Tag Archives: crypto

California Man Charged With Stealing Cryptos Through SIM Swapping

California Man Charged With Stealing Cryptos Through SIM Swapping

By RTTNews Staff Writer | Published: 6/11/2020 10:19 AM ET

A California man was charged in the Eastern District of Louisiana for his role in SIM-Swap scam that targeted at least 20 people, including a New Orleans physician, according to a statement by the U.S. Department of Justice (DoJ).

20-year-old Richard Yuan Li was indicted with one count Bill of Information with conspiracy to commit wire fraud. U. S. Attorney Peter Strasser reiterated that a Bill of Information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

Bill of Information details a SIM Swap scam as a cellular phone account takeover fraud that results in the routing of a victim's incoming calls and text messages to a different phone to obtain access to a victim's various personal accounts, including email accounts, bank accounts, and cryptocurrency accounts, as well as any other accounts that use two-factor authentication..

According to the charges, Li and his co-conspirators is charged of arranging for victims' telephone numbers to be swapped to SIM cards contained in cellular phones in their possession.

Later, LI and his co-conspirators gained access to victim's email accounts and cryptocurrency accounts with several crypto-exchanges as a result of the SIM Swap and stole a significant portion of the victim's cryptocurrency.

LI and his co-conspirators also contacted the victims and demanded victims to pay a ransom in exchange for releasing some or all of the personal information and cryptocurrency back to victims. In the case of the physician, they asked him to pay 100 Bitcoin to prevent the pictures stored in his Gmail account from being released and the contents from his various cryptocurrency accounts from being taken.

In total, LI is charged of participating in unauthorized SIM Swaps with his co-conspirators that targeted at least twenty victims between October 11, 2018 and December 6, 2018.

"SIM swapping" or "SIM hijacking" can be done with little more than a persuasive plea for assistance, a willing telecommunications carrier representative, and an electronic impersonation of the victim.

If convicted, Li faces a maximum sentence of five years in prison, a fine of up to $250,000, up to three years of supervised release after imprisonment, and a mandatory $100 special assessment per count.

According to a report on krebsonsecurity.com, the U.S. State of California is said to be the hub of unauthorized "SIM swaps." The report says kids aged particularly between 19 and 22 are found to be stealing millions of dollars in cryptocurrencies.

SIM swapping attacks primarily target individuals who are visibly active in the cryptocurrency space, such as people working at cryptocurrency-focused companies, speakers at public conferences on blockchain and cryptocurrency technologies, and those openly talk on their crypto investments on social media.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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Crypto-exchange Gemini Integrates With Samsung Blockchain Wallet

Crypto-exchange Gemini Integrates With Samsung Blockchain Wallet

By RTTNews Staff Writer | Published: 5/29/2020 10:26 AM ET

Gemini, a crypto-exchange and custodian owned by Internet entrepreneur twins Cameron and Tyler Winklevoss, has teamed up with Samsung Blockchain to integrate the Samsung Blockchain Wallet. Gemini claims to be the first U.S. crypto exchange and custodian to integrate the wallet.

The integration of the Samsung Blockchain Wallet will enable its users in the United States and Canada to connect to the Gemini mobile app to buy, sell, and trade crypto.

The Samsung Blockchain Wallet is a convenient and secure crypto-wallet that allows users to self custody their crypto directly on their Samsung Galaxy phone supporting the Samsung Blockchain.

By connecting their Samsung Blockchain Wallet to Gemini, users can buy and sell cryptos, view their Gemini account balances, and also transfer their crypto into cold storage with Gemini Custody for the highest level of security.

Samsung Blockchain Wallet users will also be able to take advantage of the recently provided insurance coverage of up to $200 million for digital assets held on behalf of clients in Gemini Custody. This coverage is provided by a "Captive Insurance Company" or self-insurance company, which was launched by Gemini in January.

The captive insurance company called Nakamoto, Ltd. is licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody. It is also claimed as the world's first captive to insure crypto custody.

