India`s Crypto Scam failed: Investors alerted the Police

A multi-million cryptocurrency scam has been destroyed by the crime branch of India’s financial capital on June 5, 2018
05 June 2018   952

The Flintstone group, pretenting to operate as the real estate company since 2016, sold a lifestyle of Carribean homes and promised citizenships in African countries to disaffected investors on the pretext of allowing them in on a “soon-to-be-legal” cryptocurrency - the MoneyTradeCoin (MTC). Applied as an enticement for investors, the group convinced that putting more money in the coin would rise the chances of citizenship, and consequently equate to higher returns. The firm was able to trap hundreds of crores of Indian Rupees (worth tens of millions of U.S. dollars). 

As per the Mumbai Police, earlier this year a group of businessmen warned officials about the swindling business. Jointly, they had invested over Rs 1.7 crore (US$ 253,130) in the real estate company and were pledge of high returns. Nevertheless, their suspicions were caused when Flintstone group executives gave no answers to their questions and often missed payout dates.

Policemen raided the firm’s offices on June 4, and 2 people involved with the fraudulent firm were arrested. The alleged mastermind of the operation - Flintstone Group managing director Amit Lakhanpal - stays hiding and the police suspect that he may have been warned about the raids several days earlier, and fled the country in a bid to disappear from the authorities.

Presently more than 70 employees of the company have nowhere to go to, and the police are inquirring about their involvement in the matter. During the raid several photos of Lakhanpal with Mumbai’s celebrities and politicians were unearthed by the police, sparking off the question if there were well-connected people involved in the fraud. Evidently, the business has interests in Dubai, with the MTC sold as “an intellectual property jointly owned by Dubai based firm Bitcoin Global FZE, UAE.”

Ryuk Ransomware Team to Get 705 BTC

CrowdStrike and McAfee believes the program was created and supported by Russians
15 January 2019   97

In less than six months, hackers got 705 bitcoins through Ryuk ransomware, reports The Block.

Until recently, the group of hackers GRIM SPIDER behind Ryuk was supposed to be operating from North Korea. However, according to the companies CrowdStrike and McAfee, the program was created and supported by Russian hackers.

Ryuk is distributed via email-phishing, where the TrickBot Trojan is involved. The main objectives of the ransomware program are large companies and government organizations. Ryuk blocks the victims' hard drives until they pay the ransom. The amount of the latter often depends on the size and significance of the organization.

The program is "famous" for the impressive amounts of required buybacks:

To date, the lowest observed ransom was for 1.7 BTC and the highest was for 99 BTC. With 52 known transactions spread across 37 BTC addresses (as of this writing), GRIM SPIDER has made 705.80 BTC, which has a current value of $3.7 million. With the recent decline in BTC to USD value, it is likely GRIM SPIDER has netted more.


705 bitcoins at the current exchange rate is about $ 2.6 million.