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These Hackers Love Ripple So Much That They Demanded $1 Million in XRP as Ransom

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The activity of hackers breaching the core networks of institutions and demanding cryptocurrency as payment is not new. Back in early December, hackers demanded 2 Bitcoins (BTC) from a bank in Mecklenburg, North Carolina, in exchange for access to computer files in a ransomware attack. This type of attack usually freezes files on a computer network that can only be unlocked using a code that is held by the creator of the ransomware. Once the cryptocurrency has been sent, the hackers usually provide the key to open the files.

In the most recent case of hackers demanding cryptocurrencies as ransom in Canada, the files were not locked but stolen completely. Two Canadian banks were the victims this time around: the Bank of Montreal and Simplii Financial. These files contained sensitive personal information of more than 90,000 customers of the banks including names, passwords, account numbers, security questions and their corresponding answers, account balances and social insurance numbers. As part of the only demand from the hackers in exchange for the files, was $1 Million in XRP.

This critical information was to be dumped online by the hackers if their demands were not met. The hackers would send their threats via an email and had this to say:

“We warned BMO and Simplii that we would share their customers informations if they don’t cooperate. These … profile will be leaked on fraud forum and fraud community as well as the 90,000 left if we don’t get the payment before May 28 2018 11:59PM.”

Initial investigations concluded that the email might have originated from Russia and the hackers explained proudly, how it was easy to penetrate the security system of both banks. They did this by implementing an algorithm that generated account numbers then posing as customers who had forgotten their passwords. The email explained that:

“They were giving too much permission to half-authenticated account which enabled us to grab all these information. The system was not checking if a password was valid until the security question were input correctly.”

Doing the math using the current XRP value of $0.676 gives the ransom a value of $676,000. A 3 – 4 year experienced software programmer, would earn that in approximately 10 years in the United States. This is if we do not consider taxes imposed by the federal government, state government and local government. These type of hackers want a shortcut to riches rather than doing it the old fashioned honest way.

By the time of the news was being reported, the banks had not paid the ransom and neither had the hackers followed through on their threats to broadcast the customer information. Such a hack can then be used to justify the use of peer-to-peer transactions from personal encrypted cryptocurrency wallets, rather than having your information and cash stored by your local bank. In the case of the personal crypto wallets, the individual has the sole access to his/her own private keys and passwords. No one else can access this information. Unless of course the owner is careless or kidnapped as has happened before.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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