Cybercrime Gang Used BTC To Launder $1.24B

Cybercriminals from Russia and Ukraine attacked more than 100 financial institutions
27 March 2018   628

The Spanish police forces arrested a gang of russians and ukrainians nationals who are suspected in stealing more than $1.24 billion from financial institutions worldwide and converting them into Bitcoin (BTC). This is reported by Cointelegraph.

According to the Spanish police and Europol, the leader of the gang from Ukraine “Denis K.” and his three partners accomplices of Russian and Ukrainian origin, have been identified and arrested in the Alicante city. In 5 years criminals were able to still round EUR 1 000 000 000 ($1.24 bln) from financial institutions across the globe.

Criminal targeted more than 100 financial institutions; they alleged were able to get away every time with aroun 10 000 000 EUR. As alleged by police, almost all banks from Russian are the victims of the gang; about 50 of them did lose money in the attacks.

Gang used phishing emails with malicious attachments to bank officials to gain access to internal banking networks. Malware provided criminals with control over infected hardware, allowing them to compromise ATMs and use the machines to withdraw unlimited sums of money

Criminals didn’t spend the stolen cash but instead exchanged it into bitcoins. Once converted, the cryptocurrency was used for purchasing different assets, including real estate and vehicles in Spain.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   70

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.
 

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.