In October last year, Gemini had secured insurance coverage for digital assets held on behalf of its clients in their online hot wallet. The insurance coverage was provided by a global consortium of industry-leading insurers and arranged by professional services firm Aon, which provides risk, retirement and health solutions.

Apart from this Hot Wallet insurance coverage, U.S. dollar deposits held at Gemini are eligible for "pass through" deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC).

Gemini Custody is regulated by the New York State Department of Financial Services (NYDFS) and is SOC 2 Type 1 compliant.

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Bitcoin amp Crypto’s Dr Doom Had Warned About Riots back in March

Bitcoin & Crypto’s Dr. Doom Had Warned About Riots back in March

Professor Nouriel Roubini had foreseen the possibility of riots as a result of the economic downturn due to COVID19.

John P. Njui   •   BITCOIN (BTC) NEWS – CRYPTOCURRENCY   •   JUNE 1, 2020  

In brief:

  • In early March, Professor Nouriel Roubini had warned of the looming US and Global economic crisis due to the spread of the Coronavirus.
  • He had predicted that there would be a ripple effect of unemployment and a disruption in the global food supply chain that would lead to riots.
  • The unfortunate death of George Floyd and the resulting protests were further amplified by the anger brought about by lockdowns and unemployment.

On May 25th 2020, George Floyd passed away in Powderhorn, Minneapolis. His death was as a result of a police officer (and three more) kneeling on his neck and body as he lay face down and handcuffed on the street. Mr. Floyd’s arrest and subsequent death, has angered many across the United States and the World as it further demonstrates the underlying issues in America with respect to racism and injustices that continue to haunt the Western nation since its independence from Britain in 1776.

Bitcoin & Crypto’s Dr. Doom Had Warned About Riots in Early March

As several American cities continue to experience social unrest, Professor Nouriel Roubini, also known as Bitcoin’s Dr. Doom, had warned about riots from as far back as early March. His warnings had stemmed from his observation and analysis of the global economic impact brought about by the Coronavirus.

One of his tweets from March 28th in which he warns about pending riots can be found below.

The next wave of the negative supply shock: disruption in US and global food supply chains and risks of food riots. The Arab Spring started with food riots. "A food crisis looms as coronavirus forces farms to stay idle and countries hoard supplies"

Professor Roubini’s Analysis of the Current Riots Rocking the United States

Furthermore, and in the following two tweets, Professor Roubini has explained that the riots go beyond the anger brought about by the unnecessary death of George Floyd. According to him, the unemployment of over 40 million Americans and their simmering anger is another reason why America is burning.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Cryptocom To Expand Visa Card Program To Canada

Crypto.com To Expand Visa Card Program To Canada

By RTTNews Staff Writer | Published: 5/22/2020 10:42 AM ET

Payments startup Crypto.com is set to expand its MCO Visa Card program in Canada.

The program was launched in Singapore in October 2018, in the United States in July 2019, and in Europe in April 2020.

Hong Kong-based Crypto.com's MCO Visa card was one of the first on the market when it launched in Singapore, and is now the most widely available card in the world. The card is issued by Wirecard Card Solutions Ltd., pursuant to a license from Visa.

The Crypto.com app acts as a single hub. Customers will be able to manage their card usage, move funds between crypto and fiat, and freeze or unfreeze their card with a single tap.

Once the card is paired with the app, users can securely buy, sell, store, send, and track cryptocurrencies, allowing them to use fiat currency converted from cryptocurrency without currency exchange fees. It also allows them to earn crypto and get an instant loan.

All MCO Visa Card transactions are denominated in fiat currency. All cryptocurrency exchanges to fiat currency take place before users may load their MCO Visa Card for use on the Visa network.

The MCO Visa card is a metal card with no annual fees and the Crypto.com Chain enables users to pay and be paid in any crypto, anywhere, for free.

There are seven card types, differentiated by increasing limits for free ATM withdrawals and extend of crypto cash-backs on usage.

The features offered on various cards are no annual or monthly fees, 100 percent rebate on Spotify, Netflix and Amazon Prime, airport lounge access for select cards, no fee ATM withdrawals, tap-and-pay functionality, and competitive interbank rates.

