One malicious app imitated the hardware wallet Trezor — and the investigation found that the software had ties to another fake app that has the potential to scam unsuspecting users out of money.While the app’s page on Google Play looked legitimate, the researchers said the software itself contains no Trezor branding at all, with a generic login screen phishing for credentials.According to ESET, more than 1,000 users had downloaded one of the dodgy apps. Although it claimed to enable its customers to create wallets for storing their crypto, the software was actually designed to trick them into transferring coins to addresses owned by the attackers. Last year, Trezor issued a warning to users after fraudsters began to make counterfeit versions of its hardware wallets.
Brazillian police have arrested ten people suspected of operating a cryptocurrency pyramid scheme worth 850 million reals ($210 million), local news media outlets including Correido Do Povo. As part of Operation Egypto, a swoop dedicated to unearthing unsanctioned financial schemes, Brazil’s tax agency joined police in orchestrating a crackdown on the figures behind Indeal, who they say amassed funds from 55,000 investors.They lured victims with the promise of a 15% payout in the first month after investment in the crypto scheme. Bearing the signs of a classic financial pyramid, confiscations of assets belonging to the figures involved showed that Indeal would not be able to service withdrawals from all its investors at once.Cryptocurrency use is not illegal in Brazil, with the police taking pains to reiterate the impetus for the Indeal raid was the lack of legality behind its business.
The primary financial regulator of the United Kingdom, the Financial Conduct Authority (FCA), reports that crypto investors in the country lost over $34 million due to cryptocurrency and forex scams from 2018–2019 .According to the data, which the FCA gathered from the U.K. national fraud and cybercrime reporting center, Action Fraud, individual loss due to scams decreased from $76,000 to $18,500 while total losses fell by $14 million.However, the number of reports more than tripled to reach 1,834, with 81 percent of such reports being crypto scam claims. The FCA reportedly stated that scammers use social media to find potential investors. The regulator also noted that scams will often use pictures of celebrities with fake endorsements alongside imagery of luxury goods like cars and watches.
According to the analysis report, scams that occurred last year were reportedly more sophisticated, bigger and vastly more lucrative. C analysis also reports that Ethereum has “long been known as the cryptocurrency of choice for scams.
As Chainalysis reports, the nature of 2018’s scam activity was different when compared to previous years. Phishing attacks in particular reportedly became less effective when compared to previous years, though 2018 saw more of them.Also, recently news broke that seven people who had allegedly managed a fraudulent
Elementus’ findings and analysis were published under a week after Cryptopia first publicly announced its detection of the breach. As reported, the exchange had initially informed the public that the platform was undergoing unscheduled maintenance, before avowing that a hack incurring “significant”— but unspecified — losses had occurred Elementus indicates that just under $3.6 million in ETH was stolen, with ~$2.4 million in Dentacoin, and almost $2 million in Oyster Pearl, as well ~$3 million in unspecified other tokens.In Cryptopia’s case, the thieves’ gained access to as many as over 76,000 wallets, and moreover apparently displayed a lack of urgency in siphoning the funds over time. Elementus moreover suggests that Cryptopia’s inaction — for several days after the incident was detected — may imply the exchange had lost access to its own wallets.
XRP’s developments in the cryptocurrency industry have been something to stand up and take notice with multiple partnerships with institutional investors being the main highlight. Along with the tie-ups, scams and frauds, XRP has also grabbed the headlines with impersonators being a key point of focus. The latest fraud related to XRP is called XRP Plus, a cryptocurrency that was called out due to the presence of David Schwartz’s photo on the XRP Plus website. David Schwartz is the Chief Technology Officer of Ripple, the parent company of the second largest cryptocurrency on the planet, XRP. The fake news about XRP Plus was actually circulated via Weibo, a popular Chinese social media platform.
The Ethereum Classic (ETC) blockchain was recently compromised by a hacker who spent 88,500 tokens (worth $500,000) then used a lot of computing power to roll back the blockchain so they could get the tokens back. The original tokens are now worthless because they belong to blocks that aren’t part of the chain. Major cryptocurrency exchanges have halted trading of (ETC).
Rollback attacks require control of a substantial fraction of the total hashpower devoted to generating the coin’s blockchain for a period long enough to pull off the attack. Bitcoin creator Satoshi Nakamoto warned of the key limitation in his white paper introducing the digital coin.
Scam artists have tried just about every trick in the book to relieve people of their Bitcoin in recent years. The latest effort is rather lacking in the sophistication department, The emails state that someone has hired a hit man to murder the receiver. Fortunately, the site owner is willing to call the hired gun off – if the receiver pays up first.
However, it appears that the sender would rather take a fee without having to get their hands dirty. They are therefore offering the receiver the opportunity to pay for the hit to be called off. In the report in Bleeping Computer, the author seems to suggest that the price demanded is $4,000. Despite the poorly worded email, the fee for its cancellation is actually $1,200. Here is the text itself:
The scam, which centers on anonymous emails demanding payment of $20,000 in Bitcoin or face a “mercenary” detonating a device in “your building,” has appeared throughout the world.
Now, the U.S. National Cybersecurity and Communications Integration Center (NCCIC) opted to release dedicated advice to victims, advising the only action necessary on receipt of an email was to inform the FBI.
The NCCIC is “aware of a worldwide email campaign targeting businesses and organizations with bomb threats,” it said.
Prior to the government acknowledgment, media sources had reported on the scheme, including cybersecurity publication and research outlet Krebs On Security, which published the full text of the email.
Multiple campaigns continue to target unwitting internet users both within and outside the cryptocurrency community.
A dangerous email scam appears to be targeting businesses, schools, hospitals, and government buildings across the US in an attempt to extort bitcoin (BTC) with a bomb threat.
We weren’t able to connect the cryptocurrency wallet address in the above email to any transactions, and law enforcement agents searching buildings where threats have been reported have so far found no explosives.
However, as the FBI warns, it’s still important to take any bomb threat seriously and to report suspicious activity or emails to the authorities immediately. Authorities are unsure if this threat was related to ongoing extortion scams, but the threat was later declared false.