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The Uniform Law Commission Has Given States a Clear Path to Approach Bitcoin – CoinDesk


CoinDesk

The Uniform Law Commission Has Given States a Clear Path to Approach Bitcoin
CoinDesk
For states with badly drafted regulations (like the New York “BitLicense”) or vague money transmission statutes that may or may not cover bitcoin businesses (like in California), this new legislation would be a major improvement and a huge win for our …


CoinDesk

The Uniform Law Commission Has Given States a Clear Path to Approach Bitcoin
CoinDesk
For states with badly drafted regulations (like the New York "BitLicense") or vague money transmission statutes that may or may not cover bitcoin businesses (like in California), this new legislation would be a major improvement and a huge win for our ...

10 Most Effective Data Breaches in the History of the Internet

data breachesData breach incidents have nearly doubled in the past year and this trend is continuing to escalate at an alarming rate. However, the security market remains fairly quiet when it comes to data breaches, whether big or small. Dozens of data breaches, millions of people affected. When will these disasters end? In this year alone, there have been countless data breaches and hacks, targeting both organizations and individuals. While taking preventative measures is the first step in the right direction, knowing the kind of breaches that happened in the past can help you be better prepared. Without taking any more of

data breaches

Data breach incidents have nearly doubled in the past year and this trend is continuing to escalate at an alarming rate. However, the security market remains fairly quiet when it comes to data breaches, whether big or small. Dozens of data breaches, millions of people affected. When will these disasters end?

In this year alone, there have been countless data breaches and hacks, targeting both organizations and individuals. While taking preventative measures is the first step in the right direction, knowing the kind of breaches that happened in the past can help you be better prepared. Without taking any more of your time, I am going to share the 10 worst verified data breaches that we know of so far:

1. Yahoo, 2013

In 2013, Yahoo faced the biggest data breach in history which compromised the information of more than 1 billion Yahoo users. Yahoo’s chief information security officer – Bob Lord confirmed the breach in his post. The data stolen may have included personal information of yahoo users such as their names, email addresses, telephone numbers, dates of birth, hashed passwords (using MD5) and, in some cases, encrypted or unencrypted security questions and answers. The stolen information did not include plaintext passwords, bank account information and payment card data.

2. Yahoo, 2014

Yahoo was again the target of another data breach in 2014. More than 500 million user accounts were compromised in that massive hack. Bob Lord, in the aftermath of the incident, said, “The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. The ongoing investigation suggested that stolen information did not include unprotected passwords, payment card data, or bank account information; payment card data and bank account information are not stored in the system that the investigation has found to be affected.”

3. FriendFinder, 2016

It was one of the biggest data breach ever. It was a hack against popular adult dating and entertainment company, FriendFinder Networks (FFN). According to breach notification site LeakedSource, this massive breach exposed data related to more than 412 million user accounts. Leaked Source said “this data set will not be searchable by the general public on our main page temporarily for the time being.”

4. MySpace, [year unknown]

The incident took place a few years ago and is thought to have affected close to 360 million accounts. Myspace confirmed that it was the victim of a major data breach. According to Time Inc., the data was limited to usernames, passwords and email addresses from the platform prior to June 11, 2013, when the site was relaunched with stronger account security.

5. LinkedIn, 2012

LinkedIn lost 167 million account credentials in the massive data breach. According to Forture, “160 million of the compromised accounts have unique email addresses, while the remaining 7 million only include numerical user IDs and passwords.”

6. Massive American Business Hack, 2012

Another notable data breach in 2012 was the massive American business hack which affected both 7-Eleven and NASDAQ. This financial hack stole more than 160 million credit and debit cards and over 800,000 bank accounts by a group of Russian hackers and one Ukrainian.

7. Adobe Systems, 2013

This breach is also considered to be one of the biggest hack in history as it compromised more than 152 million username and hashed passwords. Adobe initially reported the breach affecting three million users and later increased that figure to 38 million. But what’s more important is the fact that millions of those records were “encrypted” credit card details!

8. eBay, 2014

The eBay hack affected up to 145 million eBay users. Hackers accessed email addresses and encrypted passwords belonging to all eBay users. After this breach, millions of users reset their passwords and the company had begun notifying users.

