Sunday, February 13, 2022 // (IG): BB //Weekly Sponsor: BLKTRIANGLE
New Malware Targeting Over 40 Crypto The 120,000 Bitcoin Bitfinex Heist to be Turned into a Netflix Documentary
FROM THE MEDIA: Netflix intends to turn one of the biggest Bitcoin-related financial crimes in history into a documentary. The world of cryptocurrencies, especially in its earlier years, had a reputation of being the playing ground of hackers and various malicious entities. And while this has changed to a huge degree in the past few years and the field received massive recognition and regulatory clarity, the ghosts of its past remain. One of the most infamous Bitcoin hacks took place back in 2016 when someone stole roughly 120,000 BTC from one of the largest cryptocurrency exchanges – Bitfinex. Now, given everything that has happened since Netflix wants to turn it into a documentary. Back in August 2016, the cryptocurrency world, albeit much… much smaller at the time, experienced one of its major shakedowns when news broke out that Bitfinex saw 119.756 BTC being stolen from its platform. Back then, the amount was worth roughly $66 million. Although the Mt. Gox hack was proportionally bigger, this remains one of the most serious financial crimes in modern history, given the meteoric rise of BTC’s price to date. At the time of this writing, the 120K BTC is currently worth over $5 billion.
READ THE STORY: Crypto Potato
A QUICK LOOK:
There's a social media link to human trafficking, claims Jamaica Constabulary Force (JCF)
FROM THE MEDIA: The Jamaica Constabulary Force (JCF) says because of improper and unmonitored Internet use among children, it has noticed a link between social media and human trafficking. At the same time, the force says it also suspects that recent missing people cases stem from connections made with perpetrators on social media sites. “On trends, I believe that there is a close relationship between social media and, of course, missing persons. We see a lot of youngsters... they meet anonymous persons online, not knowing who they are communicating with. We have had cases where young persons, schoolchildren have lost their lives, some are missing and have not returned, but we're still happy that we do have some level of skillset to assist in locating persons who become missing,” Deputy Superintendent Warren Williams, head of the Communications, Forensic and Cybercrimes Division at the JCF, told the Jamaica Observer in an interview. “The more persons are online, the more they meet persons online, they share a lot of personal information. Not only in meeting, but, of course, the Instagram, all of these popular social media.” Williams, who was addressing Jamaica Observer reporters during Flow's Safer Internet think tank, last Thursday, said the division is also aware of an association fostering human trafficking of youngsters in Jamaica. “A lot of persons talk about fishing and sexual grooming. Youngsters get online and they are engaged in arguments and directions that are not appropriate. They [traffickers] get these youngsters to showcase their body parts and all kinds of things. Sometimes they are trafficked, or their body parts are trafficked to all kinds of employment outside of Jamaica, which is not fit for their age group. We are seeing cases like these and it's quite a concern,” he told the Sunday Observer.
READ THE STORY: Jamaica Observer
A QUICK LOOK:
The US Is Facing A Sputnik Moment In The International Economy – Analysis
FROM THE MEDIA: Beijing is ahead in the race for establishing a global digital currency standard. At the Beijing Olympics—in addition to showcasing a 60-foot snowman and an ambitious (if controversial) environmental initiative—China is debuting its newly minted central bank digital currency, or CBDC. The country had hoped to make a splash by having thousands of international visitors experience the high-tech convenience of downloading currency directly to a smartphone wallet or a dedicated card, bypassing the ATM or foreign exchange bureau. Sadly, foreign spectators will not be permitted to attend this year’s games. Still, the coming of age of the e-CNY, as the digital currency is known, is a significant development. It should also constitute a serious cause for concern among the U.S. and its allies. China has a substantial lead in developing a CBDC which has important strategic implications. The U.S. government exerts outsize influence overseas thanks in part to the U.S. .
READ THE STORY: Eurasia Review
A QUICK LOOK:
Understanding the Concept of Money Laundering
FROM THE MEDIA: What does the term “Money Laundering” really mean? People are always asking what does the term “Money Laundering” really mean; is it a legal concept or a political concept? I will try to break down and explain in simpler terms what the term “money laundering mean”; the offense of money laundering in Nigeria and its punishment as a legal concept. Scenario: Let’s assume Mr. Ade made about N500m from illegal activities like international fraud scheme, drug trafficking, arms deal, oil bunkering etc and there is no how he can spend such amount of money or take it to the bank without drawing the attention of the authorities to verify the source of the income and know what Mr. Ade does for a living to justify him owning such an amount or having such a huge amount in his possession. Mr. Ade decides to invest the money in a business venture. The process of investing such illegally acquired money into a legit business thereby covering the illegal money tracks is what is called money laundering.
READ THE STORY: Tekedia
A QUICK LOOK:
Ethereum's average and median transaction fee slip, lowest in six months
FROM THE MEDIA: The infamous transaction fees of the Ethereum (ETH) ecosystem underwent a decremental phase from Jan. 10 to record the lowest average and median fees of $14.17 and $5.67 — lowest since September 2021. Data from Blockchair shows that the average transaction fee of ETH in January was $53.03, which at its peak was $70.83 back in May 2021. Just within a month, the average fees saw an almost 73.3% decline as evidenced by the following chart. Additionally, the resultant median transaction fee also witnessed an 81.02% drop from January’s $29.88. In the last six months, ETH’s median transaction fee was seen lowest in September at $6.26. Interestingly enough, the transaction count of the Ethereum network has also come down to numbers that were last seen back in early 2019. Blockchair data show that on Feb. 1, Ethereum’s transaction count went down to 14,574,808 from 36,851,128 — a 60.44% drop in just one month.
