors had been fooled by a combination of upselling, lack of knowledge of the technology in front of them, and a lot of positive media coverage (both of the project and of the explosion in coin prices). A lot of people have lost a lot of money.

This form of scam is the easiest to spot, but people still believe in it so much the payoff can be great. Remember, whether in the virtual world of cryptocurrency or in life, if it looks too good it is often a scam.

If you find a crypto project that actively encourages the recruitment of new investors to maximize your profits, you are in front of a Ponzi scheme. This system works like the scam of whoever enters the system after you. Moreover, schemes that promise high returns to the point of being absurd and unreal are certainly Ponzi schemes.

Scam 3: ICOs (Initial Coin Offering)

ICOs are the IPOs of new cryptocurrencies. Startups create initial offers for the sale of their coins with the aim of raising substantial sums of money. However, many of them greatly overestimate the value of their startup. Others are simply elaborate pumping and draining schemes.

The Securities and Exchanges Commission (SEC) is very wary of ICOs. It offers the following warnings:

• There is often a lack of accurate or current information about a coin.
• Questions often arise about the accuracy of publicly available information, including press releases and media coverage.
• There are questionable business practices, like insider trading, market manipulation, and more.

Of course, this doesn't always protect potential investors from ICO scams, as we saw earlier with OneCoin. Due to the market hysteria surrounding them and the possibility of large short-term profits, many scammers try to make a profit. Also, companies announce their ICOs before the technology is really ready. Here are some signs that you can spot an ICO scam :

• white paper copied and very light,
• a large part of the team is anonymous,
• unusual haste in the launch with regard to the advancement of their technology,
• no answers to difficult questions during discussions
• missing or light roadmap.

Scam 4: Pump & Dump Groups

Pump & Dump groups on Telegram, Slack, Facebook, or whatever isn't something new to the mainstream market, so why the cryptocurrency market will be left out. If you search on Telegram, you will find many crypto groups with several tens of thousand members. Remember that it is really easy to become a cybercriminal and you might come across a lot of them in these stranger groups.

What do you think they are doing in these groups? They don't chat. Instead, these groups are the tools to manipulate the prices of altcoins that have low market capitalization. In this way, people who act fast or who are the first to gain the advantage and those who are a little late suffer from the price crash within minutes. Remember that the dump will have started long before the order is given in the group. You will thus be one of those who will participate in the gains of the principals.

There are several tools on the market to monitor the increase in the volume of particular crypto, which helps identify such systems.

Scam 5: Phishing

Phishing is another common form of scam in the cryptocurrency world. Here, the scammers will try to obtain your connection information to the exchange platforms or your private wallet keys by deceiving you and manipulating you.

To do this you will be able to find exact clones of legitimate projects, usually exchanges or ICO websites, that are used to steal funds and personal information. Always double-check the URL and bookmark websites you visit often. Cloned websites will use similar letters in the URL to make it look like the real one at a quick glance, for example using "1" instead of "i", "0" instead of "o", And so on.

Scam 6: Social Media Scams

Beware of social networks and users on Facebook, Telegram, and Twitter, who sometimes pose as important figures in the cryptocurrency world like Vitalik Buterin or Andreas Antonopoulos.

These fake accounts offer each time you donate a large amount of coin after you have sent some change to a wallet that is indicated to you. Of course, you will never see the gift arrived in your wallet and you will never see your donation again.

Anytime you read "Send 1 ETH to this address and get X ETH back" it is a scam. Cryptocurrencies are money and no one gives money away for free.

Scam 7: Ad scams

Be on the lookout for advertisements leading to phishing sites. Recent examples include ads on Google and Reddit that take you directly to cloned cryptocurrency exchange sites. Always check the URL of the site you land on and bookmark it in your browser and don't visit other URLs even if they look the same. Google Chrome extensions like Metamask help prevent phishing sites.

Conclusion

The bottom line is, while there are plenty of scams, schemes, and cybercriminals out there in the cryptocurrency world, the best solution is always to be careful. Despite the number of fraudulent schemes, there are countlessly reputable and well-managed projects and groups that make it possible to invest in cryptocurrencies. It is essential that you take the time to familiarize yourself with this virtual world and the associated terms and practices in order to avoid any risk of a bad experience.

As is the case with many things in everyday life, using reasonable caution is the best approach, so every time you visit a new website, see something that looks too good to be. true, or store or access information using your private keys, be careful and consider whether you might be putting yourself at undue risk.

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Bitcoin and cryptocurrency: 5 tips for beginners

A cryptocurrency is 100% virtual currency. No cash, therefore, no bank card or checkbook. And unlike currencies such as the euro, for example, cryptocurrencies are not backed by the state. It is therefore impossible for any institution to seize the money or block the payments.

Today, the most common cryptocurrency is bitcoin. Its price varies according to supply and demand. And more and more online businesses allow purchases with this virtual currency. Online payments can be done in total anonymity. The cryptomonads tempting? We give you 5 tips to get started if you are a beginner.

Inquire and learn the basics

Cryptocurrency is not straightforward. So before getting started seriously, it is important to educate yourself, learn the basics, and especially the vocabulary used by investors. To do this, read as many books and articles as possible. Analyze the strategies that everyone offers on the net. Learn how to read stock market charts and understand them brilliantly. In short, cryptocurrency and how it works should no longer hold any secrets for you when you get started.

Choosing the right portfolio

The first step before investing in cryptocurrency is to create an email address. In short, a virtual wallet that can be compared to a bank account, and which will contain your bitcoins (or another cryptocurrency). This address will be referenced in the blockchain, and once this is done, you will be able to carry out your first transactions.

Some of the most popular online wallets are eToro Wallet and Coinbase. But for more security and to avoid being hacked, the ideal is to choose an offline wallet, and therefore physical. With the latter, your bitcoins will be stored on a device, like a USB key.

