$1.3 Million Bitcoin Scam Swindles Victims in Thailand. Are Tougher Crypto Regulations Necessary?

alarm ICO crypto bitcoinA virtual bitcoin mining farm in Thailand has allegedly scammed users out of 42 million baht (approximately $1.35 million), according to a report in the Bangkok Post.  30 victims have filed a complaint against the company, CryptoMining.Farm. Although police believe the scam may have hit up to 140 individuals. It comes just months after a group of Thai siblings was accused of defrauding an investor of $24 million in bitcoin. Although Thailand is a booming market for cryptocurrencies, is it time for tougher regulations to crack down on scams and frauds? Victims report alleged blockchain mining scam https://t.co/W0dgXJ54j3 — Bangkok

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$950 Million Stolen from ‘Immature’ Cryptocurrency Exchanges & Wallets in 2018: Analytics Firm CEO

$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

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‘Send Bitcoin’: Palestinian Islamist Group Hamas Begs for Crypto Donations Amid Crippling Sanctions

The Palestinian Islamist group Hamas is begging for bitcoin donations due to the financial isolation it’s suffering as a result of US and Israeli economic sanctions. “Support the resistance financially through the Bitcoin currency,” a rep for Hamas’ military wing urged in a statement soliciting crypto contributions. Hamas also accused Israel of trying to cut off its access to funds around the world. ‘No Immediate Reply From Bitcoin’ “There was no immediate reply from Bitcoin,” the Times of Israel jokingly reported. Hamas is reportedly on the brink of insolvency after the Palestinian National Authority ― the interim body that governs the West Bank

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Newsflash: Cryptopia Hacker Strikes Again, 2 Weeks after Stealing $16 Million in Crypto

Elementus, the blockchain data science firm which initially figured out that the Cryptopia hackers had gotten away with about eight times the amount reported, has another bombshell report regarding Cryptopia. The hackers who originally made off with some $16 million worth of crypto tokens have struck again after a 15-day hiatus. Elementus previously noted that many Cryptopia wallets were still vulnerable to attack. Elementus CEO Max Galka writes: Among the wallets affected are the 1,948 at-risk wallets https://github.com/elementus-io/cryptopia-hack we identified previously, some of which have continued to accrue funds as recently as today. The list also includes over 5,000 wallets

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Cryptocurrency Thefts and Scams Raked in 300% More Profit Last Year than 2017

Blockchain analytics firm CipherTrace released a report this morning showing that roughly $1.7 billion in cryptocurrency was stolen or scammed over the course of 2018. The amount stolen by hackers alone is staggering: over $950 million. The figure represents an increase of more than 300% from 2017. The scams noted in the report don’t even include individual user scams. Instead, they focus on exchange exit scams, phony exchange hacks, and ICO scams. They account for an additional $725 million. The Dark Downside of the Crypto Boom If you adjust for the lower prices of cryptocurrencies in 2018, as much as

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California Nurse Charged With Selling Hundreds of Bitcoin Worth of Opiates

A Rancho Cordova, California nurse has been charged by federal authorities with selling illegal narcotics via dark net markets. Allegedly, her username Farmacy41 earned over 200 BTC across three markets. Carrie Alaine Markis made an appearance in federal court in Sacramento, charged with numerous counts of drug dealing. Farmacy41 Markis reportedly used the handle Farmacy41 across several DarkNetMarkets beginning in 2013. She told customers that her source was people who bought pills from those who had them legally prescribed to them. In total, she allegedly sold almost 9,000 hydrocodone pills, over 2,500 oxycodone, nearly 1,000 methadone pills, 70 morphine tablets

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Two Groups Have Dominated Cryptocurrency Hacks, Raking in $1 Billion: Chainalysis

Blockchain analysis firm Chainalysis has disclosed that just two groups benefited from the majority of cryptocurrency hacks that have occurred to date. Per The Wall Street Journal, the two hacking groups could have obtained as much as $1 billion in cryptocurrencies. Since bitcoin came into being, over $1.7 billion worth of cryptocurrencies are estimated to have been stolen. According to Chainalysis’ chief economist, Philip Gradwell, the two hacking groups are most likely still active. While disclosing that tracking the funds that were stolen in publicly reported hacks took three months, Chainalysis pointed out that their analysis might be incorrect. The

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Piece of Cake: Cryptocurrency ATM Stolen in Bakery Break-In

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

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New Zealand Exchange Cryptopia Lost $16 Million in Hack, Not Initially Reported $2.5 Million: Research

By CCN.com: Contrary to prior reports putting the value of cryptocurrency stolen in the Cryptopia exchange hack at around $2.5 million, it has emerged that the true value of assets stolen sums up to about $16 million. According to blockchain analysis platform Elementus, this was ascertained by analysing the Ethereum blockchain using the Elementus query

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‘Big Bitcoin Heist’ Ringleader Jailed for Massive Crypto Mining Rig Theft

By CCN.com: Suspects in the “Big Bitcoin Heist” of 2018 have been sentenced to various prison terms based on their level of involvement in the much-publicised theft of more than three-quarters of a million dollars worth of crypto mining equipment. Crypto Mining Thieves Jailed in Iceland Ringleader Sindri Stefanson bagged the longest sentence with a

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