Earlier this month, the company had announced a new $100 million insurance policy that brings Crypto.com's total crypto insurance to $360 million, providing an additional layer of protection for its over 2 million user base against physical damage or destruction, and third-party theft.

In the U.S., the card supports both crypto and fiat top-ups and is now compatible with Apple and Google Pay. The U.S. card launch was in partnership with the Metropolitan Commercial Bank.

For comments and feedback contact: editorial@rttnews.com

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Gambling for a good cause CryptoSlots donates all proceeds from new slot to the fight against coronavirus

Gambling for a good cause – CryptoSlots donates all proceeds from new slot to the fight against coronavirus

    May 1, 2020   •   in Press Releases

CryptoSlots released their newest slot, Micro Monsters, a game filled with bonus extras to beat the reels’ viral critters. The biggest bonus, though, is that every bet made on the slot will be donated by the crypto casino to Direct Relief, a charity supporting health workers and patients during this pandemic.

Take part now and spin with a 100% match bonus on your deposit: bonus code FIGHTCOVID100, valid until May 15, 2020. *

Direct Relief focuses on providing personal protective equipment to those most at risk around the world. In the U.S., they are coordinating with health organizations and businesses to deliver essential medical items and critical care medications. Follow CryptoSlots on Facebook to track the amount raised by players.

Micro Monsters is one of the Mega Matrix slots, a group of games made notable by being wackier and more unusual than conventional slots games. Wins can start anywhere on a payline in this circular game. There is also an expanded Double Wild on the middle reel and Mystery Multipliers. Bet from $0.60 – $4.80 to spin and your bets (minus wins) will be donated to charity.

‘Hopefully this contribution will make a difference to those on the front line,’ said casino manager Michael Hilary, ‘as well as providing entertainment to those doing their part by staying at home.’

Launched in 2018, CryptoSlots quickly found success as a prime destination for online crypto players. Slots make up the majority of the games at this bitcoin casino, along with video poker and keno. All games are provably fair and mobile friendly. Bitcoin, Litecoin, Bitcoin Cash & Monero are all accepted payment methods.

*Valid for deposits of $25 – $250. General terms & conditions apply.

EWN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. EWN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

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CoinMarketCap Partners Gilded To Autopilot Crypto Invoicing And Payments

CoinMarketCap Partners Gilded To Autopilot Crypto Invoicing And Payments

By RTTNews Staff Writer | Published: 4/24/2020 10:50 AM ET

Cryptoasset data provider CoinMarketCap, recently acquired by Binance, partnered Gilded to automate their digital currency invoicing and payments as well as to offer its global customers faster payment options with cryptocurrencies such as Bitcoin.

Gilded's seamless blockchain-powered invoicing, payment and accounting solution will enable CoinMarketCap to get paid faster and more transparently, with lower fees to customers. The end-to-end solution includes invoicing to payments, bookkeeping, accounting, and tax reporting.

Gilded also integrates with popular CRMs and bookkeeping systems to create a seamless workflow from payments to accounting.

The deployment of Gilded's digital currency payment solution will help CoinMarketCap in integrating the sales process with receipt of payment easier, eliminating the need to manage the payment process manually.

Under autopilot mode, invoices are created automatically, and payments are automatically detected and reconciled on blockchain. The auto-managing of the payment process enables CoinMarketCap to focus on delivering value to customers, innovation and growth.

The Gilded-generated invoice offers international wire transfer, credit card and crypto payment options through Bitcoin or Ethereum wallet. Customers can take advantage of the benefits of crypto payments with easier global access, fast settlement, lower fees, etc.

Until now, most companies have had to use banks or money transfer services to make international payments. Compared to international wire transfers, crypto payments are ten times cheaper, faster, and more transparent.

Traditional payment solutions include multiple intermediaries, each introducing additional friction, delays and transaction fees. International payments made with wire transfers can take as long as five days to clear, with no transparency in between.

