Japanese Lost $6M Due to Crypto Hacks in 2017

At least 149 cases of hacking emerged last year; 16 exchanges affected
22 March 2018   393

About $ 6.2 million in the cryptocurrency were stolen from Japanese exchanges and other services last year. This is reported by the Nikkei.

According to him, the National Police Agency published its first annual report on the topic of the Crypto-Currency on Thursday.

The report refers to 149 registered thefts. Users of 16 exchanges and 3 wallets suffered from thefts, lost about 662 million yen. The main goal of intruders was bitcoin. In total, 85 bitcoins were stolen during this period.

The agency does not specify the names of the affected exchanges and services, but notes that during the calculations it did not take into account the theft of 500 million NEMs from the Coincheck this year.

In 122 cases, which account for 80% of the lost funds, additional security measures were not used, such as two-factor authentication, the report says.

The increase in the activity of malefactors coincided with the rise of bitcoin and other crypto-currencies. So, in April, 7 thefts were registered, in May - 19, and in June - 41.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.