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      Binance, the biggest cryptocurrency exchange, reportedly under investigation

      Tim De Chant · news.movim.eu / ArsTechnica · Friday, 14 May, 2021 - 16:43 · 1 minute

    Binance, the biggest cryptocurrency exchange, reportedly under investigation

    Enlarge (credit: Bloomberg / Getty Images News )

    Binance, the world’s largest cryptocurrency exchange, is under investigation by a laundry list of US government agencies, including the US Justice Department, the Internal Revenue Service, and the Commodity Futures Trading Commission, according to a report by Bloomberg. The agencies are probing Binance for potential criminal violations, the report says, though the company has not been accused of any wrongdoing.

    The investigations come on the heels of a report by Chainalysis that traced $2.8 billion worth of illicit bitcoin on exchange and trading platforms. Of that, $756 million went through Binance. Most of the suspect accounts received small amounts, but the majority of the illicit cryptocurrency flowed to a few hundred accounts that received between $100,000 to $100 million. Government officials are said to be focused on money laundering and tax evasion.

    The recent ransomware attack on the Colonial Pipeline that led to gasoline shortages has sharpened the focus on cryptocurrencies’ role in illegal activities. In that case, it's reported that Colonial paid the attackers $5 million to return control of the pipeline’s operations. In another, a ransomware gang recently posted personnel records from District of Columbia’s Metropolitan Police Department after the department didn’t cave to their demands of a $4 million ransom. The group, known as Babuk, is behind other ransomware attacks and frequently requests payment in bitcoin.

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      Musk: Bitcoin is bad for climate (and you can’t buy Teslas with it anymore)

      Tim De Chant · news.movim.eu / ArsTechnica · Thursday, 13 May, 2021 - 16:00

    A casually dressed man appears flip during a presentation.

    Enlarge / Elon Musk in 2020. (credit: BRENDAN SMIALOWSKI / Getty )

    Tesla CEO Elon Musk announced on Wednesday that Tesla would stop taking bitcoin as payment for the company’s electric vehicles. The change comes less than two months after the automaker began accepting the cryptocurrency. Why the about-face? Musk now says he has concerns over bitcoin’s carbon footprint.

    Tesla’s purchase policy wasn’t the company’s only bitcoin-related announcement that has made waves. In February, the electric automaker disclosed that it had taken a $1.5 billion stake in the currency. Cryptocurrency promoters rejoiced at the string of announcements—Tesla’s moves had bolstered the currency’s legitimacy, and bitcoin’s price against the dollar surged over 15 percent in the wake of the disclosure.

    But environmentalists despaired—the carbon footprint of purchasing a Tesla with bitcoin was so large that it swamped any emissions savings from driving it. Today, Musk appears to share that assessment. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk wrote in a tweet.

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      Private-equity firm revives zombie fossil-fuel power plant to mine bitcoin

      Tim De Chant · news.movim.eu / ArsTechnica · Monday, 10 May, 2021 - 16:19

    Private-equity firm revives zombie fossil-fuel power plant to mine bitcoin

    Enlarge (credit: Aurich Lawson / Getty)

    Few bitcoin projects illustrate the cryptocurrency’s enormous climate impact better than the Greenidge power plant in upstate New York. The once-abandoned power plant was bought by private equity firm Atlas Holdings and retasked. A significant portion of Greenidge's electricity no longer powers nearby homes or businesses; rather, the plant's smokestacks are increasingly pouring pollutants into the atmosphere in the service of mining bitcoin.

    Now, Greenidge is on the verge of ramping up its bitcoin ambitions. By the end of this year, it plans to have 18,000 specialized machines mining bitcoin, and with the recent approval of its data center expansion plans, it will add 10,500 more . When the project is complete, the miners will be using 79 percent of the power plant’s capacity, or 85 MW.

    “No direct competitor currently owns and operates its own power plant for the purpose of bitcoin mining,” the company wrote in its recent S-4 filing with the SEC. “No other bitcoin-mining operation of this scale in the United States currently uses power generated from its own power plant.” The filings came as a result of Greenidge's recent merger with Support.com.

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      Hackers Use Software Cracks and BitTorrent Client to Steal Cryptocurrency

      Ernesto Van der Sar · news.movim.eu / TorrentFreak · Wednesday, 14 April, 2021 - 17:05 · 3 minutes

    Danger It’s no secret that scammers are constantly trying to trick people into downloading malicious content from pirate sites.

    These files are generally easy to spot for seasoned pirates and they are often swiftly removed from well-moderated sites. However, for casual downloaders, malware can be a serious problem.

    Novices are often directed to dubious portals where these threats are harder to avoid. That can lead to disastrous consequences. This isn’t limited to annoying popups either, it can result in financial trouble as well.

    Bitdefender Warns Against Malicious Cracks

    This week, cybersecurity company Bitdefender reports that hackers are actively using software cracks to empty people’s cryptocurrency wallets. The company discovered a series of malicious KMS activators for Office and Windows, as well as Adobe Photoshop cracks. These can completely compromise the victim’s computer.

    If these malicious cracks are executed, they drop a copy of the legitimate data transfer software “ncat.exe” that can be controlled by the hackers. This tool is used to transfer valuable data from the victim’s computer through a TOR proxy.

    Torrent Clients Exfiltrate Crypto Wallets

    Interestingly, Bitdefender reports that the attackers also use BitTorrent clients to exfiltrate data. Bitdefender’s director of threat research, Bogdan Botezatu, informs us that they discovered instances of the Transmission client that shared stolen data via torrents.