READ THE STORY: Coin Telegraph
A QUICK LOOK:
Bad News: You’re in Debt. Worse News: You’re in Phony Debt
FROM THE MEDIA: The email from “Norton Protection” said I owed $999.99, which was “charged successfully and it will appear on your bank statement in 24 to 48 hours.” Although I have an account with a leading cybersecurity company, I’ve never paid that much for its products. To “cancel” the charge, I was instructed to call a number, conveniently highlighted in yellow. All it took to bird-dog my fake debt email was a simple search-engine query of the invoice’s telephone number. It was based in Hawaii. Unfortunately, perhaps, for the real employees of Norton’s help desk, they are likely not stationed in the Aloha State. In a nation swimming in real debt–with the average American owing an estimated $90,000–it’s not surprising that “phantom debts” are one of the hottest scams. Millions get ensnared in these ruses and unwittingly give up credit and banking information–especially as the hardships of the pandemic continue–which opens the door to mass fleecing. Phony debt cons top the list of most prevalent consumer scams, according to consumerfraudreporting.org. Some four out 10 of all consumer complaints are linked to these swindles, according to the Consumer Financial Protection Bureau.
READ THE STORY: NTD
A QUICK LOOK:
Saudi Arabia jails 11 people for laundering $2.7b
FROM THE MEDIA: A Saudi court had sentenced a gang of 11 people to a total of 52 years in prison after they were found guilty of money laundering worth SR10 billion, a prosecution official source said. The convicts are two Saudi citizens and nine expatriates, the source added without giving a breakdown of the foreigners’ nationalities. The initial court ruling also orders the convicts to pay fines totaling SR62.5 million and confiscating the seized money and investment portfolios worth SR1.6 million. The nine expatriates will be deported from the kingdom after serving their terms while the two Saudi defendants will be barred from travel abroad for a period equal to their sentences. They were charged with committing money laundering and violating the kingdom’s cover-up system by manipulating commercial entities in receiving and transferring money of unknown origin through their bank accounts valued at more than SR10 billion, according to the unnamed official.
READ THE STORY: GulfNews
A QUICK LOOK:
U.K. Authorities Arrest Suspect of Organized Migrant Smuggling
FROM THE MEDIA: The United Kingdom’s National Crime Agency (NCA) arrested a man suspected of being a member of a human trafficking group that was smuggling mainly Vietnamese migrants into the country, the agency reported on Wednesday. Authorities arrested 32-year-old Mai Van Nguyen, of Holloway Circus, Birmingham in the Woolton area of Liverpool on Tuesday morning. He was questioned and charged with facilitating human trafficking and money laundering. The arrest is part of a larger investigation into the smuggling of mainly Vietnamese migrants that came into the country on the backs of trucks in August, September and October 2020. The investigation has already produced a number of arrests and two charges.
READ THE STORY: OCCRP
A QUICK LOOK:
South Korea Jails Seven Masterminds of Country's 'Largest Crypto Fraud Scheme'
FROM THE MEDIA: Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion in investors’ funds. Lee Byung-gul, who was the CEO of the entity when the funds went missing, was handed a 22-year jail term while his accomplices were given jail sentences that range between four and 14 years. According to a report by Forkast, the jailing of Lee Byung-gul and his fellow executives comes a month after prosecutors asked for life sentences. At the time, the prosecutors argued that handing the offenders life sentences would reflect the severity of the offenses. However, the report reveals that the jail sentences given to the CEO and his co-conspirators are in fact closer to the most severe punishment that is usually meted out to property crimes offenders. The verdict on one of South Korea’s biggest crypto scams potentially sets a benchmark for the legal punishment that is handed to persons that commit crypto related-crimes.
READ THE STORY: Bitcoin News
A QUICK LOOK:
Russian cyber hackers attacking UK banks - experts issue chilling warning
FROM THE MEDIA: BRITAIN'S financial institutions are being "severely tested" by Russian cyber hackers, experts warned last night. The revelation emerges just days after the UK's financial regulator told banks to strengthen their defenses as tensions over Ukraine mount. According to cyber security platform defense.com, a sharp increase in malicious Russian cyber activity began on January 20. Around ten Russian-based IP addresses are currently targeting UK-based financial concerns, scanning for weaknesses. Reported cases include UK entities of US parts of organizations based on UK soil. “Our financial services and insurance customers have received more sustained attacks, including two active attempts on Oracle systems used by a lot of financial organizations,' said defense.com ceo Oliver Pinson-Roxburgh last night.
READ THE STORY: Express
A QUICK LOOK:
About this Product
These open source products are reviewed from analysts at InfoDom Securities and provide possible context about current media trends in regard to the realm of cyber security. The stories selected cover a broad array of cyber threats and are intended to aid readers in framing key publicly discussed threats and overall situational awareness. InfoDom Securities does not specifically endorse any third-party claims made in their original material or related links on their sites, and the opinions expressed by third parties are theirs alone. Contact InfoDom Securities at dominanceinformation@gmail.com