To secure them, consider creating backups of these keys. A key failure, burglary, or any other accident happens quickly.

Beware of scams

On the net, there are hackers. And scammers too. Some investors have indeed found themselves ruined after having trusted too much and having been persuaded to find the currency that would make them rich. Do some promises seem completely extraordinary or even unrealistic to you? Don't dive into it. Beware of everything and everyone (without going overboard of course) and do not hesitate to carry out research in order to verify each of the information that is given to you. For example, each of the intermediaries who can offer you the purchase or sale of cryptocurrencies must be registered with the AMF (financial market authority). The list of service providers is available online.

Think and have a strategy

Getting into cryptocurrency is far from a game. In order not to see your bitcoins go up in smoke, you need to think about a good strategy. Don't buy anytime and take a profit. But above all, if these are your first investments, stay alert. There is no point in buying 2,000 euros worth of bitcoin for the first time, start lower. Otherwise, obey only one rule: invest only the amount you can afford to lose.

And if you don't want to go wrong, your best bet is to call in an expert to help you find and adopt the right strategy.

Be attentive and patient

Patience is one of the qualities to have if you want to properly manage your bitcoins but above all succeed in making a lot of money. While market trends may change overnight, it is also possible that they will stay neutral for quite a while. And in this case, the only thing to do is to be patient and attentive. Finding the right entry can take time.

And when you have doubled your capital in record time, be careful not to take too much confidence. Depending on the time of year, it can be easier and faster to make money. And it doesn't necessarily have to do with you or your strategy, but sometimes just that the market is good.

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Reddit user finds old laptop that says it contains 533 bitcoins

  Cryptocurrencies continue to generate stories full of mystery or people who became millionaires after investing a small amount of money a few years ago.

A user on Reddit claims to be reunited with a laptop containing 533 Bitcoins. As of this writing, this amount equates to approximately $ 5.2 million.
The owner of this laptop claims that he gave this laptop to his brother, who was going to die in August of last year. He states that he found his computer while searching some of the boxes and his brother's belongings.
Of course, there is a "small" problem: the hard drive where 533 Bitcoins are stored is missing.
Again, another mysterious story and a lot of money about cryptocurrencies. In fact, in this Reddit post, there are users who believe it is a true story, while others question its authenticity.
They advise looking for hard drives all over the house. He claims he's still looking through all of his brother's boxes, because "it wasn't organized." Plus, he says he can take things apart and see how they work.
Leaving aside whether or not this story is true, it appears that it will be extremely difficult for him to recover these hundreds of Bitcoins. In any case, we will follow this story closely in case there is news in the coming days, and give you details.
Post link: Reddit

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The Family Who Bought 900$ Bitcoin And Took Advantage Of The 2018 Crisis

 

Didi Taihoto, his wife and three children are betting on all their money in Bitcoin, the digital currency that is expected to reach $ 1 million in the future.

In 2017, CNBC spoke to a Dutch family of five when they were in the process of liquidating their assets from a profitable company and 2,500-square-foot house to their shoes and trading them all for the popular cryptocurrency.

Nearly four years later, Taihoto and his family still have no bank accounts, a home, or all of that from personal property, all of the family's savings remain tied to highly volatile digital currencies.

"We got into Bitcoins because we wanted to change our lives," said the 42-year-old father of three.

When the Bitcoin price collapsed in 2018, Taihoto added more to his portfolio, saying he had always been a firm believer in the cryptocurrency bracing for a major recovery.

He added, "I think that in this bullish cycle, we will see a minimum peak of $ 100,000. I wouldn't be surprised if it reached $ 200,000 by 2022."

Bitcoin's price reached an all-time high on Monday, closing at nearly $ 20,000, and some analysts say the cryptocurrency still has a lot of room to run.

Mike Novogratz, CEO of investment company Galaxy Digital, believes that this comeback has only just begun, and he sees Bitcoin's price rising to $ 60,000 over the next year.

Tom Fitzpatrick, global head of CitiFXTechnicals, said the charts indicated Bitcoin could reach $ 318,000 by December 2021, in a report intended for Citibank customers.

Didi Taihoto bought the bulk of his Bitcoin holdings when it was trading for around $ 900 in early 2017, just months before it reached nearly $ 20,000 a coin.

Even as Bitcoin reached its peak, the family kept investing in cryptocurrency.Once the bubble burst and the price dropped to around $ 3,000 in early 2018, the family continued to buy more of it.

The father and his family believe that Bitcoin is not a bubble and will not collapse any time soon, but rather there will be a supply crisis where the number that will be available in the end is limited.

Part of the difference in Bitcoin's rise in 2020 versus 2017 is that institutional investors are now adopting the digital currency, adding new legitimacy to it, and helping wipe out the reputation risk to invest in.

“The 2017 rally was largely driven by retail investors, while this year we see a massive influx of corporate entities and institutional money managers,” said Matti Greenspan, portfolio manager and founder of Quantum Economics.

This kind of mainstream adoption is very important, because cryptocurrencies are not inherently backed, nor do they enjoy the full faith and support of the government.

It's valuable because people think it has value, so it goes a long way when the coin gets a purchase from some of the biggest names on Wall Street.

But the technology behind Bitcoin is of great value, and we're talking about blockchain technology that will change the world along with artificial intelligence and some of the greatest modern technologies.

Bitcoin's rise in 2017 was driven by retail speculation and in 2020 it became billionaires and companies buying the digital currency en masse.

And this interest from institutional investors does not appear to be slowing. Six out of 10 investors surveyed by Fidelity in June believe digital assets have a place in their portfolios.

The digital currency is expected to be used as a hedge against inflation and against the devaluation of the US dollar and other monetary currencies around the world.

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