9. Heartland, 2009

Heartland suffered a data breach in 2009 that affected their payroll customers. Over 130 million credit cards were exposed through SQL injection attacks used to install spyware on Heartland’s data systems.

10. Rambler, 2012

Rambler.ru is one of the largest websites in the world, providing search, news, email, and advertising – it’s like a Russian version of Yahoo. More than 98.1 million accounts were in the database, including usernames, email addresses, social account data, and passwords, the group said in a blog post. Unlike other major breaches, those passwords were stored in unencrypted plain text, meaning anyone at the company could easily see passwords.

Final Word

Getting hacked or being exposed to a breach for most people is a huge inconvenience. Avoiding this means taking the necessary steps to protect yourself, but remember, failure to do so can result in identity theft and financial loss.

About the Author

anas baig

Anas Baig is a Cyber Security Journalist & Tech Reporter. He has been featured on major media outlets including TheGuardian, Lifehacker Australia, CIO, ITProPortal, Infosec Magazine, Tripwire and many others. He writes about online security and privacy, IoT, AI, and Big Data. If you’d like to get in touch, please send an email to [email protected] or follow him on Twitter @anasbaigdm.

BitGo Allegedly has Created an Enterprise-Grade XRP Wallet

Ripple wallets have always been somewhat difficult to come by. In fact, there are only a few viable types to choose from. One of the main wallets is GateHub, although Rippex is worth checking out too. It now appears BitGo is getting involved in the mix as well. More specifically, the company has apparently released … Continue reading BitGo Allegedly has Created an Enterprise-Grade XRP Wallet

The post BitGo Allegedly has Created an Enterprise-Grade XRP Wallet appeared first on NEWSBTC.

Ripple wallets have always been somewhat difficult to come by. In fact, there are only a few viable types to choose from. One of the main wallets is GateHub, although Rippex is worth checking out too. It now appears BitGo is getting involved in the mix as well. More specifically, the company has apparently released … Continue reading BitGo Allegedly has Created an Enterprise-Grade XRP Wallet

The post BitGo Allegedly has Created an Enterprise-Grade XRP Wallet appeared first on NEWSBTC.

Bitcoin Price Watch; Aggressive Targets Are The Order Of The Day

We are quickly closing in the end of the week and the bitcoin price has given us plenty to talk about so far. We saw price run into the early start of the week throughout the Monday and Tuesday sessions and – subsequent to this activity – we saw a small amount of corrective activity … Continue reading Bitcoin Price Watch; Aggressive Targets Are The Order Of The Day

The post Bitcoin Price Watch; Aggressive Targets Are The Order Of The Day appeared first on NEWSBTC.

We are quickly closing in the end of the week and the bitcoin price has given us plenty to talk about so far. We saw price run into the early start of the week throughout the Monday and Tuesday sessions and – subsequent to this activity – we saw a small amount of corrective activity … Continue reading Bitcoin Price Watch; Aggressive Targets Are The Order Of The Day

The post Bitcoin Price Watch; Aggressive Targets Are The Order Of The Day appeared first on NEWSBTC.

‘Criminal mastermind’ of $4bn bitcoin laundering scheme arrested – The Guardian


The Guardian

‘Criminal mastermind’ of $4bn bitcoin laundering scheme arrested
The Guardian
The Russian “internationally sought ‘mastermind’ of a crime organisation” accused of laundering more than $4bn in bitcoin, including funds obtained from the hack of failed bitcoin exchange Mt Gox, has been arrested in Greece. A US jury indicted
Bitcoin fraud suspect Vinnik charged by US grand juryBBC News
Bitcoin Exchange Was a Nexus of Crime, Indictment SaysNew York Times
Bitcoin exchange chief arrested amid new questions about Mt Gox theftThe Verge
The Register –Reuters –WizSec –Reuters
all 72 news articles »