In early 2020, Gilded announced partnerships with TrustToken, Paxos and Stablecorp to offer B2B payment solution powered by stablecoins.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Opera Web Browser Adds Crypto Domain Extension for Its Users

Opera Web Browser Adds Crypto Domain Extension for Its Users

By Muskan Bagrecha   Posted on 30/03/2020   3 Min read

  • Opera has collaborated with cryptocurrency payments platform Unstoppable Domains to allow usage of decentralized websites.

Opera is now allowing users to access decentralized web pages in a partnership with Unstoppable Domains, a tech firm backed by bitcoin advocate Tim draper, in an announcement shared with Cointelegraph. The collaboration between the two involves the integration of Unstoppable Domains' .crypto domain extension to such web pages which will allow users to access decentralized websites. In addition, the users will also be allowed to execute cryptocurrency payments.

The announcement further states that the decentralized websites would be stored in a peer to peer network rather than cloud services, thereby allowing transaction to be executed without the need of a middleman and that the websites cannot be censored. Moreover, due to the strong and robust distributed network, the speed of the internet connection is also enhanced. Unstoppable Domains stated:

"Decentralized websites solve a user's ability to publish — it's on the publishing side rather than on the viewing side. Right now, you can't publish using a traditional domain registrar if you're in a place that is limiting free speech. Whereas, with decentralized website tools, you could. So it's about the publishing and not the viewing.”

There is however one disadvantage in the fact that people who reside in countries with internet censorship and other surveillance issues cannot reap the benefits of a decentralized web sit without using a VPN or any other tool.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Image Courtesy: Pixabay

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The original article written by Muskan Bagrecha and posted on BitcoinNews.com.

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Report Shows San Francisco Home to Highest Crypto Owners in US

Report Shows San Francisco Home to Highest Crypto Owners in US

By MUSKAN BAGRECHA   Posted on 28/03/2020   2 Min read

  • A report by CoinTracker revealed that San Francisco has the highest number of crypto owners and it is home to investors with highest average crypto wealth.

A report published by CoinTracker revealed the statistics of cryptocurrency ownership in the United States. The findings have been derived from a cumulative data collection since 2013. As per the report, San Francisco has transcended all the other major cities in the US in terms of crypto ownership with an average portfolio value of USD 55,000. San Francisco is followed by Palo Alto, Oakland and San Mateo with average portfolio size of USD 39,000, USD 35,000 and USD 30,000 respectively. New York ranked sixth with average crypto holdings of USD 23,000.

In terms of concentration of crypto investors, San Francisco topped the list with a user index of 100, followed by New York with 92, Los Angeles with 57.2 and Chicago with 48.8. Ashburn recorded the highest crypto investors on per capita basis.

The report also showed that in the US, as much as 50.3% of the crypto wealth of the investors comprised of Bitcoin (BTC), followed by Ether (ETH) at 28.7% and Tether (USDT) at 4.1%. However, certain cities like San Diego, Nashville, Seattle and Boston, among others, showed that people had a greater capital held in ether as compared to bitcoin.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Image Courtesy: Pixabay

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Why More Governments will Embrace Bitcoin BTC and Crypto in the Future

Why More Governments will Embrace Bitcoin (BTC) and Crypto in the Future

In the past week, four countries have embraced Bitcoin (BTC) and other cryptocurrencies as legal tender and/or financial instruments.

In summary:

  • South Korea's financial regulators passed new legislation governing Bitcoin (BTC) and crypto trading in the country
  • Commercial Court of Nanterre, France, ruled that Bitcoin is a legal form of money
  • India's Supreme Court overturned the Crypto ban by the Reserve Bank of India that was issued in 2018
  • In the past week, Germany also classified Bitcoin as a financial instrument
  • The above developments provide an avenue for other countries to draft and pass crypto-friendly legislation for they now have templates and known procedures to follow

The first week of March 2020, has been a positive one in terms of Bitcoin (BTC) and crypto regulation around the globe. To begin with, we saw the Supreme Court of India overturn the ban on Bitcoin and Crypto-related activities by Reserve Bank of India that had stood for almost two years. Secondly, South Korea passed legislation that clarified cryptocurrency trading in the country. Thirdly, we saw the Commercial Court of Nanterre, France, rule that Bitcoin is a legal form of money. Fourthly, German regulators classified Bitcoin as a financial instrument and corresponding crypto exchanges as financial service institutions.

