British Hacker convicted for Stealing $600,000 in Bitcoin

A UK hacker was prisoned for 10 years and 8 months for selling 63,000 stolen credit and debit cards on the dark web: $600,000 in Bitcoin was seized by Police
28 May 2018   1836

Grant West, a 26-year old computer hacker from Kent (United Kingdom), was described as a “one man cybercrime wave” for having stolen the personal data of approximately 165,000 people via “phishing” scheme. The prosecution affirmed that he profited over £180,000 (about $240,000) from the scam and converted the proceeds into Bitcoin, which would then be kept in multiple accounts.

West is supposed to send emails looking like to be from Just Eat, an online food order and delivery service, to extract credit and debit card details from his victims. He was adjudged to more than 10 years in prison after accepting the charges, which included conspiracy to commit fraud, computer misuse, and drug offences. Judge Michael Gledhill presided over the trial.

Masquerading as Just Eat, Grant West suggested a voucher in recovery for answering questions between July 2015 and December 2015. The phishing scam cost the firm over £200,000 (approximately $267,000), but there is no evidence their servers were hacked by West. Other high profile hack victims include British Airways, Barclays, Sainsbury’s, Asda, Uber, Argos, Coral.

The Police seized £25,000 (about $33,000) in cash and £500,000 (about $666,000) in Bitcoin. Judge Michael Gledhill declared £1.6 million (approximately $2.3 million) worth of cryptocurrency is not accounted for. 

When such inadequate security is confronted with a criminal of your skills and ambition it is totally unfit for purpose and worthless. This case should be a wake-up call to customers, companies and the computer industry to the very real threat of cybercrime.
Michael Gledhill
Judge, UK

The hacker once had a number of client`s details, he would then sell them on Alpha Bay, an online dark web market 10-times larger than Silk Road which was taken down by the officials in July 2017.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   254

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.