The Guardian

'Criminal mastermind' of $4bn bitcoin laundering scheme arrested
The Guardian
The Russian “internationally sought 'mastermind' of a crime organisation” accused of laundering more than $4bn in bitcoin, including funds obtained from the hack of failed bitcoin exchange Mt Gox, has been arrested in Greece. A US jury indicted ...
Bitcoin fraud suspect Vinnik charged by US grand juryBBC News
Bitcoin Exchange Was a Nexus of Crime, Indictment SaysNew York Times
Bitcoin exchange chief arrested amid new questions about Mt Gox theftThe Verge
The Register -Reuters -WizSec -Reuters
all 72 news articles »

DASH/USD and LTC/USD Technical Analysis July 27, 2017

Hello and welcome to News BTC’s Market Outlook July 27. DASH/USD DASH continue to show bullish pressure overall during the day on Wednesday, as we reached the $210 level again. Because of this, the market looks as if it is ready to continue going higher in the pullback should be buying opportunities. I have no … Continue reading DASH/USD and LTC/USD Technical Analysis July 27, 2017

The post DASH/USD and LTC/USD Technical Analysis July 27, 2017 appeared first on NEWSBTC.

Hello and welcome to News BTC’s Market Outlook July 27. DASH/USD DASH continue to show bullish pressure overall during the day on Wednesday, as we reached the $210 level again. Because of this, the market looks as if it is ready to continue going higher in the pullback should be buying opportunities. I have no … Continue reading DASH/USD and LTC/USD Technical Analysis July 27, 2017

The post DASH/USD and LTC/USD Technical Analysis July 27, 2017 appeared first on NEWSBTC.

BTC-e Operator Indicted and Connected With Missing Mt Gox Funds

BTC-e Operator Indicted and Connected With Missing Mt Gox FundsAccording to a report revealed by the U.S. Department of Justice, formal charges against Alexander Vinnik are waiting for him on American soil. It seems Vinnik has many money laundering related charges against him and the exchange he allegedly operated — the long standing bitcoin exchange called BTC-e. Also Read: Greek Authorities Arrest Suspected BTC-e Mastermind  ‘BTC-e […]

The post BTC-e Operator Indicted and Connected With Missing Mt Gox Funds appeared first on Bitcoin News.

BTC-e Operator Indicted and Connected With Missing Mt Gox Funds

According to a report revealed by the U.S. Department of Justice, formal charges against Alexander Vinnik are waiting for him on American soil. It seems Vinnik has many money laundering related charges against him and the exchange he allegedly operated — the long standing bitcoin exchange called BTC-e.

Also Read: Greek Authorities Arrest Suspected BTC-e Mastermind 

‘BTC-e Was the Principal Means By Which Cyber Criminals Laundered Proceeds from Illicit Activity’

BTC-e Operator Indicted and Connected With Missing Mt Gox Funds
Alexander Vinnik, the alleged operator of BTC-e.

The U.S. Department of Justice (DOJ) believes the Russian native, Alexander Vinnik, and the exchange BTC-e laundered billions of dollars worth of bitcoin since 2011. The indictment details that “BTC-e was an exchange used for criminals worldwide” and Vinnik used this tool to liquidate bitcoin into U.S. dollars, Rubles, and Euros.

Vinnik was arrested on July 26, and according to DOJ the exchange operator allowed money from ransomware funnel through BTC-e, as well as hacking incidents, tax fraud, and drug trafficking money.       

“BTC-e was an international money-laundering scheme that, by virtue of its business model, catered to criminals — and to cyber criminals in particular,” explains the DOJ’s charges. Through Vinnik’s efforts, BTC-e emerged as one of the principal means by which cyber criminals around the world laundered the proceeds of their illicit activity.”

The indictment describes Alexander Vinnik, 37, a Russian citizen, as the owner and operator of multiple BTC-e accounts, including administrator accounts, and also a primary beneficial owner of BTC-e’s managing shell company, Canton Business Corporation.

Alleged BTC-e Operator Faces 17 Counts of Money Laundering Charges

Vinnick has seventeen counts of money laundering and two charges of operating a business that facilitates unlawful monetary transactions. Further, the DOJ indictment also states BTC-e accounts “received substantial proceeds” from the hacked Mt Gox exchange. Additionally, the exchange netted funds from one of the biggest ransomware attacks called “Cryptowall.”