    “Our monitoring shows that they are using the Transmission client to seed the information they want to exfiltrate. They create torrents with the data to be stolen, then use the client to seed that information through the network,” Botezatu informs TorrentFreak.

    The torrent clients are not essential but Bitdefender believes that they may be used to obfuscate the malicious traffic.

    “While the attackers can directly exfiltrate data by simply zipping the files and sending them across the network, the BitTorrent avenue might help them bypass potential firewalls and blend the traffic into the peer-to-peer noise,” Botezatu adds.

    Hackers Install Transmission

    It is worth noting that this doesn’t mean that Transmission users are somehow more vulnerable. The research found that the hackers actively install the client, so it can happen on any system.

    With the backdoor, the hackers have full access to the victims’ computers. They use this to steal all sorts of valuable data, including Monero cryptocurrency wallets, if those are available.

    The cybersecurity company believes that the malware isn’t completely relying on automated requests. Instead, it is likely being controlled by a human operator who can change strategy based on individual situations.

    Firefox Credentials and More

    In addition to stealing cryptocurrency wallets, the security researchers also found that the hackers are going after Firefox browser profile data, which includes browsing history, credentials, and session cookies. This can then be exploited to do more damage.

    These are just a few examples of what can be done. Since the attackers have pretty much full access the victims are vulnerable to all sorts of threats. This may vary based on what opportunities the hackers see.

    “This list of actions is non-exhaustive, as attackers have complete control of the system and can adapt campaigns based on their current interests,” Bitdefender warns.

    Who’s at Risk?

    As we mentioned earlier, these types of malware-ridden cracks mostly affect people who download files from sites that have little or no moderation. This is confirmed by Bitdefender as well.

    “These cracks are usually hosted on direct-download websites rather than on torrent portals, as the latter have a community that downvotes and flags malicious uploads,” Botezatu says.

    At the moment the malware-loaded cracks are most popular in North America and India. More technical details about the files and processes involved can be found in Bitdefender’s full writeup .

    From: TF , for the latest news on copyright battles, piracy and more.

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      Former phone carrier employee accused of accepting bribes in SIM-swap scam

      Dan Goodin · news.movim.eu / ArsTechnica · Saturday, 13 February, 2021 - 14:00

    Former phone carrier employee accused of accepting bribes in SIM-swap scam

    Enlarge (credit: Getty Images)

    A former phone company worker has been charged with conspiracy to commit fraud for allegedly using his access to customer account data to take over the phone numbers of 19 customers, including at least one cryptocurrency holder.

    Stephen Daniel DeFiore of Brandon, Florida, received about $2,325 between October 20, 2018, and November 9, 2018 in exchange for swapping the targeted customers’ SIM cards with ones belonging to a co-conspirator, prosecutors in New Orleans said earlier this week. For each SIM swap, the co-conspirator sent DeFiore the customer’s phone number, a four-digit PIN, and a SIM card number to which that phone number was to be swapped, prosecutors said.

    The charges come eight months after federal prosecutors charged Richard Yuan Li of Hercules, California, with conspiracy to commit fraud for his alleged role in a SIM swap scam that targeted at least twenty people. Li was in possession of an iPhone 8 which the number of at least one of DeFiore's victims was routed to, prosecutors said.

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      WallStreetsBets craze pushes dogecoin up 5x in 24 hours

      Timothy B. Lee · news.movim.eu / ArsTechnica · Friday, 29 January, 2021 - 02:10

    Close-Up Of Brown Shiba Inu

    Enlarge (credit: Onay Jakobov / EyeEm / Getty)

    Dogecoin—the cryptocurrency based on a meme about an over-enthusiastic Shiba Inu dog—reached an all-time record price of 4 cents on Thursday evening. That represents an incredible fivefold increase over the preceding 24 hours. The cryptocurrency was trading for less than a penny on Wednesday evening.

    Dogecoin's rally appears to be connected to the WallStreetBets phenomenon . The subreddit WallStreetBets has been the nerve center of an online movement to pump up the value of GameStop and a handful of other stocks in an effort to bankrupt hedge funds that had taken big short positions in the stocks. GameStop's value has risen nearly fivefold since the start of the week—and more than sixtyfold since last summer.

    On Saturday morning, a Twitter account called WSB Chairman (which isn't officially associated with the WallStreetBets subreddit) tweeted "has Doge ever been to a dollar?" The answer to that question is "no," but some members of the WSB community apparently decided to try to change that.

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      Crypto hedge funds struggle to recover from “bloodbath”

      Financial Times · news.movim.eu / ArsTechnica · Thursday, 21 May, 2020 - 14:38

    Crypto hedge funds struggle to recover from “bloodbath”

    Enlarge (credit: Yuriko Nakao | Getty Images)

    Vlad Matveev has learnt the hard way how volatile cryptocurrency hedge funds can be.

    The 50-year-old Muscovite invested $250,000 last year with California-based Cryptolab Capital, which targeted double-digit gains from trading crypto regardless of whether the market rose or fell. But Mr. Matveev said his investment fell 98.5 percent in value when the fund folded in this year’s coronavirus-induced turmoil.

    “I don’t really know what happened,” said Mr. Matveev, a fund manager-turned-private investor. “They said they had a diversified set of strategies.”

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