More Governments Will Embrace Bitcoin and Crypto

With the above major developments happening in a span of one week, we can predict that other governments that had been considering Bitcoin and crypto regulation will provide similar regulatory frameworks for their respective jurisdictions. They now have templates to draft their own individual crypto regulations. Also, Crypto enthusiasts now have a case study in India in situations where their individual governments decide to ban BTC and crypto trading in their respective jurisdictions.

In the case of Germany and France, both countries are considered as financial 'heavyweights' in the European Union. Their influence in the financial bloc of countries that make up the Union might persuade other member states to take up similar regulatory frameworks when it comes to Bitcoin and crypto trading.

Briefly analyzing South Korea, the country joins its Asian-Pacific partners of Japan and Australia in recognizing the potential of BTC and other cryptocurrencies as forms of investments.

Further taking a look at India, its citizens and crypto industry leaders challenged in Court and succeeded in overturning the April 2018 ruling by the RBI that banned all crypto-related activities in the country. This sets precedent for other crypto enthusiasts and stakeholders to legally challenge bans and restrictions in their respective countries.

What are your thoughts on the progress of crypto regulation around the globe? Do you see a future where Bitcoin and Crypto will be accepted by governments worldwide? Please let us know in the comment section below.

(Feature image courtesy of Unsplash)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author's and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Two Chinese Nationals Charged With Cryptocurrency Laundering

Two Chinese Nationals Charged With Cryptocurrency Laundering

By RTTNews Staff Writer | Published: 3/3/2020 9:54 AM ET

Two Chinese nationals have been charged with laundering cryptocurrency from a hack of a cryptocurrency exchange and operating an unlicensed money transmitting business, according to a statement by the U.S. Department of Justice (DoJ).

According to the two-count indictment in the District of Columbia, Tian Yinyin and Li Jiadong have been charged with laundering over $100 million worth of stolen cryptocurrency for the benefit of North Korea-based actors. The funds were stolen by North Korean actors in 2018.

The two defendants allegedly laundered over $100 million worth of virtual currency between December 2017 and April 2019. They operated through independent as well as linked accounts and provided virtual currency transmission services for a fee.

The defendants conducted business in the United States but did not register with the Financial Crimes Enforcement Network (FinCEN).

The DoJ also alleges that the North Korean co-conspirators are linked to the theft of approximately $48.5 million worth of virtual currency from a South Korea-based virtual currency exchange in November 2019. They also laundered the stolen funds through hundreds of automated transactions. They used the infrastructure in North Korea as part of this campaign.

This illegal activity is seen as part of North Korea’s attempt to use the global virtual currency ecosystem to bypass the sanctions imposed on it by the United States and the United Nations Security Council.

In 2018, North Korean co-conspirators hacked into a virtual currency exchange and stole nearly $250 million worth of virtual currency. The funds were then laundered through hundreds of automated cryptocurrency transactions aimed at preventing law enforcement from tracing the funds.

A portion of the laundered funds was then used to pay for infrastructure used in North Korean hacking campaigns against the financial industry.

The forfeiture complaint seeks to recover the funds, a portion of which has already been seized. About 113 virtual currency accounts and addresses that were used by the defendants and unnamed co-conspirators to launder funds have been identified.

Separately, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) also imposed sanctions on Yinyin, Liadong, and others involved in activities facilitating North Korean sanctions evasion.

The investigation was led by the Internal Revenue Service-Criminal Investigation (IRS-CI), the Federal Bureau of Investigation (FBI), and U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (HSI). The Korean National Police of the Republic of Korea also provided assistance and coordinated with their parallel investigation.

For comments and feedback contact: editorial@rttnews.com

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