BTC-e Operator Indicted and Connected With Missing Mt Gox Funds
Mark Karpeles celebrates the arrest, also states he had problems in the past with Russians.

“Cryptocurrencies such as bitcoin provide people around the world new and innovative ways of engaging in legitimate commerce. As this case demonstrates, however, just as new computer technologies continue to change the way we engage each other and experience the world, so too will criminals subvert these new technologies to serve their own nefarious purposes,” said U.S. Attorney Brian J. Stretch for the Northern District of California.

This office will continue to devote the necessary resources to ensure that money launderers and cyber-criminals are detected, apprehended, and brought to justice wherever and however they use the internet to commit their crimes.

The paperwork further states that despite the fact that BTC-e was not registered as “money service” in the U.S. with Fincen (financial crimes enforcement network), it did a “substantial” amount of business in the country. BTC-e relied on “shell companies” says the indictment and most of these affiliated businesses were also not registered with Fincen. These companies clearly disregarded the “Know Your Customer” and anti-money laundering policies explains the DOJ. The report also reveals that BTC-e facilitated money laundering services for the two rogue Silk Road-related officers Carl Force and Shaun Bridges.

BTC-e Operator Indicted and Connected With Missing Mt Gox Funds
U.S. Department of Justice indictment against Alexander Vinnik.

The ‘Vamnedam’ account

The substantial proceeds stemming from the Mt Gox hack was approximately 300,000 BTC (US$765M) according to the DOJ indictments, and funds were deposited into BTC-e accounts named “Vamnedam, Grmbit, and Petr.” Vinnick along with “others” controlled the Vamnedam account and funneled funds into Bitstamp. The coins were then exchanged into fiat currency and sent to bank accounts in Latvia, and Cyprus.

The takedown of this large virtual currency exchange should send a strong message to cyber-criminals and other unregulated exchanges across the globe. ~ Chief Don Fort, IRS Criminal Investigation

Vinnick is facing over 55 years in prison for these crimes and could be extradited to the U.S. in the near future. The BTC-e exchange’s future operations are currently unknown, but the trading platform has been fined for approximately $110 million by the U.S. Attorney’s Office and the Criminal Division’s Computer Crime and Intellectual Property Section.

“The arrest of Alexander Vinnik is the result of a multi-national effort and clearly displays the benefits of global cooperation among US and international law enforcement,” added FBI Special Agent in charge Hess.   

What do you think about the charges against Alexander Vinnik? Let us know what you think in the comments below.


Images via Shutterstock, U.S. Justice Dep Press Statement, and Pixabay.  


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Bank Of America Warns Against Optimism over Bitcoin – CryptoCoinsNews

Bank Of America Warns Against Optimism over Bitcoin
CryptoCoinsNews
Francisco Blanch, Bank of America’s head of global commodities and derivatives research, warned that cryptocurrencies have major inherent risks and urged investors against optimism about bitcoin’s rising value, according to Bloomberg.

and more »


Bank Of America Warns Against Optimism over Bitcoin
CryptoCoinsNews
Francisco Blanch, Bank of America's head of global commodities and derivatives research, warned that cryptocurrencies have major inherent risks and urged investors against optimism about bitcoin's rising value, according to Bloomberg.

and more »

ETH/USD and ETH/BTC Technical Analysis July 27, 2017

Hello and welcome to News BTC’s Market Outlook July 27. ETH/USD Ethereum fell initially during the session on Wednesday but found enough support underneath the $200 level to find buyers. We turned around, and it looks as if we are ready to continue the consolidation just above the $200 level, so more than likely we … Continue reading ETH/USD and ETH/BTC Technical Analysis July 27, 2017

The post ETH/USD and ETH/BTC Technical Analysis July 27, 2017 appeared first on NEWSBTC.

Hello and welcome to News BTC’s Market Outlook July 27. ETH/USD Ethereum fell initially during the session on Wednesday but found enough support underneath the $200 level to find buyers. We turned around, and it looks as if we are ready to continue the consolidation just above the $200 level, so more than likely we … Continue reading ETH/USD and ETH/BTC Technical Analysis July 27, 2017

The post ETH/USD and ETH/BTC Technical Analysis July 27, 2017 appeared first on NEWSBTC.